ICSH vs PULS: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

PGIM Ultra Short Bond ETF

PULSANYSE Arca

Overlap

No data

Expense ratio

ICSH −0.07pt a year

ICSH0.08%PULS0.15%

Avg volume · 30D

PULS 1.8×the volume

ICSH1.64MPULS3.03M

5Y return · a year

PULS +0.4pt

ICSH+4.0%PULS+4.4%

ICSH vs PULS Performance

Nov 2, 2021 – Nov 2, 2026

+21.4%ICSH+24.2%PULS

Expense ratio: ICSH 0.08%, better; PULS 0.15%
Fund size: ICSH $8.97B; PULS $19.6B
1Y total return: ICSH +3.7%; PULS +4.1%, better
Yield (12M): ICSH 4.50%; PULS 4.76%, better
Holdings: ICSH 408; PULS 846
Avg volume (30D): ICSH 1.64M sh; PULS 3.03M sh, better
NAV per share: ICSH $50.47; PULS $49.46
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, PULS, with each pillar’s weight
Pillar	ICSH	PULS
Cost30% weight	A89Higher	B66
Mission25% weight	A100	A100
Risk15% weight	C50	B64Higher
Tradability15% weight	A76	A78Higher
Holdings10% weight	A95Higher	A80
Durability5% weight	A90Higher	A86

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and PULS 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 PULS 8th 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 82
Rank 8ABILState Street SPDR Bloomberg 1-3 Month T-Bill ETFScore 78
Rank 8APULSPGIM Ultra Short Bond ETFScore 78
Rank 10AGBILGoldman Sachs Access Treasury 0-1 Year ETFScore 77

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

PULSAPGIM Ultra Short Bond 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.

PULS The active pick in a cash-parking aisle stocked with index trackers. PGIM's desk hand-selects short investment-grade fixed, floating and variable-rate debt, charges 0.15% a year, and pays monthly.

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.

PULS Seeks total return from current income and capital appreciation, consistent with preservation of capital. It primarily invests in investment-grade, U.S.-dollar-denominated short-term fixed, variable, and floating-rate debt instruments.

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.

PULS Actively run, not index-bound: managers choose among investment-grade, dollar-denominated short-term fixed, variable and floating-rate debt, measured against the ICE BofA US 3-Month Treasury Bill Index.
0.15% a year puts active management at the same price as index-run ultra-short rivals like SHV and DUSB, and below the cohort's typical fee.
A multi-billion-dollar fund that trades actively, which matters when the job is parking cash you may want back quickly.
Monthly distributions and a spread of roughly 500 positions, running since its 2018 launch.

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.

PULS This is corporate-style credit, not Treasuries. A pure T-bill fund like SHV skips the credit risk that comes with investment-grade paper.
Preserving capital is a stated aim, not a promise. It's an ETF, so the share price floats with rates and credit conditions.
No index to hold it to. Results ride on the manager's calls against a 3-month T-bill yardstick, for better or worse.

Full ICSH profile⁠

Full PULS profile⁠

ICSH vs PULS Holdings

How ICSH and PULS differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector13 Sectors0.0%
Countryby domicile84.5%
Asset classFixed Income100%

Sector

Sector weights in ICSH and PULS, widest gap first
Sector	More in ICSHMore in PULS	ICSH	PULS
Corporate	PULS +51.0 points	0.0%	51.0%
Securitized	PULS +48.8 points	0.0%	48.8%
Financial Company Commercial Paper	ICSH +25.1 points	25.1%	0.0%
Floating Rate	ICSH +17.9 points	17.9%	0.0%
Certificate of Deposit	ICSH +15.7 points	15.7%	0.0%
Tri-Party Repo	ICSH +10.4 points	10.4%	0.0%
Commercial Paper	ICSH +10.1 points	10.1%	0.0%
Asset Backed Commercial Paper	ICSH +9.2 points	9.2%	0.0%
Insurance Company Funding Agreement	ICSH +8.1 points	8.1%	0.0%
U.S. Treasury Debt	ICSH +3.1 points	3.1%	0.0%
Municipal Debt	ICSH +0.4 points	0.4%	0.0%
Government	PULS +0.2 points	0.0%	0.2%
Investment Company	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in ICSH and PULS, widest gap first
Country	More in ICSHMore in PULS	ICSH	PULS
Kuwait	PULS +13.6 points	0.4%	14.0%
New Zealand	ICSH +2.6 points	2.6%	0.0%
Sweden	ICSH +2.5 points	3.1%	0.6%
Australia	ICSH +2.1 points	3.1%	1.0%
United States	ICSH +2.1 points	75.4%	73.3%
United Kingdom	ICSH +1.9 points	3.3%	1.4%
Canada	PULS +1.3 points	4.5%	5.8%
Luxembourg	ICSH +1.3 points	1.3%	0.0%
Other countries (10)	ICSH +2.5 points	6.4%	3.9%

Outside the US: ICSH 98% developed, 2% emerging. PULS 46% developed, 54% emerging.

Concentration

Weight in the 10 largest Holdings

ICSH10.0%
PULS7.7%

Securities held

ICSH407
PULS683

Asset class

ICSH: Fixed Income
PULS: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 407 securities, PULS 683.

All 251 ICSH holdings⁠All 532 PULS 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 PULS Cost

Overpaying PULS vs ICSH

$1,448

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

ICSH 0.08%
$1,689
PULS 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
PULS 0.15%
Overpaying

Year by year

Year	ICSH	PULS	Overpaying
10	$147	$274	$127
20	$575	$1,071	$496
30	$1,689	$3,137	$1,448

Expense ratio

0.08%ICSH, cheaper
0.15%PULS

ICSH0.08%PULS0.15%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

PULS 23rd cheapest of 78 funds

ICSH vs PULS Dividends

Last 12 months to Nov 2, 2026

Yield (12M): ICSH 4.50%; PULS 4.76%, better
Payout (12M): ICSH $2.26; PULS $2.35
Last payment: ICSH $0.18; PULS $0.18
Ex-dividend: ICSH Nov 2, 2026; PULS Oct 30, 2026
Paid on: ICSH Pays Nov 5, 2026; PULS Pays Nov 3, 2026
Frequency: ICSH Monthly; PULS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 46 paymentsAll ICSH payments⁠

PULSMonthly · 46 paymentsAll PULS payments⁠

ICSH vs PULS Risk

Fall from peak · 5 years

ICSH
PULS

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%PULS 0.4%
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87PULS 2.06, better
Worst fallMax drawdown, 5 years: ICSH −0.7%, betterPULS −0.8%
Market sensitivityBeta, 5 years: ICSH 0.04PULS 0.03; Market = 1

ICSH and PULS in the news

All news⁠

Best ETFs
T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%
Updated Nov 2, 2026PULS

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ICSH vs PULS

In short

Stated mandate

Why people hold it

Worth knowing

How ICSH and PULS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

T-bill ETFs: Vanguard’s VBIL undercuts SGOV, BIL and CLIP at 0.06%

How ICSH and PULS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings