GCSH vs ICSH: Grades, Fees and Holdings Compared

Guggenheim Ultra Short Income ETF

GCSHDNYSE Arca

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

No data

Expense ratio

ICSH −0.17pt a year

GCSH0.25%ICSH0.08%

Avg volume · 30D

ICSH 39.6×the volume

GCSH41.5KICSH1.64M

GCSH vs ICSH Performance

Jul 31, 2026 – Oct 30, 2026

+0.5%GCSH+0.8%ICSH

Expense ratio: GCSH 0.25%; ICSH 0.08%, better
Fund size: GCSH $269M; ICSH $8.97B
1Y total return: GCSH No data; ICSH +3.6%
Yield (12M): GCSH No data; ICSH 4.13%
Holdings: GCSH 155; ICSH 408
Avg volume (30D): GCSH 41.5K sh; ICSH 1.64M sh, better
NAV per share: GCSH $49.99; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for GCSH, ICSH, with each pillar’s weight
Pillar	GCSH	ICSH
Cost30% weight	F18	A89Higher
Mission25% weight	Not scored	A100
Risk15% weight	C44	C53Higher
Tradability15% weight	D30	A76Higher
Holdings10% weight	C52	A95Higher
Durability5% weight	D35	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. GCSH 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 GCSH 74th 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 73DSGVAF/m Accumulator Ultrashort Treasury FundScore 35
Rank 74DGCSHGuggenheim Ultra Short Income ETFScore 31
Rank 75FLQIDKurv Enhanced Short Maturity ETFScore 18
HBILNot yet graded
LBOXNot yet graded
XCSHNot yet graded

Our read on each fund

ETF.net Research

GCSHDGuggenheim Ultra Short Income ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

GCSH Most funds in this aisle just roll T-bills. GCSH is active and shops the whole investment-grade short end (corporates, asset-backed, mortgage paper) with duration typically held inside a year.

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

GCSH The Fund seeks a high level of income while preserving 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

GCSH Actively managed and multi-sector: investment-grade corporates, securitized and government paper, with average duration no longer than a year. A broader toolkit than a pure T-bill tracker.guggenheiminvestments.com guggenheiminvestments.com 2
Guggenheim sold its entire ETF lineup to Invesco in 2018. This 2026 launch is the firm's way back in, wrapping credit strategies it long ran for insurers and pensions.sec.gov guggenheiminvestments.com
The stated job is a high level of income while preserving capital, with daily liquidity. Guggenheim frames it as a strategic cash position rather than a bond-market bet.guggenheiminvestments.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

GCSH At 0.25% a year it costs more than the index T-bill funds it sits beside, where CLIP, VBIL and TBLL all run under 0.10%. You are paying for the active credit work.
Not a money market fund: no stable $1.00 NAV, no FDIC insurance. Corporate and securitized holdings mean the share price can move on credit spreads, not just rates.guggenheiminvestments.com
Launched in 2026, so the track record is short and the fund trades less than the entrenched giants in the category.

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 GCSH profile⁠

Full ICSH profile⁠

GCSH vs ICSH Holdings

How GCSH and ICSH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile79.7%
Asset classFixed Income100%

Sector

No Sector split for GCSH.

Country, concentration and asset class

Country by domicile

Country weights in GCSH and ICSH, widest gap first
Country	More in GCSHMore in ICSH	GCSH	ICSH
United States	GCSH +17.2 points	92.6%	75.4%
Sweden	ICSH +3.1 points	0.0%	3.1%
Australia	ICSH +3.0 points	0.1%	3.1%
United Kingdom	ICSH +2.7 points	0.6%	3.3%
New Zealand	ICSH +2.6 points	0.0%	2.6%
Bermuda	GCSH +1.6 points	1.8%	0.2%
Canada	ICSH +1.5 points	3.0%	4.5%
Japan	ICSH +1.4 points	0.0%	1.4%
Other countries (13)	ICSH +4.8 points	1.8%	6.6%

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

Concentration

Weight in the 10 largest Holdings

GCSH43.0%
ICSH10.0%

Securities held

GCSH132
ICSH407

Asset class

GCSH: Fixed Income
ICSH: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. GCSH holds 132 securities, ICSH 407.

All 388 GCSH 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.

GCSH vs ICSH Cost

Overpaying GCSH vs ICSH

$3,470

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

GCSH 0.25%
$5,159
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

GCSH 0.25%
ICSH 0.08%
Overpaying

Year by year

Year	GCSH	ICSH	Overpaying
10	$455	$147	$308
20	$1,769	$575	$1,194
30	$5,159	$1,689	$3,470

Expense ratio

0.25%GCSH
0.08%ICSH, cheaper

ICSH0.08%GCSH0.25%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

GCSH 62nd cheapest of 78 funds

GCSH vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GCSH No data; ICSH 4.13%
Payout (12M): GCSH No data; ICSH $2.08
Last payment: GCSH $0.18; ICSH $0.17
Ex-dividend: GCSH Oct 5, 2026; ICSH Oct 1, 2026
Paid on: GCSH Oct 9, 2026; ICSH Oct 6, 2026
Frequency: GCSH Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GCSHMonthly · 3 paymentsAll GCSH payments⁠

ICSHMonthly · 45 paymentsAll ICSH payments⁠

GCSH vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GCSH No dataICSH 0.4%
Return per unit of riskSharpe ratio, 3 years: GCSH No dataICSH 0.87
Worst fallMax drawdown, 5 years: GCSH No dataICSH −0.7%
Market sensitivityBeta, 5 years: GCSH 0.09ICSH 0.04; Market = 1

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