FTSM vs ICSH: Grades, Fees and Holdings Compared

First Trust Enhanced Short Maturity ETF

FTSMBNasdaq

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

0.0%by weight

Expense ratio

ICSH −0.21pt a year

FTSM0.29%ICSH0.08%

Avg volume · 30D

ICSH 2.3×the volume

FTSM720KICSH1.64M

10Y return · a year

ICSH +0.3pt

FTSM+2.6%ICSH+2.9%

FTSM vs ICSH Performance

Oct 29, 2021 – Oct 30, 2026

+20.2%FTSM+21.3%ICSH

Expense ratio: FTSM 0.29%; ICSH 0.08%, better
Fund size: FTSM $6.8B; ICSH $8.97B
1Y total return: FTSM +3.6%; ICSH +3.6%
Yield (12M): FTSM 4.45%, better; ICSH 4.13%
Holdings: FTSM 742; ICSH 408
Avg volume (30D): FTSM 720K sh; ICSH 1.64M sh, better
NAV per share: FTSM $59.60; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for FTSM, ICSH, with each pillar’s weight
Pillar	FTSM	ICSH
Cost30% weight	F13	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C49	C53Higher
Tradability15% weight	A76	A76
Holdings10% weight	A93	A95Higher
Durability5% weight	A88	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. FTSM 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 FTSM 36th 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 33BNUSBNuveen Ultra Short IncomeScore 62
Rank 36BFTSMFirst Trust Enhanced Short Maturity ETFScore 61
Rank 36BMINTPIMCO Enhanced Short Maturity Active Exchange-Traded FundScore 61

Our read on each fund

ETF.net Research

FTSMBFirst Trust Enhanced Short Maturity ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

FTSM A 2014-vintage active take on the cash-parking shelf: First Trust's managers roam short-duration investment-grade debt across sectors instead of tracking an index, chasing current income while preserving capital and keeping daily liquidity.

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

FTSM The fund seeks current income while preserving capital and maintaining daily liquidity. It is actively managed and invests in short-duration, primarily U.S.-dollar-denominated, investment-grade securities across a broad range of asset classes.

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

FTSM No index to follow. The team picks short-duration, mostly US-dollar investment-grade paper across a broad range of asset classes, aiming for current income with capital preservation and daily liquidity.ftportfolios.com
Live since 2014, it has run through an entire rate cycle and grown into a multi-billion-dollar fund that trades actively, so entering and exiting is generally straightforward.
Roughly 400 positions keep any single issuer a small slice of the pot, and income is paid out monthly rather than quarterly.

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

FTSM Active management carries an active price: 0.29% a year against a 0.20% median for cash-alternative peers. ICSH charges 0.08% and JPST 0.18% for a similar job.
You are buying a manager's credit and duration calls, not a rulebook. Two ultra-short funds can hold quite different paper and behave differently in a stressed market.
It is a 1940 Act ETF, not a money market fund or a bank deposit. The share price can move, and preserving capital is a stated goal rather than a promise.ftportfolios.com

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 FTSM profile⁠

Full ICSH profile⁠

FTSM vs ICSH Holdings

How FTSM and ICSH differ

Overlap by weight

0.0%

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

Level by level

Asset classCash, Fixed Income0.0%
Sector11 Sectors0.0%
Holdings0 in both0.0%
Countryby domicile85.5%

Sector

Sector weights in FTSM and ICSH, widest gap first
Sector	More in FTSMMore in ICSH	FTSM	ICSH
Real Estate	FTSM +100.0 points	100.0%	0.0%
Financial Company Commercial Paper	ICSH +25.1 points	0.0%	25.1%
Floating Rate	ICSH +17.9 points	0.0%	17.9%
Certificate of Deposit	ICSH +15.7 points	0.0%	15.7%
Tri-Party Repo	ICSH +10.4 points	0.0%	10.4%
Commercial Paper	ICSH +10.1 points	0.0%	10.1%
Asset Backed Commercial Paper	ICSH +9.2 points	0.0%	9.2%
Insurance Company Funding Agreement	ICSH +8.1 points	0.0%	8.1%
U.S. Treasury Debt	ICSH +3.1 points	0.0%	3.1%
Municipal Debt	ICSH +0.4 points	0.0%	0.4%
Investment Company	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FTSM and ICSH, widest gap first
Country	More in FTSMMore in ICSH	FTSM	ICSH
Cayman Islands	FTSM +6.6 points	7.0%	0.4%
United States	FTSM +6.3 points	81.7%	75.4%
New Zealand	ICSH +2.6 points	0.0%	2.6%
Sweden	ICSH +2.4 points	0.7%	3.1%
United Kingdom	ICSH +1.8 points	1.5%	3.3%
Australia	ICSH +1.5 points	1.6%	3.1%
Japan	ICSH +1.4 points	0.0%	1.4%
Luxembourg	ICSH +1.3 points	0.0%	1.3%
Other countries (10)	ICSH +2.0 points	7.5%	9.5%

