ICSH vs MMK: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

State Street Prime Money Market ETF

MMKCNYSE

Overlap

0.0%by weight

Expense ratio

ICSH −0.10pt a year

ICSH0.08%MMK0.18%

Avg volume · 30D

ICSH 793.4×the volume

ICSH1.64MMMK2.07K

ICSH vs MMK Performance

Jul 31, 2026 – Oct 30, 2026

+0.8%ICSH+0.9%MMK

Expense ratio: ICSH 0.08%, better; MMK 0.18%
Fund size: ICSH $8.97B; MMK $32M
1Y total return: ICSH +3.6%; MMK No data
Yield (12M): ICSH 4.13%; MMK No data
Holdings: ICSH 408; MMK 74
Avg volume (30D): ICSH 1.64M sh, better; MMK 2.07K sh
NAV per share: ICSH $50.47; MMK $100.31
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, MMK, with each pillar’s weight
Pillar	ICSH	MMK
Cost30% weight	A89Higher	C53
Mission25% weight	A100	A100
Risk15% weight	C53Higher	C49
Tradability15% weight	A76Higher	D39
Holdings10% weight	A95Higher	C45
Durability5% weight	A90Higher	C44

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and MMK 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 MMK 39th 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 36BVNLAJanus Henderson Short Duration Income ETFScore 61
Rank 39CMMKState Street Prime Money Market ETFScore 60
Rank 40BCBILCorgi 3-12 Month T-Bill ETFScore 59

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

MMKCState Street Prime Money Market ETF

In short

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.

MMK A money market fund that trades like a stock. MMK is built to qualify under Rule 2a-7, and it's the prime version, so State Street's cash desk underwrites short-term credit instead of sticking to government paper only.

Stated mandate

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.

MMK The Fund seeks to maximize current income while maintaining capital preservation and liquidity.

Why people hold it

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.

MMK Built to qualify as a money market fund under Rule 2a-7, the same rulebook as traditional money funds, but bought and sold intraday like any ETF.ssga.com statestreet.com
Prime mandate, run by State Street's cash management team with a dedicated short-term credit research team behind the paper it buys.ssga.com
Costs 0.18% a year, a shade under the median for cash-alternative ETFs.
Measured against the ICE BofA SOFR Overnight Rate Index, so there's a plain overnight-cash yardstick to judge it by.ssga.com

Worth knowing

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.

MMK A 2026 launch that is still small and thinly traded, which can mean wider bid-ask spreads than long-running cash ETFs.
Prime paper carries bank and corporate credit risk that government-only money funds sidestep, and the fund is not FDIC insured.statestreet.com
Cheaper cash options exist: SBIL and IQMM charge 0.15% and ICSH 0.08%, though those run government or ultra-short bond mandates.

Full ICSH profile⁠

Full MMK profile⁠

ICSH vs MMK Holdings

How ICSH and MMK differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ICSH and 0.0% of MMK.

Level by level

Asset classFixed Income, Cash0.0%
Holdings0 in both0.0%
Countryby domicile75.4%

Sector

No Sector split for MMK.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and MMK, widest gap first
Country	More in ICSHMore in MMK	ICSH	MMK
United States	MMK +24.6 points	75.4%	100.0%
Canada	ICSH +4.5 points	4.5%	0.0%
United Kingdom	ICSH +3.3 points	3.3%	0.0%
Australia	ICSH +3.1 points	3.1%	0.0%
Sweden	ICSH +3.1 points	3.1%	0.0%
New Zealand	ICSH +2.6 points	2.6%	0.0%
Japan	ICSH +1.4 points	1.4%	0.0%
Luxembourg	ICSH +1.3 points	1.3%	0.0%
Other countries (10)	ICSH +5.4 points	5.4%	0.0%

