ETF Evaluator:
ClearShares Ultra-Short Maturity ETF (OPER)
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(as of Sep 02)
Best Performing in Ultrashort Bond Over the Last Year
| 6.2% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 5.8% | Simplify Treasury Option Income ETF (BUCK) |
| 5.7% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.3% | iShares Interest Rt Hdg U.S. Aggt Bd ETF (AGRH) |
| 5.3% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
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ETF Details
ClearShares Ultra-Short Maturity ETF Overview
ClearShares Ultra-Short Maturity ETF (OPER) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). ClearShares launched the ETF in 2018.
The investment seeks current income.
The fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective primarily by investing in repurchase agreements collateralized by U.S. government securities. It is not a money market fund and does not seek to maintain a stable net asset value ("NAV") of $1.00 per share.
About ClearShares Ultra-Short Maturity ETF (OPER)
There are 2 members of the management team with an average tenure of 6.88 years: Frank Codey (2019) and James Fortescue (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: ICE BofA US Broad Market TR USD index with a weighting of 100%. ClearShares Ultra-Short Maturity ETF has 5 securities in its portfolio. The top 10 holdings constitute 0.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ClearShares Ultra-Short Maturity ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. ClearShares Ultra-Short Maturity ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ClearShares Ultra-Short Maturity ETF has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $105 million in total assets, which is below the $5 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
OPER Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ClearShares Ultra-Short Maturity ETF expense ratio is below average compared to funds in the Ultrashort Bond category. ClearShares Ultra-Short Maturity ETF has an expense ratio of 0.20%, which is 9% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ClearShares Ultra-Short Maturity ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 57% for the Ultrashort Bond category.
Recently, in the month of July 2026, ClearShares Ultra-Short Maturity ETF returned 0.3%, which earned it a grade of D, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ClearShares Ultra-Short Maturity ETF has a trailing yield of 3.98%, which is below the 4.07% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ClearShares Ultra-Short Maturity ETF Grades
Year to date, the ETF has returned 2.2%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 4.0% over the past year (grade of D), 4.7% over the past three years (grade of D) and 3.8% per year over the past five years (grade of C).
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OPER Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| OPER Return (NAV) | 0.3% | 0.9% | 4.0% | 4.7% | 3.8% | na |
| OPER Return (Price) | 0.3% | 1.0% | 4.0% | 4.7% | 3.8% | na |
| NAV +/- Price Return | -0.033% | -0.026% | -0.009% | -0.000% | -0.002% | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.2% | 5.2% | 3.9% | 3.0% |
| OPER Grade (NAV) | D | C | D | D | C | na |
| +/- Category (NAV) | 0.0% | -0.0% | -0.3% | -0.5% | -0.1% | na |
| OPER Tax-Cost Ratio | na | na | 1.6% | 1.9% | 1.5% | na |
OPER Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| OPER Return (NAV) | 2.2% | 4.4% | 5.3% | 5.1% | 1.7% | 0.4% | 0.7% | 2.2% | na | na | na |
| OPER Return (Price) | 2.2% | 4.4% | 5.3% | 5.1% | 1.8% | 0.4% | 0.6% | 2.2% | na | na | na |
| NAV +/- Price Ret | -0.005% | -0.002% | 0.005% | -0.004% | 0.014% | -0.006% | -0.003% | 0.0% | na | na | na |
| Ultrashort Bond Avg | 2.2% | 4.8% | 5.8% | 6.1% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| OPER Grade (NAV) | C | D | D | D | A | B | F | F | na | na | na |
| +/- Category | 0.0% | -0.5% | -0.5% | -0.9% | 1.3% | 0.1% | -0.8% | -1.5% | na | na | na |
| Risk Measures | |
| Beta: | 0.00 |
| R-Squared: | na |
| Standard Deviation: | 0.2% |
| Category Risk Index: | 0.31 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.02 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.0% |
| Total Assets: | $ 105 Mil |
| Share Class Assets: | $ 105 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.20% |
| Index Fund: | No |
| Index Tracked: | ICE BofA US Broad Market TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.1 years | |||
| Average Tenure: 6.9 years | |||
| Managers (Year): Codey Frank (2019), Fortescue James (2019) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 100.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ClearShares |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | July 10, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.20% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.22% |
