Fixed Income

ICSH

iShares Ultra Short Duration Bond Active ETF

  • NAV as of May 16, 2025 $50.55
    52 WK: 50.34 - 50.76
  • 1 Day NAV Change as of May 16, 2025 0.00 (0.01%)
  • NAV Total Return as of May 15, 2025 YTD: 1.73%
  • Morningstar Rating
  • Fees as stated in the prospectus Expense Ratio: 0.08%

Overview

Why ICSH?

1. Seeks to provide income by investing in a broad range of short term U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and money market instruments. However, ICSH is not a money market fund.

 

2. Actively managed by BlackRock's Cash Management Team

 

3. Use to help meet current income and liquidity needs, as well as to help manage interest rate risk

INVESTMENT OBJECTIVE

The iShares Ultra Short Duration Bond Active ETF seeks to provide current income consistent with preservation of capital.

Loading

Performance

Performance

Growth of Hypothetical $10,000

View full chart
The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

View full chart
  1y 3y 5y 10y Incept.
Total Return (%) 5.50 4.58 3.07 2.31 2.10
Market Price (%) 5.52 4.59 3.09 2.32 2.10
Benchmark (%) 5.12 4.31 2.58 2.01 1.79
After Tax Pre-Liq. (%) 3.34 2.84 1.93 1.41 1.28
After Tax Post-Liq. (%) 3.22 2.75 1.86 1.38 1.25
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 1.22 0.39 1.22 2.29 5.50 14.37 16.34 25.71 26.45
Market Price (%) 1.29 0.40 1.29 2.38 5.52 14.40 16.41 25.84 26.50
Benchmark (%) 1.02 0.35 1.02 2.16 5.12 13.48 13.59 22.03 22.25
After Tax Pre-Liq. (%) 0.91 0.24 0.91 1.28 3.34 8.75 10.01 15.05 15.46
After Tax Post-Liq. (%) 0.72 0.23 0.72 1.35 3.22 8.48 9.66 14.70 15.10
  2020 2021 2022 2023 2024
Total Return (%) 1.63 0.16 0.95 5.59 5.56
Market Price (%) 1.59 0.16 0.96 5.58 5.52
Benchmark (%) 1.05 0.09 1.31 5.14 5.35
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Making sense of market turmoil

See the latest BlackRock commentary on what to expect in the months ahead.
Read now Read now
iShares Insights: Making sense of market turmoil

Key Facts

Key Facts

Net Assets of Fund
as of May 16, 2025
$6,104,165,757
Exchange
Cboe BZX
Benchmark Index
ICE BofA US 6-Month Treasury Bill Index (USD)
Distribution Frequency
Monthly
CUSIP
46434V878
30 Day Avg. Volume
as of May 16, 2025
1,406,574.00
Daily Volume
as of May 16, 2025
1,060,926.00
Fund Launch Date
Dec 11, 2013
Asset Class
Fixed Income
Shares Outstanding
as of May 16, 2025
120,750,000
Premium/Discount
as of May 16, 2025
0.02%
Closing Price
as of May 16, 2025
50.56
30 Day Median Bid/Ask Spread
as of May 16, 2025
0.02%

NAIC Designated (Schedule D Eligible)

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of May 16, 2025
216
30 Day SEC Yield
as of May 15, 2025
4.59%
Standard Deviation (3y)
as of Apr 30, 2025
0.60%
Weighted Avg Coupon
as of May 15, 2025
4.73
Effective Duration
as of May 15, 2025
0.44 yrs
Option Adjusted Spread
as of May 15, 2025
34.39 bps
Equity Beta (3y)
as of Apr 30, 2025
0.01
12m Trailing Yield
as of May 15, 2025
4.97%
Average Yield to Maturity
as of May 15, 2025
4.62%
Weighted Avg Maturity
as of May 15, 2025
0.69 yrs
Convexity
as of May 15, 2025
0.01
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Management Fee 0.08%
Acquired Fund Fees and Expenses 0.00%
Other Expenses 0.00%
Expense Ratio 0.08%

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be "0.00".

