ICSH vs IQMM: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

ProShares GENIUS Money Market ETF

IQMMBNYSE Arca

Overlap

0.0%by weight

Expense ratio

ICSH −0.07pt a year

ICSH0.08%IQMM0.15%

Avg volume · 30D

IQMM 1.02×the volume

ICSH1.67MIQMM1.71M

ICSH vs IQMM Performance

Aug 4, 2026 – Nov 4, 2026

+0.8%ICSH+1.0%IQMM

Expense ratio: ICSH 0.08%, better; IQMM 0.15%
Fund size: ICSH $8.9B; IQMM $17.8B
1Y total return: ICSH +3.7%; IQMM No data
Yield (12M): ICSH 4.12%; IQMM No data
Holdings: ICSH 404; IQMM 13
Avg volume (30D): ICSH 1.67M sh; IQMM 1.71M sh, better
NAV per share: ICSH $50.30; IQMM $100.07
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, IQMM, with each pillar’s weight
Pillar	ICSH	IQMM
Cost30% weight	A89Higher	B66
Mission25% weight	A100	Not scored
Risk15% weight	C50Higher	D39
Tradability15% weight	A76	A87Higher
Holdings10% weight	A96Higher	C43
Durability5% weight	A91Higher	A71

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and IQMM 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 IQMM 34th of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 84
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 82
Rank 34BCGOVCorgi 0-3 Month T-Bill ETFScore 61
Rank 34BIQMMProShares GENIUS Money Market ETFScore 61
Rank 34BMINTPIMCO Enhanced Short Maturity Active Exchange-Traded FundScore 61

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

IQMMBProShares GENIUS Money Market ETF

In short

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.

IQMM A money market strategy in an ETF shell: Treasury-oriented, pays monthly, tradable all day, 0.15% a year. ProShares built it for the boring job cash needs done, with a mandate that puts liquidity and preservation of capital first.

Stated mandate

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.

IQMM The Fund seeks current income while emphasizing liquidity and preservation of capital.

Why people hold it

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.

IQMM Charges 0.15% a year against a 0.20% median for cash-alternative ETFs. On money you are parking, the fee gap is most of the story.
A multi-billion-dollar fund that trades actively, which tends to show up as tighter spreads on the days you actually need the cash out.
The mandate is plainly written: current income while emphasizing liquidity and preservation of capital. Income lands monthly.proshares.com
Rates as one of the stronger builds in the cash-alternative group on cost and tradability together, not just one of the two.

Worth knowing

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.

IQMM ICSH undercuts it at 0.08%. If price is the only tiebreak in your cash sleeve, that is the cheaper door.
Launched in 2026, so it carries less operating history than the long-running names sharing this shelf.
Income here follows short-term Treasury rates, so the size of the monthly distribution moves with them rather than sitting still.

Full ICSH profile⁠

Full IQMM profile⁠

ICSH vs IQMM Holdings

How ICSH and IQMM differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Cash0.0%
Sector11 Sectors0.0%
Holdings0 in both0.0%
Countryby domicile75.4%

Sector

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

Country, concentration and asset class

Country by domicile

Country weights in ICSH and IQMM, widest gap first
Country	Gap	ICSH	IQMM
United States	IQMM +24.6 points	75.4%	100.0%
Canada	ICSH +4.5 points	4.5%	0.0%
United Kingdom	ICSH +3.3 points	3.3%	0.0%
Australia	ICSH +3.1 points	3.1%	0.0%
Sweden	ICSH +3.1 points	3.1%	0.0%
New Zealand	ICSH +2.6 points	2.6%	0.0%
Japan	ICSH +1.4 points	1.4%	0.0%
Luxembourg	ICSH +1.3 points	1.3%	0.0%
Other countries (10)	ICSH +5.4 points	5.4%	0.0%

