CLIP vs ICSH: Grades, Fees and Holdings Compared

Global X 1-3 Month T-Bill ETF

CLIPANYSE Arca

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

0.0%by weight

Expense ratio

CLIP −0.01pt a year

CLIP0.07%ICSH0.08%

Avg volume · 30D

ICSH 5.8×the volume

CLIP285KICSH1.64M

3Y return · a year

ICSH +0.4pt

CLIP+4.5%ICSH+4.9%

CLIP vs ICSH Performance

Oct 31, 2025 – Oct 30, 2026

+3.8%CLIP+3.6%ICSH

Expense ratio: CLIP 0.07%, better; ICSH 0.08%
Fund size: CLIP $2.35B; ICSH $8.97B
1Y total return: CLIP +3.8%, better; ICSH +3.6%
Yield (12M): CLIP 3.72%; ICSH 4.13%, better
Holdings: CLIP 26; ICSH 408
Avg volume (30D): CLIP 285K sh; ICSH 1.64M sh, better
NAV per share: CLIP $100.38; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for CLIP, ICSH, with each pillar’s weight
Pillar	CLIP	ICSH
Cost30% weight	A89	A89
Mission25% weight	A100	A100
Risk15% weight	C47	C53Higher
Tradability15% weight	A80Higher	A76
Holdings10% weight	Not scored	A95
Durability5% weight	B68	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. CLIP 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 CLIP 2nd 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 3AVUSBVanguard Ultra-Short Bond ETFScore 81

Our read on each fund

ETF.net Research

CLIPAGlobal X 1-3 Month T-Bill ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

CLIP Treasury bills, one to three months out, at half the fee of the category's longtime giant. Global X launched CLIP in 2023 as the cheap challenger in the parking-lot corner of the bond market, and it has hugged its index tightly since.

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

CLIP CLIP seeks to track, before fees and expenses, the price and yield performance of the Solactive 1-3 month US T-Bill Index. It invests in U.S. government Treasury bills with remaining maturities from one month to under three months.

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

CLIP 0.07% a year, half the 0.14% median for its bill-fund cohort and half what category veteran BIL charges for the same one-to-three-month exposure.
The mandate fits on one line: US Treasury bills maturing in one month to under three, roughly two dozen of them. Government paper only, no corporate credit slipped in.globalxetfs.com
Sticks to the Solactive 1-3 month US T-Bill Index about as tightly as anything in its peer group, which is the entire job description for a bill fund.
Distributes monthly, and it has already gathered billions in assets, so it is no thin-ice 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

CLIP Income comes straight off short-term Treasury rates. Monthly payouts move up and down with those rates rather than sitting at a fixed level.
It opened in 2023, so the track record is short next to the bill funds it undercuts on fee.
Volume is respectable, not the deepest in the cohort, and a hair cheaper exists (Vanguard's VBIL at 0.06%). At these fee levels the gap is rounding error.

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 CLIP profile⁠

Full ICSH profile⁠

CLIP vs ICSH Holdings

As of Oct 13, 2026

How CLIP and ICSH differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CLIP and 0.0% of ICSH.

Level by level

Asset classCash, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile75.4%

Sector

No Sector split for CLIP.

Country, concentration and asset class

Country by domicile

Country weights in CLIP and ICSH, widest gap first
Country	More in CLIPMore in ICSH	CLIP	ICSH
United States	CLIP +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

CLIP63.8%
ICSH10.0%

Securities held

CLIP26
ICSH407

Asset class

CLIP: Cash
ICSH: Fixed Income

Holdings

Only in CLIP26
In both0
Only in ICSH407

Only in CLIP

26 securities, 100% of CLIP by weight

B 11/19/26 (BVSVZ28)8.23%
B 11/27/26 (BVPJDQ5)7.53%
B 11/12/26 (BT9R101)7.40%
B 12/03/26 (BW61LR4)7.04%
B 11/05/26 (BNZJKH9)6.95%
B 12/17/26 (BWRXMP4)6.37%
B 11/03/26 (BQGF9D6)5.67%
B 12/01/26 (BRJJ0F1)5.11%
B 12/31/26 (BNVVYP5)5.09%
B 11/24/26 (C04JZH3)4.42%
B 11/17/26 (BRCDQ07)4.31%
B 12/24/26 (BSSBJ36)4.26%
B 11/10/26 (BXM1HG6)4.03%
B 12/08/26 (BX7WM14)4.01%
Other Payable & Receivables3.27%
B 10/20/26 (BWM2X64)3.04%
B 10/29/26 (BV3PBJ4)2.99%
B 10/22/26 (BW5RJY6)2.96%
B 10/27/26 (BVSRRW0)2.55%
B 01/07/27 (BTCLH46)2.54%
B 12/10/26 (BXM7C47)2.38%
B 10/15/26 (BTWQYX9)2.03%
B 01/05/27 (BQZCL87)1.06%
B 12/15/26 (BV88875)0.02%
B 12/22/26 (BVSPGV6)0.02%
B 12/29/26 (BV8CZK9)0.02%

