Clough Select Equity ETF (CBSE)
Fund Details
Portfolio
Performance
Premium / Discount
Fund Documents
As of (01/09/2026)

NAV:

$42.13

Market Price:

$42.16

Premium/(Discount):

0.06%

NAV 1-Day Change:

0.98%
Overview

Objective

The Clough Select Equity ETF (the “ETF”) seeks capital appreciation and lower volatility than the broader market.

Investment Strategy

The Clough Select Equity ETF is actively managed by Clough Capital Partners L.P. (“Clough Capital” or the “Adviser”). We seek to achieve the investment objective by purchasing securities we believe to have above-average financial characteristics, be undervalued and/or have growth potential. We identify securities to purchase for the ETF that are U.S.-listed companies of any market capitalization. The ETF’s positions are generally expected to be comprised of equity securities or depositary receipts including ADRs, EDRs and GDRs, so long as they trade on a U.S. exchange. We typically look to purchase securities of companies we believe will outperform the market over the course of an entire market cycle while maintaining overall portfolio volatility that is lower than that experienced by the broader market.

Research Process

We believe that attractive investment returns can be achieved when key, proprietary insights into industry or economic trends are discovered, and their significance understood, before they become obvious to other investors. Within this context, the investment process will focus on investing in a number of major global investment themes. Once attractive themes are identified, the Adviser generally utilizes a “bottom-up” research process to identify companies it believes are best positioned to benefit from those specific themes, as well as companies that the Adviser believes may be vulnerable considering these themes.

As of 11/30/2025, the ETF received a 4-star overall rating, a 5-star 3-year rating, and a 4-star 5-year rating based on risk adjusted returns out of 167, 167, and 151 funds, respectively, in the Global Small/Mid Stock Category. Ratings are determined monthly and subject to change. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Past performance does not guarantee future results.

Portfolio Manager

Vincent M. Lorusso, Jr.

President & Chief Executive Officer, Partner & Portfolio Manager

Vince Lorusso has been in the investment industry for over 25 years, including a prior tenure with Clough Capital from 2004 to 2020 when he served as a Research Analyst, Portfolio Manager & Partner. Prior to rejoining Clough Capital in 2023, Vince had been the President, CEO and Portfolio Manager of Changebridge Capital, LLC. Changebridge was co-founded by Vince in 2020 to provide actively managed strategies to investors in the ETF structure. Those ETFs are now advised by Clough Capital, with Vince remaining as Portfolio Manager of the ETFs, a role he has served since the inception of the two strategies.

Prior to joining Clough Capital, Vince held several roles from 1998 to 2004 at Natixis Asset Management, including Investor Representative, Project Manager and Senior Investment Consultant.

Vince serves as a member of the Investment Committee for Louisa May Alcott’s Orchard House, which serves as a historic museum in Concord, MA. Vince also serves on the Investment Committee for the Nashoba Brooks School. Vince holds BS in Finance & English and an MS in Finance, both from Boston College.

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Fund Details

As of (01/09/2026)
Ticker
CBSE
CUSIP
210322889
Shares Outstanding
950,000
Inception
11/13/2020
Net Assets
$40.02M
NAV
$42.13
Premium/(Discount) to NAV
0.06%
Market Price
$42.16
Median 30-Day Bid/Ask Spread info Median 30 Day Spread is a calculation of ETF median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the ETF national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
0.17%
Management Fee
0.85%
Distribution and/or Service (12b-1) Fees
0.00%
Acquired Fund Fees and Expenses
0.01%
Total Annual Fund Operating Expenses
0.86%
Benchmarks
Bloomberg World All-Cap Equal Weight TR Index (“World All-Cap Index”)
← Swipe to see additional data →

Portfolio

As of (01/12/2026)
Top 10 Long Equity Holdings
Holding Name
% of Net Assets
Warby Parker Inc
3.43%
RH
3.22%
TechnipFMC PLC
3.11%
Helmerich & Payne Inc
2.90%
PureCycle Technologies Inc
2.86%
ASML Holding NV
2.86%
Kratos Defense & Security Solu
2.84%
Solaris Energy Infrastructure
2.76%
Select Water Solutions Inc
2.72%
10X Genomics Inc
2.70%
Total
29.40%
View Full Holdings

Holdings and allocations are subject to change. There is no guarantee the ETF continues to invest in the securities referenced.

