iShares Ultra Short Duration Bond Active ETF
Actively managed global bond ETF
As of its 2026 Q2 report, iShares Ultra Short Duration Bond Active ETF held 368 positions with $7.28B in net assets. Its ten largest holdings made up 11.8% of the fund. The ICSH share class costs 0.08% a year. Over the 12 months to May 2026, ICSH returned 4.4%, with dividends reinvested. In 2026 Q3 it added 99 new positions and exited 87.
The iShares Ultra Short Duration Bond Active ETF (the Fund ) seeks to provide current income consistent with preservation of capital.
The fund is actively managed to invest at least 80% of assets in investment-grade U.S. dollar-denominated debt securities maturing in three years or less, with an effective portfolio duration of one year or less. The manager selects securities rated BBB- or higher (or equivalent unrated quality) across corporate bonds, government securities, agency debt, asset-backed and mortgage-backed securities, and money market instruments. Because the fund does not track an index and may hold a significant portion in financial institution securities, its returns will depend on the manager's security selection decisions.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
BlackRock Funds III | 2.03% | $147.50M | — |
MIZUHO SECURITIES USA LLC | 1.65% | $120.00M | — |
CITIGROUP GLOBAL MARKETS INC | 1.48% | $108.00M | — |
WELLS FARGO SECURITIES LLC | 1.24% | $90.00M | — |
GOLDMAN SACHS & CO LLC | 1.24% | $90.00M | — |
Marubeni Finance America LLC | 1.03% | $74.99M | — |
Cooperatieve Rabobank UA | 0.82% | $59.95M | — |
NORTHWESTERN MUTUAL GLBL 4.40% · due 2029-03-30 | 0.79% | $57.46M | — |
CDP Financial Inc | 0.75% | $54.72M | — |
BOFA SECURITIES INC | 0.75% | $54.75M | — |
The 200 largest of 368 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Cash & short-term | 49.03% |
| Bonds | 41.22% |
| Securitized | 11.15% |
By sector
- Cash
- 39.8%
- Other
- 24.7%
- International
- 9.6%
- Securitized
- 9.6%
- 9 other sectors
- 16.3%
- Cash
- 39.8%
- Other
- 24.7%
- International
- 9.6%
- Securitized
- 9.6%
- Financials
- 6.7%
- Government
- 2.7%
- Consumer Discretionary
- 1.6%
- Information Technology
- 1.6%
- Health Care
- 1.3%
- Industrials
- 0.9%
- Utilities
- 0.9%
- Consumer Staples
- 0.5%
- Communication Services
- 0.1%
How it has done
ICSH share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.34%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
iShares Ultra Short Duration Bond Active ETF is an actively managed global bond ETF.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- ETF
- Expense ratio, by class
- 0.08%· ICSH 0.08%
- Portfolio turnover
- 49.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
99 new· the largest 8
87 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 78.9% |
| Floating rate | 21.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 20.2% |
| 1-3y | 76.9% |
| 3-5y | 2.8% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 55% |
| Interest rates | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.83 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.09 yr | 13% |
| 1 yr | 0.44 yr | 64% |
| 5 yr | 0.16 yr | 23% |
| 10 yr | 0.00 yr | 0% |
| 3 mo | 0.10 yr | 12% |
| 1 yr | 0.53 yr | 63% |
| 5 yr | 0.21 yr | 25% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.09 | +0.10 | +0.00 | $73.0k | $0 |
| 1 yr | +0.44 | +0.53 | +0.00 | $383.9k | $0 |
| 5 yr | +0.16 | +0.21 | +0.00 | $149.8k | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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