ICSH vs TBLL: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Invesco Short Term Treasury ETF

TBLLANYSE Arca

Overlap

No data

Expense ratio

ICSH0.08%TBLL0.08%

Avg volume · 30D

ICSH 5.3×the volume

ICSH1.64MTBLL313K

5Y return · a year

ICSH +0.2pt

ICSH+3.9%TBLL+3.7%

ICSH vs TBLL Performance

Oct 29, 2021 – Oct 30, 2026

+21.3%ICSH+19.7%TBLL

Expense ratio: ICSH 0.08%; TBLL 0.08%
Fund size: ICSH $8.97B; TBLL $2.9B
1Y total return: ICSH +3.6%; TBLL +3.6%
Yield (12M): ICSH 4.13%, better; TBLL 3.59%
Holdings: ICSH 408; TBLL 90
Avg volume (30D): ICSH 1.64M sh, better; TBLL 313K sh
NAV per share: ICSH $50.47; TBLL $105.62
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, TBLL, with each pillar’s weight
Pillar	ICSH	TBLL
Cost30% weight	A89	A89
Mission25% weight	A100	A100
Risk15% weight	C53Higher	C44
Tradability15% weight	A76	A80Higher
Holdings10% weight	A95Higher	B66
Durability5% weight	A90Higher	A80

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and TBLL 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 TBLL 4th 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 3AVUSBVanguard Ultra-Short Bond ETFScore 81
Rank 4ATBLLInvesco Short Term Treasury ETFScore 80
Rank 4AVBILVanguard 0-3 Month Treasury Bill ETFScore 80

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

TBLLAInvesco Short Term Treasury 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.

TBLL The bill fund that stretches to a full year. TBLL owns U.S. Treasuries maturing in one year or less and charges 0.08%, well under the typical fund in its 0-1 year Treasury group.

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.

TBLL The fund invests primarily in U.S. Treasury obligations with maturities of one year or less and seeks exposure to the ICE U.S. Treasury Short Bond Index.

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.

TBLL Charges 0.08% a year against a 0.14% median for its 0-1 year Treasury cohort, and undercuts BIL, the 1-3 month bill fund at 0.14%.
Fishes the entire under-one-year curve, about 90 Treasury positions, instead of camping in 1-3 month paper like much of the peer shelf.
Live since 2017 and a multi-billion-dollar fund, with index tracking among the tighter implementations in its 17-fund group.
Distributions land monthly, and the portfolio is Treasury obligations only, so no corporate credit rides along.

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.

TBLL Not the cheapest seat in the row: XONE runs 0.03% and VBIL 0.06%, so the cost gap is a few basis points.
Reaching out to one-year maturities carries slightly more interest-rate sensitivity than a strict 1-3 month bill portfolio.
Moderately traded rather than the volume leader of its category, so spreads deserve a look on larger orders.

Full ICSH profile⁠

Full TBLL profile⁠

ICSH vs TBLL Holdings

How ICSH and TBLL 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 TBLL.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and TBLL, widest gap first
Country	More in ICSHMore in TBLL	ICSH	TBLL
United States	TBLL +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

ICSH10.0%
TBLL23.3%

Securities held

ICSH407
TBLL88

Asset class

ICSH: Fixed Income
TBLL: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 407 securities, TBLL 88.

All 251 ICSH holdings⁠All 88 TBLL 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 TBLL Cost

Same expense ratio

$1,689

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

ICSH 0.08%
$1,689
TBLL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
TBLL 0.08%

Year by year

Year	ICSH	TBLL
10	$147	$147
20	$575	$575
30	$1,689	$1,689

Expense ratio

0.08%ICSH
0.08%TBLL

ICSH0.08%TBLL0.08%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

TBLL 10th cheapest of 78 funds

ICSH vs TBLL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%, better; TBLL 3.59%
Payout (12M): ICSH $2.08; TBLL $3.79
Last payment: ICSH $0.17; TBLL $0.34
Ex-dividend: ICSH Oct 1, 2026; TBLL Oct 19, 2026
Paid on: ICSH Oct 6, 2026; TBLL Oct 23, 2026
Frequency: ICSH Monthly; TBLL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 45 paymentsAll ICSH payments⁠

TBLLMonthly · 46 paymentsAll TBLL payments⁠

ICSH vs TBLL Risk

Fall from peak · 5 years

ICSH
TBLL

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%TBLL 0.3%, better
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87, betterTBLL −0.66
Worst fallMax drawdown, 5 years: ICSH −0.7%TBLL −0.4%, better
Market sensitivityBeta, 5 years: ICSH 0.04TBLL 0.01; Market = 1

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