Ratings

Ratings

Morningstar Rating

3 stars
Overall Morningstar Rating for iShares Ultra Short Duration Bond Active ETF, as of Apr 30, 2025 rated against 209 Ultrashort Bond Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Mar 31, 2025)
Analyst-Driven % as of Mar 31, 2025
55.00
Data Coverage % as of Mar 31, 2025
100.00

Holdings

Holdings

as of May 15, 2025
Issuer Weight (%)
UNITED STATES TREASURY 3.42
HYUNDAI CAPITAL AMERICA 1.92
ATHENE GLOBAL FUNDING 1.73
AMERICAN HONDA FINANCE CORPORATION 1.29
JOHN DEERE CAPITAL CORP 1.15
Issuer Weight (%)
NEXTERA ENERGY CAPITAL HOLDINGS INC 1.10
MASSMUTUAL GLOBAL FUNDING II 0.99
NEW YORK LIFE GLOBAL FUNDING 0.99
MERCEDES-BENZ FINANCE NORTH AMERICA LLC 0.99
TOYOTA MOTOR CREDIT CORP 0.90
Name Sector Asset Class Market Value Weight (%) Notional Value Par Value CUSIP ISIN SEDOL Price Location Exchange Currency Duration YTM (%) FX Rate Maturity Coupon (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Real Duration Real YTM (%) Market Currency Accrual Date Effective Date
Detailed Holdings and Analytics
Holdings are subject to change.


The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

Exposure Breakdowns

Exposure Breakdowns

as of May 15, 2025

% of Market Value

Type Fund
as of May 15, 2025

% of Market Value

Type Fund
Maturity is provided in days. Maturity exposure is calculated by aggregating the percent par of holdings of individual securities in the portfolio by the legal final maturity date, or for securities that have a demand feature, the date in which the demand feature is exercised and proceeds received. The values reported include cash, accrued income, and/or payables/receivables which may result in negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds).
as of May 15, 2025

% of Market Value

Type Fund
Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security, the lower of the two ratings if only two agencies rate a security, and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.
Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Bradford Glessner, CFA
Bradford Glessner, CFA
Director, Portfolio Manager

Bradford Glessner, CFA, Director, is a member of BlackRock's Cash Management Group. He is a Portfolio Manager responsible for managing active short-term fixed income portfolios for corporate, financial, and insurance clients.

Read More

Bradford Glessner, CFA, Director, is a member of BlackRock's Cash Management Group. He is a Portfolio Manager responsible for managing active short-term fixed income portfolios for corporate, financial, and insurance clients.

 

Mr. Glessner joined BlackRock in 2013 in his current role. Previously, Mr. Glessner was a Senior Trader with BNY Mellon within their Cash Investment Strategies unit. In this role, he was responsible for security selection, investment strategy, and portfolio management for Dreyfus's Taxable Money Market funds, bank collective funds, and enhanced cash products. He started his career with Prudential Financial as an Investment Accountant.

 

Mr. Glessner earned a BS in Finance from The University of Delaware in 2001, and an MBA from NYU Stern School of Business in 2011, where he graduated Beta Gamma Sigma. Mr. Glessner is a CFA Charterholder.

Eric Hiatt, CFA, FRM
Eric Hiatt, CFA, FRM
Managing Director, Portfolio Manager

Eric D. Hiatt, CFA, FRM, Managing Director and portfolio manager, is the Head of U.S. Portfolio Management for Cash Management within BlackRock Global Markets.

Read More

Eric D. Hiatt, CFA, FRM, Managing Director and portfolio manager, is the Head of U.S. Portfolio Management for Cash Management within BlackRock Global Markets. As a member of BlackRock Global Markets, he contributes to the development and implementation of investment strategy and serves as portfolio lead for the U.S. Prime funds, Collective Trust Funds and securities lending cash collateral.

 

Prior to joining BlackRock in 2012, Mr. Hiatt was a Senior Portfolio Manager at Dwight Asset Management Company where he was responsible for generating and directing tactical trading for the money market and ultra-short duration desk. Prior to joining Dwight in 2009, Mr. Hiatt was a Senior Portfolio Manager at Lehman Brothers Asset Management where he spent six years assisting in the development of portfolio strategy and implementation of investment objectives for global cash management team. Previously, he spent five years as a trader and assistant portfolio manager for Opus Investment Management. Mr. Hiatt began his career as an analyst in the Treasury group for Eastern Enterprises, a utility holding company, in 1997.

 

Mr. Hiatt earned a BS in finance from Bentley University in 1997 and an MBA from Boston College's Carroll School of Management in 2006.  He is a member of the CFA Institute and the Global Association of Risk Professionals.

James Mauro
James Mauro

Literature

Literature

Loading fund documents...
No documents found

to access this functionality 

Checkout {{ translations['submit'][selectedAction] }} {{ responseMessage }} {{ warningMessage }} You have previously requested to be opted out of all BlackRock Literature Services emails. To subscribe, you must opt back in.