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Launched · SEC filings

Convergence Long/Short Equity ETF

CLSECboeB

$32.46−0.31 (−0.95%)

At close: Nov 2, 2026, 4:00 PM ET

B57/ 100

Rank 11 of 30 in Alternative Strategies

B57/100Rank 11 of 30inAlternative Strategies
Intraday session: down, 79 prints from 32.77 to 32.46. Range 32.45 to 32.87. Use the arrow keys to read each point.32.6032.7010 AM12 PM2 PM4 PM
Expense ratio
1.52%
Fund size
$1B
1Y total return
+23.5%
Yield · Last 12 months
0.79%
Holdings
165
Avg volume · 30D
391K sh
52W range
low $25.85high $34.76
Launched
Filings
SEC EDGAR

The ETF.net CLSE Grade

Based on 4 of 6 pillars

B

Score 57 out of 100

Category
Alternative Strategies⁠
Rank
11 of 30
Six-pillar profile for CLSE. Scores out of 100: Cost 31, Risk 63, Mission not scored, Tradability 95, Holdings not scored, Durability 82. Strongest: Tradability (95). Weakest: Cost (31). Based on 4 of 6 pillars.

Score 57 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.
    D31 out of 100
    Rank 21 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.
    B63 out of 100
    Rank 13 of 30

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A95 out of 100
    Rank 1 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.
    A82 out of 100
    Rank 4 of 30

Our read on CLSE

ETF.net Research

In short

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.

Stated mandate

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 Performance

Launched Dec 29, 2009

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$12,345
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. CLSE $12,345. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000$13,000Oct 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 CLSE. Periods over one year show the average yearly return.
PeriodCLSE
Year to date+19.9%
1 month−3.6%
3 months−3.6%
1 year+23.5%
3 yearsper year+27.7%
5 yearsHistory unavailableper yearNo data
10 yearsHistory unavailableper 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 CLSE
YearReturn barCLSE
2026 YTD+19.9%
2025+20.4%
2024+35.5%
2023+17.5%
2022−3.0%

History from Feb 22, 2022

CLSE in the news

CLSE 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.
0.79%Last 12 months
Payout per share
$0.26Last 12 months
Last payment
$0.26 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 15, 2022 $0.12; Dec 15, 2023 $0.21; Dec 16, 2024 $0.21; Dec 15, 2025 $0.26. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 15, 2025Dec 16, 2025$0.26
Dec 16, 2024Dec 17, 2024$0.21
Dec 15, 2023Dec 21, 2023$0.21
Dec 15, 2022Dec 19, 2022$0.12

$10,000 in CLSE 3 years ago paid $409 in dividends.

CLSE Risk

Risk pillarB63 out of 100Rank 13 of 30 in Alternative Strategies
How much the fund’s monthly returns vary, scaled to a year.
11.9%
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.
1.76
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.
−16.4%
56 months · trough Apr 2025
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.
0.75
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.

CLSE Cost

Compare CLSE and HBDC

Overpaying vs HBDC, cheapest in Alternative Strategies

$18,668

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

  • CLSE 1.52%

    $26,566

  • HBDC 0.39% Cheapest

    $7,898

$10,000
30 years

Cost over time

  • CLSE 1.52%
  • 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$30K051015202530CLSE $26,566HBDC $7,898

Year by year

YearCLSEHBDCOverpaying
10$2,622$705$1,917
20$9,630$2,725$6,905
30$26,566$7,898$18,668

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