CBSE

Clough Select Equity ETF

CBSE is an actively managed, concentrated portfolio of US-listed stocks that appear fundamentally undervalued and have positive environmental, social and governance attributes as viewed by the fund adviser.


US

EQUITY

Active

MANAGEMENT STYLE

19.7 M

ASSETS UNDER MGMT

85 bp

EXPENSES
Fund Basics
Fund sponsorChangebridge Capital LLC
CategoryUS
Asset classEquity
Websitelink...
Inception dateNov 13, 2020
Assets (mns)$20
Expense ratio85 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionProprietary
WeightingProprietary
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
CASH & OTHER 6.7 %
EMBRAER SA-ADR 3.3 %
ONESPAWORLD HOLDINGS LTD. 3.3 %
SERVICE CORP INTERNATIONAL 3.2 %
CHENIERE ENERGY INC 3.2 %
ICF INTERNATIONAL INC 3.2 %
ADVANCED MICRO DEVICES 3.1 %
PURECYCLE TECHNOLOGIES INC 3.1 %
TRANSDIGM GROUP INC 3.0 %
SKYLINE CORP 3.0 %
Constituent Breakdown
Number of holdings39
Herfindahl-Hirschman Index 289
Wgt avg mkt cap (mns)$171,912
Large cap (>$10bn)67.7%
Mid cap ($2-10bn)16.3%
Small cap (<$2bn)16.1%
Developed mkts.83.4%
Emerging mkts.16.6%
Country Exposure
UNITED STATES 68.1 %
CANADA 5.3 %
CHINA 5.0 %
BRAZIL 3.3 %
BAHAMAS 3.3 %
INDIA 3.0 %
LUXEMBOURG 2.6 %
NETHERLANDS 0.7 %
Historical Performance


Standardized Performance (as of 09/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns 20.9% 36.9% 20.1% 1.9% -- -- 2.2%
Volatility 16.8% 17.4% 22.0% 23.2% -- -- --
Market Correlations
versus...BetaR-squared
S&P 5001.0971%
MSCI EAFE0.9855%
MSCI Emg Mkts0.6725%
Liquidity Measures
Avg. volume (000)4
Turnover0.6%
Avg. Bid/Ask (% of price)0.29%
ADV of underlying (mns)$44,079
Technical Indicators
Recent close$31.42
30d moving avg.$31.24
Annualized volatility23.2%
Relative strength (RSI)64
Short interest (ETF)0.0%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial

Comparable ETFs Based on Overlap
Ticker Fund Name Overlap
vs. CBSE
Expenses
vs. CBSE
ALTAR Score™
vs. CBSE
NBDS Neuberger Berman Disrupters ETF   11.7%   -30 bp +0.1%
GVIP Goldman Sachs Hedge Industry VIP ETF   11.0%   -40 bp +3.5%
FTWO Strive FAANG 2.0 ETF   10.3%   -36 bp +3.3%
VCLN Virtus Duff & Phelps Clean Energy ETF   10.1%   -26 bp +2.4%
Risk and Returns: CBSE vs. Comps (1 YR)

Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.

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Results & Estimates
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
2.1 24.0 3.2 1.1% --
Based on closing prices from 10/29/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
CBSE



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Rating

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.

ALTAR Score™

CBSE

1.4%

Cat. Avg

5.6%


ALTAR Score™ Calculation

Category Overview
There are 949 funds in the US Equity category, with an average ALTAR Score™ of 5.6% and a standard deviation of 2.5%. CBSE's ALTAR Score™ is approximately 1.7 standard deviations below the category average. This places CBSE in the 4th percentile among funds in the category.
Sell Side Consensus Rating

Sell-side recommendations on the ETF's individual constituents

CBSE
Peer Average
SELL
U/W
HOLD
O/W
BUY
Factor Scorecard

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Expense Analysis

Peer Group Active
US Equity ETFs
# of ETFs 308
Avg. Expense Ratio 67.1 bp
Std. Deviation 37 bp
CBSE (85 bp) Percentile rank 70
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
CBSE 85.0 29.3 114.3
Peer Avg. 57.3 23.9 81.2
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .