ICSH vs JPST: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

JPMorgan Ultra-Short Income ETF

JPSTANYSE Arca

Overlap

No data

Expense ratio

ICSH −0.10pt a year

ICSH0.08%JPST0.18%

Avg volume · 30D

JPST 4.3×the volume

ICSH1.64MJPST7.1M

5Y return · a year

ICSH+3.9%JPST+3.9%

ICSH vs JPST Performance

Oct 29, 2021 – Oct 30, 2026

+21.3%ICSH+21.1%JPST

Expense ratio: ICSH 0.08%, better; JPST 0.18%
Fund size: ICSH $8.97B; JPST $42.5B
1Y total return: ICSH +3.6%, better; JPST +3.5%
Yield (12M): ICSH 4.13%; JPST 4.13%
Holdings: ICSH 408; JPST 809
Avg volume (30D): ICSH 1.64M sh; JPST 7.1M sh, better
NAV per share: ICSH $50.47; JPST $50.42
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, JPST, with each pillar’s weight
Pillar	ICSH	JPST
Cost30% weight	A89Higher	C53
Mission25% weight	A100	A100
Risk15% weight	C53Higher	C50
Tradability15% weight	A76Higher	A75
Holdings10% weight	A95Higher	A94
Durability5% weight	A90Higher	A88

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and JPST 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 JPST 19th 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 17ASHViShares Trust iShares 0-1 Year Treasury Bond ETFScore 74
Rank 19AJPSTJPMorgan Ultra-Short Income ETFScore 73
Rank 20ABILZPIMCO Ultra Short Government Active Exchange-Traded FundScore 72

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

JPSTAJPMorgan Ultra-Short Income 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.

JPST An actively managed cash parking lot: JPST spreads short-term money across roughly 800 investment-grade bonds, floaters included, pays monthly, and has grown into one of the giants of the ultra-short aisle.

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.

JPST JPST seeks current income while aiming to keep principal volatility low. It invests mainly in investment-grade, U.S.-dollar-denominated fixed, variable and floating-rate debt.

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.

JPST Roughly 800 investment-grade, dollar-denominated positions across fixed, variable and floating-rate debt, so no single issuer carries the load.
A multi-billion-dollar fund and one of the most actively traded names in the cash-alternative group, which usually means tight spreads on the way in and out.
0.18% a year, a shade under the category median, with income paid monthly.
Running since 2017, and one of the stronger implementations in its peer group.

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.

JPST It measures itself against 3-month Treasury bills but reaches into corporate and floating-rate credit to get paid, so it carries credit risk a pure Treasury fund does not.
The share price floats. The mandate aims to keep principal volatility low, not to hold a fixed value.
Cheaper shelf-mates exist in the same aisle: ICSH charges 0.08%.

Full ICSH profile⁠

Full JPST profile⁠

ICSH vs JPST Holdings

How ICSH and JPST differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile79.5%
Asset classFixed Income100%

Sector

No Sector split for JPST.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and JPST, widest gap first
Country	More in ICSHMore in JPST	ICSH	JPST
United States	ICSH +15.8 points	75.4%	59.6%
Kuwait	JPST +6.3 points	0.4%	6.7%
Canada	JPST +4.8 points	4.5%	9.3%
United Kingdom	JPST +2.3 points	3.3%	5.6%
France	JPST +2.3 points	1.2%	3.5%
New Zealand	ICSH +2.2 points	2.6%	0.4%
Luxembourg	ICSH +1.3 points	1.3%	0.0%
Spain	JPST +1.1 points	1.0%	2.1%
Other countries (12)	JPST +2.6 points	10.3%	12.9%

Outside the US: ICSH 98% developed, 2% emerging. JPST 84% developed, 16% emerging.

Concentration

Weight in the 10 largest Holdings

ICSH10.0%
JPST10.0%

Securities held

ICSH407
JPST781

Asset class

ICSH: Fixed Income
JPST: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 407 securities, JPST 781.

All 251 ICSH holdings⁠All 807 JPST 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 JPST Cost

Overpaying JPST vs ICSH

$2,060

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

ICSH 0.08%
$1,689
JPST 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
JPST 0.18%
Overpaying

Year by year

Year	ICSH	JPST	Overpaying
10	$147	$328	$181
20	$575	$1,281	$706
30	$1,689	$3,749	$2,060

Expense ratio

0.08%ICSH, cheaper
0.18%JPST

ICSH0.08%JPST0.18%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

JPST 36th cheapest of 78 funds

ICSH vs JPST Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%; JPST 4.13%
Payout (12M): ICSH $2.08; JPST $2.08
Last payment: ICSH $0.17; JPST $0.17
Ex-dividend: ICSH Oct 1, 2026; JPST Oct 1, 2026
Paid on: ICSH Oct 6, 2026; JPST Oct 5, 2026
Frequency: ICSH Monthly; JPST Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 45 paymentsAll ICSH payments⁠

JPSTMonthly · 45 paymentsAll JPST payments⁠

ICSH vs JPST Risk

Fall from peak · 5 years

ICSH
JPST

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%, betterJPST 0.6%
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87, betterJPST 0.78
Worst fallMax drawdown, 5 years: ICSH −0.7%JPST −0.6%, better
Market sensitivityBeta, 5 years: ICSH 0.04JPST 0.06; Market = 1

ICSH and JPST in the news

All news⁠

Best ETFs
T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%
Updated Nov 2, 2026JPST

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ICSH vs JPST

In short

Stated mandate

Why people hold it

Worth knowing

How ICSH and JPST differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%

How ICSH and JPST differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings