At a glance
OPER charges 0.2% a year. It has $115.1M in assets; it paid 3.77% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.8% with distributions reinvested; over three years it returned +4.6% a year. At its worst it fell 0.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The short version
ClearShares Ultra-Short Maturity ETF (OPER) is an actively managed bond ETF. It mostly makes very short loans to banks and dealers, called repurchase agreements, which are backed by U.S. government securities. Its price barely moves: its deepest drop in price data since June 2020 was 0.1%. The trade-off is that its income follows short-term interest rates, so payouts shrink when rates fall. It costs 0.20% a year.
Price history
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OPER +3.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| OPER official prospectus, to Dec 31, 2025 | — | +4.38% | — | +3.36% | — | +2.74% |
| OPER price data to Oct 27, 2026 | +3.0% | +3.8% | +4.6% | +3.9% | — | +3.1% |
- Over the year to Oct 27, 2026, OPER returned +3.8%.
- Its 5-year annualized return was +3.9%.
- Its worst full calendar year was 2021 (+0.4%); its best was 2024 (+5.3%).
- The deepest fall in its price history was 0.1% (Feb 24, 2022 to Feb 28, 2022), recovered by May 12, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.0% | — |
| 2025 | +4.4% | +4.38% |
| 2024 | +5.3% | +5.31% |
| 2023 | +5.1% | +5.11% |
| 2022 | +1.8% | +1.74% |
| 2021 | +0.4% | +0.37% |
| 2020 | — | +0.65% |
| 2019 | — | +2.15% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.9% over that stretch · deepest drop along the way 0.1% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.7300 | |
| 2025 | $4.3200 | -17.1% |
| 2024 | $5.2100 | +3.6% |
| 2023 | $5.0300 | +192.4% |
| 2022 | $1.7200 | +364.9% |
| 2021 | $0.3700 |
What's inside
As of Aug 31, 2026, the fund held 4 securities; the ten largest made up 99.97% of assets.
| Holding | Weight | |
|---|---|---|
| OPER REPO 9/08/26 3.86% RA | 43.44% | |
| OPER REPO 9/03/26 3.86% RA | 43.44% | |
| OPER REPO 9/01/26 3.70% RA | 8.76% | |
| OPER REPO 9/01/26 3.70% RA | 4.34% |
By country
United States 99.97%By asset type
RA 99.97%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.30%, +0.31%, +0.31%.
How it works
OPER does not track an index. Managers at ClearShares LLC aim for current income, mainly through repurchase agreements, or "repos." In a repo, the fund buys a security, such as a Treasury, from a bank, broker or dealer. The seller agrees to buy it back at a set price on a set date, normally the next business day. The collateral is generally worth more than the repo and is held by the fund's custodian, so a repo works like a short loan secured by government bonds.
As of Aug. 31, 2026, the fund's $115.1 million in net assets sat almost entirely in four repo positions. Two made up about 43.4% each, paid 3.86% and were due Sept. 3 and Sept. 8, 2026. Two smaller ones, about 8.8% and 4.3%, paid 3.70% and were due Sept. 1. Because the repos mature within days, the managers keep rolling the money into new ones, so the fund's yield resets with short-term rates.
The fund may also hold Treasuries, agency bonds, government-backed mortgage securities, other funds and cash. Its effective duration, a measure of how much prices react to rate changes, is capped at one year, and its average maturity stays under one year. Up to 15% of assets may be illiquid. It is not a money market fund and does not aim for a stable $1.00 share price.
What it really costs
- OPER charges 0.2% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OPER | $20 | $64 | $113 | $255 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
OPER holds very short, government-collateralized repos, so its price has barely moved, but it offers little growth.
OPER may serve as a place to hold cash a retiree expects to spend soon. During the 2022 bear market it gained 0.9%. Its deepest drop, 0.1% in late February 2022, was recovered by May 12, 2022. Its weakest calendar year was 2021, when it rose 0.37%. The fund launched after 2008, and its price data starts after the 2020 crash, though the prospectus shows a 0.65% gain for 2020. So far, selling in a bad year has not meant taking a deep loss. It pays monthly, with a trailing yield of 3.77% as of Oct. 27, 2026, and costs 0.20% a year.
The catch: income falls when short-term rates fall, as the returns under 1% in 2020 and 2021 show, and the fund offers no growth to outpace inflation. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors holding cash for near-term spending who want monthly income tied to short-term rates; the trailing yield was 3.77% as of Oct. 27, 2026.
- People who want very little price movement: one-year volatility was about 0.3%, and the deepest drop since June 2020 was 0.1%.
- Investors who want government-collateralized repos instead of longer bonds, at 0.20% a year, or $20 on $10,000 in the SEC example.
Look elsewhere if
- Investors who need a fixed $1.00 share price; OPER is not a money market fund, and its price can dip slightly.
- Anyone counting on steady income when rates fall; the fund returned just 0.65% in 2020 and 0.37% in 2021.
- Investors seeking growth or inflation protection; OPER earns only short-term interest and is a small fund, with $115.1 million in net assets.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is OPER a money market fund?
No. The prospectus states that OPER is not a money market fund and does not try to keep a stable $1.00 share price. It is an ETF listed on NYSE Arca, so its price moves with the value of its holdings and with supply and demand. It can trade at a small premium or discount to its net asset value. Money market funds follow separate rules. OPER mainly holds repurchase agreements backed by U.S. government securities.
Does OPER pay monthly dividends?
Yes. OPER pays income monthly. Over the trailing 12 months it paid $3.78 per share, a 3.77% yield as of Oct. 27, 2026. That income comes from interest on short repurchase agreements, which mature within days, so payouts rise and fall with short-term interest rates. When rates were very low, the fund returned 0.65% in 2020 and 0.37% in 2021, according to its prospectus.
How risky is OPER?
Its price risk has been very low, but not zero. In price data since June 2020, its deepest drop was 0.1%, from Feb. 24 to Feb. 28, 2022, and it had recovered by May 12, 2022. Its weakest quarter was a 0.07% gain in early 2022. Risks include a repo seller failing to buy back securities, which would leave the fund relying on the collateral, as well as credit risk and shares trading at prices away from net asset value.
What does OPER invest in?
Mostly repurchase agreements: short loans to banks, brokers or dealers backed by U.S. government securities that the fund's custodian holds. As of Aug. 31, 2026, four repo positions made up 99.97% of assets. Two of about 43.4% each paid 3.86% and were due Sept. 3 and Sept. 8, 2026. Two at 3.70%, about 8.8% and 4.3%, were due Sept. 1. The fund may also hold Treasuries, agency bonds and government-backed mortgage securities.
What is OPER's expense ratio?
OPER's expense ratio is 0.20% a year, all of it a management fee, with no fee waiver, according to the prospectus filed Sept. 25, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $20 after one year, $64 after three, $113 after five and $255 after ten. Because the fund earns only short-term interest, the fee takes a bigger share of returns when rates are low.