ICSH vs SOFR: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Amplify Samsung SOFR ETF

SOFRCNYSE Arca

Overlap

0.0%by weight

Expense ratio

ICSH −0.12pt a year

ICSH0.08%SOFR0.20%

Avg volume · 30D

ICSH 309.0×the volume

ICSH1.64MSOFR5.32K

ICSH vs SOFR Performance

Oct 31, 2025 – Oct 30, 2026

+3.6%ICSH+3.7%SOFR

Expense ratio: ICSH 0.08%, better; SOFR 0.20%
Fund size: ICSH $8.97B; SOFR $462M
1Y total return: ICSH +3.6%; SOFR +3.7%, better
Yield (12M): ICSH 4.13%, better; SOFR 3.69%
Holdings: ICSH 408; SOFR 7
Avg volume (30D): ICSH 1.64M sh, better; SOFR 5.32K sh
NAV per share: ICSH $50.47; SOFR $100.06
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, SOFR, with each pillar’s weight
Pillar	ICSH	SOFR
Cost30% weight	A89Higher	D38
Mission25% weight	A100Higher	A90
Risk15% weight	C53Higher	C46
Tradability15% weight	A76Higher	F24
Holdings10% weight	A95Higher	D25
Durability5% weight	A90Higher	C46

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and SOFR 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 SOFR 62nd 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 62CLDURPIMCO Enhanced Low Duration Active Exchange-Traded FundScore 49
Rank 62CSOFRAmplify Samsung SOFR ETFScore 49
Rank 64CARCMArrow Reserve Capital Management ETFScore 46

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

SOFRCAmplify Samsung SOFR 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.

SOFR The ticker is the mandate. Instead of owning a T-bill ladder and hoping it nets out to the overnight rate, this fund goes at the rate directly through Treasury-backed repurchase agreements, targeting SOFR after fees.

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.

SOFR The Fund seeks current income matching the returns of the Secured Overnight Financing Rate (SOFR), after fund expenses. It aims to closely replicate SOFR and expects to do so principally through repurchase agreements.

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.

SOFR Rare literal mandate: seek current income matching the Secured Overnight Financing Rate after expenses, principally through repurchase agreements. No duration bet, no credit-spread hunt.amplifyetfs.com
The portfolio matches the label. Repo against Treasury collateral, overnight in and overnight out, and it tracks the rate it names closely enough to rank in the upper half of cash-alternative funds.
Income lands monthly, and the 0.20% fee sits right at the median for cash-alternative ETFs.

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.

SOFR Thinly traded next to the cash-parking giants, so limit orders and a look at the spread matter more here.
Payouts float with the overnight rate by design. When SOFR drops, what the fund passes through drops with it.
Median fee, not a bargain one: ICSH charges 0.08%, JPST 0.18%, and several peers land at 0.15%.

Full ICSH profile⁠

Full SOFR profile⁠

ICSH vs SOFR Holdings

How ICSH and SOFR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ICSH and 0.0% of SOFR.

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile4.5%

Sector

No Sector split for SOFR.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and SOFR, widest gap first
Country	More in ICSHMore in SOFR	ICSH	SOFR
Canada	SOFR +95.5 points	4.5%	100.0%
United States	ICSH +75.4 points	75.4%	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

