GSST vs ICSH

GSSTAGoldman Sachs Ultra Short Bond ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

GSST Goldman's first actively managed ETF, and it acts like it. Instead of a plain T-bill ladder, GSST roams across government, bank, corporate, mortgage-backed, asset-backed and CLO paper at ultra-short maturities, and pays income monthly.

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

GSST The Fund seeks current income while preserving capital. It invests at least 80% of net assets in a broad range of U.S.-dollar-denominated bonds, including government, bank, corporate, short-term, mortgage-backed, asset-backed and CLO securities.

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

• GSST Not a bill ladder. At least 80% of net assets sit in dollar-denominated bonds spanning government, bank, corporate, mortgage-backed, asset-backed and CLO paper, with Goldman's fixed income team picking the mix.gsam.com
• Charges 0.16% net of a waiver through December 29, 2026, against a 0.20% gross fee. That sits near the typical charge in its 0-1 year category, which is unusual for an active mandate.
• Live since April 2019 and now a multi-billion-dollar fund, it spreads across roughly 300 positions and distributes monthly, so no single issuer carries the portfolio.
• Goldman measures it against the FTSE Three-Month U.S. Treasury Bill Index, giving you a clean yardstick for what the active credit work is adding or costing versus plain bills.

• 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

• GSST Corporate, asset-backed and CLO holdings bring credit and liquidity risk that a pure Treasury bill fund does not carry. Preserving capital is the stated objective, not an assurance.
• Passive bill trackers cost less: VBIL at 0.06% and CLIP at 0.07%, neither under a waiver. Here you pay up for security selection, and GSST's own waiver has a stated end date.
• It is moderately traded rather than one of the category's heaviest-volume names, so limit orders and a glance at the spread earn their keep, especially on larger tickets.

• 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 GSST profile⁠

Full ICSH profile⁠