GMOC vs ICSH: Grades, Fees and Holdings Compared

GMO Ultra-Short Income ETF

GMOCBNYSE Arca

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

No data

Expense ratio

ICSH −0.12pt a year

GMOC0.20%ICSH0.08%

Avg volume · 30D

ICSH 268.8×the volume

GMOC6.12KICSH1.64M

GMOC vs ICSH Performance

Oct 31, 2025 – Oct 30, 2026

+4.2%GMOC+3.6%ICSH

Expense ratio: GMOC 0.20%; ICSH 0.08%, better
Fund size: GMOC $30M; ICSH $8.97B
1Y total return: GMOC +4.2%, better; ICSH +3.6%
Yield (12M): GMOC No data; ICSH 4.13%
Holdings: GMOC 49; ICSH 408
Avg volume (30D): GMOC 6.12K sh; ICSH 1.64M sh, better
NAV per share: GMOC $50.07; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for GMOC, ICSH, with each pillar’s weight
Pillar	GMOC	ICSH
Cost30% weight	D38	A89Higher
Mission25% weight	A100	A100
Risk15% weight	B66Higher	C53
Tradability15% weight	D33	A76Higher
Holdings10% weight	C40	A95Higher
Durability5% weight	D36	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. GMOC 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 GMOC 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 46BGMMFiShares Government Money Market ETFScore 56
Rank 46BGMOCGMO Ultra-Short Income ETFScore 56
Rank 46BTUSBThrivent Ultra Short Bond ETFScore 56

Our read on each fund

ETF.net Research

GMOCBGMO Ultra-Short Income ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

GMOC GMO's answer to the cash-parking corner: an actively managed ultra-short fund that reaches into CLOs and repo alongside Treasuries, not just T-bills. Launched late 2025 at a 0.20% fee.

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

GMOC The Fund seeks current income while preserving capital. It is actively managed and invests primarily in low-duration, high-quality fixed-income securities, including CLOs, U.S. Treasuries, repurchase agreements, reverse repurchase agreements, and other investment-grade instruments.

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

GMOC Active by design, with a wide short-end toolkit: CLOs, Treasuries, repo and reverse repo, plus other investment-grade paper.
0.20% buys active management at the same price as the typical ultra-short bond ETF.
The mandate is blunt (current income, capital preservation, low duration) and what it owns lines up tightly with that promise.
Filings set income distributions on a monthly schedule.

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

GMOC Opened in October 2025 and trades lightly, so spreads can run wider than the category's long-established names.
CLOs and repo carry credit and structural risk a pure Treasury bill fund does not. That is the trade for reaching past T-bills.
Cheaper shelf-mates exist: VUSB charges 0.10%, and SHV, PULS and DUSB each charge 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 GMOC profile⁠

Full ICSH profile⁠

GMOC vs ICSH Holdings

How GMOC and ICSH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile38.0%
Asset classFixed Income100%

Sector

No Sector split for GMOC.

Country, concentration and asset class

Country by domicile

Country weights in GMOC and ICSH, widest gap first
Country	More in GMOCMore in ICSH	GMOC	ICSH
Cayman Islands	GMOC +62.0 points	62.4%	0.4%
United States	ICSH +37.8 points	37.6%	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%
Other countries (10)	ICSH +6.3 points	0.0%	6.3%

Outside the US: GMOC 0% developed, 100% emerging. ICSH 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

GMOC53.0%
ICSH10.0%

Securities held

GMOC30
ICSH407

Asset class

GMOC: Fixed Income
ICSH: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. GMOC holds 30 securities, ICSH 407.

All GMOC 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.

GMOC vs ICSH Cost

Overpaying GMOC vs ICSH

$2,466

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

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

Amount$10,000

Years30 years

Cost over time

GMOC 0.20%
ICSH 0.08%
Overpaying

Year by year

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

Expense ratio

0.20%GMOC
0.08%ICSH, cheaper

ICSH0.08%GMOC0.20%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

GMOC 45th cheapest of 78 funds

GMOC vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GMOC No data; ICSH 4.13%
Payout (12M): GMOC No data; ICSH $2.08
Last payment: GMOC $0.18; ICSH $0.17
Ex-dividend: GMOC Oct 30, 2026; ICSH Oct 1, 2026
Paid on: GMOC Pays Nov 2, 2026; ICSH Oct 6, 2026
Frequency: GMOC Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GMOCMonthly · 13 paymentsAll GMOC payments⁠

ICSHMonthly · 45 paymentsAll ICSH payments⁠

GMOC vs ICSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GMOC 0.2%since Nov 2025ICSH 0.4%
Return per unit of riskSharpe ratio, 3 years: GMOC 1.88since Nov 2025ICSH 0.87
Worst fallMax drawdown, 5 years: GMOC −0.1%since Oct 2025ICSH −0.7%
Market sensitivityBeta, 5 years: GMOC 0.02ICSH 0.04; Market = 1

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