Performance

As of (12/31/2025)
3-Month
1-Year
3-Year
5-Year
Since Inception
NAV
-4.20%
19.50%
22.67%
11.21%
14.73%
Market Price
-4.19%
19.49%
22.79%
11.18%
14.73%
World All-Cap Index
1.61%
21.47%
13.59%
6.18%
8.38%
← Swipe to see additional data →

Peer Group Performance

As of (11/30/2025)
3-Month
1-Year
3-Year
5-Year
Since Inception
Morningstar Global Small/Mid Stock Category Average info Morningstar Category Averages are designed to represent the average return of funds within their category over time. Morningstar creates a category average daily total return index series, as well as monthly, quarterly, and annual averages of return and non-return data. Morningstar Category Averages are equal-weighted category returns. The calculation is simply the average of the returns for all the funds in a given category. The standard average calculation is based on constituents of the category at the end of the period.
1.82%
8.50%
8.66%
3.76%
4.81%
Morningstar Rating™
-
-
★★★★★
★★★★
-
Fund Rank Percentile
-
26%
5%
6%
6%
# of Investments in Category
-
176
167
151
167
← Swipe to see additional data →
As of (12/31/2025)
3-Month
1-Year
3-Year
5-Year
Since Inception
NAV
-4.20%
19.50%
22.67%
11.21%
14.73%
Market Price
-4.19%
19.49%
22.79%
11.18%
14.73%
World All-Cap Index
1.61%
21.47%
13.59%
6.18%
8.38%
← Swipe to see additional data →

Peer Group Performance

As of (09/30/2025)
3-Month
1-Year
3-Year
Since Inception
Morningstar Global Small/Mid Stock Category Average info Morningstar Category Averages are designed to represent the average return of funds within their category over time. Morningstar creates a category average daily total return index series, as well as monthly, quarterly, and annual averages of return and non-return data. Morningstar Category Averages are equal-weighted category returns. The calculation is simply the average of the returns for all the funds in a given category. The standard average calculation is based on constituents of the category at the end of the period.
5.78%
8.63%
13.49%
4.88%
Morningstar Rating™
-
-
★★★★★
-
Fund Rank Percentile
-
5%
4%
6%
# of Investments in Category
-
172
170
160
← Swipe to see additional data →

ETF inception: 11/13/2020.

Performance represents past performance and does not guarantee future results. Investment returns and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

NAV returns are based on the ETF’s net asset value, which represents the market value of the ETF’s underlying investments minus liabilities divided by the ETF’s outstanding shares. Market price returns are based upon the midpoint of the bid/ask spread at 4:00pm Eastern Time, when the NAV is normally calculated.

Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.

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Sector

As of (11/30/2025)
Sector
Long Exposure
Communications
5.70%
Consumer Discretionary
6.47%
Consumer Staples
5.20%
Energy
23.94%
Financials
0.00%
Health Care
24.47%
Industrials
14.30%
Materials
0.00%
Real Estate
0.00%
Technology
18.60%
Utilities
0.00%
Other
0.00%

Market Capitalization

As of (11/30/2025)
Market Cap
Long Exposure
Large-Cap
52.04%
Mid-Cap
35.69%
Small-Cap
10.95%

Historical Premium/(Discount)

As of (01/09/2026)
Name
2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Days at premium
98
13
26
34
5
Days at NAV
46
11
17
10
1
Days at discount
88
39
22
20
0

The above frequency distribution chart presents information about the difference between the daily market price for shares of the ETF and the ETF’s reported NAV. The amount that the ETF’s market price is above the reported NAV is called the premium. The amount that the ETF’s market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the ETF’s NAV is calculated (usually 4:00 p.m. EST). The vertical axis of the chart shows the premium or discount expressed in percentages. The horizontal axis indicates the trading days in the period covered by the chart.

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The Clough Capital ETFs trade intraday on an exchange. ETFs are available through:*

* Neither Clough Capital nor Clough Hedged Equity ETF are affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement.