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CBLS

GradeDNew York Stock Exchange Arca

Clough Hedged Equity ETF

Multi-Asset & Alternatives · Changebridge · Inception 2020-11-13 · SEC filings

$31.25−0.09 (−0.29%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: down, 58 prints from 31.34 to 31.25. Range 31.15 to 31.36. Use the arrow keys to read each point.$31.15$31.20$31.30$31.3510 AM12 PM2 PM4 PM
Expense ratio
1.89%
Fund size
$57M
1Y return
+9.9%
Yield · Last 12 months
0.79%
Holdings
20
Volume · 30D
0M sh
NAV per share
$31.08
52W range
low $27.02high $34.52

The ETF.net CBLS Grade

D

34/ 100

Rank 23 of 30 in Alternative Strategies⁠

Confidence Medium

Six-pillar profile for CBLS. Scores out of 100: Cost 17, Risk 33, Mission not scored, Tradability 63, Holdings not scored, Durability 56. Strongest: Tradability (63). Weakest: Cost (17). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 34 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 17
    Category rank25/30 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 33
    Category rank22/30 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 63
    Category rank12/30 · top 40%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 56
    Category rank15/30 · top 50%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on CBLS

ETF.net Research

DA real long book paired with a real short book, wrapped in an everyday ETF. Live since 2020, it lets an active manager bet on the stocks he likes and against the ones he doesn't, and it charges hedge-fund-adjacent money to do it.

Stated mandate

The Fund is an actively managed ETF that seeks returns by buying securities the adviser views as financially strong, undervalued, or capable of growth, while shorting securities the adviser expects to decline.

Why people hold it

  1. 01Actual shorting, not a synthetic proxy: the adviser buys names it views as undervalued, financially strong or growing, and sells short the ones it expects to fall.
  2. 02Hedge-fund mechanics in a 1940 Act fund: daily pricing on an exchange, no lockups, no accreditation gate, disclosed holdings.
  3. 03Trading since November 2020, so there is a multi-year, real-money record across sharply different markets to judge, not a backtest.
  4. 04No index to hug. The balance between longs and shorts moves with the manager's judgment rather than a rulebook.

Worth knowing

  1. 01The 1.89% expense ratio is the loudest fact in the file, at the high end of the alternatives shelf next to peers such as QALT (0.80%) and RNMN (0.59%).
  2. 02Thinly traded, so bid-ask spreads and order type matter far more here than with a mega-cap index fund.
  3. 03Results ride on one team's stock calls, and the short book carries borrow costs plus the risk of losing on both sides at once.

CBLS Holdings

As of Sep 20, 2026, 9:28 AM
Asset class
Stocks
Holdings
20
Top-10 weight
67%
Largest holding
BROKER SWEEP38.1%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—BROKER SWEEP38.07%21,186,479$21M14
002—BLACKROCK LIQUIDITY FUNDS T-FUND (INST SHS)6.68%3,717,809$4M2
003CRWDCrowdstrike Holdings Inc3.11%7,283$2M454
004SEISolaris Energy Infrastructure3.01%24,074$2M122
005AEMAgnico Eagle Mines Limited/Min2.98%8,308$2M42
006APAAPA Corp2.87%35,525$2M283
007WTTRSelect Water Solutions Inc2.72%72,872$2M100
008DELLDell Technologies Inc2.68%2,627$1M427
009BKRBaker Hughes Co2.63%25,558$1M359
010METAMeta Platforms Inc2.60%2,172$1M683
011CEGConstellation Energy Corp2.59%5,664$1M353
012DVNDevon Energy Corp2.58%29,568$1M353
013TSMTaiwan Semiconductor Manufacturing Co Ltd ADR2.56%3,276$1M268
014LNGCheniere Energy Inc2.52%5,221$1M270
015MRVLMarvell Technology Inc2.50%5,696$1M458

Showing 1–15 of 39 holdings

CBLS Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

CBLS$10,989
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CBLS $10,989. SPY $11,723. Use the arrow keys to read each point.$9,196$10,689$12,182Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CBLS. Periods over one year show the average yearly return.
PeriodCBLS
Year to date+13.9%
1 month+1.0%
3 months−7.5%
1 year+9.9%
3 years+18.7%per year
5 years+4.5%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CBLS
YearReturn barCBLS
2026 YTD+13.9%
2025+5.9%
2024+28.8%
2023−2.7%
2022−11.6%
2021+2.9%
2020+14.1%

Since listing, Nov 13, 2020

CBLS in the news

ETF.net Research hasn’t filed on CBLS yet — coverage lands here as it’s written.

CBLS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.79%Last 12 months
Payout per share
$0.25Last 12 months
Last payment
$0.25 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 21, 2023 $0.09; Dec 24, 2024 $0.19; Dec 30, 2025 $0.25. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$0.25
Dec 24, 2024Dec 26, 2024$0.19
Dec 21, 2023Dec 26, 2023$0.09

CBLS Risk

How much the fund’s monthly returns vary, scaled to a year.
14.9%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.83
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−31.2%
Trough Oct 2023
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.71
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

CBLS Cost

Expense ratio1.89%
  • The middle half of Alternative Strategies funds
  • Median 1.00%

21 of the 29 Alternative Strategies funds charge less.

CBLS costs $189.00 a year on $10,000. The median Alternative Strategies fund costs $100.00.