BKUI vs ICSH: Grades, Fees and Holdings Compared

BNY Mellon Ultra Short Income ETF

BKUIANYSE Arca

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

No data

Expense ratio

ICSH −0.04pt a year

BKUI0.12%ICSH0.08%

Avg volume · 30D

ICSH 17.3×the volume

BKUI95.1KICSH1.64M

5Y return · a year

ICSH +0.2pt

BKUI+3.7%ICSH+3.9%

BKUI vs ICSH Performance

Oct 29, 2021 – Oct 30, 2026

+20.1%BKUI+21.3%ICSH

Expense ratio: BKUI 0.12%; ICSH 0.08%, better
Fund size: BKUI $790M; ICSH $8.97B
1Y total return: BKUI +3.5%; ICSH +3.6%, better
Yield (12M): BKUI 3.99%; ICSH 4.13%, better
Holdings: BKUI 152; ICSH 408
Avg volume (30D): BKUI 95.1K sh; ICSH 1.64M sh, better
NAV per share: BKUI $49.68; ICSH $50.47
52W range

ETF.net Grade

Pillar letters and Scores for BKUI, ICSH, with each pillar’s weight
Pillar	BKUI	ICSH
Cost30% weight	A81	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C50	C53Higher
Tradability15% weight	C53	A76Higher
Holdings10% weight	A72	A95Higher
Durability5% weight	B59	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. BKUI and ICSH 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 BKUI 17th 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 15ASPTUState Street SPDR Portfolio Ultra Short T-Bill ETFScore 75
Rank 17ABKUIBNY Mellon Ultra Short Income ETFScore 74
Rank 17ASHViShares Trust iShares 0-1 Year Treasury Bond ETFScore 74

Our read on each fund

ETF.net Research

BKUIABNY Mellon Ultra Short Income ETF

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

BKUI BNY's take on the parked-cash corner: an investment-grade ultra-short bond fund at 0.13% a year, spread across roughly 160 positions, paying income monthly.

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.

Stated mandate

BKUI The fund seeks high current income while maintaining liquidity and limiting principal volatility. It normally invests at least 80% of net assets in investment-grade, U.S.-dollar fixed, variable or floating-rate debt or cash equivalents.

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.

Why people hold it

BKUI 0.13% a year undercuts the ultra-short category's typical fee, and lands below top-rated peers like SHV, PULS and DUSB at 0.15%.
The mandate is plain-spoken: at least 80% of net assets in investment-grade dollar debt (fixed, variable or floating rate) or cash equivalents.
Income arrives monthly, and the book spreads across roughly 160 positions rather than a handful of bills.
Sits in the upper tier of a crowded ultra-short field of nearly 30 funds on our review.

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.

Worth knowing

BKUI The goal is limited principal volatility, not zero. This is short-dated credit, not a deposit account, so the share price can move.
With floating and variable-rate paper in the mix, the monthly payout floats with short-term rates instead of holding a set coupon.
Trading is moderate rather than the deepest in the category, which matters most on large orders.

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.

Full BKUI profile⁠

Full ICSH profile⁠

BKUI vs ICSH Holdings

How BKUI and ICSH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile74.4%
Asset classFixed Income100%

Sector

No Sector split for BKUI.

Country, concentration and asset class

Country by domicile

Country weights in BKUI and ICSH, widest gap first
Country	More in BKUIMore in ICSH	BKUI	ICSH
United States	ICSH +22.1 points	53.3%	75.4%
France	BKUI +6.0 points	7.2%	1.2%
Canada	BKUI +6.0 points	10.5%	4.5%
Spain	BKUI +2.9 points	3.9%	1.0%
Singapore	BKUI +2.6 points	2.8%	0.2%
Australia	BKUI +2.3 points	5.4%	3.1%
Norway	BKUI +2.1 points	2.4%	0.3%
United Kingdom	BKUI +2.0 points	5.3%	3.3%
Other countries (10)	ICSH +1.9 points	9.1%	11.0%

Outside the US: BKUI 100% developed, 0% emerging. ICSH 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

BKUI22.7%
ICSH10.0%

Securities held

BKUI151
ICSH407

Asset class

BKUI: Fixed Income
ICSH: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. BKUI holds 151 securities, ICSH 407.

All 153 BKUI holdings⁠All 251 ICSH 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.

BKUI vs ICSH Cost

Overpaying BKUI vs ICSH

$831

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

BKUI 0.12%
$2,520
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

BKUI 0.12%
ICSH 0.08%
Overpaying

Year by year

Year	BKUI	ICSH	Overpaying
10	$220	$147	$73
20	$859	$575	$284
30	$2,520	$1,689	$831

Expense ratio

0.12%BKUI
0.08%ICSH, cheaper

ICSH0.08%BKUI0.12%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

BKUI 15th cheapest of 78 funds

BKUI vs ICSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BKUI 3.99%; ICSH 4.13%, better
Payout (12M): BKUI $1.98; ICSH $2.08
Last payment: BKUI $0.14; ICSH $0.17
Ex-dividend: BKUI Oct 1, 2026; ICSH Oct 1, 2026
Paid on: BKUI Oct 6, 2026; ICSH Oct 6, 2026
Frequency: BKUI Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BKUIMonthly · 45 paymentsAll BKUI payments⁠

ICSHMonthly · 45 paymentsAll ICSH payments⁠

BKUI vs ICSH Risk

Fall from peak · 5 years

BKUI
ICSH

Risk facts

VolatilityStd dev, 3 years: BKUI 0.6%ICSH 0.4%, better
Return per unit of riskSharpe ratio, 3 years: BKUI 0.78ICSH 0.87, better
Worst fallMax drawdown, 5 years: BKUI −1.6%ICSH −0.7%, better
Market sensitivityBeta, 5 years: BKUI 0.08ICSH 0.04; Market = 1

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