Only in ICSH

407 securities, 100% of ICSH by weight

Tri-Party Mizuho Securities Usa Ll1.52%
Tri-Party Citigroup Global Markets1.35%
Tri-Party Goldman Sachs & Co. Llc1.11%
Tri-Party Wells Fargo Securities L1.00%
Commerzbank AG (New York Branch) 06/23/20270.93%
Tri-Party Bofa Securities Inc.0.91%
Banco Bilbao Vizcaya Argentaria SA 03/10/20270.85%
Bpce SA 144A 05/06/20270.83%
Westpac Securities Nz Ltd 144A 06/09/20270.78%
Skandinaviska Enskilda Banken Ab 144A 05/10/20270.71%
Cooperatieve Rabobank Ua (New York 11/16/20260.69%
Britannia Funding Company Llc 144A 03/15/20270.66%
Svenska Handelsbanken Ab 144A 04/13/20270.66%
Mizuho Bank Ltd (New York Branch) 05/26/20270.64%
Northwestern Mutual Global Funding Mtn 144A 4.40% 03/30/20290.63%
Toyota Motor Credit Corp Mtn 4.25% 05/12/20280.63%
Cdp Financial Inc 144A 03/24/20270.62%
Sumitomo Mitsui Trust Bank Ltd (Ne 11/24/20260.61%
Morgan Stanley Private Bank Na 4.20% 11/17/20280.60%
Pacific Life Global Funding Ii Mtn 144A 4.30% 04/27/20290.59%
Salesforce Inc 4.50% 03/15/20280.59%
Bank of New Zealand 144A 04/16/20270.59%
Honeywell Aerospace Inc 3.90% 03/16/20280.59%
Athene Global Funding Mtn 144A 4.83% 05/09/20280.59%
New York Life Global Funding Mtn 144A 4.20% 04/20/20290.59%
Bank of New Zealand 144A 05/12/20270.58%
Bank of Nova Scotia 144A 05/20/20270.58%
Toronto-Dominion Bank (New York Br 09/17/20270.57%
Deutsche Bank AG (New York Branch) 05/05/20270.56%
Verto Capital Comp C 144A 01/19/20270.56%
Natixis (New York Branch) 05/12/20270.55%
Ubs AG (Stamford Branch) Mtn 4.28% 05/17/20270.55%
Canadian Imperial Bank of Commerce 02/05/20270.55%
Massmutual Global Funding Ii Mtn 144A 4.00% 01/22/20290.55%
Athene Global Funding Mtn 144A 4.80% 03/06/20280.54%
Tri-Party Bnp Paribas0.52%
Equitable America Global Funding Mtn 144A 4.30% 12/15/20280.52%
Cooperatieve Rabobank Ua (New York Mtn 4.37% 05/27/20270.52%
Federation Des Caisses Desjardins 144A 11/01/20270.52%
Nextera Energy Capital Holdings In 144A 11/03/20260.51%
JPMorgan Chase & Co Fxd-Frn 2.95% 02/24/20280.51%
Barclays Bank PLC (New York Branch 08/10/20270.51%
Treasury Note (2OLD) 4.13% 08/31/20280.50%
Crh America Finance Inc 144A 12/08/20260.48%
Mackinac Funding Co Llc 144A 03/08/20270.48%
Enbridge Inc 144A 11/06/20260.48%
Oversea-Chinese Banking Corporatio 144A 04/23/20270.47%
Ing Bank NV 144A 4.55% 07/07/20290.47%
Banco Santander SA 144A 05/04/20270.47%
Treasury Note 4.13% 10/31/20260.47%

Weight gaps

CLIP and ICSH share no securities.

All 27 CLIP 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.

CLIP vs ICSH Cost

Overpaying ICSH vs CLIP

$209

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

CLIP 0.07%
$1,480
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

CLIP 0.07%
ICSH 0.08%
Overpaying

Year by year

Year	CLIP	ICSH	Overpaying
10	$128	$147	$19
20	$503	$575	$72
30	$1,480	$1,689	$209

Expense ratio

0.07%CLIP, cheaper
0.08%ICSH

CLIP0.07%ICSH0.08%

0.03%1.00%

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

CLIP 8th cheapest of 78 funds

ICSH 10th cheapest of 78 funds

CLIP vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CLIP 3.72%; ICSH 4.13%, better
Payout (12M): CLIP $3.74; ICSH $2.08
Last payment: CLIP $0.31; ICSH $0.17
Ex-dividend: CLIP Oct 1, 2026; ICSH Oct 1, 2026
Paid on: CLIP Oct 6, 2026; ICSH Oct 6, 2026
Frequency: CLIP Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CLIPMonthly · 40 paymentsAll CLIP payments⁠

ICSHMonthly · 45 paymentsAll ICSH payments⁠

CLIP vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CLIP 0.2%, betterICSH 0.4%
Return per unit of riskSharpe ratio, 3 years: CLIP −0.51ICSH 0.87, better
Worst fallMax drawdown, 5 years: CLIP −0.1%since Jun 2023ICSH −0.7%
Market sensitivityBeta, 5 years: CLIP 0.01ICSH 0.04; Market = 1

CLIP and ICSH in the news

All news⁠

Best ETFs
T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%
Updated Nov 2, 2026CLIP

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CLIP vs ICSH

In short

Stated mandate

Why people hold it

Worth knowing

How CLIP and ICSH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLIP

Only in ICSH

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%

How CLIP and ICSH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLIP

Only in ICSH

Weight gaps