With one-year returns of 9.2 per cent and three-year returns of 9.35 per cent, the fund is a middle-of-the-roader in the category when seen purely in terms of returns. On a three-year basis, the returns put it about 28 basis points ahead of the benchmark and 40 basis points ahead of the category.

ICICI Prudential Ultra Short Term Plan features a well-spread-out portfolio that is usually evenly split between sovereign instruments, commercial paper and corporate bonds. The fund occasionally owns AA or AA+ paper at 7 per cent or less weight in the portfolio. This makes for very limited credit risks. While the fund's credit profile is quite conservative, the fund does take on some duration risk as its average maturity hovered between 2.1 and 2.9 years in the last one year.

The expense ratio is at 0.58 per cent for the regular plan and 0.26 per cent for the direct plan, against the category averages of 0.93 and 0.38 per cent.