ICSH vs SBIL: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Simplify Government Money Market ETF

SBILANYSE Arca

Overlap

No data

Expense ratio

ICSH −0.07pt a year

ICSH0.08%SBIL0.15%

Avg volume · 30D

ICSH 3.9×the volume

ICSH1.67MSBIL432K

ICSH vs SBIL Performance

Nov 4, 2025 – Nov 4, 2026

+3.7%ICSH+3.7%SBIL

Expense ratio: ICSH 0.08%, better; SBIL 0.15%
Fund size: ICSH $8.9B; SBIL $4.11B
1Y total return: ICSH +3.7%; SBIL +3.7%
Yield (12M): ICSH 4.12%, better; SBIL 3.63%
Holdings: ICSH 404; SBIL 174
Avg volume (30D): ICSH 1.67M sh, better; SBIL 432K sh
NAV per share: ICSH $50.30; SBIL $100.12
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, SBIL, with each pillar’s weight
Pillar	ICSH	SBIL
Cost30% weight	A89Higher	B66
Mission25% weight	A100	A100
Risk15% weight	C50Higher	C49
Tradability15% weight	A76	A81Higher
Holdings10% weight	A96Higher	C49
Durability5% weight	A91Higher	B63

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and SBIL 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 SBIL 20th 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 20AGSSTGoldman Sachs Ultra Short Bond ETFScore 72
Rank 20ASBILSimplify Government Money Market ETFScore 72
Rank 20ATBILF/m US Treasury 3 Month Bill FundScore 72

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

SBILASimplify 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.

SBIL Money market discipline in an ETF wrapper: government cash instruments, current income, stability of principal, all for 0.15% a year with monthly payouts.

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.

SBIL The fund seeks current income while maintaining liquidity and stability of principal.

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.

SBIL Costs 0.15% a year against a 0.20% median for cash-alternative ETFs. On parked cash, the fee is the part you actually control.
Government paper only, exactly as the mandate reads: current income with liquidity and stability of principal. No drift into corporate credit.
One of the strongest implementations in a 22-fund cash-alternative group, and it has already crossed the billion-dollar mark.
Distributions land monthly, and it changes hands on an exchange through the trading day rather than at a fund cutoff time.

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.

SBIL Launched July 2025, so the history behind any risk read is short.
ICSH runs 0.08%, so cheaper cash parking exists if the fee line is your only filter.
Government issues only means it skips the corporate paper broader ultra-short funds like JPST can hold: steadier ingredients, different income mix.

Full ICSH profile⁠

Full SBIL profile⁠

ICSH vs SBIL Holdings

How ICSH and SBIL 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 SBIL.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and SBIL, widest gap first
Country	Gap	ICSH	SBIL
United States	SBIL +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%
SBIL28.9%

Securities held

ICSH404
SBIL169

Asset class

ICSH: Fixed Income
SBIL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 404 securities, SBIL 169.

All 249 ICSH holdings⁠All SBIL 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 SBIL Cost

Overpaying SBIL vs ICSH

$1,448

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

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

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
SBIL 0.15%
Overpaying

Year by year

Year	ICSH	SBIL	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%SBIL

ICSH0.08%SBIL0.15%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

SBIL 23rd cheapest of 78 funds

ICSH vs SBIL Dividends

Last 12 months to Nov 4, 2026

Yield (12M): ICSH 4.12%, better; SBIL 3.63%
Payout (12M): ICSH $2.07; SBIL $3.63
Last payment: ICSH $0.18; SBIL $0.32
Ex-dividend: ICSH Nov 2, 2026; SBIL Oct 27, 2026
Paid on: ICSH Pays Nov 5, 2026; SBIL Oct 30, 2026
Frequency: ICSH Monthly; SBIL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 46 paymentsAll ICSH payments⁠

SBILMonthly · 15 paymentsAll SBIL payments⁠

ICSH vs SBIL 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%SBIL 0.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87SBIL −1.02since Aug 2025
Worst fallMax drawdown, 5 years: ICSH −0.7%SBIL −0.03%since Jul 2025
Market sensitivityBeta, 5 years: ICSH 0.04SBIL 0.002; Market = 1

Popular comparisons

ICSHAvsSGOVA
iShares Ultra Short Duration Bond Active ETF · iShares 0-3 Month Treasury Bond ETF
Expense ratio
0.08% · 0.09%
Category
SBILAvsCLIPA
Simplify Government Money Market ETF · Global X 1-3 Month T-Bill ETF
Expense ratio
0.15% · 0.07%
Category
ICSHAvsJPSTA
iShares Ultra Short Duration Bond Active ETF · JPMorgan Ultra-Short Income ETF
Expense ratio
0.08% · 0.18%
Category
SBILAvsVBILA
Simplify Government Money Market ETF · Vanguard 0-3 Month Treasury Bill ETF
Expense ratio
0.15% · 0.06%
Category
ICSHAvsVUSBA
iShares Ultra Short Duration Bond Active ETF · Vanguard Ultra-Short Bond ETF
Expense ratio
0.08% · 0.10%
Category
SBILAvsVUSBA
Simplify Government Money Market ETF · Vanguard Ultra-Short Bond ETF
Expense ratio
0.15% · 0.10%
Category