FLDB vs ICSH: Grades, Fees and Holdings Compared

Fidelity Low Duration Bond ETF

FLDBCNasdaq

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

No data

Expense ratio

ICSH −0.12pt a year

FLDB0.20%ICSH0.08%

Avg volume · 30D

ICSH 106.0×the volume

FLDB15.8KICSH1.68M

FLDB vs ICSH Performance

Nov 7, 2025 – Nov 9, 2026

+3.7%FLDB+3.7%ICSH

Expense ratio: FLDB 0.20%; ICSH 0.08%, better
Fund size: FLDB $448M; ICSH $8.9B
1Y total return: FLDB +3.7%; ICSH +3.7%
Yield (12M): FLDB 4.29%, better; ICSH 4.12%
Holdings: FLDB 413; ICSH 400
Avg volume (30D): FLDB 15.8K sh; ICSH 1.68M sh, better
NAV per share: FLDB $50.22; ICSH $50.35
52W range

ETF.net Grade

Pillar letters and Scores for FLDB, ICSH, with each pillar’s weight
Pillar	FLDB	ICSH
Cost30% weight	D39	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C48	C52Higher
Tradability15% weight	F18	A74Higher
Holdings10% weight	B55	A95Higher
Durability5% weight	C52	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. FLDB 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 FLDB 57th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 84
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 81
Rank 51BTLDRThe Laddered T-Bill ETFScore 55
Rank 57CFLDBFidelity Low Duration Bond ETFScore 54
Rank 57CTUSITouchstone Ultra Short Income ETFScore 54

Our read on each fund

ETF.net Research

FLDBCFidelity Low Duration Bond ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

FLDB Fidelity's 2024-vintage cash-adjacent bond fund: roughly 300 short-maturity holdings measured against 6-to-9-month T-bills, with income paid monthly. A diversified credit mix where many category rivals hold Treasuries and little else.

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

FLDB FLDB uses a diversified, low-duration bond strategy to pursue substantial current income while seeking to preserve capital.

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

FLDB Spreads risk across roughly 300 short-maturity bonds rather than one Treasury sleeve, with the Bloomberg U.S. Treasury Bill: 6-9 Months Index as its yardstick.fidelity.com
Pays monthly, matching a mandate written around substantial current income while seeking to preserve capital.fidelity.com
Stays inside its stated low-duration remit instead of stretching maturities for extra yield, and has pulled in hundreds of millions since its 2024 debut.

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

FLDB The 0.20% fee sits at the category median, and cheaper shelf-mates undercut it: VUSB at 0.10%, SHV, PULS and Fidelity's own FLDR at 0.15%.
Thinly traded next to the ultrashort category's household names, which can mean wider bid-ask spreads on the way in and out.
Launched February 2024, so its record is short and has not yet spanned a full rate cycle.

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 FLDB profile⁠

Full ICSH profile⁠

FLDB vs ICSH Holdings

How FLDB and ICSH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile84.7%
Asset classBonds100%

Sector

FLDB and ICSH share no Sector name, so they cannot be compared by Sector.

Country, concentration and asset class

Country by domicile

Country weights in FLDB and ICSH, widest gap first
Country	Gap	FLDB	ICSH
United States	FLDB +6.0 points	79.6%	73.6%
Cayman Islands	FLDB +4.4 points	4.4%	0.0%
Australia	ICSH +3.6 points	0.3%	3.9%
Sweden	ICSH +3.3 points	0.0%	3.3%
New Zealand	ICSH +2.4 points	0.0%	2.4%
United Kingdom	FLDB +2.3 points	5.2%	2.9%
Canada	FLDB +1.3 points	5.9%	4.6%
Germany	ICSH +1.3 points	0.0%	1.3%
Other countries (11)	ICSH +3.5 points	4.5%	8.0%

Outside the US: ICSH 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

FLDB32.8%
ICSH10.1%

Securities held

FLDB410
ICSH400

Asset class

FLDB: Bonds
ICSH: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FLDB holds 410 securities, ICSH 400.

All 335 FLDB holdings⁠All 250 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.

FLDB vs ICSH Cost

Overpaying FLDB vs ICSH

$2,466

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

FLDB 0.20%
$4,155
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

FLDB 0.20%
ICSH 0.08%
Overpaying

Year by year

Year	FLDB	ICSH	Overpaying
10	$365	$147	$218
20	$1,421	$575	$846
30	$4,155	$1,689	$2,466

Expense ratio

0.20%FLDB
0.08%ICSH, cheaper

ICSH0.08%FLDB0.20%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

FLDB 44th cheapest of 78 funds

FLDB vs ICSH Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FLDB 4.29%, better; ICSH 4.12%
Payout (12M): FLDB $2.16; ICSH $2.07
Last payment: FLDB $0.17; ICSH $0.18
Ex-dividend: FLDB Oct 29, 2026; ICSH Nov 2, 2026
Paid on: FLDB Nov 2, 2026; ICSH Nov 5, 2026
Frequency: FLDB Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FLDBMonthly · 34 paymentsAll FLDB payments⁠

ICSHMonthly · 46 paymentsAll ICSH payments⁠

FLDB vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FLDB 0.4%since Mar 2024ICSH 0.4%
Return per unit of riskSharpe ratio, 3 years: FLDB 0.68since Mar 2024ICSH 0.87
Worst fallMax drawdown, 5 years: FLDB −0.4%since Feb 2024ICSH −0.7%
Market sensitivityBeta, 5 years: FLDB 0.01ICSH 0.04; Market = 1

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