What Is ICSH? iShares Ultra Short Duration Bond Active ETF
Last updated July 2026
Short answer
ICSH is an actively managed ultra-short bond ETF from iShares (BlackRock) that holds investment-grade corporate bonds plus money-market instruments like commercial paper, CDs, and repos, keeping average maturity under about 180 days. It charges roughly 0.08% and recently yielded near a ~4.1% 30-day SEC yield. It is built for cash-like stability with a bit more yield than a pure T-bill fund, so it competes most directly with JPMorgan's JPST and PIMCO's MINT.
ICSH is issued by BlackRock (iShares) and tracks Actively managed (no index). It charges a 0.08% expense ratio, holds approximately ~$7.8 billion in assets under management, yields about ~4.1% (30-day SEC yield), and launched in December 2013.
What is ICSH?
ICSH is the iShares Ultra Short Duration Bond Active ETF, an actively managed fund from BlackRock that launched in December 2013. It seeks current income consistent with the preservation of capital by investing at least 80% of assets in US-dollar investment-grade fixed- and floating-rate debt.
The fund keeps a dollar-weighted average maturity under roughly 180 days, which limits how much its price moves when interest rates change. That short duration is what makes ICSH behave like a cash alternative rather than a traditional bond fund.
ICSH holdings
Approximate weights as of mid-2026; refresh quarterly from BlackRock (iShares)'s fund page. Each ticker links to its individual stock guide in Walnut.
| Rank | Ticker | Company | % of ICSH | |
|---|---|---|---|---|
| 1 | REPO | Tri-party repurchase agreements (Mizuho, Wells Fargo, Goldman Sachs, and others) | ~10% | |
| 2 | CORP | Investment-grade corporate bonds (financials, technology, industrials) | ~40% | |
| 3 | CP | Commercial paper | ~15% | |
| 4 | ABS | Short-dated asset-backed securities (e.g. Salisbury Receivables) | ~10% | |
| 5 | CD | Certificates of deposit and bank instruments | ~8% | |
| 6 | MUNI | Short-term municipal and agency notes | ~5% |
ICSH spreads its money across hundreds of short-dated positions. The mix includes investment-grade corporate bonds, commercial paper, certificates of deposit, tri-party repurchase agreements with dealers like Mizuho, Wells Fargo, and Goldman Sachs, and short asset-backed securities. Financials and technology tend to be the largest sector exposures.
No single holding dominates. Top positions are usually low single-digit percentages, so the fund is well diversified. That structure keeps issuer-specific risk small, which is the point of a fund meant to hold cash-like stability.
ICSH vs JPST, MINT, and SGOV
ICSH's closest peers are JPMorgan's JPST and PIMCO's MINT, both actively managed ultra-short income ETFs that blend corporate credit with money-market paper. ICSH's ~0.08% fee undercuts JPST (~0.18%) and MINT (~0.35%), though yields and credit exposure shift over time, so compare current 30-day SEC yields and holdings directly.
Against pure T-bill funds like SGOV and BIL, ICSH takes on a little credit risk to reach for extra yield. SGOV and BIL hold only Treasury bills, carry essentially no credit risk, and often deliver state-tax-exempt income. ICSH can yield more but is not as pristine as a Treasury-only fund.
Performance and outlook
As an ultra-short fund, ICSH aims for steady income with minimal price movement rather than capital appreciation. Its return is driven mostly by prevailing short-term interest rates, so its yield near ~4.1% reflects the current rate environment and will drift as the Federal Reserve moves.
In periods of falling rates, ICSH's distributions decline; in stable higher-rate periods, it can deliver attractive cash-like income. During credit stress its price can dip modestly, but historically drawdowns have been small and short-lived compared with longer-duration bond funds.
Is ICSH a good fit
Walnut is not an investment adviser, and whether ICSH fits depends on your goals, time horizon, and risk tolerance. It is generally used as a core cash-alternative or parking sleeve for money you may need soon or want to keep stable, not as a source of growth.
Investors comfortable with a small amount of credit and price risk in exchange for yield above a plain T-bill fund may find ICSH useful. Those who want zero credit risk or guaranteed principal may prefer a Treasury-only fund or an FDIC-insured account instead.
How to buy ICSH
ICSH trades on major US exchanges, so you can buy it through brokers like Robinhood, Fidelity, Schwab, and Public, including fractional shares where supported. There is no minimum beyond the price of a share (or a fraction of one).
If you connect your broker to Walnut, you can hold ICSH inside a thematic basket, track it alongside your other positions, and see how it aligns with your target weights. Walnut helps you organize and monitor the position; your trades still execute at your own broker.
The bottom line on ICSH
ICSH is a low-cost (~0.08%) ultra-short bond fund that trades a touch more credit and rate sensitivity for yield versus T-bill funds like SGOV. It fits as a core cash-alternative or parking sleeve, not a growth holding. Compare its yield, fee, and credit mix against JPST and MINT before choosing.