ICSH10.0%
SOFR106.2%

Securities held

ICSH407
SOFR7

Asset class

ICSH: Fixed Income
SOFR: Equity

Holdings

Only in ICSH407
In both0
Only in SOFR7

Only in ICSH

407 securities, 100% of ICSH by weight

Tri-Party Mizuho Securities Usa Ll1.52%
Tri-Party Citigroup Global Markets1.35%
Tri-Party Goldman Sachs & Co. Llc1.11%
Tri-Party Wells Fargo Securities L1.00%
Commerzbank AG (New York Branch) 06/23/20270.93%
Tri-Party Bofa Securities Inc.0.91%
Banco Bilbao Vizcaya Argentaria SA 03/10/20270.85%
Bpce SA 144A 05/06/20270.83%
Westpac Securities Nz Ltd 144A 06/09/20270.78%
Skandinaviska Enskilda Banken Ab 144A 05/10/20270.71%
Cooperatieve Rabobank Ua (New York 11/16/20260.69%
Britannia Funding Company Llc 144A 03/15/20270.66%
Svenska Handelsbanken Ab 144A 04/13/20270.66%
Mizuho Bank Ltd (New York Branch) 05/26/20270.64%
Northwestern Mutual Global Funding Mtn 144A 4.40% 03/30/20290.63%
Toyota Motor Credit Corp Mtn 4.25% 05/12/20280.63%
Cdp Financial Inc 144A 03/24/20270.62%
Sumitomo Mitsui Trust Bank Ltd (Ne 11/24/20260.61%
Morgan Stanley Private Bank Na 4.20% 11/17/20280.60%
Pacific Life Global Funding Ii Mtn 144A 4.30% 04/27/20290.59%
Salesforce Inc 4.50% 03/15/20280.59%
Bank of New Zealand 144A 04/16/20270.59%
Honeywell Aerospace Inc 3.90% 03/16/20280.59%
Athene Global Funding Mtn 144A 4.83% 05/09/20280.59%
New York Life Global Funding Mtn 144A 4.20% 04/20/20290.59%
Bank of New Zealand 144A 05/12/20270.58%
Bank of Nova Scotia 144A 05/20/20270.58%
Toronto-Dominion Bank (New York Br 09/17/20270.57%
Deutsche Bank AG (New York Branch) 05/05/20270.56%
Verto Capital Comp C 144A 01/19/20270.56%
Natixis (New York Branch) 05/12/20270.55%
Ubs AG (Stamford Branch) Mtn 4.28% 05/17/20270.55%
Canadian Imperial Bank of Commerce 02/05/20270.55%
Massmutual Global Funding Ii Mtn 144A 4.00% 01/22/20290.55%
Athene Global Funding Mtn 144A 4.80% 03/06/20280.54%
Tri-Party Bnp Paribas0.52%
Equitable America Global Funding Mtn 144A 4.30% 12/15/20280.52%
Cooperatieve Rabobank Ua (New York Mtn 4.37% 05/27/20270.52%
Federation Des Caisses Desjardins 144A 11/01/20270.52%
Nextera Energy Capital Holdings In 144A 11/03/20260.51%
JPMorgan Chase & Co Fxd-Frn 2.95% 02/24/20280.51%
Barclays Bank PLC (New York Branch 08/10/20270.51%
Treasury Note (2OLD) 4.13% 08/31/20280.50%
Crh America Finance Inc 144A 12/08/20260.48%
Mackinac Funding Co Llc 144A 03/08/20270.48%
Enbridge Inc 144A 11/06/20260.48%
Oversea-Chinese Banking Corporatio 144A 04/23/20270.47%
Ing Bank NV 144A 4.55% 07/07/20290.47%
Banco Santander SA 144A 05/04/20270.47%
Treasury Note 4.13% 10/31/20260.47%

Only in SOFR

7 securities, 100% of SOFR by weight

Sof Repo 11/05/26 3.99% 11/05/202632.37%
Sof Repo 11/02/2026 3.98% 11/02/202628.54%
Sof Repo 11/02/2026 3.98% 11/02/202617.26%
Sof Repo 11/02/2026 3.98% 11/02/202615.11%
Brookfield Corporate Treasury Ltd 11/30/20266.47%
Brookfield Corporate Treasury Ltd 11/02/20266.47%
Invesco Government & Agency Portfolio 12/31/2031<0.01%

Weight gaps

ICSH and SOFR share no securities.

All 251 ICSH holdings⁠All 6 SOFR 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 SOFR Cost

Overpaying SOFR vs ICSH

$2,466

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

ICSH 0.08%
$1,689
SOFR 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
SOFR 0.20%
Overpaying

Year by year

Year	ICSH	SOFR	Overpaying
10	$147	$365	$218
20	$575	$1,421	$846
30	$1,689	$4,155	$2,466

Expense ratio

0.08%ICSH, cheaper
0.20%SOFR

ICSH0.08%SOFR0.20%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

SOFR 45th cheapest of 78 funds

ICSH vs SOFR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%, better; SOFR 3.69%
Payout (12M): ICSH $2.08; SOFR $3.70
Last payment: ICSH $0.17; SOFR $0.33
Ex-dividend: ICSH Oct 1, 2026; SOFR Oct 29, 2026
Paid on: ICSH Oct 6, 2026; SOFR Oct 30, 2026
Frequency: ICSH Monthly; SOFR Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 45 paymentsAll ICSH payments⁠

SOFRMonthly · 35 paymentsAll SOFR payments⁠

ICSH vs SOFR 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%SOFR 0.4%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87SOFR −0.62since Dec 2023
Worst fallMax drawdown, 5 years: ICSH −0.7%SOFR −0.4%since Nov 2023
Market sensitivityBeta, 5 years: ICSH 0.04SOFR 0.004; Market = 1

ICSH and SOFR in the news

All news⁠

ETF Filings
Strategy Shares files DEPO, aiming above SOFR by financing banks overnight
Oct 28, 2026SOFR

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ICSH vs SOFR

In short

Stated mandate

Why people hold it

Worth knowing

How ICSH and SOFR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICSH

Only in SOFR

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Strategy Shares files DEPO, aiming above SOFR by financing banks overnight

How ICSH and SOFR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICSH

Only in SOFR

Weight gaps