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Launched · SEC filings

Clough Hedged Equity ETF

CBLSNYSE ArcaChangebridgeD

$28.96−1.09 (−3.64%)

As of Nov 2, 2026, 3:59 PM ET

D36/ 100

Rank 22 of 30 in Alternative Strategies

D36/100Rank 22 of 30inAlternative Strategies
Intraday session: down, 78 prints from 30.05 to 28.96. Range 28.95 to 29.76. Use the arrow keys to read each point.29.2029.4029.6029.8010 AM12 PM2 PM4 PM
Expense ratio
1.89%
Fund size
$52M
1Y total return
+6.9%
Yield · Last 12 months
0.82%
Holdings
37
Avg volume · 30D
2.76K sh
52W range
low $27.02high $34.52
Launched
Filings
SEC EDGAR

The ETF.net CBLS Grade

Based on 4 of 6 pillars

D

Score 36 out of 100

Category
Alternative Strategies⁠
Rank
22 of 30
Six-pillar profile for CBLS. Scores out of 100: Cost 24, Risk 36, Mission not scored, Tradability 57, Holdings not scored, Durability 53. Strongest: Tradability (57). Weakest: Cost (24). Based on 4 of 6 pillars.

Score 36 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F24 out of 100
    Rank 23 of 30

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D36 out of 100
    Rank 22 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B57 out of 100
    Rank 10 of 30

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C53 out of 100
    Rank 16 of 30

Our read on CBLS

ETF.net Research

In short

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

  • Actual 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.
  • Hedge-fund mechanics in a 1940 Act fund: daily pricing on an exchange, no lockups, no accreditation gate, disclosed holdings.
  • Trading since November 2020, so there is a multi-year, real-money record across sharply different markets to judge, not a backtest.
  • No index to hug. The balance between longs and shorts moves with the manager's judgment rather than a rulebook.

Worth knowing

  • The 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%).
  • Thinly traded, so bid-ask spreads and order type matter far more here than with a mega-cap index fund.
  • Results 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 Performance

Launched Nov 13, 2020

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

Not enough history yet.
CBLS$10,691
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CBLS $10,691. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+9.3%
1 month−3.6%
3 months−0.6%
1 year+6.9%
3 yearsper year+17.7%
5 yearsper year+3.2%
10 yearsFund is under 10 years oldper yearNo data

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+9.3%
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

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 Oct 30, 2026.
0.82%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

$10,000 in CBLS 5 years ago paid $197 in dividends.

CBLS Risk

Risk pillarD36 out of 100Rank 22 of 30 in Alternative Strategies
How much the fund’s monthly returns vary, scaled to a year.
15.0%
Annualised · 36 months to Oct 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.
0.88
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

CBLS Cost

Compare CBLS and HBDC

Overpaying vs HBDC, cheapest in Alternative Strategies

$23,626

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CBLS 1.89%

    $31,524

  • HBDC 0.39% Cheapest

    $7,898

$10,000
30 years

Cost over time

  • CBLS 1.89%
  • HBDC 0.39%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530CBLS $31,524HBDC $7,898

Year by year

YearCBLSHBDCOverpaying
10$3,211$705$2,506
20$11,602$2,725$8,877
30$31,524$7,898$23,626

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