I have some cash that has accumulated to the point that inflation is starting to cost me some real money. This is money I want to keep as "cash" as much as possible. i.e., I'm not looking to stick it into the market. I would, however, like to not lose 1.5-2.5% per year of purchasing power. It's too much for I bonds to be helpful, so I've been thinking about TIPS, but the associated tax complications sound kind of bad ("Phantom Income" tax being the worst), and I don't know that I want to lock the money up for 5 years - being forced to sell it on the secondary market would be just like buying a stock (i.e., the value on the secondary market could be lower than I paid, defeating the purpose of buying in the first place), but with a really crappy expected return. So, I'm a little stuck.

Does anyone know a good way to protect this cash against inflation?

1. I don't want to do an ETF, it's not the same thing. I know about the ishares TIPS ETF, but it's down 2% this year. That's not what I'm looking for.
2. Are there any funds or vehicles that accomplish what a TIPS does, besides a TIPS?
3. Any other clever ideas?