ICSH vs TBIL: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

F/m US Treasury 3 Month Bill Fund

TBILANasdaq

Overlap

No data

Expense ratio

ICSH −0.07pt a year

ICSH0.08%TBIL0.15%

Avg volume · 30D

TBIL 1.2×the volume

ICSH1.67MTBIL1.94M

3Y return · a year

ICSH +0.5pt

ICSH+4.9%TBIL+4.4%

ICSH vs TBIL Performance

Nov 4, 2025 – Nov 4, 2026

+3.7%ICSH+3.7%TBIL

Expense ratio: ICSH 0.08%, better; TBIL 0.15%
Fund size: ICSH $8.9B; TBIL $7.51B
1Y total return: ICSH +3.7%; TBIL +3.7%
Yield (12M): ICSH 4.12%, better; TBIL 3.66%
Holdings: ICSH 404; TBIL 3
Avg volume (30D): ICSH 1.67M sh; TBIL 1.94M sh, better
NAV per share: ICSH $50.30; TBIL $49.87
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, TBIL, with each pillar’s weight
Pillar	ICSH	TBIL
Cost30% weight	A89Higher	B66
Mission25% weight	A100	A100
Risk15% weight	C50Higher	C47
Tradability15% weight	A76	A91Higher
Holdings10% weight	A96Higher	D37
Durability5% weight	A91Higher	A75

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and TBIL 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 TBIL 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 20ASBILSimplify Government Money Market ETFScore 72
Rank 20ATBILF/m US Treasury 3 Month Bill FundScore 72
Rank 24AFLUDFranklin Ultra Short Bond ETFScore 71

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

TBILAF/m US Treasury 3 Month Bill Fund

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.

TBIL One bond, one job: TBIL owns the newest 3-month Treasury bill and rolls into the next at each month's rebalance, so you hold the current 3-month rate, not a blend. Pays monthly. Flagship of the first single-security Treasury suite.

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.

TBIL The Fund seeks investment results, before fees and expenses, that generally correspond to the price and yield performance of the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index. It normally invests at least 80% of net assets in the index components.

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.

TBIL Holds one security: the most recently auctioned 3-month bill, refreshed at each month's rebalance, with that on-the-run bill written in as the fallback if the index lags an auction.fminvest.com
Pays monthly, a faster cadence than the semi-annual coupons on the Treasury notes further out the curve.fminvest.com
A multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part. Running since 2022 as the flagship of F/m's single-security Treasury lineup.fminvest.com

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.

TBIL At 0.15% it costs a bit more than the typical bill ETF and several times the cheapest options, with VBIL at 0.06% and XONE at 0.03%.
One bond means no ladder to smooth things: at each roll the whole portfolio resets to the latest auction rate, up or down.fminvest.com
An ETF, not a money market fund. The share price floats with the market instead of being managed to a stable $1.

Full ICSH profile⁠

Full TBIL profile⁠

ICSH vs TBIL Holdings

How ICSH and TBIL 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 TBIL.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and TBIL, widest gap first
Country	Gap	ICSH	TBIL
United States	TBIL +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%
TBIL100.0%

Securities held

ICSH404
TBIL2

Asset class

ICSH: Fixed Income
TBIL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 404 securities, TBIL 2.

All 249 ICSH holdings⁠All 3 TBIL 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 TBIL Cost

Overpaying TBIL vs ICSH

$1,448

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

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

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
TBIL 0.15%
Overpaying

Year by year

Year	ICSH	TBIL	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%TBIL

ICSH0.08%TBIL0.15%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

TBIL 23rd cheapest of 78 funds

ICSH vs TBIL Dividends

Last 12 months to Nov 4, 2026

Yield (12M): ICSH 4.12%, better; TBIL 3.66%
Payout (12M): ICSH $2.07; TBIL $1.83
Last payment: ICSH $0.18; TBIL $0.17
Ex-dividend: ICSH Nov 2, 2026; TBIL Oct 27, 2026
Paid on: ICSH Pays Nov 5, 2026; TBIL Oct 28, 2026
Frequency: ICSH Monthly; TBIL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 46 paymentsAll ICSH payments⁠

TBILMonthly · 46 paymentsAll TBIL payments⁠

ICSH vs TBIL 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%TBIL 0.2%, better
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87, betterTBIL −0.97
Worst fallMax drawdown, 5 years: ICSH −0.7%TBIL −0.1%since Aug 2022
Market sensitivityBeta, 5 years: ICSH 0.04TBIL −0.0004; Market = 1

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