ARCM vs ICSH: Grades, Fees and Holdings Compared

Arrow Reserve Capital Management ETF

ARCMCCboe

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

No data

Expense ratio

ICSH −0.42pt a year

ARCM0.50%ICSH0.08%

Avg volume · 30D

ICSH 4153.4×the volume

ARCM396ICSH1.64M

5Y return · a year

ICSH +0.4pt

ARCM+3.5%ICSH+3.9%

ARCM vs ICSH Performance

Oct 29, 2021 – Oct 30, 2026

+18.5%ARCM+21.3%ICSH

Expense ratio: ARCM 0.50%; ICSH 0.08%, better
Fund size: ARCM $51M; ICSH $8.97B
1Y total return: ARCM +3.3%; ICSH +3.6%, better
Yield (12M): ARCM 3.87%; ICSH 4.13%, better
Holdings: ARCM 103; ICSH 408
Avg volume (30D): ARCM 396 sh; ICSH 1.64M sh, better
NAV per share: ARCM $100.24; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for ARCM, ICSH, with each pillar’s weight
Pillar	ARCM	ICSH
Cost30% weight	F3	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C46	C53Higher
Tradability15% weight	D33	A76Higher
Holdings10% weight	B63	A95Higher
Durability5% weight	C47	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ARCM and ICSH are both graded against the same 78 Cash & Ultra-Short Income funds, so their Grades compare head to head.

Cash & Ultra-Short Income⁠

Category · 78 funds

See all 78 ›

ICSH ranks 1st and ARCM 64th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 85
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 62CSOFRAmplify Samsung SOFR ETFScore 49
Rank 64CARCMArrow Reserve Capital Management ETFScore 46
Rank 64CSCUBSterling Capital Ultra Short Duration Bond EtfScore 46

Our read on each fund

ETF.net Research

ARCMCArrow Reserve Capital Management ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

ARCM Arrow's boutique take on cash parking, running since 2017: preserve capital, collect current income, pay monthly. The trade-off is a 0.50% fee in a corner of the bond market where the giants charge a fraction of that.

ICSH BlackRock's active cash-parking sleeve, live since 2013: roughly 250 ultra-short investment-grade bonds and money market instruments, run for current income with preservation of capital, at 0.08% a year.

Stated mandate

ARCM The Fund seeks to preserve capital while maximizing current income.

ICSH The fund seeks current income consistent with preservation of capital through actively managed exposure to ultra-short-term investment-grade bonds and money market instruments.

Why people hold it

ARCM Does what the label says: a reserve cash-management strategy aiming to preserve capital while maximizing current income, matching the mandate in its own filings.
Income is paid monthly, which fits the short-horizon cash job the fund is built for.
Trading since 2017, so it has operated across very different interest-rate environments instead of arriving mid-cycle.
A 1940 Act fund with a clearly stated fixed-income mandate, so what you own is spelled out in the prospectus.

ICSH At 0.08% a year it undercuts the typical cash-alternative ETF, which charges about 0.20%, and comes in below top-rated rivals like FLUD and JPST.
Actively managed rather than a fixed ladder: the team picks across ultra-short investment-grade bonds and money market instruments, spread over roughly 250 positions.ishares.com
Trading since 2013 and now a multi-billion-dollar fund that changes hands actively, giving it one of the longer records in the cash-alternative aisle.
Sits in the top quartile of its cash-alternative peer group, helped by high-quality holdings and low cost.

Worth knowing

ARCM Fee is the headline trade-off: 0.50% against a 0.20% category median, and five times Vanguard's VUSB at 0.10%.
Small and thinly traded, so bid-ask spreads can run wider than the category heavyweights and larger orders can move the price.
In ultra-short bonds the expense ratio comes straight out of the income collected, so cost weighs more heavily here than in most categories.

ICSH Not a money market fund. The share price floats, and preservation of capital is the stated aim, not a promise.ishares.com
It holds investment-grade corporate paper alongside money market instruments, so it carries credit risk a Treasury-bill-only fund does not.ishares.com
It pays monthly, but the amount rides short-term rates, and as an active fund its results can drift from its 6-month T-bill reference index either way.

Full ARCM profile⁠

Full ICSH profile⁠

ARCM vs ICSH Holdings

How ARCM and ICSH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile75.6%
Asset classFixed Income100%

Sector

No Sector split for ARCM.

Country, concentration and asset class

Country by domicile

Country weights in ARCM and ICSH, widest gap first
Country	More in ARCMMore in ICSH	ARCM	ICSH
United States	ARCM +23.5 points	98.9%	75.4%
Canada	ICSH +4.5 points	0.0%	4.5%
United Kingdom	ICSH +3.3 points	0.0%	3.3%
Australia	ICSH +3.1 points	0.0%	3.1%
Sweden	ICSH +3.1 points	0.0%	3.1%
New Zealand	ICSH +2.6 points	0.0%	2.6%
Japan	ICSH +1.4 points	0.0%	1.4%
Luxembourg	ICSH +1.3 points	0.0%	1.3%
Other countries (10)	ICSH +4.3 points	1.1%	5.4%

Outside the US: ICSH 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

ARCM37.8%
ICSH10.0%

Securities held

ARCM102
ICSH407

Asset class

ARCM: Fixed Income
ICSH: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ARCM holds 102 securities, ICSH 407.

All ARCM holdings⁠All 251 ICSH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ARCM vs ICSH Cost

Overpaying ARCM vs ICSH

$8,290

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ARCM 0.50%
$9,979
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

ARCM 0.50%
ICSH 0.08%
Overpaying

Year by year

Year	ARCM	ICSH	Overpaying
10	$900	$147	$753
20	$3,460	$575	$2,885
30	$9,979	$1,689	$8,290

Expense ratio

0.50%ARCM
0.08%ICSH, cheaper

ICSH0.08%ARCM0.50%

0.03%1.00%

Middle half of Cash & Ultra-Short Income funds
Median 0.18%

ICSH 10th cheapest of 78 funds

ARCM 76th cheapest of 78 funds

ARCM vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ARCM 3.87%; ICSH 4.13%, better
Payout (12M): ARCM $3.87; ICSH $2.08
Last payment: ARCM $0.31; ICSH $0.17
Ex-dividend: ARCM Oct 30, 2026; ICSH Oct 1, 2026
Paid on: ARCM Pays Nov 4, 2026; ICSH Oct 6, 2026
Frequency: ARCM Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ARCMMonthly · 46 paymentsAll ARCM payments⁠

ICSHMonthly · 45 paymentsAll ICSH payments⁠

ARCM vs ICSH Risk

Fall from peak · 5 years

ARCM
ICSH

Risk facts

VolatilityStd dev, 3 years: ARCM 0.4%ICSH 0.4%
Return per unit of riskSharpe ratio, 3 years: ARCM −0.34ICSH 0.87, better
Worst fallMax drawdown, 5 years: ARCM −3.5%ICSH −0.7%, better
Market sensitivityBeta, 5 years: ARCM 0.03ICSH 0.04; Market = 1

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