ICSH vs TBUX: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

T. Rowe Price Ultra Short-Term Bond ETF

TBUXBNYSE Arca

Overlap

No data

Expense ratio

ICSH −0.09pt a year

ICSH0.08%TBUX0.17%

Avg volume · 30D

ICSH 4.4×the volume

ICSH1.67MTBUX377K

5Y return · a year

TBUX +0.2pt

ICSH+4.0%TBUX+4.2%

ICSH vs TBUX Performance

Nov 4, 2021 – Nov 4, 2026

+21.5%ICSH+22.9%TBUX

Expense ratio: ICSH 0.08%, better; TBUX 0.17%
Fund size: ICSH $8.9B; TBUX $2.05B
1Y total return: ICSH +3.7%; TBUX +4.2%, better
Yield (12M): ICSH 4.12%; TBUX 4.37%, better
Holdings: ICSH 404; TBUX 660
Avg volume (30D): ICSH 1.67M sh, better; TBUX 377K sh
NAV per share: ICSH $50.30; TBUX $49.64
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, TBUX, with each pillar’s weight
Pillar	ICSH	TBUX
Cost30% weight	A89Higher	C54
Mission25% weight	A100	A100
Risk15% weight	C50	B58Higher
Tradability15% weight	A76Higher	C47
Holdings10% weight	A96Higher	A83
Durability5% weight	A91Higher	A72

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and TBUX 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 TBUX 25th 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 25BSCUSSchwab Ultra-Short Income ETFScore 68
Rank 25BTBUXT. Rowe Price Ultra Short-Term Bond ETFScore 68
Rank 27BCGUICapital Group Ultra Short Income ETFScore 66

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

TBUXBT. Rowe Price Ultra Short-Term Bond 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.

TBUX An actively run cash-plus bond fund that reaches past T-bills into corporate and securitized credit, while the prospectus keeps average effective maturity on a 1.5-year leash. Costs 0.17% and pays monthly.

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.

TBUX The fund seeks a high level of income consistent with low volatility of principal value. It invests in a diversified portfolio of shorter-term investment-grade corporate and government securities.

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.

TBUX At 0.17%, it charges less than the typical ultrashort bond ETF, which matters in a corner of the market where the whole return comes from short-maturity yield.
The active mandate roams investment-grade corporates, asset-backed paper, bank obligations and mortgage bonds rather than tracking one narrow slice of the short end.troweprice.com
Prospectus holds dollar-weighted average effective maturity to 1.5 years or less, so rate sensitivity stays short even though an individual bond can run out to five years.troweprice.com
Income lands monthly, and the fund has grown past the billion-dollar mark into one of the stronger builds in its ultrashort peer group.

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.

TBUX Index-run rivals cost less: VUSB at 0.10%, SHV at 0.15%. The gap is what an active manager picking the paper costs you.
Corporate and securitized holdings carry credit risk a Treasury-only fund skips. Everything is investment grade at purchase, but a later downgrade does not force a sale.troweprice.com
Trading is moderate rather than heavy, so spreads can run wider than the category's busiest names when markets get choppy.

Full ICSH profile⁠

Full TBUX profile⁠

ICSH vs TBUX Holdings

How ICSH and TBUX differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector21 Sectors0.0%
Countryby domicile86.4%
Asset classFixed Income100%

Sector

Sector weights in ICSH and TBUX, widest gap first
Sector	Gap	ICSH	TBUX
Technology	TBUX +52.7 points	0.0%	52.7%
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%
Communication	TBUX +15.2 points	0.0%	15.2%
Consumer Discretionary	TBUX +14.3 points	0.0%	14.3%
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%
Consumer Staples	TBUX +5.5 points	0.0%	5.5%
Health Care	TBUX +5.0 points	0.0%	5.0%
Industrials	TBUX +3.5 points	0.0%	3.5%
U.S. Treasury Debt	ICSH +3.1 points	3.1%	0.0%
Materials	TBUX +1.3 points	0.0%	1.3%
Utilities	TBUX +1.2 points	0.0%	1.2%
Energy	TBUX +0.6 points	0.0%	0.6%
Financials	TBUX +0.5 points	0.0%	0.5%
Municipal Debt	ICSH +0.4 points	0.4%	0.0%
Real Estate	TBUX +0.2 points	0.0%	0.2%
Investment Company	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in ICSH and TBUX, widest gap first
Country	Gap	ICSH	TBUX
Kuwait	TBUX +6.3 points	0.4%	6.7%
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%
Canada	ICSH +2.5 points	4.5%	2.0%
United States	TBUX +2.2 points	75.4%	77.6%
France	TBUX +1.3 points	1.2%	2.5%
Japan	ICSH +1.2 points	1.4%	0.2%
Other countries (19)	TBUX +2.6 points	8.4%	11.0%

Outside the US: ICSH 98% developed, 2% emerging. TBUX 62% developed, 38% emerging.

Concentration

Weight in the 10 largest Holdings

ICSH10.1%
TBUX12.0%

Securities held

ICSH404
TBUX658

Asset class

ICSH: Fixed Income
TBUX: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 404 securities, TBUX 658.

All 249 ICSH holdings⁠All 448 TBUX 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 TBUX Cost

Overpaying TBUX vs ICSH

$1,857

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

ICSH 0.08%
$1,689
TBUX 0.17%
$3,546

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
TBUX 0.17%
Overpaying

Year by year

Year	ICSH	TBUX	Overpaying
10	$147	$310	$163
20	$575	$1,211	$636
30	$1,689	$3,546	$1,857

Expense ratio

0.08%ICSH, cheaper
0.17%TBUX

ICSH0.08%TBUX0.17%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

TBUX 33rd cheapest of 78 funds

ICSH vs TBUX Dividends

Last 12 months to Nov 4, 2026

Yield (12M): ICSH 4.12%; TBUX 4.37%, better
Payout (12M): ICSH $2.07; TBUX $2.17
Last payment: ICSH $0.18; TBUX $0.18
Ex-dividend: ICSH Nov 2, 2026; TBUX Oct 27, 2026
Paid on: ICSH Pays Nov 5, 2026; TBUX Oct 29, 2026
Frequency: ICSH Monthly; TBUX Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 46 paymentsAll ICSH payments⁠

TBUXMonthly · 46 paymentsAll TBUX payments⁠

ICSH vs TBUX Risk

Fall from peak · 5 years

ICSH
TBUX

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%, betterTBUX 0.6%
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87TBUX 1.79, better
Worst fallMax drawdown, 5 years: ICSH −0.7%, betterTBUX −1.8%
Market sensitivityBeta, 5 years: ICSH 0.04TBUX 0.07; Market = 1

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