DLUX vs ICSH: Grades, Fees and Holdings Compared

DoubleLine Ultrashort Income ETF

DLUXBNYSE Arca

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

No data

Expense ratio

ICSH −0.10pt a year

DLUX0.18%ICSH0.08%

Avg volume · 30D

ICSH 81.7×the volume

DLUX20.1KICSH1.64M

DLUX vs ICSH Performance

Jul 31, 2026 – Oct 30, 2026

+0.5%DLUX+0.8%ICSH

Expense ratio: DLUX 0.18%; ICSH 0.08%, better
Fund size: DLUX $276M; ICSH $8.97B
1Y total return: DLUX No data; ICSH +3.6%
Yield (12M): DLUX No data; ICSH 4.13%
Holdings: DLUX 280; ICSH 408
Avg volume (30D): DLUX 20.1K sh; ICSH 1.64M sh, better
NAV per share: DLUX $50.07; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for DLUX, ICSH, with each pillar’s weight
Pillar	DLUX	ICSH
Cost30% weight	C53	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C50	C53Higher
Tradability15% weight	D26	A76Higher
Holdings10% weight	B58	A95Higher
Durability5% weight	D26	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. DLUX 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 DLUX 40th 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 40BCBILCorgi 3-12 Month T-Bill ETFScore 59
Rank 40BDLUXDoubleLine Ultrashort Income ETFScore 59
Rank 40BULSTState Street Ultra Short Term Bond ETFScore 59

Our read on each fund

ETF.net Research

DLUXBDoubleLine Ultrashort Income ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

DLUX DoubleLine's 2026 entry treats the cash corner of the bond market as an active job: government, securitized and corporate paper, interest-rate risk kept very low, measured against 3-month T-bills.

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

DLUX The Fund seeks current income and total return while preserving capital. It actively manages liquidity, interest-rate, and spread risks through diversified, high-quality government, securitized, and corporate bond exposure while keeping interest-rate risk very low.

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

DLUX Costs 0.18% a year, below the 0.20% median for ultrashort bond ETFs, and that buys active management rather than index tracking.
Works three levers at once: liquidity, interest-rate and spread risk, across diversified high-quality government, securitized and corporate bonds.doubleline.com
The yardstick is the ICE BofA 3-Month Treasury-Bill Index, so the fund is built to be judged against cash, not the broad bond market.doubleline.com

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

DLUX Income arrives quarterly, four times a year rather than monthly.
Launched in 2026 with a small asset base and light trading, which can mean wider bid-ask spreads than the category's giants.
Established rivals undercut it on fee: VUSB at 0.10%, SHV and PULS at 0.15%.

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 DLUX profile⁠

Full ICSH profile⁠

DLUX vs ICSH Holdings

How DLUX and ICSH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile78.8%
Asset classFixed Income100%

Sector

No Sector split for DLUX.

Country, concentration and asset class

Country by domicile

Country weights in DLUX and ICSH, widest gap first
Country	More in DLUXMore in ICSH	DLUX	ICSH
United States	DLUX +13.2 points	88.6%	75.4%
Cayman Islands	DLUX +7.3 points	7.7%	0.4%
Canada	ICSH +3.3 points	1.2%	4.5%
United Kingdom	ICSH +3.2 points	0.1%	3.3%
Sweden	ICSH +3.1 points	0.0%	3.1%
Australia	ICSH +3.0 points	0.1%	3.1%
New Zealand	ICSH +2.6 points	0.0%	2.6%
Japan	ICSH +1.4 points	0.0%	1.4%
Other countries (11)	ICSH +3.8 points	2.5%	6.3%

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

Concentration

Weight in the 10 largest Holdings

DLUX26.5%
ICSH10.0%

Securities held

DLUX278
ICSH407

Asset class

DLUX: Fixed Income
ICSH: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. DLUX holds 278 securities, ICSH 407.

All DLUX 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.

DLUX vs ICSH Cost

Overpaying DLUX vs ICSH

$2,060

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

DLUX 0.18%
$3,749
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

DLUX 0.18%
ICSH 0.08%
Overpaying

Year by year

Year	DLUX	ICSH	Overpaying
10	$328	$147	$181
20	$1,281	$575	$706
30	$3,749	$1,689	$2,060

Expense ratio

0.18%DLUX
0.08%ICSH, cheaper

ICSH0.08%DLUX0.18%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

DLUX 36th cheapest of 78 funds

DLUX vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DLUX No data; ICSH 4.13%
Payout (12M): DLUX No data; ICSH $2.08
Last payment: DLUX $0.19; ICSH $0.17
Ex-dividend: DLUX Oct 1, 2026; ICSH Oct 1, 2026
Paid on: DLUX Oct 7, 2026; ICSH Oct 6, 2026
Frequency: DLUX Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DLUXMonthly · 6 paymentsAll DLUX payments⁠

ICSHMonthly · 45 paymentsAll ICSH payments⁠

DLUX vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DLUX No dataICSH 0.4%
Return per unit of riskSharpe ratio, 3 years: DLUX No dataICSH 0.87
Worst fallMax drawdown, 5 years: DLUX No dataICSH −0.7%
Market sensitivityBeta, 5 years: DLUX 0.05ICSH 0.04; Market = 1

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