Shareholder Report
May 31, 2026
USD ($)
$ / shares
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
ClearShares OCIO ETF
|
$60
|
0.54%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Clearshares OCIO ETF (OCIO) posted solid performance throughout the year. Benefitting from strong equity performance, added alpha from the Options Overlay Stragey and strategically re-allocating assets when market trends changed. The Fund finished the year up over 21%, its best year on record.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(06/26/2017) |
|
ClearShares OCIO ETF NAV
|
21.19
|
7.50
|
8.12
|
|
ICE BofA US Broad Market Index
|
5.15
|
0.19
|
1.68
|
Visit https://www.clear-shares.com/ocio for more recent performance information.
KEY FUND STATISTICS (as of May 31, 2026)
|
Net Assets
|
$167,735,473
|
|
Number of Holdings
|
66
|
|
Net Advisory Fee
|
$894,567
|
|
Portfolio Turnover
|
72%
|
|
30-Day SEC Yield
|
1.66%
|
|
30-Day SEC Yield Unsubsidized
|
1.66%
|
WHAT DID THE FUND INVEST IN? (as of May 31, 2026)
|
Security Type
|
(%)*
|
|
Exchange Traded Funds
|
97.7%
|
|
Common Stocks
|
1.9%
|
|
Money Market Funds
|
0.5%
|
|
Cash & Other
|
0.0%
|
|
Written Options
|
-0.1%
|
|
Top 10 Issuers
|
(%)*
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
25.8%
|
|
Invesco QQQ Trust Series 1
|
7.1%
|
|
Vanguard FTSE Developed Markets ETF
|
5.7%
|
|
Vanguard Value ETF
|
5.6%
|
|
Vanguard Total Stock Market ETF
|
4.8%
|
|
State Street SPDR S&P 500 ETF Trust
|
4.7%
|
|
iShares Core S&P 500 ETF
|
4.6%
|
|
WisdomTree Floating Rate Treasury Fund
|
4.4%
|
|
Vanguard S&P 500 ETF
|
4.3%
|
|
iShares MSCI EAFE ETF
|
4.1%
|
|
Top Sectors
|
(%)*
|
|
Domestic Equity
|
51.7%
|
|
Global Equity
|
26.1%
|
|
Fixed Income
|
18.7%
|
|
Commodities
|
1.2%
|
|
Technology
|
1.0%
|
|
Communications
|
0.5%
|
|
Consumer, Cyclical
|
0.2%
|
|
Consumer, Non-Cyclical
|
0.1%
|
|
Energy
|
0.1%
|
|
Cash & Other
|
0.4%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
ClearShares Piton Intermediate Fixed Income ETF
|
$46
|
0.45%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Clearshares Piton Intermediate Fixed Income ETF (PIFI) enjoyed positive performance in the 12-month period ending 5/31/26. PIFI also outperformed broad fixed income indices, as short and intermediate maturities recorded higher total returns than longer duration bonds. Both government bonds and corporate debt performed well during the period. Interest rates saw large swings, as policies created uncertainty about controlling inflation. In 2025, the Fed paused their easing cycle, as fiscal policy stoked inflation fear. Our top-down approach and macro strategy will drive our approach to altering duration, sector rotation and credit quality as the year unfolds.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(10/01/2020) |
|
ClearShares Piton Intermediate Fixed Income ETF NAV
|
3.61
|
1.09
|
0.82
|
|
ICE BofA US Broad Market Index
|
5.15
|
0.19
|
-0.17
|
Visit https://www.clear-shares.com/pifi for more recent performance information.
