iShares Ultra Short Duration Bond Active ETF

ICSH
ETF Ticker

+2.65%

+3.57%

Cboe BZX

Fixed Income

United States

Money Market

ETF Strategy Fund Grade AAA

The iShares Ultra Short Duration Bond Active ETF, ICSH_US, is an actively managed strategy providing exposure to United States, Money Market Fixed Income. It is listed on the Cboe BZX and has assets under management of $8,650.0m (as of Aug 31, 2026). The ETF trades in USD and was listed on the exchange on Dec 11, 2013. It has a net expense ratio of 8bps. (All data in USD as of Oct 15, 2026 unless stated.)

The investment process underpinning the actively managed iShares Ultra Short Duration Bond Active ETF targets current income with capital preservation by investing broadly across USD-denominated, investment-grade, short-maturity instruments while keeping effective duration ≤1 year and a dollar-weighted average maturity <180 days. The investable universe includes corporate bonds, commercial paper, certificates of deposit and time deposits, asset-backed and mortgage-/commercial mortgage-backed securities, U.S. Treasuries/Agencies, supranationals, municipals, repos, Rule 144A issues, and select non-USD securities when hedged to USD. Portfolio construction emphasizes liquidity, high credit quality (≥80% investment-grade) and diversified sector/issuer exposures; cash management tools (e.g., tri-party repo) support daily liquidity and capacity. Position sizing reflects maturity buckets and spread/curve views from BlackRock’s cash management team, with active trading to maintain target duration and reinvest matured/paid-down holdings. Sell/trim discipline centers on credit migration, relative-value changes, liquidity premiums, extension risk, structure-specific risks, and opportunity to redeploy into better risk-adjusted carry.

ETF Details

Key Facts

Issuer:
iShares
AUM:
$8,650.0m (as of Aug 31, 2026)
Net Expense Ratio:
8 bps
Inception Date:
Dec 11, 2013
Index:
Actively managed strategy
Dividend Frequency:
Annually

Trading

Ticker:
ICSH
Exchange:
Cboe BZX
ISIN:
US46434V8789
Trading Currency:
USD
Domicile:
United States

Classification & Risk

Asset Class:
Fixed Income
Asset Region:
United States
Theme:
Money Market
Economic Development:
Developed Markets
1 Year Volatility:
0.43%
3 Year Volatility:
0.44%
5 Year Volatility:
0.49%

Performance

TTM Dividend Yield:
4.11% (verify with issuer)
1 Month Performance:
0.32%
3 Month Performance:
0.78%
6 Month Performance:
1.68%
1 Year Performance:
3.57%
3 Year Performance:
15.40%
5 Year Performance:
21.12%
Investment Proposition

iShares Ultra Short Duration Bond Active ETF (ICSH) provides a conservative, income-oriented fixed income sleeve designed to sit between cash and short-duration core bonds. The portfolio invests broadly across high-quality, ultra-short instruments—including corporate and securitized exposures with very limited interest-rate sensitivity—seeking to preserve capital while delivering a yield premium to cash equivalents over full cycles. Emphasis on liquidity, maturity laddering, and issuer diversification aims to mitigate drawdowns, though spread risk can surface during credit stress and market liquidity can tighten at times. The fund typically benefits when rates are stable to declining and when credit conditions are orderly; it may be challenged by abrupt spread widening or rapid repricing of front-end policy expectations. Portfolio roles include cash management and sweep functions for operational reserves, a dry-powder sleeve for opportunistic reallocation, and a stability anchor in time-segmented income strategies. Suitable investors include treasury managers and wealth practices seeking a pragmatic cash-plus solution within defined risk budgets. A key risk to monitor is credit and liquidity risk in the ultra-short space, which can modestly elevate volatility relative to government-only bills.

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