Question about spaxx safety and where to invest in these turbulent times.

I have a two part question. Is fidelity spaxx safe to hold cash in even if the dollar tanks and bonds are seen as risky?

2nd part.. if you had 400k in IRA and Brokerage accts sitting on the sidelines now where would you invest? Right now Spaxx is earning around 4% I'm basically just getting that waiting for some normalcy. I see bond yields rising and dollar down should I invest in gold or European markets?