ICSH vs TUSB: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Thrivent Ultra Short Bond ETF

TUSBBNYSE Arca

Overlap

No data

Expense ratio

ICSH −0.12pt a year

ICSH0.08%TUSB0.20%

Avg volume · 30D

ICSH 61.4×the volume

ICSH1.64MTUSB26.8K

ICSH vs TUSB Performance

Oct 31, 2025 – Oct 30, 2026

+3.6%ICSH+4.4%TUSB

Expense ratio: ICSH 0.08%, better; TUSB 0.20%
Fund size: ICSH $8.97B; TUSB $205M
1Y total return: ICSH +3.6%; TUSB +4.4%, better
Yield (12M): ICSH 4.13%; TUSB 4.20%, better
Holdings: ICSH 408; TUSB 468
Avg volume (30D): ICSH 1.64M sh, better; TUSB 26.8K sh
NAV per share: ICSH $50.47; TUSB $50.45
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, TUSB, with each pillar’s weight
Pillar	ICSH	TUSB
Cost30% weight	A89Higher	D38
Mission25% weight	A100	A100
Risk15% weight	C53	B61Higher
Tradability15% weight	A76Higher	F20
Holdings10% weight	A95Higher	B64
Durability5% weight	A90Higher	D28

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and TUSB 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 TUSB 46th 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 46BGMOCGMO Ultra-Short Income ETFScore 56
Rank 46BTUSBThrivent Ultra Short Bond ETFScore 56
Rank 46BVRIGInvesco Variable Rate Investment Grade ETFScore 56

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

TUSBBThrivent Ultra Short 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.

TUSB An actively managed ultra-short bond fund in a category dominated by index-tracking T-bill parking spots. Thrivent's bond desk picks the investment-grade paper itself, charges the category's typical price, and sends the income out 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.

TUSB The Fund seeks substantial current income while preserving capital.

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.

TUSB Active by design: managers select the investment-grade bonds and keep dollar-weighted average maturity at two years or less, instead of tracking an index.investing.com
0.20% a year, level with the typical ultra-short bond ETF, for active credit selection rather than an index feed.
Cash flow lands monthly, and the stated job is plain: substantial current income while preserving capital.
What it holds lines up closely with what its prospectus says it does, and it stands in the upper half of the ultra-short bond 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.

TUSB Thinly traded next to the category's giants, so spreads can be wider and larger orders need more care.
Index-based rivals undercut it on fees: VUSB at 0.10%, SHV at 0.15%. The 0.20% here buys active management, not a lower sticker.
It owns corporate credit, not only Treasuries, so the share price moves with rates and credit spreads. This is not a money market fund with a fixed price.investing.com

Full ICSH profile⁠

Full TUSB profile⁠

ICSH vs TUSB Holdings

How ICSH and TUSB 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 TUSB.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and TUSB, widest gap first
Country	More in ICSHMore in TUSB	ICSH	TUSB
United States	TUSB +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%
TUSB22.9%

Securities held

ICSH407
TUSB467

Asset class

ICSH: Fixed Income
TUSB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 407 securities, TUSB 467.

All 251 ICSH holdings⁠All 463 TUSB 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 TUSB Cost

Overpaying TUSB vs ICSH

$2,466

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

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

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
TUSB 0.20%
Overpaying

Year by year

Year	ICSH	TUSB	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%TUSB

ICSH0.08%TUSB0.20%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

TUSB 45th cheapest of 78 funds

ICSH vs TUSB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%; TUSB 4.20%, better
Payout (12M): ICSH $2.08; TUSB $2.12
Last payment: ICSH $0.17; TUSB $0.20
Ex-dividend: ICSH Oct 1, 2026; TUSB Oct 29, 2026
Paid on: ICSH Oct 6, 2026; TUSB Oct 30, 2026
Frequency: ICSH Monthly; TUSB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 45 paymentsAll ICSH payments⁠

TUSBMonthly · 21 paymentsAll TUSB payments⁠

ICSH vs TUSB 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%TUSB 0.6%since Mar 2025
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87TUSB 0.81since Mar 2025
Worst fallMax drawdown, 5 years: ICSH −0.7%TUSB −0.5%since Feb 2025
Market sensitivityBeta, 5 years: ICSH 0.04TUSB 0.03; Market = 1

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