CMBO vs ICSH: Grades, Fees and Holdings Compared

Wayfinder Dynamic U.S. Interest Rate ETF

CMBOCNasdaq

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

0.0%by weight

Expense ratio

ICSH −0.07pt a year

CMBO0.15%ICSH0.08%

Avg volume · 30D

ICSH 2942.3×the volume

CMBO559ICSH1.64M

CMBO vs ICSH Performance

Dec 31, 2025 – Oct 30, 2026

+3.3%CMBO+2.8%ICSH

Expense ratio: CMBO 0.15%; ICSH 0.08%, better
Fund size: CMBO $3M; ICSH $8.97B
1Y total return: CMBO No data; ICSH +3.6%
Yield (12M): CMBO No data; ICSH 4.13%
Holdings: CMBO 3; ICSH 408
Avg volume (30D): CMBO 559 sh; ICSH 1.64M sh, better
NAV per share: CMBO $102.13; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for CMBO, ICSH, with each pillar’s weight
Pillar	CMBO	ICSH
Cost30% weight	B66	A89Higher
Mission25% weight	A100	A100
Risk15% weight	B55Higher	C53
Tradability15% weight	F18	A76Higher
Holdings10% weight	C42	A95Higher
Durability5% weight	F8	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. CMBO 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 CMBO 67th 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 67CCBOXCalamos Tax-Aware Collateral ETFScore 40
Rank 67CCMBOWayfinder Dynamic U.S. Interest Rate ETFScore 40
Rank 69DBAMUBrookstone Ultra-Short Bond ETFScore 38

Our read on each fund

ETF.net Research

CMBOCWayfinder Dynamic U.S. Interest Rate ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

CMBO Most bond funds pick a duration and live with it. CMBO is actively run to roam across fixed-income sectors, maturities and credit quality using bond ETFs and rate derivatives, at a 0.15% fee.

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

CMBO The Fund seeks total return through an actively managed strategy focused primarily on fixed-income ETFs and derivatives referencing fixed-income instruments or indices. Its exposure may span multiple fixed-income sectors, maturities, durations, and quality levels.

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

CMBO 0.15% a year for an active mandate, well under the typical fee in its bond peer group.
Duration is a dial, not a fixed setting: the manager can shift across sectors, maturities and quality tiers using fixed-income ETFs and rate derivatives.
What it holds lines up closely with the fixed-income exposure its prospectus describes, so there is no drift between the pitch and the portfolio.

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

CMBO A small fund that trades thinly. Spreads can be wide, so limit orders matter more here than in the giant core bond ETFs.
Launched in November 2025, so there is no long record showing how the manager handles a full rate cycle.
Index-tracking rivals like BND and SCHZ charge 0.03%. The extra fee here buys flexibility, and outcomes ride on the manager's rate and sector calls.

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 CMBO profile⁠

Full ICSH profile⁠

CMBO vs ICSH Holdings

How CMBO and ICSH differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for CMBO.

Country, concentration and asset class

Country by domicile

Country weights in CMBO and ICSH, widest gap first
Country	More in CMBOMore in ICSH	CMBO	ICSH
United States	CMBO +24.1 points	99.5%	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 (13)	ICSH +5.0 points	0.4%	5.4%

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

Concentration

Weight in the 10 largest Holdings

CMBO100.0%
ICSH10.0%

Securities held

CMBO3
ICSH407

Asset class

CMBO: Equity
ICSH: Fixed Income

Holdings

Only in CMBO3
In both0
Only in ICSH407

Only in CMBO

3 securities, 100% of CMBO by weight

Spy 12/18/2026 10.01 C73.00%
Spy 12/18/2026 1010.01 P24.32%
First American Government Obligations Fund 12/01/20312.72%

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

CMBO and ICSH share no securities.

All CMBO 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.

CMBO vs ICSH Cost

Overpaying CMBO vs ICSH

$1,448

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

CMBO 0.15%
$3,137
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

CMBO 0.15%
ICSH 0.08%
Overpaying

Year by year

Year	CMBO	ICSH	Overpaying
10	$274	$147	$127
20	$1,071	$575	$496
30	$3,137	$1,689	$1,448

Expense ratio

0.15%CMBO
0.08%ICSH, cheaper

ICSH0.08%CMBO0.15%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

CMBO 23rd cheapest of 78 funds

CMBO vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CMBO No data; ICSH 4.13%
Payout (12M): CMBO No data; ICSH $2.08
Last payment: CMBO $1.97; ICSH $0.17
Ex-dividend: CMBO Sep 16, 2026; ICSH Oct 1, 2026
Paid on: CMBO Sep 17, 2026; ICSH Oct 6, 2026
Frequency: CMBO Irregular; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CMBOIrregular · 1 paymentAll CMBO payments⁠

ICSHMonthly · 45 paymentsAll ICSH payments⁠

CMBO vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CMBO No dataICSH 0.4%
Return per unit of riskSharpe ratio, 3 years: CMBO No dataICSH 0.87
Worst fallMax drawdown, 5 years: CMBO No dataICSH −0.7%
Market sensitivityBeta, 5 years: CMBO −0.002ICSH 0.04; Market = 1

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