More on ICSH
Whether ICSH is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is ICSH a buy?
ICSH yields ~4.1% (30-day SEC yield) as of mid-2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see ICSH dividend: yield and schedule.
Build a portfolio around ICSH with Walnut
Use ICSH as your core holding, then let Walnut's AI propose thematic satellites: AI infrastructure, dividend growth, clean energy, whatever you believe in. Connect your broker, build the basket in conversation, track it as one unit.
FAQ
What is ICSH?
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ICSH is the iShares Ultra Short Duration Bond Active ETF, an actively managed fund from BlackRock. It holds investment-grade corporate bonds plus money-market instruments like commercial paper, CDs, and repos, keeping average maturity under about 180 days to limit interest-rate risk while aiming for cash-like income and capital preservation.
Who issues ICSH and what does it track?
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ICSH is issued by BlackRock under its iShares brand. It does not track an index; it is actively managed, meaning portfolio managers choose short-dated investment-grade bonds and money-market instruments directly rather than replicating a benchmark. The goal is current income consistent with preservation of capital.
How is ICSH different from JPST?
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Both ICSH and JPMorgan's JPST are actively managed ultra-short bond ETFs holding investment-grade credit and money-market paper. ICSH's fee is around 0.08% versus JPST's roughly 0.18%. Yields, credit mix, and duration shift over time, so compare current 30-day SEC yields and holdings side by side rather than assuming one always leads.
What is inside ICSH?
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ICSH holds hundreds of positions: investment-grade corporate bonds, commercial paper, certificates of deposit, tri-party repurchase agreements, and short-dated asset-backed securities. Financials and technology are large sector weights. No single holding dominates; the largest positions are typically low single-digit percentages of the fund.
What is the expense ratio of ICSH?
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ICSH charges about 0.08% per year, which is roughly 80 cents on every $1,000 invested. That is inexpensive for an actively managed bond fund and undercuts some ultra-short peers like JPST and MINT, though a pure T-bill fund such as SGOV can be even cheaper.
What yield and distributions does ICSH pay?
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ICSH recently showed a 30-day SEC yield near ~4.1%, and it pays income monthly. The yield floats with short-term interest rates, so it rises when the Federal Reserve holds rates high and falls when rates are cut. Past yield does not guarantee future distributions.
How do I buy ICSH?
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ICSH trades like any US stock. You can buy it on Robinhood, Fidelity, Schwab, or Public, including fractional shares at brokers that support them. If you connect your broker to Walnut, you can track ICSH inside a basket alongside your other holdings and see how it fits your targets.
How large is ICSH?
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ICSH manages roughly $7.8 billion in assets as of mid-2026, making it one of the larger actively managed ultra-short bond ETFs. Sizable AUM generally supports tight bid-ask spreads and steady liquidity, which matters for a fund often used to park cash.
Is ICSH a good investment?
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That depends on your goals, time horizon, and risk tolerance, and Walnut is not an investment adviser. ICSH is designed as a low-volatility cash alternative, not a growth vehicle. It can lose a little value if credit spreads widen or rates jump. Compare its yield, fee, and risk to alternatives before deciding.
When was ICSH created?
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ICSH launched in December 2013. It has operated across several rate cycles, including the near-zero years and the higher-rate environment that followed, giving it a long real-world track record as an ultra-short income fund.
How is ICSH different from SGOV or BIL?
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SGOV and BIL hold only US Treasury bills, so they carry essentially no credit risk and their income is often state-tax-exempt. ICSH adds corporate bonds and money-market credit to earn extra yield, accepting modest credit and price risk in exchange. ICSH can yield a bit more but is not as pristine as a T-bill fund.
Can ICSH lose money?
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Yes, though sharp losses are unusual. Because ICSH holds credit instruments and floating-rate debt with short maturities, its price can dip modestly if credit spreads widen or during market stress. It is far less volatile than stock or long-bond funds, but it is not FDIC-insured and share value can fluctuate.
Is ICSH a money market fund?
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No. ICSH is an ETF, not a money market fund, so its share price floats rather than being pinned at $1. It holds similar instruments to a prime money fund plus short corporate bonds, and it trades intraday on an exchange like a stock.
Why choose ICSH over a high-yield savings account?
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ICSH can offer a competitive yield with intraday liquidity and easy access inside a brokerage account, which some investors prefer for parking cash near their investments. Unlike a savings account it is not FDIC-insured and its value can move slightly. Whether it suits you depends on your needs; this is not advice.
How do I compare ICSH to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. ICSH's figures are above; the full method is in Walnut's guide on how to compare ETFs.
Related ETFs
Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to mid-2026; verify current figures against BlackRock (iShares)'s fund page or your broker before investing.