ICSH vs OBIL: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

US Treasury 12 Month Bill ETF

OBILBNasdaq

Overlap

No data

Expense ratio

ICSH −0.07pt a year

ICSH0.08%OBIL0.15%

Avg volume · 30D

ICSH 35.1×the volume

ICSH1.67MOBIL47.5K

3Y return · a year

ICSH +0.6pt

ICSH+4.9%OBIL+4.3%

ICSH vs OBIL Performance

Nov 4, 2025 – Nov 4, 2026

+3.7%ICSH+3.3%OBIL

Expense ratio: ICSH 0.08%, better; OBIL 0.15%
Fund size: ICSH $8.9B; OBIL $337M
1Y total return: ICSH +3.7%, better; OBIL +3.3%
Yield (12M): ICSH 4.12%, better; OBIL 3.73%
Holdings: ICSH 404; OBIL 2
Avg volume (30D): ICSH 1.67M sh, better; OBIL 47.5K sh
NAV per share: ICSH $50.30; OBIL $49.91
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, OBIL, with each pillar’s weight
Pillar	ICSH	OBIL
Cost30% weight	A89Higher	B66
Mission25% weight	A100	A100
Risk15% weight	C50Higher	C40
Tradability15% weight	A76Higher	C46
Holdings10% weight	A96Higher	D35
Durability5% weight	A91Higher	C44

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and OBIL 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 OBIL 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 32BNUSBNuveen Ultra Short IncomeScore 63
Rank 32BOBILUS Treasury 12 Month Bill ETFScore 63
Rank 34BCGOVCorgi 0-3 Month T-Bill ETFScore 61

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

OBILBUS Treasury 12 Month Bill 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.

OBIL Most cash-parking ETFs blend a ladder of short bills. OBIL points at one spot on the curve instead: the 12-month Treasury bill. A precision instrument from F/m's benchmark lineup, and it pays monthly.

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.

OBIL The fund seeks investment results that correspond to the performance of its stated underlying benchmark.

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.

OBIL Aims at a single point on the Treasury curve, the 12-month bill, rather than a blended basket of maturities. Rare precision in a category built on averages.
Has tracked its stated benchmark closely, which is the whole job for a fund like this.
Distributes monthly, so income arrives on a steady cadence rather than in quarterly lumps.
Live since 2022 and has gathered a few hundred million dollars, real staying power for a niche single-maturity idea.

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.

OBIL At 0.15%, it costs more than the T-bill cohort's typical fund and well more than the cheapest rivals, XONE at 0.03% and VBIL at 0.06%.
Trades thinly next to cohort giants like BIL, which can mean wider spreads on the way in and out.
A 12-month bill carries more rate sensitivity than the 0-3 month peers (VBIL, CLIP) it sits beside in this category.

Full ICSH profile⁠

Full OBIL profile⁠

ICSH vs OBIL Holdings

How ICSH and OBIL differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile75.4%
Asset classFixed Income100%

Sector

No Sector split for OBIL.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and OBIL, widest gap first
Country	Gap	ICSH	OBIL
United States	OBIL +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%
OBIL100.0%

Securities held

ICSH404
OBIL1

Asset class

ICSH: Fixed Income
OBIL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 404 securities, OBIL 1.

All 249 ICSH holdings⁠All 2 OBIL 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 OBIL Cost

Overpaying OBIL vs ICSH

$1,448

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

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

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
OBIL 0.15%
Overpaying

Year by year

Year	ICSH	OBIL	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%OBIL

ICSH0.08%OBIL0.15%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

OBIL 23rd cheapest of 78 funds

ICSH vs OBIL Dividends

Last 12 months to Nov 4, 2026

Yield (12M): ICSH 4.12%, better; OBIL 3.73%
Payout (12M): ICSH $2.07; OBIL $1.86
Last payment: ICSH $0.18; OBIL $0.18
Ex-dividend: ICSH Nov 2, 2026; OBIL Oct 27, 2026
Paid on: ICSH Pays Nov 5, 2026; OBIL Oct 28, 2026
Frequency: ICSH Monthly; OBIL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 46 paymentsAll ICSH payments⁠

OBILMonthly · 46 paymentsAll OBIL payments⁠

ICSH vs OBIL 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%, betterOBIL 0.7%
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87, betterOBIL −0.25
Worst fallMax drawdown, 5 years: ICSH −0.7%OBIL −0.3%since Nov 2022
Market sensitivityBeta, 5 years: ICSH 0.04OBIL 0.07; Market = 1

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