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CBSE

GradeDNew York Stock Exchange Arca

Clough Select Equity ETF

Active Equity · Changebridge · Inception 2020-11-13 · SEC filings

$46.84−0.68 (−1.44%)

As of Sep 23, 2026, 3:04 PM EDT

Intraday session: down, 67 prints from 47.52 to 46.84. Range 46.79 to 47.24. Use the arrow keys to read each point.$46.90$47.00$47.10$47.2010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$49M
1Y return
+12.9%
Yield · Last 12 months
0.29%
Volume · 30D
0M sh
NAV per share
$46.84
52W range
low $36.94high $52.82

The ETF.net CBSE Grade

D

38/ 100

Rank 92 of 127 in US Active Equity⁠

Confidence High

Six-pillar profile for CBSE. Scores out of 100: Cost 29, Risk 23, Mission 37, Tradability 46, Holdings 79, Durability 47. Strongest: Holdings (79). Weakest: Risk (23). Leans toward Holdings.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 38 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.
    DScore 29
    Category rank89/127 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    DScore 37
    Category rank46/48 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 23
    Category rank113/126 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 46
    Category rank73/127 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 79
    Category rank20/124 · top 16%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 47
    Category rank80/127 · mid-pack

Graded as of Sep 22, 2026

Our read on CBSE

ETF.net Research

DA hand-picked active equity fund with an unusual triple job: current income, capital growth, and preservation of principal. Small, thinly traded, and priced like a manager you hire rather than an index you rent.

Stated mandate

The Fund seeks current income, capital growth, and preservation of principal.

Why people hold it

  1. 01Genuinely active: the managers buy individual names screened for above-average financial characteristics, undervaluation or growth potential, instead of mirroring an index.
  2. 02One mandate, three jobs. The stated objective pairs current income and capital growth with preservation of principal, an unusual combination to write into a single equity fund.
  3. 03What is inside the portfolio is the strongest part of the package, holding up better than the fund's cost or risk profile.
  4. 04Trading since 2020, so there is live history to judge rather than a backtest.

Worth knowing

  1. 01At 0.85% a year, it prices above the typical active US equity ETF and many times index-style rivals like DFAU (0.12%) and FELC (0.18%), leaving it in the group's lower tier on cost.
  2. 02It is a small fund that does not trade much, so spreads can widen and limit orders matter more than with a mega-cap index ETF.
  3. 03Despite the income language in the objective, distributions land once or twice a year rather than monthly.

CBSE Holdings

As of Sep 20, 2026, 9:28 AM
Asset class
Stocks
Holdings
—
Top-10 weight
29%
Largest holding
MRVL3.2%

Geography

  • United States86.61%
  • Canada2.87%
  • Brazil2.85%
  • Australia2.75%
  • Taiwan2.62%
  • Netherlands2.30%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001MRVLMarvell Technology Inc3.17%6,320$2M458
002CRWDCrowdstrike Holdings Inc3.16%6,482$2M454
003SEISolaris Energy Infrastructure3.05%21,322$1M122
004WTTRSelect Water Solutions Inc3.02%70,686$1M100
005AEHRAehr Test Systems2.82%14,689$1M71
006APAAPA Corp2.75%29,822$1M283
007AEMAgnico Eagle Mines Limited/Min2.75%6,721$1M42
008DELLDell Technologies Inc2.72%2,337$1M427
009BKRBaker Hughes Co2.67%22,732$1M359
010COHRCoherent Corp2.66%4,087$1M341
011AAOIApplied Optoelectronics Inc2.64%12,212$1M101
012TSMTaiwan Semiconductor Manufacturing Co Ltd ADR2.61%2,923$1M268
013IBRXImmunityBio Inc2.60%149,290$1M74
014MGNIMagnite Inc2.60%50,358$1M99
015NUNU Holdings Ltd/Cayman Islands2.59%92,481$1M151

Showing 1–15 of 39 holdings

CBSE Performance

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

CBSE$11,289
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. CBSE $11,289. SPY $11,723. Use the arrow keys to read each point.$8,623$10,675$12,727Sep 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 CBSE. Periods over one year show the average yearly return.
PeriodCBSE
Year to date+20.5%
1 month−2.2%
3 months−8.6%
1 year+12.9%
3 years+29.1%per year
5 years+10.9%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 CBSE
YearReturn barCBSE
2026 YTD+20.5%
2025+19.5%
2024+32.2%
2023+17.2%
2022−19.9%
2021+14.6%
2020+16.9%

Since listing, Nov 13, 2020

CBSE in the news

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

CBSE 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.
0.29%Last 12 months
Payout per share
$0.14Last 12 months
Last payment
$0.14 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 23, 2022 $0.11; Dec 21, 2023 $0.38; Dec 24, 2024 $0.12; Dec 30, 2025 $0.14. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$0.14
Dec 24, 2024Dec 26, 2024$0.12
Dec 21, 2023Dec 26, 2023$0.38
Dec 23, 2022Dec 28, 2022$0.11

CBSE Risk

How much the fund’s monthly returns vary, scaled to a year.
23.3%
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.
0.95
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.
−36.3%
Trough Jun 2022
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.
1.54
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.

CBSE Cost

Expense ratio0.85%
  • The middle half of US Active Equity funds
  • Median 0.70%

85 of the 124 US Active Equity funds charge less.

CBSE costs $85.00 a year on $10,000. The median US Active Equity fund costs $70.00.