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

Concentration

Weight in the 10 largest Holdings

FTSM6.3%
ICSH10.0%

Securities held

FTSM733
ICSH407

Asset class

FTSM: Cash
ICSH: Fixed Income

Holdings

Only in FTSM733
In both0
Only in ICSH407

Only in FTSM

733 securities, 100% of FTSM by weight

AUTONATION INC 0%, due 11/02/20260.96%
TARGA RESOURCES CORP 0%, due 11/02/20260.89%
U.S. Treasury Note, 4.125%, due 06/30/20280.85%
GILDAN ACTIVEWEAR INC 0%, due 11/02/20260.65%
HUNTINGTON NATIONAL BANK Variable rate, due 04/12/20280.52%
T-MOBILE USA INC 3.75%, due 04/15/20270.51%
GOLDMAN SACHS GROUP INC Variable rate, due 01/21/20290.51%
KINDER MORGAN INC 1.75%, due 11/15/20260.49%
WORKDAY INC 3.50%, due 04/01/20270.49%
CRH AMERICA FINANCE INC 3.40%, due 05/09/20270.48%
CITIBANK NA Variable rate, due 06/18/20290.47%
WILLIS NORTH AMERICA INC 4.65%, due 06/15/20270.46%
SOLVENTUM CORP 5.45%, due 02/25/20270.45%
HUNTINGTON NATIONAL BANK Variable rate, due 05/17/20280.45%
Fannie Mae - CAS Series 2024-R05, Class 2A1, Variable rate, due 07/25/20440.45%
HYATT HOTELS CORP 5.75%, due 01/30/20270.44%
AON NORTH AMERICA INC 5.125%, due 03/01/20270.44%
FIFTH THIRD BANK NA Variable rate, due 01/28/20280.44%
ZIMMER BIOMET HOLDINGS 4.70%, due 02/19/20270.44%
BANK OF AMERICA CORP Variable rate, due 04/27/20280.44%
AMRIZE FINANCE US LLC 4.70%, due 04/07/20280.44%
AUTODESK INC 3.50%, due 06/15/20270.44%
ASHTEAD CAPITAL INC 4.375%, due 08/15/20270.44%
AMCOR FLEXIBLES NORTH AMERICA 4.80%, due 03/17/20280.43%
BROWN & BROWN INC 4.60%, due 12/23/20260.43%
CADENCE DESIGN SYS INC 4.20%, due 09/10/20270.43%
AMRIZE FINANCE US LLC 4.60%, due 04/07/20270.42%
MARRIOTT INTERNATIONAL 0%, due 11/18/20260.41%
COOPERATIEVE RABOBANK UA Variable rate, due 04/06/20280.41%
DANSKE BANK A/S Variable rate, due 03/01/20280.39%
ENERGY TRANSFER LP 0%, due 11/02/20260.39%
IQVIA INC 5.70%, due 05/15/20280.38%
BANK OF NY MELLON CORP Variable rate, due 01/22/20300.38%
US BANK NA CINCINNATI Variable rate, due 05/20/20290.38%
U.S. Treasury Note, 4.25%, due 07/31/20280.37%
THE BOEING CO 3.25%, due 02/01/20280.37%
GE HEALTHCARE TECH INC 5.65%, due 11/15/20270.37%
WELLS FARGO & COMPANY Variable rate, due 04/22/20280.37%
BANK OF MONTREAL N/C, Variable rate, due 01/13/20280.37%
THE CAMPBELLS COMPANY 5.20%, due 03/19/20270.37%
SVENSKA HANDELSBANKEN NY N/C, Variable rate, due 02/11/20270.37%
CAPITAL ONE FINANCIAL CO Variable rate, due 05/10/20280.37%
COMMONWEALTH BK AUSTRALIA N/C, Variable rate, due 02/12/20270.37%
SWEDBANK Variable rate, due 11/09/20260.37%
WESTPAC BANKING CORP Variable rate, due 05/21/20270.37%
GLOBAL PAYMENTS INC 0%, due 11/03/20260.37%
QUANTA SERVICES INC 4.30%, due 08/09/20280.37%
JPMORGAN CHASE & CO Variable rate, due 02/01/20280.37%
AGILENT TECHNOLOGIES INC 4.20%, due 09/09/20270.37%
PNC FINANCIAL SERVICES Variable rate, due 10/26/20290.37%

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

FTSM and ICSH share no securities.

All 742 FTSM 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.

FTSM vs ICSH Cost

Overpaying FTSM vs ICSH

$4,263

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

FTSM 0.29%
$5,952
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

FTSM 0.29%
ICSH 0.08%
Overpaying

Year by year

Year	FTSM	ICSH	Overpaying
10	$527	$147	$380
20	$2,044	$575	$1,469
30	$5,952	$1,689	$4,263

Expense ratio

0.29%FTSM
0.08%ICSH, cheaper

ICSH0.08%FTSM0.29%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

FTSM 68th cheapest of 78 funds

FTSM vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTSM 4.45%, better; ICSH 4.13%
Payout (12M): FTSM $2.65; ICSH $2.08
Last payment: FTSM $0.21; ICSH $0.17
Ex-dividend: FTSM Oct 30, 2026; ICSH Oct 1, 2026
Paid on: FTSM Pays Nov 3, 2026; ICSH Oct 6, 2026
Frequency: FTSM Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FTSMMonthly · 46 paymentsAll FTSM payments⁠

ICSHMonthly · 45 paymentsAll ICSH payments⁠

FTSM vs ICSH Risk

Fall from peak · 5 years

FTSM
ICSH

Risk facts

VolatilityStd dev, 3 years: FTSM 0.5%ICSH 0.4%, better
Return per unit of riskSharpe ratio, 3 years: FTSM 0.29ICSH 0.87, better
Worst fallMax drawdown, 5 years: FTSM −0.6%, betterICSH −0.7%
Market sensitivityBeta, 5 years: FTSM 0.05ICSH 0.04; Market = 1

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