BILZ vs ICSH: Grades, Fees and Holdings Compared

PIMCO Ultra Short Government Active Exchange-Traded Fund

BILZANYSE Arca

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

No data

Expense ratio

ICSH −0.06pt a year

BILZ0.14%ICSH0.08%

Avg volume · 30D

ICSH 8.2×the volume

BILZ200KICSH1.64M

3Y return · a year

ICSH +0.4pt

BILZ+4.5%ICSH+4.9%

BILZ vs ICSH Performance

Oct 31, 2025 – Oct 30, 2026

+3.7%BILZ+3.6%ICSH

Expense ratio: BILZ 0.14%; ICSH 0.08%, better
Fund size: BILZ $860M; ICSH $8.97B
1Y total return: BILZ +3.7%, better; ICSH +3.6%
Yield (12M): BILZ 3.80%; ICSH 4.13%, better
Holdings: BILZ 5; ICSH 408
Avg volume (30D): BILZ 200K sh; ICSH 1.64M sh, better
NAV per share: BILZ $100.94; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for BILZ, ICSH, with each pillar’s weight
Pillar	BILZ	ICSH
Cost30% weight	A76	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C44	C53Higher
Tradability15% weight	A76	A76
Holdings10% weight	D38	A95Higher
Durability5% weight	B58	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. BILZ 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 BILZ 20th 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 19AJPSTJPMorgan Ultra-Short Income ETFScore 73
Rank 20ABILZPIMCO Ultra Short Government Active Exchange-Traded FundScore 72
Rank 20AGSSTGoldman Sachs Ultra Short Bond ETFScore 72

Our read on each fund

ETF.net Research

BILZAPIMCO Ultra Short Government Active Exchange-Traded Fund

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

BILZ Nearly everything in this corner of the market just tracks a T-bill index. BILZ instead hands the ultra-short government paper to PIMCO's bond desk, chasing maximum current income while preserving capital and daily liquidity. Pays monthly.

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

BILZ The Fund seeks maximum current income while preserving capital and maintaining daily liquidity.

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

BILZ Active, not an index tracker: PIMCO's managers pick the short government paper, and the fund has stuck closely to its stated mandate.
Pays monthly, on a mandate built around preserving capital and keeping daily liquidity. Cash-adjacent plumbing rather than a rate bet.
The 0.14% expense ratio sits right at the median for its T-bill peer group, level with BIL, the big passive incumbent.
A multi-billion-dollar fund with steady two-way trading, built up since a 2023 launch.

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

BILZ Index rivals undercut it: XONE charges 0.03% and VBIL 0.06% against 0.14% here. That gap is what active management costs.
Active means no plain bill index to check it against. Maturity and security mix ride on the manager's calls.
Launched in 2023, so its record covers only one slice of the rate cycle, and it sits in the lower half of its peer group.

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 BILZ profile⁠

Full ICSH profile⁠

BILZ vs ICSH Holdings

How BILZ and ICSH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile75.4%
Asset classFixed Income100%

Sector

No Sector split for BILZ.

Country, concentration and asset class

Country by domicile

Country weights in BILZ and ICSH, widest gap first
Country	More in BILZMore in ICSH	BILZ	ICSH
United States	BILZ +24.6 points	100.0%	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 +5.4 points	0.0%	5.4%

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

Concentration

Weight in the 10 largest Holdings

BILZ100.0%
ICSH10.0%

Securities held

BILZ4
ICSH407

Asset class

BILZ: Fixed Income
ICSH: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BILZ holds 4 securities, ICSH 407.

All 13 BILZ 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.

BILZ vs ICSH Cost

Overpaying BILZ vs ICSH

$1,243

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

BILZ 0.14%
$2,932
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

BILZ 0.14%
ICSH 0.08%
Overpaying

Year by year

Year	BILZ	ICSH	Overpaying
10	$256	$147	$109
20	$1,000	$575	$425
30	$2,932	$1,689	$1,243

Expense ratio

0.14%BILZ
0.08%ICSH, cheaper

ICSH0.08%BILZ0.14%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

BILZ 20th cheapest of 78 funds

BILZ vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BILZ 3.80%; ICSH 4.13%, better
Payout (12M): BILZ $3.84; ICSH $2.08
Last payment: BILZ $0.31; ICSH $0.17
Ex-dividend: BILZ Oct 1, 2026; ICSH Oct 1, 2026
Paid on: BILZ Oct 5, 2026; ICSH Oct 6, 2026
Frequency: BILZ Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BILZMonthly · 39 paymentsAll BILZ payments⁠

ICSHMonthly · 45 paymentsAll ICSH payments⁠

BILZ vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BILZ 0.2%, betterICSH 0.4%
Return per unit of riskSharpe ratio, 3 years: BILZ −0.52ICSH 0.87, better
Worst fallMax drawdown, 5 years: BILZ −0.5%since Jun 2023ICSH −0.7%
Market sensitivityBeta, 5 years: BILZ 0.005ICSH 0.04; Market = 1

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