ICSH vs OPER: Grades, Fees and Holdings Compared

iShares Ultra Short Duration Bond Active ETF

ICSHACboe

ClearShares Ultra-Short Maturity ETF

OPERCNYSE Arca

Overlap

No data

Expense ratio

ICSH −0.12pt a year

ICSH0.08%OPER0.20%

Avg volume · 30D

ICSH 252.5×the volume

ICSH1.64MOPER6.52K

5Y return · a year

OPER +0.1pt

ICSH+3.9%OPER+4.0%

ICSH vs OPER Performance

Oct 29, 2021 – Oct 30, 2026

+21.3%ICSH+21.4%OPER

Expense ratio: ICSH 0.08%, better; OPER 0.20%
Fund size: ICSH $8.97B; OPER $113M
1Y total return: ICSH +3.6%; OPER +3.9%, better
Yield (12M): ICSH 4.13%, better; OPER 3.72%
Holdings: ICSH 408; OPER 6
Avg volume (30D): ICSH 1.64M sh, better; OPER 6.52K sh
NAV per share: ICSH $50.47; OPER $100.07
52W range

ETF.net Grade

Pillar letters and Scores for ICSH, OPER, with each pillar’s weight
Pillar	ICSH	OPER
Cost30% weight	A89Higher	D38
Mission25% weight	A100	A100
Risk15% weight	C53	B56Higher
Tradability15% weight	A76Higher	D34
Holdings10% weight	A95Higher	D32
Durability5% weight	A90Higher	D36

Rank among Cash & Ultra-Short Income funds

How we build Categories ›

Same Category. ICSH and OPER 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 OPER 54th 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 54CFLDBFidelity Low Duration Bond ETFScore 54
Rank 54COPERClearShares Ultra-Short Maturity ETFScore 54
Rank 54CTUSITouchstone Ultra Short Income ETFScore 54

Our read on each fund

ETF.net Research

ICSHAiShares Ultra Short Duration Bond Active ETF

OPERCClearShares Ultra-Short Maturity 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.

OPER Most 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

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.

OPER 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

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.

OPER 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

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.

OPER 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.

Full ICSH profile⁠

Full OPER profile⁠

ICSH vs OPER Holdings

How ICSH and OPER differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile75.4%
Asset classFixed Income100%

Sector

No Sector split for OPER.

Country, concentration and asset class

Country by domicile

Country weights in ICSH and OPER, widest gap first
Country	More in ICSHMore in OPER	ICSH	OPER
United States	OPER +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%
OPER100.0%

Securities held

ICSH407
OPER5

Asset class

ICSH: Fixed Income
OPER: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ICSH holds 407 securities, OPER 5.

All 251 ICSH holdings⁠All 6 OPER 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 OPER Cost

Overpaying OPER vs ICSH

$2,466

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

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

Amount$10,000

Years30 years

Cost over time

ICSH 0.08%
OPER 0.20%
Overpaying

Year by year

Year	ICSH	OPER	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%OPER

ICSH0.08%OPER0.20%

0.03%1.00%

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

ICSH 10th cheapest of 78 funds

OPER 45th cheapest of 78 funds

ICSH vs OPER Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICSH 4.13%, better; OPER 3.72%
Payout (12M): ICSH $2.08; OPER $3.72
Last payment: ICSH $0.17; OPER $0.32
Ex-dividend: ICSH Oct 1, 2026; OPER Oct 29, 2026
Paid on: ICSH Oct 6, 2026; OPER Oct 30, 2026
Frequency: ICSH Monthly; OPER Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICSHMonthly · 45 paymentsAll ICSH payments⁠

OPERMonthly · 46 paymentsAll OPER payments⁠

ICSH vs OPER Risk

Fall from peak · 5 years

ICSH
OPER

Risk facts

VolatilityStd dev, 3 years: ICSH 0.4%OPER 0.2%, better
Return per unit of riskSharpe ratio, 3 years: ICSH 0.87, betterOPER 0.22
Worst fallMax drawdown, 5 years: ICSH −0.7%OPER −0.1%, better
Market sensitivityBeta, 5 years: ICSH 0.04OPER −0.00003; Market = 1

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