CBSE
Clough Select Equity ETF
CBSE is an actively managed, concentrated portfolio of US-listed stocks that appear fundamentally undervalued and have positive environmental, social and governance attributes as viewed by the fund adviser.
US
EQUITY
Active
MANAGEMENT STYLE
27.0 M
ASSETS UNDER MGMT
85 bp
EXPENSES
Fund Basics
| Fund sponsor | Changebridge Capital LLC |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 13, 2020 |
| Assets (mns) | $27 |
| Expense ratio | 85 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| COINBASE GLOBAL, INC. CLASS A | 3.5 % |
| CHENIERE ENERGY INC | 3.5 % |
| REDDIT INC-CL A | 3.4 % |
| CAPRI HOLDINGS LIMITED | 3.2 % |
| MARVELL TECHNOLOGY, INC. | 3.1 % |
| MAKEMYTRIP LTD | 3.1 % |
| VITAL FARMS INC | 3.1 % |
| ALTC ACQUISITION CORP. CLASS A | 3.1 % |
| SPOTIFY TECHNOLOGY SA | 3.0 % |
| VISTRA ENERGY CORP. | 3.0 % |
Constituent Breakdown
| Number of holdings | 40 |
| Herfindahl-Hirschman Index | 262 |
| Wgt avg mkt cap (mns) | $64,827 |
| Large cap (>$10bn) | 54.9% |
| Mid cap ($2-10bn) | 21.4% |
| Small cap (<$2bn) | 23.6% |
| Developed mkts. | 91.1% |
| Emerging mkts. | 5.4% |
Country Exposure
 |
UNITED STATES | 75.6 % |
 |
CANADA | 7.4 % |
 |
BRITAIN | 3.2 % |
 |
INDIA | 3.1 % |
 |
LUXEMBOURG | 3.0 % |
 |
URUGUAY | 2.3 % |
 |
NETHERLANDS | 2.0 % |
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 24.8% | 32.7% | 35.4% | 24.4% | -- | -- | -- | 15.6% |
| Dividend Yield | 0.0% | 0.0% | 1.0% | 0.9% | -- | -- | -- | 0.5% |
| Total Returns | 24.8% | 32.7% | 36.5% | 25.2% | -- | -- | -- | 16.0% | Ann. Volatility | 28.5% | 26.5% | 23.0% | 22.2% | -- | -- | -- | 23.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.39 | 73% |
| MSCI EAFE | 0.60 | 17% |
| MSCI Emg Mkts | 0.22 | 3% |
Liquidity Measures
| Avg. volume (000) | 7 |
| ADV traded (mns) | $0 |
| Turnover | 1.0% |
| Avg. Bid/Ask (% of price) | 0.17% |
Technical Indicators
| Recent close | $40.37 |
| 30d moving avg. | $41.47 |
| Annualized volatility | 21.9% |
| Relative strength (RSI) | 53 |
| Short interest | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| SAMT | Strategas Macro Thematic Opportunities ETF | 14.9% | -20 bp | +2.5% |
| GVIP | Goldman Sachs Hedge Industry VIP ETF | 12.1% | -40 bp | +3.1% |
| PRN | Invesco Dorsey Wright Industrials Momentum ETF | 11.5% | -25 bp | +1.8% |
| TIME | Clockwise Core Equity & Innovation ETF | 11.3% | +10 bp | +2.6% |
| USNG | Amplify Samsung U.S. Natural Gas Infrastructure ETF | 10.9% | -26 bp | +4.6% |
| AFOS | ARS Focused Opportunities Strategy ETF | 10.7% | -40 bp | +3.0% |
| ZAP | Global X U.S. Electrification ETF | 10.4% | -35 bp | +3.6% |
| VOLT | Tema Electrification ETF | 10.4% | -10 bp | +3.1% |
| NBDS | Neuberger Berman Disrupters ETF | 10.4% | -30 bp | +0.7% |
| QTEC | First Trust NASDAQ-100 Technology Sector Index Fund | 10.2% | -28 bp | +3.7% |
Risk and Returns: CBSE vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 10/31/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
CBSE
0.7%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 992 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. CBSE's ALTAR Score™ is approximately
2.1 standard deviations
below
the category average. This places CBSE in the 2nd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
CBSESELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 402 |
| Avg. Expense Ratio | 63.7 bp |
| Std. Deviation | 35.5 bp |
| CBSE (85 bp) Percentile rank | 73 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| CBSE | 85.0 | 17.0 | 102.0 |
| Peer Avg. | 63.7 | 20.8 | 84.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .