EMNT vs ICSH: Grades, Fees and Holdings Compared

PIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

EMNTBNYSE Arca

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

Overlap

No data

Expense ratio

ICSH −0.16pt a year

EMNT0.24%ICSH0.08%

Avg volume · 30D

ICSH 104.0×the volume

EMNT16.1KICSH1.68M

5Y return · a year

ICSH +0.4pt

EMNT+3.6%ICSH+4.0%

EMNT vs ICSH Performance

Nov 9, 2021 – Nov 9, 2026

+19.2%EMNT+21.5%ICSH

Expense ratio: EMNT 0.24%; ICSH 0.08%, better
Fund size: EMNT $260M; ICSH $8.9B
1Y total return: EMNT +3.9%, better; ICSH +3.7%
Yield (12M): EMNT 3.86%; ICSH 4.12%, better
Holdings: EMNT 253; ICSH 400
Avg volume (30D): EMNT 16.1K sh; ICSH 1.68M sh, better
NAV per share: EMNT $98.56; ICSH $50.35
52W range

ETF.net Grade

Pillar letters and Scores for EMNT, ICSH, with each pillar’s weight
Pillar	EMNT	ICSH
Cost30% weight	F24	A89Higher
Mission25% weight	A100	A100
Risk15% weight	C52	C52
Tradability15% weight	D28	A74Higher
Holdings10% weight	A81	A95Higher
Durability5% weight	B63	A90Higher

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. EMNT 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 EMNT 51st of 78 funds in the Cash & Ultra-Short Income Category.

Rank 1AICSHiShares Ultra Short Duration Bond Active ETFScore 84
Rank 2ACLIPGlobal X 1-3 Month T-Bill ETFScore 81
Rank 51BCVSBCalvert Ultra-Short Investment Grade ETFScore 55
Rank 51BEMNTPIMCO Enhanced Short Maturity Active ESG Exchange-Traded FundScore 55
Rank 51BHBILHARBOR SHORT TERM TREASURY ETFScore 55

Our read on each fund

ETF.net Research

EMNTBPIMCO Enhanced Short Maturity Active ESG Exchange-Traded Fund

ICSHAiShares Ultra Short Duration Bond Active ETF

In short

EMNT PIMCO's ultra-short cash-parking playbook, run through an ESG screen. An active manager picking a few hundred short-dated bonds, paying income monthly, for a fee above most of the category.

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

EMNT The Fund seeks maximum current income while preserving capital and maintaining daily liquidity, using PIMCO’s ESG investment strategy.

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

EMNT Actively managed, not index-following: the mandate is explicit about maximum current income while preserving capital and keeping daily liquidity.
ESG is written into the stated objective itself, so the screen is part of the fund's contract rather than a label on the brochure.
Pays monthly, and spreads the job across roughly 190 short-dated positions in a plain 1940 Act ETF wrapper.
Launched in 2019, it has a multi-year live record doing this one narrow job rather than a freshly minted backtest.

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

EMNT 0.36% a year is a real bite in a category built on pennies. VUSB (0.10%) and SHV (0.15%) do similar cash-parking work, without the ESG screen.
Thinly traded next to the category's giants, so bid/ask spreads can be wider and bigger orders need more attention at the point of execution.
Ultra-short bonds are not a savings account: the fund seeks to preserve capital, but credit and rate moves still shift the price, and the monthly payout floats.

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 EMNT profile⁠

Full ICSH profile⁠

EMNT vs ICSH Holdings

How EMNT and ICSH differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile86.7%
Asset classBonds100%

Sector

EMNT and ICSH share no Sector name, so they cannot be compared by Sector.

Country, concentration and asset class

Country by domicile

Country weights in EMNT and ICSH, widest gap first
Country	Gap	EMNT	ICSH
United States	EMNT +4.2 points	77.8%	73.6%
Australia	ICSH +3.9 points	0.0%	3.9%
Sweden	ICSH +3.3 points	0.0%	3.3%
Japan	EMNT +3.0 points	4.4%	1.4%
New Zealand	ICSH +2.4 points	0.0%	2.4%
Canada	EMNT +2.3 points	6.9%	4.6%
Germany	ICSH +1.3 points	0.0%	1.3%
Denmark	EMNT +1.2 points	1.2%	0.0%
Other countries (10)	EMNT +0.3 points	9.7%	9.4%

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

Concentration

Weight in the 10 largest Holdings

EMNT13.7%
ICSH10.1%

Securities held

EMNT245
ICSH400

Asset class

EMNT: Bonds
ICSH: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. EMNT holds 245 securities, ICSH 400.

All 191 EMNT holdings⁠All 250 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.

EMNT vs ICSH Cost

Overpaying EMNT vs ICSH

$3,270

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

EMNT 0.24%
$4,959
ICSH 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

EMNT 0.24%
ICSH 0.08%
Overpaying

Year by year

Year	EMNT	ICSH	Overpaying
10	$437	$147	$290
20	$1,699	$575	$1,124
30	$4,959	$1,689	$3,270

Expense ratio

0.24%EMNT
0.08%ICSH, cheaper

ICSH0.08%EMNT0.24%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

EMNT 60th cheapest of 78 funds

EMNT vs ICSH Dividends

Last 12 months to Nov 9, 2026

Yield (12M): EMNT 3.86%; ICSH 4.12%, better
Payout (12M): EMNT $3.81; ICSH $2.07
Last payment: EMNT $0.35; ICSH $0.18
Ex-dividend: EMNT Nov 2, 2026; ICSH Nov 2, 2026
Paid on: EMNT Nov 4, 2026; ICSH Nov 5, 2026
Frequency: EMNT Monthly; ICSH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

EMNTMonthly · 46 paymentsAll EMNT payments⁠

ICSHMonthly · 46 paymentsAll ICSH payments⁠

EMNT vs ICSH Risk

Fall from peak · 5 years

EMNT
ICSH

Risk facts

VolatilityStd dev, 3 years: EMNT 0.5%ICSH 0.4%, better
Return per unit of riskSharpe ratio, 3 years: EMNT 1.01, betterICSH 0.87
Worst fallMax drawdown, 5 years: EMNT −1.7%ICSH −0.7%, better
Market sensitivityBeta, 5 years: EMNT 0.02ICSH 0.04; Market = 1

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