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

Concentration

Weight in the 10 largest Holdings

ICSH10.1%
IQMM89.9%

Securities held

ICSH404
IQMM12

Asset class

ICSH: Fixed Income
IQMM: Cash

Holdings

Only in ICSH404
In both0
Only in IQMM12

Only in ICSH

404 securities, 100% of ICSH by weight

Tri-Party Mizuho Securities Usa Ll1.53%
Tri-Party Citigroup Global Markets1.36%
Tri-Party Goldman Sachs & Co. Llc1.12%
Tri-Party Wells Fargo Securities L1.01%
Commerzbank AG (New York Branch) 06/23/20270.94%
Tri-Party Bofa Securities Inc.0.92%
Banco Bilbao Vizcaya Argentaria SA 03/10/20270.85%
Bpce SA 144A 05/06/20270.84%
Westpac Securities Nz Ltd 144A 06/09/20270.78%
Skandinaviska Enskilda Banken Ab 144A 05/10/20270.71%
Cooperatieve Rabobank Ua (New York 11/16/20260.70%
Britannia Funding Company Llc 144A 03/15/20270.67%
Svenska Handelsbanken Ab 144A 04/13/20270.67%
Mizuho Bank Ltd (New York Branch) 05/26/20270.65%
Northwestern Mutual Global Funding Mtn 144A 4.40% 03/30/20290.64%
Toyota Motor Credit Corp Mtn 4.25% 05/12/20280.63%
Cdp Financial Inc 144A 03/24/20270.63%
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% 04/27/20290.60%
Salesforce Inc 4.50% 03/15/20280.60%
Bank of New Zealand 144A 04/16/20270.60%
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 05/12/20270.59%
Bank of Nova Scotia 144A 05/20/20270.58%
Toronto-Dominion Bank (New York Br 09/17/20270.58%
Deutsche Bank AG (New York Branch) 05/05/20270.57%
Verto Capital Comp C 144A 01/19/20270.57%
Natixis (New York Branch) 05/12/20270.56%
Ubs AG (Stamford Branch) Mtn 4.29% 05/17/20270.56%
Canadian Imperial Bank of Commerce 02/05/20270.56%
Massmutual Global Funding Ii Mtn 144A 4.00% 01/22/20290.55%
Athene Global Funding Mtn 144A 4.81% 03/06/20280.54%
Tri-Party Bnp Paribas0.53%
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%
Rtx Corp 144A 12/18/20260.52%
JPMorgan Chase & Co Fxd-Frn 2.95% 02/24/20280.52%
Barclays Bank PLC (New York Branch 08/10/20270.51%
Treasury Note (2OLD) 4.13% 08/31/20280.50%
Crh America Finance Inc 144A 12/08/20260.49%
Mackinac Funding Co Llc 144A 03/08/20270.49%
Enbridge Inc 144A 11/06/20260.49%
Oversea-Chinese Banking Corporatio 144A 04/23/20270.48%
Ing Bank NV 144A 4.55% 07/07/20290.47%
Banco Santander SA 144A 05/04/20270.47%
Lloyds Bank Corporate Markets PLC 05/14/20270.47%

Only in IQMM

12 securities, 99.9% of IQMM by weight

TREASURY BILL, 0%, due 2026-12-0312.67%
TREASURY BILL, 0%, due 2027-01-0711.71%
TREASURY BILL, 0%, due 2026-12-3111.02%
TREASURY BILL, 0%, due 2026-12-2410.78%
TREASURY BILL, 0%, due 2026-11-279.14%
TREASURY BILL, 0%, due 2027-01-197.98%
TREASURY BILL, 0%, due 2026-12-177.41%
TREASURY BILL, 0%, due 2026-12-107.35%
TREASURY BILL, 0%, due 2027-02-046.15%
TREASURY BILL, 0%, due 2027-01-285.70%
TREASURY BILL, 0%, due 2026-11-195.65%
TREASURY BILL, 0%, due 2027-01-144.38%

Weight gaps

ICSH and IQMM share no securities.

All 249 ICSH holdings⁠All IQMM 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.

ICSH vs IQMM Cost

Overpaying IQMM vs ICSH

$1,448

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

ICSH 0.08%
$1,689
IQMM 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
IQMM 0.15%
Overpaying

Year by year

Year	ICSH	IQMM	Overpaying
10	$147	$274	$127
20	$575	$1,071	$496
30	$1,689	$3,137	$1,448

Expense ratio

0.08%ICSH, cheaper
0.15%IQMM

ICSH0.08%IQMM0.15%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

IQMM 23rd cheapest of 78 funds

ICSH vs IQMM Dividends

Last 12 months to Nov 4, 2026

Yield (12M): ICSH 4.12%; IQMM No data
Payout (12M): ICSH $2.07; IQMM No data
Last payment: ICSH $0.18; IQMM $0.08
Ex-dividend: ICSH Nov 2, 2026; IQMM Nov 3, 2026
Paid on: ICSH Pays Nov 5, 2026; IQMM Pays Nov 6, 2026
Frequency: ICSH Monthly; IQMM Weekly

Distribution history

Per share, 2026, same scale for both

ICSHMonthly · 10 paymentsAll ICSH payments⁠

IQMMWeekly · 36 paymentsAll IQMM payments⁠

ICSH vs IQMM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%IQMM No data
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87IQMM No data
Worst fallMax drawdown, 5 years: ICSH −0.7%IQMM No data
Market sensitivityBeta, 5 years: ICSH 0.04IQMM 0.004; Market = 1

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