ICSH vs NUSB: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Nuveen Ultra Short Income

NUSBBNasdaq

Overlap

No data

Expense ratio

ICSH −0.09pt a year

ICSH0.08%NUSB0.17%

Avg volume · 30D

ICSH 319.8×the volume

ICSH1.67MNUSB5.21K

ICSH vs NUSB Performance

Nov 4, 2025 – Nov 4, 2026

+3.7%ICSH+3.9%NUSB

Expense ratio: ICSH 0.08%, better; NUSB 0.17%
Fund size: ICSH $8.9B; NUSB $155M
1Y total return: ICSH +3.7%; NUSB +3.9%, better
Yield (12M): ICSH 4.12%; NUSB 4.16%, better
Holdings: ICSH 404; NUSB 140
Avg volume (30D): ICSH 1.67M sh, better; NUSB 5.21K sh
NAV per share: ICSH $50.30; NUSB $25.15
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, NUSB, with each pillar’s weight
Pillar	ICSH	NUSB
Cost30% weight	A89Higher	C54
Mission25% weight	A100	A100
Risk15% weight	C50Higher	C46
Tradability15% weight	A76Higher	C43
Holdings10% weight	A96Higher	A72
Durability5% weight	A91Higher	D37

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and NUSB 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 NUSB 32nd 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 31BWEEKRoundhill Weekly T-Bill ETFScore 65
Rank 32BNUSBNuveen Ultra Short IncomeScore 63
Rank 32BOBILUS Treasury 12 Month Bill ETFScore 63

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

NUSBBNuveen Ultra Short Income

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.

NUSB Nuveen's 2024 entry in the cash-parking aisle: an actively run bond fund that keeps duration near a year or less, leans investment grade, pays monthly, and charges less than the typical ultra-short ETF.

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.

NUSB The actively managed ETF seeks total return consistent with preservation of capital. It invests at least 80% in income-producing fixed-income securities, primarily investment grade, while seeking duration of one year or less, except that duration may reach two years in certain market conditions.

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.

NUSB Charges 0.17%, under the 0.20% median for cash-alternative ETFs and a hair below JPST's 0.18%.
Run by people, not an index: at least 80% in income-producing fixed income, primarily investment grade, with duration targeted at one year or less.nuveen.com
Pays monthly, spread across roughly 140 positions, so income lands on a regular cadence instead of quarterly.

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.

NUSB Thinly traded next to the category's household names, so bid-ask spreads can matter more on bigger orders.
Cheap, not cheapest: ICSH runs 0.08% in the same aisle.
Duration can stretch toward two years in certain market conditions, and holdings are primarily rather than exclusively investment grade. Not a T-bill stand-in.

Full ICSH profile⁠

Full NUSB profile⁠

ICSH vs NUSB Holdings

How ICSH and NUSB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector13 Sectors0.0%
Countryby domicile85.1%
Asset classFixed Income100%

Sector

Sector weights in ICSH and NUSB, widest gap first
Sector	Gap	ICSH	NUSB
Corporate	NUSB +75.0 points	0.0%	75.0%
Financial Company Commercial Paper	ICSH +25.1 points	25.1%	0.0%
Floating Rate	ICSH +17.9 points	17.9%	0.0%
Securitized	NUSB +17.7 points	0.0%	17.7%
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%
Government	NUSB +7.3 points	0.0%	7.3%
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 NUSB, widest gap first
Country	Gap	ICSH	NUSB
United States	NUSB +9.9 points	75.4%	85.3%
United Kingdom	ICSH +3.3 points	3.3%	0.0%
Canada	NUSB +2.9 points	4.5%	7.4%
New Zealand	ICSH +2.6 points	2.6%	0.0%
Sweden	ICSH +2.0 points	3.1%	1.1%
Denmark	NUSB +1.8 points	0.3%	2.1%
Japan	ICSH +1.4 points	1.4%	0.0%
Australia	ICSH +1.3 points	3.1%	1.8%
Other countries (10)	ICSH +4.1 points	6.4%	2.3%

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

Concentration

Weight in the 10 largest Holdings

ICSH10.1%
NUSB14.2%

Securities held

ICSH404
NUSB140

Asset class

ICSH: Fixed Income
NUSB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 404 securities, NUSB 140.

All 249 ICSH holdings⁠All 141 NUSB 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 NUSB Cost

Overpaying NUSB vs ICSH

$1,857

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

ICSH 0.08%
$1,689
NUSB 0.17%
$3,546

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
NUSB 0.17%
Overpaying

Year by year

Year	ICSH	NUSB	Overpaying
10	$147	$310	$163
20	$575	$1,211	$636
30	$1,689	$3,546	$1,857

Expense ratio

0.08%ICSH, cheaper
0.17%NUSB

ICSH0.08%NUSB0.17%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

NUSB 33rd cheapest of 78 funds

ICSH vs NUSB Dividends

Last 12 months to Nov 4, 2026

Yield (12M): ICSH 4.12%; NUSB 4.16%, better
Payout (12M): ICSH $2.07; NUSB $1.05
Last payment: ICSH $0.18; NUSB $0.09
Ex-dividend: ICSH Nov 2, 2026; NUSB Nov 2, 2026
Paid on: ICSH Pays Nov 5, 2026; NUSB Nov 3, 2026
Frequency: ICSH Monthly; NUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 46 paymentsAll ICSH payments⁠

NUSBMonthly · 32 paymentsAll NUSB payments⁠

ICSH vs NUSB 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%NUSB 0.4%since Apr 2024
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87NUSB 0.76since Apr 2024
Worst fallMax drawdown, 5 years: ICSH −0.7%NUSB −0.2%since Mar 2024
Market sensitivityBeta, 5 years: ICSH 0.04NUSB 0.01; Market = 1

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