ICSH vs PMMF: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

iShares Prime Money Market ETF

PMMFBNYSE

Overlap

3.6%by weight

Expense ratio

ICSH −0.12pt a year

ICSH0.08%PMMF0.20%

Avg volume · 30D

ICSH 10.9×the volume

ICSH1.64MPMMF150K

ICSH vs PMMF Performance

Oct 31, 2025 – Oct 30, 2026

+3.6%ICSH+2.7%PMMF

Expense ratio: ICSH 0.08%, better; PMMF 0.20%
Fund size: ICSH $8.97B; PMMF $796M
1Y total return: ICSH +3.6%, better; PMMF +2.7%
Yield (12M): ICSH 4.13%, better; PMMF 4.08%
Holdings: ICSH 408; PMMF 249
Avg volume (30D): ICSH 1.64M sh, better; PMMF 150K sh
NAV per share: ICSH $50.47; PMMF $100.28
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, PMMF, with each pillar’s weight
Pillar	ICSH	PMMF
Cost30% weight	A89Higher	D38
Mission25% weight	A100Higher	B69
Risk15% weight	C53	B68Higher
Tradability15% weight	A76Higher	A73
Holdings10% weight	A95Higher	C48
Durability5% weight	A90Higher	B66

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and PMMF 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 PMMF 44th 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 44BCSHPiShares Dynamic Short-Term Active ETFScore 57
Rank 44BPMMFiShares Prime Money Market ETFScore 57
Rank 46BGMMFiShares Government Money Market ETFScore 56

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

PMMFBiShares 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.

PMMF Money market discipline in an ETF shell. PMMF runs a short-term credit portfolio under the SEC's strict Rule 2a-7 money fund rules, pays income monthly, and trades on an exchange during the day.

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.

PMMF The fund seeks current income consistent with liquidity and principal stability while providing intraday trading flexibility.

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.

PMMF Held to Rule 2a-7, the SEC's money market rulebook, for credit quality, maturity and liquidity, with daily portfolio disclosure.blackrock.com
Prime, not government-only. It buys short-term corporate credit instead of sticking to Treasury and agency paper, spread across roughly 120 positions.blackrock.com
What it holds lines up with what it promises: current income with liquidity and principal stability, plus intraday trading. Monthly distributions.
The 0.20% fee sits right at the median for cash-alternative funds, so the ETF wrapper doesn't carry a novelty premium.

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.

PMMF Cheaper parking spots exist: ICSH at 0.08% and JPST at 0.18%. Both are ultra-short bond funds, though, not 2a-7 money market funds.
Shares change hands at a market price driven by supply and demand as well as NAV, which is a different experience from a traditional money fund account.dividend.com
Prime paper carries issuer credit risk that Treasury-only cash funds sidestep. Launched in 2025, so its record is still short.blackrock.com

Full ICSH profile⁠

Full PMMF profile⁠

ICSH vs PMMF Holdings

How ICSH and PMMF differ

Overlap by weight

3.6%

Shared holdings make up 29.5% of PMMF and 3.6% of ICSH.

Level by level

Asset classFixed Income, Cash0.0%
Holdings4 in both3.6%
Sector12 Sectors41.5%
Countryby domicile89.3%

Sector

Sector weights in ICSH and PMMF, widest gap first
Sector	More in ICSHMore in PMMF	ICSH	PMMF
U.S. Government Agency Repurchase Agreement	PMMF +35.0 points	0.0%	35.0%
Certificate of Deposit	PMMF +18.8 points	15.7%	34.5%
Floating Rate	ICSH +17.4 points	17.9%	0.5%
Financial Company Commercial Paper	ICSH +16.2 points	25.1%	8.9%
Insurance Company Funding Agreement	ICSH +8.1 points	8.1%	0.0%
Commercial Paper	ICSH +7.6 points	10.1%	2.5%
Tri-Party Repo	ICSH +5.7 points	10.4%	4.7%
Repos	PMMF +3.4 points	0.0%	3.4%
U.S. Treasury Debt	ICSH +3.1 points	3.1%	0.0%
Asset Backed Commercial Paper	PMMF +1.4 points	9.2%	10.6%
Municipal Debt	ICSH +0.4 points	0.4%	0.0%
Investment Company	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in ICSH and PMMF, widest gap first
Country	More in ICSHMore in PMMF	ICSH	PMMF
United States	PMMF +3.7 points	75.4%	79.1%
Sweden	ICSH +3.1 points	3.1%	0.0%
New Zealand	ICSH +2.6 points	2.6%	0.0%
Kuwait	PMMF +2.4 points	0.4%	2.8%
Australia	ICSH +1.4 points	3.1%	1.7%
Luxembourg	ICSH +1.3 points	1.3%	0.0%
Japan	PMMF +1.1 points	1.4%	2.5%
Spain	ICSH +0.9 points	1.0%	0.1%
Other countries (12)	PMMF +2.0 points	11.8%	13.8%

