ICSH vs RMME: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Rareview Government Money Market ETF

RMMEDCboe

Overlap

No data

Expense ratio

ICSH −0.22pt a year

ICSH0.08%RMME0.30%

Avg volume · 30D

ICSH 840.8×the volume

ICSH1.67MRMME1.98K

ICSH vs RMME Performance

Dec 31, 2025 – Nov 4, 2026

+2.9%ICSH+2.9%RMME

Expense ratio: ICSH 0.08%, better; RMME 0.30%
Fund size: ICSH $8.9B; RMME $40M
1Y total return: ICSH +3.7%; RMME No data
Yield (12M): ICSH 4.12%; RMME No data
Holdings: ICSH 404; RMME 7
Avg volume (30D): ICSH 1.67M sh, better; RMME 1.98K sh
NAV per share: ICSH $50.30; RMME $100.12
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, RMME, with each pillar’s weight
Pillar	ICSH	RMME
Cost30% weight	A89Higher	F10
Mission25% weight	A100Higher	A72
Risk15% weight	C50Higher	D35
Tradability15% weight	A76Higher	D39
Holdings10% weight	A96Higher	D27
Durability5% weight	A91Higher	D31

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and RMME 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 RMME 72nd 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 69DSLWSSLW Short Duration Income ETFScore 37
Rank 72DRMMERareview Government Money Market ETFScore 36
Rank 73DSGVAF/m Accumulator Ultrashort Treasury FundScore 35

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

RMMEDRareview Government 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.

RMME Most cash-parking ETFs only act money-market-ish. RMME actually is one: a Rule 2a-7 government money market fund in an ETF wrapper, priced at 0.30% net of a waiver through January 31, 2027, with a floating share price instead of the traditional fixed $1.00.

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.

RMME Its objective is to generate current income while preserving capital and maintaining liquidity.

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.

RMME A genuine Rule 2a-7 government money market fund in an ETF: at least 99.5% of assets sit in cash, US government securities, or fully collateralized repo.sec.gov rareviewcapital.com
Money market mandate, ETF plumbing: intraday trading on an exchange at market price, published holdings, and monthly distributions.rareviewcapital.com
Actively managed with an initial focus on overnight repurchase agreements, which the prospectus notes often yield more than owning the government paper directly.sec.gov

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.

RMME Costs 0.30% net of a waiver through January 31, 2027 (0.50% gross), above the category median; bill funds like VBIL at 0.06% and CLIP at 0.07% carry no waiver.
No stable $1.00 share price here. NAV moves with the market value of the holdings, and shares trade at market price, which can sit above or below NAV.rareviewcapital.com sec.gov
Small and thinly traded since its 2025 launch, so bid/ask spreads are part of the cost of getting in and out.

Full ICSH profile⁠

Full RMME profile⁠

ICSH vs RMME Holdings

How ICSH and RMME differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector11 Sectors0.0%
Countryby domicile75.4%
Asset classFixed Income100%

Sector

Sector weights in ICSH and RMME, widest gap first
Sector	Gap	ICSH	RMME
Government	RMME +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 RMME, widest gap first
Country	Gap	ICSH	RMME
United States	RMME +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%
RMME100.0%

Securities held

ICSH404
RMME1

Asset class

ICSH: Fixed Income
RMME: Fixed Income

Holdings

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

All 249 ICSH holdings⁠All 7 RMME 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 RMME Cost

Overpaying RMME vs ICSH

$4,460

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

ICSH 0.08%
$1,689
RMME 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
RMME 0.30%
Overpaying

Year by year

Year	ICSH	RMME	Overpaying
10	$147	$545	$398
20	$575	$2,113	$1,538
30	$1,689	$6,149	$4,460

Expense ratio

0.08%ICSH, cheaper
0.30%RMME

ICSH0.08%RMME0.30%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

RMME 69th cheapest of 78 funds

ICSH vs RMME Dividends

Last 12 months to Nov 4, 2026

Yield (12M): ICSH 4.12%; RMME No data
Payout (12M): ICSH $2.07; RMME No data
Last payment: ICSH $0.18; RMME $0.29
Ex-dividend: ICSH Nov 2, 2026; RMME Nov 3, 2026
Paid on: ICSH Pays Nov 5, 2026; RMME Nov 4, 2026
Frequency: ICSH Monthly; RMME Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 46 paymentsAll ICSH payments⁠

RMMEMonthly · 11 paymentsAll RMME payments⁠

ICSH vs RMME 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%RMME No data
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87RMME No data
Worst fallMax drawdown, 5 years: ICSH −0.7%RMME No data
Market sensitivityBeta, 5 years: ICSH 0.04RMME −0.002; Market = 1

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