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

Concentration

Weight in the 10 largest Holdings

ICSH10.0%
MMK44.8%

Securities held

ICSH407
MMK57

Asset class

ICSH: Fixed Income
MMK: Cash

Holdings

Only in ICSH407
In both0
Only in MMK57

Only in ICSH

407 securities, 100% of ICSH by weight

Tri-Party Mizuho Securities Usa Ll1.52%
Tri-Party Citigroup Global Markets1.35%
Tri-Party Goldman Sachs & Co. Llc1.11%
Tri-Party Wells Fargo Securities L1.00%
Commerzbank AG (New York Branch) 06/23/20270.93%
Tri-Party Bofa Securities Inc.0.91%
Banco Bilbao Vizcaya Argentaria SA 03/10/20270.85%
Bpce SA 144A 05/06/20270.83%
Westpac Securities Nz Ltd 144A 06/09/20270.78%
Skandinaviska Enskilda Banken Ab 144A 05/10/20270.71%
Cooperatieve Rabobank Ua (New York 11/16/20260.69%
Britannia Funding Company Llc 144A 03/15/20270.66%
Svenska Handelsbanken Ab 144A 04/13/20270.66%
Mizuho Bank Ltd (New York Branch) 05/26/20270.64%
Northwestern Mutual Global Funding Mtn 144A 4.40% 03/30/20290.63%
Toyota Motor Credit Corp Mtn 4.25% 05/12/20280.63%
Cdp Financial Inc 144A 03/24/20270.62%
Sumitomo Mitsui Trust Bank Ltd (Ne 11/24/20260.61%
Morgan Stanley Private Bank Na 4.20% 11/17/20280.60%
Pacific Life Global Funding Ii Mtn 144A 4.30% 04/27/20290.59%
Salesforce Inc 4.50% 03/15/20280.59%
Bank of New Zealand 144A 04/16/20270.59%
Honeywell Aerospace Inc 3.90% 03/16/20280.59%
Athene Global Funding Mtn 144A 4.83% 05/09/20280.59%
New York Life Global Funding Mtn 144A 4.20% 04/20/20290.59%
Bank of New Zealand 144A 05/12/20270.58%
Bank of Nova Scotia 144A 05/20/20270.58%
Toronto-Dominion Bank (New York Br 09/17/20270.57%
Deutsche Bank AG (New York Branch) 05/05/20270.56%
Verto Capital Comp C 144A 01/19/20270.56%
Natixis (New York Branch) 05/12/20270.55%
Ubs AG (Stamford Branch) Mtn 4.28% 05/17/20270.55%
Canadian Imperial Bank of Commerce 02/05/20270.55%
Massmutual Global Funding Ii Mtn 144A 4.00% 01/22/20290.55%
Athene Global Funding Mtn 144A 4.80% 03/06/20280.54%
Tri-Party Bnp Paribas0.52%
Equitable America Global Funding Mtn 144A 4.30% 12/15/20280.52%
Cooperatieve Rabobank Ua (New York Mtn 4.37% 05/27/20270.52%
Federation Des Caisses Desjardins 144A 11/01/20270.52%
Nextera Energy Capital Holdings In 144A 11/03/20260.51%
JPMorgan Chase & Co Fxd-Frn 2.95% 02/24/20280.51%
Barclays Bank PLC (New York Branch 08/10/20270.51%
Treasury Note (2OLD) 4.13% 08/31/20280.50%
Crh America Finance Inc 144A 12/08/20260.48%
Mackinac Funding Co Llc 144A 03/08/20270.48%
Enbridge Inc 144A 11/06/20260.48%
Oversea-Chinese Banking Corporatio 144A 04/23/20270.47%
Ing Bank NV 144A 4.55% 07/07/20290.47%
Banco Santander SA 144A 05/04/20270.47%
Treasury Note 4.13% 10/31/20260.47%

