Category Review
The largest alternatives fund has no one-year record
Convergence Long/Short Equity ETF
$34.50+0.07 (+0.20%)
- 1.52%
- $1.0B
- +37.4%
- 0.76%
- 0.4M sh
- $34.41
- low $25.35high $34.76
The ETF.net CLSE Grade
B
Score 56 out of 100
- 11 of 30
Score 56 of 100 falls in the B 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.D28 out of 100Rank 22 of 30Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B64 out of 100Rank 12 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A97 out of 100Rank 1 of 30Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A82 out of 100Rank 4 of 30
Our read on CLSE
BA hedge-fund playbook in an ETF wrapper: Convergence buys the US mid- and large-caps it expects to outperform and shorts the ones it expects to lag, running a strategy that dates back to 2009.
The Fund seeks long-term capital growth through an actively managed portfolio of long and short positions in domestic companies’ equity securities. It generally favors medium- and large-capitalization companies, buying securities expected to outperform and shorting those expected to underperform.
Why people hold it
- Works both sides of the market: long the names it expects to outperform, short the ones it expects to lag, all inside a standard 1940 Act fund.
- The strategy dates to 2009, so it is a seasoned book rather than a freshly launched idea.
- Roughly 400 domestic positions across medium and large caps, so no single stock pick decides the outcome.
- Assets run into the hundreds of millions and shares change hands regularly, so entering and exiting is generally straightforward.
Worth knowing
- Pricey by ETF standards at 1.52% a year, against 0.12% for DFAU and 0.15% for AVLC. Shorting and active stock selection carry a real price tag.
- Shorts cut both ways: the sleeve meant to cushion a selloff can also weigh on results when the market climbs.
- Payouts land annually or semiannually. The stated mandate is long-term capital growth, not a steady income stream.
CLSE Holdings
- Stocks
- 165
- 70%
- Cash & Other
Sectors
- Technology39.2%
- Financials10.6%
- Health Care10.6%
- Consumer Discretionary9.4%
- Communication8.7%
- Industrials8.6%
- Energy4.1%
- Consumer Staples3.5%
- Materials2.0%
- Real Estate1.9%
- Utilities1.4%
Geography
- United States98.29%
- Ireland1.39%
- France0.32%
CLSE Performance
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.Not enough history yet.
CLSE$13,740
Returns run to the Oct 12, 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.
| Period | CLSE |
|---|---|
| Year to date | +26.0% |
| 1 month | +1.2% |
| 3 months | +0.8% |
| 1 year | +37.4% |
| 3 years | +28.6% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CLSE |
|---|---|---|
| 2026 YTD | +26.0% | |
| 2025 | +20.4% | |
| 2024 | +35.5% | |
| 2023 | +17.5% | |
| 2022 | −3.0% |
CLSE in the news
CLSE Dividends
- 0.76%
- $0.26
- $0.26 per share
- Annual
Distribution history
CLSE Risk
- 11.5%
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.
- 1.94
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.
- −16.4%
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.
- 0.75
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CLSE Cost
1.52%
CLSE1.52%
- The middle half of Alternative Strategies funds
- Median 1.00%
21 of the 30 Alternative Strategies funds charge less.
Other funds in Alternative Strategies
- BFARXThe Advisors' Inner Circle Fund II - Frontier Asset Absolute Return ETFExpense ratio 0.95%1 year return +17.9%
- BHDGProShares - Hedge Replication ETFExpense ratio 0.95%1 year return +8.6%
- CASGMVirtus ETF Trust II - Virtus AlphaSimplex Global Macro ETFExpense ratio 0.86%1 year return +32.5%
- CHFEQUnlimited HFEQ Equity Long/Short ETFExpense ratio 1.00%1 year return +18.8%
- CHFNDUnlimited HFND Multi-Strategy Return Tracker ETFExpense ratio 1.07%1 year return +7.5%