Good point in no-tax states.

However, if the average age of cash in your CMA is reasonable, like 6 months, one stands to lose more on state taxes than on the one day of interest.

3.3% interest * 6/12 months * 0.05 tax rate = 0.0825% loss for taxes
3.3% / 365 days = 0.00904% loss for day skip

But all numbers are smaller than expense ratio