KEY FUND STATISTICS (as of May 31, 2026)
|
Net Assets
|
$101,279,421
|
|
Number of Holdings
|
59
|
|
Net Advisory Fee
|
$475,392
|
|
Portfolio Turnover
|
23%
|
|
Average Credit Quality
|
AA/AA2
|
|
Effective Duration
|
3.90 years
|
|
30-Day SEC Yield
|
3.84%
|
|
30-Day SEC Yield Unsubsidized
|
3.84%
|
|
Weighted Average Maturity
|
4.56 Years
|
|
Weighted Average Life
|
3.87 Years
|
WHAT DID THE FUND INVEST IN? (as of May 31, 2026)
|
Security Type
|
(%)*
|
|
U.S. Treasury Securities
|
53.4%
|
|
Corporate Bonds
|
34.8%
|
|
U.S. Government Agency Issues
|
10.7%
|
|
Money Market Funds
|
0.2%
|
|
Cash & Other
|
0.9%
|
|
Top 10 Issuers
|
(%)*
|
|
United States Treasury Note/Bond
|
53.4%
|
|
Federal Home Loan Banks
|
2.9%
|
|
Federal Home Loan Mortgage Corp
|
2.4%
|
|
Resolution Funding Corp.
|
2.2%
|
|
Tennessee Valley Authority
|
1.8%
|
|
Lockheed Martin Corp.
|
1.6%
|
|
Bank of New York Mellon Corp.
|
1.6%
|
|
Chevron Corp.
|
1.6%
|
|
JPMorgan Chase & Co.
|
1.6%
|
|
Sysco Corp.
|
1.5%
|
|
Industry
|
(%)*
|
|
Government
|
64.1%
|
|
Financial
|
12.8%
|
|
Communications
|
5.4%
|
|
Consumer, Cyclical
|
5.0%
|
|
Consumer, Non-cyclical
|
4.7%
|
|
Industrial
|
2.9%
|
|
Energy
|
1.6%
|
|
Utilities
|
1.5%
|
|
Technology
|
0.9%
|
|
Cash & Other
|
1.1%
|
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
ClearShares Ultra-Short Maturity ETF
|
$20
|
0.20%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
The Clearshares Ultra-Short Maturity ETF (OPER) posted solid performance throughout the year. OPER tracked closely with FED Funds and the yield on treasury bills, as well as being able to take advantage of any dislocations in the institutional lending markets. Any change to FOMC policy is reflected immediately in the REPO market and,with the short duration of OPER, within several days. Given the nature of the ETF, there is no Yield Curve exposure and the share price remains stable, adding accrued interest throughout the month and distributing said interest at each month-end.
ANNUAL AVERAGE TOTAL RETURN (%)
|
|
1 Year
|
5 Year
|
Since Inception
(07/10/2018) |
|
ClearShares Ultra-Short Maturity ETF NAV
|
4.09
|
3.65
|
2.79
|
|
ICE BofA US Broad Market Index
|
5.15
|
0.19
|
2.02
|
Visit https://www.clear-shares.com/oper for more recent performance information.
KEY FUND STATISTICS (as of May 31, 2026)
|
Net Assets
|
$117,555,652
|
|
Number of Holdings
|
5
|
|
Net Advisory Fee
|
$247,245
|
|
Portfolio Turnover
|
-%
|
|
Effective Duration
|
0.01 years
|
|
30-Day SEC Yield
|
3.67%
|
|
30-Day SEC Yield Unsubsidized
|
3.67%
|
|
Weighted Average Maturity
|
3.55 Days
|
|
Average Credit Quality
|
AA+
|
|
Weighted Average Life
|
4.00 days
|
WHAT DID THE FUND INVEST IN? (as of May 31, 2026)
|
Security Type
|
(%)*
|
|
Repurchase Agreements
|
100.0%
|
|
Cash & Other
|
0.0%
|
|
Top 10 Issuers
|
(%)*
|
|
Cantor Fitzgerald & Co., 3.88%, 06/04/2026
|
42.5%
|
|
Cantor Fitzgerald & Co., 3.88%, 06/04/2026
|
42.5%
|
|
Marex Capital Markets Inc., 3.68%, 06/01/2026
|
6.4%
|
|
Buckler Securities LLC, 3.68%, 06/01/2026
|
4.3%
|
|
StoneX Financial, LLC, 3.68%, 06/01/2026
|
4.3%
|