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

Concentration

Weight in the 10 largest Holdings

ICSH10.0%
PMMF46.6%

Securities held

ICSH407
PMMF82

Asset class

ICSH: Fixed Income
PMMF: Cash

Holdings

Only in ICSH403
In both4
Only in PMMF78

Only in ICSH

403 securities, 97.2% of ICSH by weight

Tri-Party Mizuho Securities Usa Ll1.52%
Tri-Party Citigroup Global Markets1.35%
Commerzbank AG (New York Branch) 06/23/20270.93%
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%
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%
Lloyds Bank Corporate Markets PLC 05/14/20270.47%
HAROT_26-2 A2A 4.11% 12/15/20280.46%
Dz Bank AG (New York Branch) 04/06/20270.45%
National Bank of Canada 144A 06/14/20270.45%

Only in PMMF

78 securities, 70.8% of PMMF by weight

Tri-Party J.p. Morgan Securities L13.32%
Bank of America Na2.55%
Toronto-Dominion Bank (New York Br2.48%
Chesham Fin Ltd / Chesham Fin Llc 144A2.38%
Wells Fargo Bank Na2.34%
Sumitomo Mitsui Banking Corp (New2.14%
Canadian Imperial Bank of Commerce2.04%
Bnp Paribas (New York Branch)2.03%
Barclays Bank PLC (New York Branch1.90%
Bank of Nova Scotia (Houston Branc1.78%
Standard Chartered Bank (New York1.64%
Deutsche Bank AG (New York Branch)1.54%
Bank of Montreal (Chicago Branch)1.52%
Macquarie Bank Ltd 144A1.49%
National Bank of Kuwait (New York1.26%
First Abu Dhabi Bank Pjsc 144A1.26%
National Bank of Canada 144A1.26%
Saudi Arabian Oil Co 144A1.25%
Royal Bank of Canada (New York Bra1.03%
Credit Agricole Corporate and Inve1.02%
Banco Santander SA (New York Branc1.02%
Citibank Na1.01%
Verto Capital Comp E 144A1.01%
Oversea Chinese Banking Corporatio0.90%
Credit Industriel Et Commercial SA0.89%
Overwatch Alpha Funding 144A0.88%
Hqla Funding Llc Walden 144A0.87%
Hqla Funding Llc 144A0.75%
Washington Morgan Cap 144A0.63%
Nordea Bank Abp (New York Branch)0.63%
Royal Bank of Canada 144A0.63%
Bank of Montreal 144A0.63%
Ionic Funding Llc Series Ii Class0.63%
Verto Capital I 144A0.63%
Ubs AG (London Branch) 144A0.57%
Cooperatieve Rabobank Ua (New York0.51%
Natixis (New York Branch)0.51%
Overwatch Bravo Funding Llc 144A0.51%
Lloyds Bank PLC0.50%
Concord Minutemen Capital 144A0.50%
Treasury Bill0.50%
Societe Generale SA 144A0.50%
Ing Bank NV 144A0.49%
Athene Global Funding Mtn 144A0.49%
Lloyds Bank Corporate Markets PLC0.38%
Verto Capital I Co D 144A0.38%
St Lawrence Funding Llc 144A0.38%
Resolute Funding Co Llc 144A0.38%
Mizuho Bank Ltd (New York Branch)0.32%
Ubs AG (Stamford Branch)0.26%

Weight gaps

All 4 Holdings in both funds, largest gap first.

Holding weights in ICSH and PMMF, widest gap first
Holding	More in ICSHMore in PMMF	ICSH	PMMF
Tri-Party Bnp Paribas	PMMF +11.79 points	0.52%	12.31%
Tri-Party Wells Fargo Securities L	PMMF +6.06 points	1.00%	7.06%
Tri-Party Goldman Sachs & Co. Llc	PMMF +4.35 points	1.11%	5.46%
Tri-Party Bofa Securities Inc.	PMMF +3.80 points	0.91%	4.71%

All 251 ICSH holdings⁠All PMMF 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 PMMF Cost

Overpaying PMMF vs ICSH

$2,466

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

ICSH 0.08%
$1,689
PMMF 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
PMMF 0.20%
Overpaying

Year by year

Year	ICSH	PMMF	Overpaying
10	$147	$365	$218
20	$575	$1,421	$846
30	$1,689	$4,155	$2,466

Expense ratio

0.08%ICSH, cheaper
0.20%PMMF

ICSH0.08%PMMF0.20%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

PMMF 45th cheapest of 78 funds

ICSH vs PMMF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%, better; PMMF 4.08%
Payout (12M): ICSH $2.08; PMMF $4.09
Last payment: ICSH $0.17; PMMF $0.07
Ex-dividend: ICSH Oct 1, 2026; PMMF Oct 28, 2026
Paid on: ICSH Oct 6, 2026; PMMF Oct 29, 2026
Frequency: ICSH Monthly; PMMF Weekly

Distribution history

Per share, 2026, same scale for both

ICSHMonthly · 9 paymentsAll ICSH payments⁠

PMMFWeekly · 35 paymentsAll PMMF payments⁠

ICSH vs PMMF 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%PMMF 0.2%since Mar 2025
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87PMMF −0.63since Mar 2025
Worst fallMax drawdown, 5 years: ICSH −0.7%PMMF −0.1%since Feb 2025
Market sensitivityBeta, 5 years: ICSH 0.04PMMF −0.01; Market = 1

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