ICSH vs TLDR: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

The Laddered T-Bill ETF

TLDRBCboe

Overlap

0.0%by weight

Expense ratio

ICSH −0.12pt a year

ICSH0.08%TLDR0.20%

Avg volume · 30D

ICSH 29.8×the volume

ICSH1.64MTLDR55.2K

ICSH vs TLDR Performance

Jul 31, 2026 – Oct 30, 2026

+0.8%ICSH+0.9%TLDR

Expense ratio: ICSH 0.08%, better; TLDR 0.20%
Fund size: ICSH $8.97B; TLDR $7M
1Y total return: ICSH +3.6%; TLDR No data
Yield (12M): ICSH 4.13%; TLDR No data
Holdings: ICSH 408; TLDR 3
Avg volume (30D): ICSH 1.64M sh, better; TLDR 55.2K sh
NAV per share: ICSH $50.47; TLDR $25.01
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, TLDR, with each pillar’s weight
Pillar	ICSH	TLDR
Cost30% weight	A89Higher	D38
Mission25% weight	A100Higher	A97
Risk15% weight	C53Higher	C49
Tradability15% weight	A76Higher	C43
Holdings10% weight	A95Higher	D28
Durability5% weight	A90Higher	D30

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and TLDR 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 TLDR 59th 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 54CYEARAB Ultra Short Income ETFScore 54
Rank 59BTLDRThe Laddered T-Bill ETFScore 53
Rank 60CMMKTTexas Capital Government Money Market ETFScore 52

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

TLDRBThe Laddered T-Bill 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.

TLDR Most T-bill ETFs just track a 0-3 month index. TLDR runs an actively managed ladder of bills maturing inside six months, targeting a 60-day average maturity, with a manager choosing where on the front end to sit.

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.

TLDR The Fund seeks current income while preserving capital and maintaining daily liquidity.

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.

TLDR An active ladder, not an index sleeve: REX rolls the bill positions continuously around a targeted 60-day average maturity, tuned to the front end of the Treasury curve.rexshares.com
Under normal conditions at least 80% of net assets sit in US Treasury bills maturing in six months or less, the shortest end of government paper.sec.gov
Distributions land monthly, and the mandate stays plain: current income, capital preservation, daily liquidity.

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.

TLDR The 0.20% fee sits above the index bill funds next to it (XONE 0.03%, VBIL 0.06%, BIL 0.14%). The active laddering is what the extra buys.
A small, thinly traded fund so far, so spreads can run wider than the category's giants.
Launched in 2026, so there is little history behind the manager's ladder calls, and the prospectus flags high portfolio turnover as a cost and tax factor.rexshares.com

Full ICSH profile⁠

Full TLDR profile⁠

ICSH vs TLDR Holdings

How ICSH and TLDR differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile75.4%

Sector

No Sector split for TLDR.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and TLDR, widest gap first
Country	More in ICSHMore in TLDR	ICSH	TLDR
United States	TLDR +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%
TLDR100.0%

Securities held

ICSH407
TLDR2

Asset class

ICSH: Fixed Income
TLDR: Equity

Holdings

Only in ICSH407
In both0
Only in TLDR2

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 TLDR

2 securities, 100% of TLDR by weight

Treasury Bill97.82%
First American Government Obli First Am Gov Oblig X2.19%

Weight gaps

ICSH and TLDR share no securities.

All 251 ICSH holdings⁠All 4 TLDR 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 TLDR Cost

Overpaying TLDR vs ICSH

$2,466

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

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

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
TLDR 0.20%
Overpaying

Year by year

Year	ICSH	TLDR	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%TLDR

ICSH0.08%TLDR0.20%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

TLDR 45th cheapest of 78 funds

ICSH vs TLDR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%; TLDR No data
Payout (12M): ICSH $2.08; TLDR No data
Last payment: ICSH $0.17; TLDR $0.02
Ex-dividend: ICSH Oct 1, 2026; TLDR Oct 27, 2026
Paid on: ICSH Oct 6, 2026; TLDR Oct 28, 2026
Frequency: ICSH Monthly; TLDR Weekly

Distribution history

Per share, 2026, same scale for both

ICSHMonthly · 9 paymentsAll ICSH payments⁠

TLDRWeekly · 39 paymentsAll TLDR payments⁠

ICSH vs TLDR 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%TLDR No data
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87TLDR No data
Worst fallMax drawdown, 5 years: ICSH −0.7%TLDR No data
Market sensitivityBeta, 5 years: ICSH 0.04TLDR 0.01; Market = 1

ICSH and TLDR in the news

All news⁠

Launch Roundup
Ruane Cunniff closed Sequoia into an ETF. Allspring and GMO added a ticker
Oct 23, 2026TLDR
Filings Digest
Four T-REX 2X ETFs will stop trading Nov. 3, and REX will close ULTI and TLDR
Oct 22, 2026TLDR

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ICSH vs TLDR

In short

Stated mandate

Why people hold it

Worth knowing

How ICSH and TLDR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICSH

Only in TLDR

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Ruane Cunniff closed Sequoia into an ETF. Allspring and GMO added a ticker

Four T-REX 2X ETFs will stop trading Nov. 3, and REX will close ULTI and TLDR

How ICSH and TLDR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICSH

Only in TLDR

Weight gaps