Only in MMK

57 securities, 66.9% of MMK by weight

Anglesea Fdg PLC & Ang3.32%
Treasury Bill2.85%
Wells Fargo Bank Na2.57%
United Overseas Bk Ltd2.12%
Park Ave Coll Notes2.12%
Credit Indl Et Coml Instl Ctf1.96%
Aust & New Zea1.91%
Bank Nova Scotia Houston Tex1.81%
Verto Cap I Compartment 11/26 Zcp1.81%
Hsbc Bank PLC1.51%
Natl Australia Bk Lt1.51%
Barclays Bank Uk1.51%
Mackinac Funding1.34%
Dnb Nor Bank Asa1.34%
Toyota Motor Credit Corp1.27%
Verto Cap I 144A Disc Coml Pap 11/26 Zcp1.21%
Bpce1.12%
Bank Montreal Chicago Brh1.06%
Nordea Bank Abp1.06%
Swedbank Ab Publ Iam Coml Pape 02/27 Var1.06%
Royal Bank of Canada1.06%
Kbc Bk NV Instl Ctf Dep Progra1.06%
Legacy Capital Company1.06%
Credit Agricole Corp & Invt Bk 03/27 Fixed 4.471.06%
Merrill Lynch Tri Party E Repo1.06%
Norinchukin Bk New York Brh In ZCP11/20261.06%
Norinchukin Bk New York Brh In 11/26 Fixed 3.931.06%
Mufg Bk Ltd1.06%
Chesham Fnc/ Chesh Llc1.06%
Aquitaine Fdg Co Llc1.06%
Verto Cap I Compartment E Disc 11/26 Zcp1.06%
Hqla Fdg Llc Ser Champlain Ser1.06%
Helvetica Fdg Co Llc Disc Coml 12/26 Zcp1.05%
Brigantine Fdg Co Llc Disc Com 12/26 Zcp1.05%
Ing Bk NV Disc Coml Paper1.05%
Svenska Handlsbnkn A1.05%
Tokeneke Fdg Co Llc Disc Coml 03/27 Zcp1.04%
Westpac Banking Corp.1.04%
Citibank Na N Y Brh Instl0.91%
Bnp Paribas Ny Branch 12/26 Fixed 4.00.91%
Skandin Ens Banken AG0.87%
Svenska Handelsbanken Ab 05/27 Var0.76%
Aquitaine Fdg 12/26 Var0.76%
Dnb Bk Asa New York 11/26 Fixed 3.920.76%
BANQUE NATIONALE DU CANADA TD - 05Nov260.76%
Jpm Clearing Corp Tri Party E0.76%
Citigroup Tri Party E Repo0.76%
Nordea Bk Ab Publ0.76%
Compo Fdg Co Llc 11/26 Zcp0.76%
Bank of America0.75%

Weight gaps

ICSH and MMK share no securities.

All 251 ICSH holdings⁠All 45 MMK 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.

ICSH vs MMK Cost

Overpaying MMK vs ICSH

$2,060

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

ICSH 0.08%
$1,689
MMK 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
MMK 0.18%
Overpaying

Year by year

Year	ICSH	MMK	Overpaying
10	$147	$328	$181
20	$575	$1,281	$706
30	$1,689	$3,749	$2,060

Expense ratio

0.08%ICSH, cheaper
0.18%MMK

ICSH0.08%MMK0.18%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

MMK 36th cheapest of 78 funds

ICSH vs MMK Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%; MMK No data
Payout (12M): ICSH $2.08; MMK No data
Last payment: ICSH $0.17; MMK $0.31
Ex-dividend: ICSH Oct 1, 2026; MMK Oct 1, 2026
Paid on: ICSH Oct 6, 2026; MMK Oct 6, 2026
Frequency: ICSH Monthly; MMK Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 45 paymentsAll ICSH payments⁠

MMKMonthly · 8 paymentsAll MMK payments⁠

ICSH vs MMK Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%MMK No data
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87MMK No data
Worst fallMax drawdown, 5 years: ICSH −0.7%MMK No data
Market sensitivityBeta, 5 years: ICSH 0.04MMK −0.004; Market = 1

ICSH and MMK in the news

All news⁠

ETF Filings
State Street's $29 million prime money market ETF trades with a floating NAV
Sep 10, 2026MMK

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ICSH vs MMK

In short

Stated mandate

Why people hold it

Worth knowing

How ICSH and MMK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICSH

Only in MMK

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

State Street's $29 million prime money market ETF trades with a floating NAV

How ICSH and MMK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICSH

Only in MMK

Weight gaps