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Launched · SEC filings

ClearShares Ultra-Short Maturity ETF

OPERNYSE ArcaClearSharesC

$100.08−0.04 (−0.04%)

As of Nov 2, 2026, 3:57 PM ET

C54/ 100

Rank 54 of 78 in Cash & Ultra-Short Income

C54/100Rank 54 of 78inCash & Ultra-Short Income
Intraday session: down, 78 prints from 100.12 to 100.08. Range 100.06 to 100.12. Use the arrow keys to read each point.100.06100.07100.09100.10100.1110 AM12 PM2 PM4 PM
Expense ratio
0.20%
Fund size
$113M
1Y total return
+3.9%
Yield · Last 12 months
3.72%
Holdings
6
Avg volume · 30D
6.52K sh
52W range
low $99.88high $100.44
Launched
Filings
SEC EDGAR

The ETF.net OPER Grade

C

Score 54 out of 100

Category
Cash & Ultra-Short Income⁠
Rank
54 of 78
Six-pillar profile for OPER. Scores out of 100: Cost 38, Risk 56, Mission 100, Tradability 34, Holdings 32, Durability 36. Strongest: Mission (100). Weakest: Holdings (32). Leans toward Mission.

Score 54 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D38 out of 100
    Rank 42 of 78

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 67

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B56 out of 100
    Rank 18 of 75

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D34 out of 100
    Rank 57 of 78

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D32 out of 100
    Rank 71 of 77

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D36 out of 100
    Rank 58 of 78

Our read on OPER

ETF.net Research

In short

CMost cash-parking ETFs buy T-bills. OPER goes upstream into the overnight repo market, lending against U.S. government collateral, the same plumbing money funds run on. Actively managed, pays monthly, trading since 2018.

Stated mandate

The Fund seeks current income. It is actively managed and primarily invests in repurchase agreements collateralized by U.S. government securities, with lesser investments in individual fixed-income instruments.

Why people hold it

  • Built around repurchase agreements collateralized by U.S. government securities, so the income comes from short-term funding markets rather than from reaching down the credit ladder.
  • Narrow mandate, faithfully executed: what the prospectus describes is what the portfolio holds, one of the tightest mandate-to-portfolio matches in the cash-alternative group.
  • Distributions land monthly, which fits how a cash sleeve actually gets used. Live since 2018, so it has operated through both near-zero and high short-term rate environments.

Worth knowing

  • The 0.20% expense ratio sits mid-aisle. ICSH charges 0.08% and JPST 0.18%, so the repo-first approach costs a little more than the cheapest cash parkers.
  • It trades lightly next to the category's household names, so the spread at the moment of the trade matters more here than with the most heavily traded peers.
  • Small asset base compared with the multi-billion-dollar funds in this corner, and it is an active ETF, not a money market fund, so the share price floats.

OPER Holdings

Holdings pillarD32 out of 100Rank 71 of 77 in Cash & Ultra-Short Income
Asset class
Bonds
Holdings
6
Top-10 weight
100%
Largest holding
OPER11052644.4%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1OPER110526Oper Repo 11/05/26 4.14% 11/05/202644.41%50,000,000$50M1
2OPER110226Oper Repo 11/02/26 4.13% 11/02/202644.41%50,000,000$50M1
3OPER110226-1Oper Repo 11/02/26 3.96% 11/02/20266.66%7,500,000$7.5M1
4OPER110226-2Oper Repo 11/02/26 3.96% 11/02/20264.44%5,000,000$5M1
5FGXXXFirst American Government Obligations Fund 12/01/20.04%49,206$49.2K86
6No dataCash & Other0.03%33,496$33.5K609

Showing 1–6 of 6 holdings

OPER Performance

Launched Jul 10, 2018

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
OPER$10,387
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. OPER $10,387. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for OPER. Periods over one year show the average yearly return.
PeriodOPER
Year to date+3.2%
1 month+0.3%
3 months+1.0%
1 year+3.9%
3 yearsper year+4.6%
5 yearsper year+4.0%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for OPER
YearReturn barOPER
2026 YTD+3.2%
2025+4.4%
2024+5.3%
2023+5.1%
2022+1.8%
2021+0.4%
2020+0.7%

OPER in the news

OPER Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
3.72%Last 12 months
Payout per share
$3.72Last 12 months
Last payment
$0.32 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution history

2023–2026

One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 27, 2023 $0.29; Feb 24, 2023 $0.35; Mar 29, 2023 $0.39; Apr 26, 2023 $0.38; May 26, 2023 $0.40; Jun 28, 2023 $0.35; Jul 27, 2023 $0.42; Aug 29, 2023 $0.47; Sep 27, 2023 $0.54; Oct 27, 2023 $0.44; Nov 28, 2023 $0.46; Dec 26, 2023 $0.54; Jan 29, 2024 $0.38; Feb 27, 2024 $0.47; Mar 26, 2024 $0.40; Apr 26, 2024 $0.45; May 30, 2024 $0.50; Jun 27, 2024 $0.37; Jul 30, 2024 $0.45; Aug 29, 2024 $0.45; Sep 27, 2024 $0.45; Oct 30, 2024 $0.45; Nov 27, 2024 $0.38; Dec 30, 2024 $0.46; Jan 30, 2025 $0.32; Feb 27, 2025 $0.34; Mar 28, 2025 $0.36; Apr 29, 2025 $0.38; May 29, 2025 $0.33; Jun 27, 2025 $0.31; Jul 30, 2025 $0.40; Aug 28, 2025 $0.38; Sep 29, 2025 $0.45; Oct 30, 2025 $0.38; Nov 26, 2025 $0.35; Dec 30, 2025 $0.32; Jan 29, 2026 $0.28; Feb 26, 2026 $0.27; Mar 30, 2026 $0.30; Apr 29, 2026 $0.33; May 28, 2026 $0.32; Jun 29, 2026 $0.25; Jul 30, 2026 $0.35; Aug 28, 2026 $0.28; Sep 29, 2026 $0.35; Oct 29, 2026 $0.32. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Oct 29, 2026Oct 30, 2026$0.32
Sep 29, 2026Sep 30, 2026$0.35
Aug 28, 2026Aug 31, 2026$0.28
Jul 30, 2026Jul 31, 2026$0.35
Jun 29, 2026Jun 30, 2026$0.25
May 28, 2026May 29, 2026$0.32
Apr 29, 2026Apr 30, 2026$0.33
Mar 30, 2026Mar 31, 2026$0.30
Feb 26, 2026Feb 27, 2026$0.27
Jan 29, 2026Jan 30, 2026$0.28
Dec 30, 2025Dec 31, 2025$0.32
Nov 26, 2025Nov 28, 2025$0.35

See all 91 payments⁠

$10,000 in OPER 5 years ago paid $1,940 in dividends.⁠

OPER Risk

Risk pillarB56 out of 100Rank 18 of 75 in Cash & Ultra-Short Income
How much the fund’s monthly returns vary, scaled to a year.
0.2%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.22
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−0.1%
Trough Feb 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.00003
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

OPER Cost

Compare OPER and XHLF

Overpaying vs XHLF, tied cheapest in Cash & Ultra-Short Income

$3,517

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

  • OPER 0.20%

    $4,155

  • XHLF 0.03% Tied cheapest

    $638

$10,000
30 years

Cost over time

  • OPER 0.20%
  • XHLF 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530OPER $4,155XHLF $638

Year by year

YearOPERXHLFOverpaying
10$365$55$310
20$1,421$216$1,205
30$4,155$638$3,517

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