GMMF vs ICSH: Grades, Fees and Holdings Compared

iShares Government Money Market ETF

GMMFBNYSE

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

0.0%by weight

Expense ratio

ICSH −0.12pt a year

GMMF0.20%ICSH0.08%

Avg volume · 30D

ICSH 76.3×the volume

GMMF21.6KICSH1.64M

GMMF vs ICSH Performance

Oct 31, 2025 – Oct 30, 2026

+2.6%GMMF+3.6%ICSH

Expense ratio: GMMF 0.20%; ICSH 0.08%, better
Fund size: GMMF $192M; ICSH $8.97B
1Y total return: GMMF +2.6%; ICSH +3.6%, better
Yield (12M): GMMF 3.79%; ICSH 4.13%, better
Holdings: GMMF 164; ICSH 408
Avg volume (30D): GMMF 21.6K sh; ICSH 1.64M sh, better
NAV per share: GMMF $100.29; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for GMMF, ICSH, with each pillar’s weight
Pillar	GMMF	ICSH
Cost30% weight	D38	A89Higher
Mission25% weight	A80	A100Higher
Risk15% weight	B68Higher	C53
Tradability15% weight	B55	A76Higher
Holdings10% weight	C42	A95Higher
Durability5% weight	C45	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. GMMF 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 GMMF 46th 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 44BPMMFiShares Prime Money Market ETFScore 57
Rank 46BGMMFiShares Government Money Market ETFScore 56
Rank 46BGMOCGMO Ultra-Short Income ETFScore 56

Our read on each fund

ETF.net Research

GMMFBiShares Government Money Market ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

GMMF Money market funds price once a day. GMMF puts one on an exchange: an iShares government cash strategy whose stated job is current income with liquidity and stability of principal, plus intraday trading.

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

GMMF The fund seeks current income consistent with liquidity and stability of principal, while providing intraday exchange trading.

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

GMMF The mandate is literal: current income consistent with liquidity and stability of principal, plus intraday exchange trading. What it holds lines up with what the label says.ishares.com
Roughly 50 positions in short-dated US government paper, run by iShares. A cash sleeve you can buy and sell during market hours like any stock.
The 0.20% fee sits right at the median for cash-alternative ETFs, so the exchange-traded wrapper does not come at a price premium.

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

GMMF Trading is thin. Bid-ask spreads can run wider than in the heavily traded cash ETFs, which shows up most on large or hurried orders.
It launched in 2025, so the track record is short and covers a single rate backdrop. Stability of principal is the stated objective, not a promise.
Cheaper cash parking exists: ICSH charges 0.08% and JPST 0.18%, though both are ultra-short bond funds rather than money market strategies.

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 GMMF profile⁠

Full ICSH profile⁠

GMMF vs ICSH Holdings

How GMMF and ICSH differ

Overlap by weight

0.0%

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

Level by level

Asset classCash, Fixed Income0.0%
Sector11 Sectors0.0%
Holdings0 in both0.0%
Countryby domicile75.4%

Sector

Sector weights in GMMF and ICSH, widest gap first
Sector	More in GMMFMore in ICSH	GMMF	ICSH
Government	GMMF +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 GMMF and ICSH, widest gap first
Country	More in GMMFMore in ICSH	GMMF	ICSH
United States	GMMF +24.6 points	100.0%	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 (10)	ICSH +5.4 points	0.0%	5.4%

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

Concentration

Weight in the 10 largest Holdings

GMMF50.1%
ICSH10.0%

Securities held

GMMF8
ICSH407

Asset class

GMMF: Cash
ICSH: Fixed Income

Holdings

Only in GMMF8
In both0
Only in ICSH407

Only in GMMF

8 securities, 100% of GMMF by weight

Treasury Bill65.51%
Federal Home Loan Banks12.52%
Fhlb6.70%
Ffcb4.40%
Treasury Floating Rate Note4.34%
Treasury Note4.08%
Federal Farm Credit Banks Funding3.12%
Federal Farm Credit Bank0.06%

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

GMMF and ICSH share no securities.

All GMMF 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.

GMMF vs ICSH Cost

Overpaying GMMF vs ICSH

$2,466

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

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

Amount$10,000

Years30 years

Cost over time

GMMF 0.20%
ICSH 0.08%
Overpaying

Year by year

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

Expense ratio

0.20%GMMF
0.08%ICSH, cheaper

ICSH0.08%GMMF0.20%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

GMMF 45th cheapest of 78 funds

GMMF vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GMMF 3.79%; ICSH 4.13%, better
Payout (12M): GMMF $3.80; ICSH $2.08
Last payment: GMMF $0.07; ICSH $0.17
Ex-dividend: GMMF Oct 28, 2026; ICSH Oct 1, 2026
Paid on: GMMF Oct 29, 2026; ICSH Oct 6, 2026
Frequency: GMMF Weekly; ICSH Monthly

Distribution history

Per share, 2026, same scale for both

GMMFWeekly · 33 paymentsAll GMMF payments⁠

ICSHMonthly · 9 paymentsAll ICSH payments⁠

GMMF vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GMMF 0.2%since Mar 2025ICSH 0.4%
Return per unit of riskSharpe ratio, 3 years: GMMF −2.54since Mar 2025ICSH 0.87
Worst fallMax drawdown, 5 years: GMMF −0.1%since Feb 2025ICSH −0.7%
Market sensitivityBeta, 5 years: GMMF −0.01ICSH 0.04; Market = 1

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