Opacity keyframes not working

Issue – As soon as I add keyframes for opacity to fade a clip out, the clip immidiately goes to the lowest opacity keyframe value.

Steps to reproduce – Set the start keyframe on the clip. Set the end keyframe.

Expected result – Clip fades 

Actual result – Entire clip plays at the end keyframe opacity level, no fade.

Screen recording – Attached

Adobe Premiere Pro version – Version 26.1.0 BETA (Build 12)

Operating system – macOS Tahoe 26.2

GPU driver version (Windows only) – N/A

Video format – N/A

Comparative information helps us understand more about when the issue occurs: 

• This is the first time I am experiencing this issue, right at the end of my project.