At a glance
CBSE charges 0.85% a year, above the 0.1% average of the 3 funds most like it (the most expensive of 4). It has $51.8M in assets, the 4th largest of that group; it paid 0.31% of its price in distributions over the past 12 months, annual. Over the past year it returned +9.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 4 funds; over three years it returned +29.5% a year. At its worst it fell 28.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low. Its ten largest positions make up 30.9% of the fund, out of 38 in all.
The short version
Clough Select Equity ETF (CBSE) is an actively managed fund. Clough Capital Partners uses it to hold about 38 mostly U.S. stocks, chosen around broad economic and industry trends. It charges 0.85% a year, far more than the 0.10% average of the similar broad U.S. stock funds it is compared with. It led those funds over three years, but it has swung more than the market even though it aims for lower volatility.
Price history
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CBSE +9.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CBSE official prospectus, to Dec 31, 2025 | — | +19.50% | — | +11.21% | — | +14.73% |
| CBSE price data to Oct 27, 2026 | +13.2% | +9.2% | +29.5% | +9.6% | — | +8.3% |
- Over the year to Oct 27, 2026, CBSE returned +9.2%, 4th of 4 among similar funds.
- Its 5-year annualized return was +9.6%.
- Its worst full calendar year was 2022 (-19.9%); its best was 2024 (+32.2%).
- The deepest fall in its price history was 36.3% (Nov 9, 2021 to Jun 16, 2022), recovered by May 15, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.2% | — |
| 2025 | +19.5% | +19.50% |
| 2024 | +32.2% | +32.14% |
| 2023 | +17.3% | +16.90% |
| 2022 | -19.9% | -19.69% |
| 2021 | — | +14.72% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.2% over that stretch · deepest drop along the way 28.7%, back to its old high 20.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1400 | +16.7% |
| 2024 | $0.1200 | -68.4% |
| 2023 | $0.3800 | +245.5% |
| 2022 | $0.1100 |
What's inside
As of Jul 31, 2026, the fund held 38 securities; the ten largest made up 30.86% of assets.
| Holding | Weight | |
|---|---|---|
| Starbucks Corp | 3.36% | |
| elf Beauty Inc | 3.35% | |
| Service Corp International/US | 3.18% | |
| Venture Global Inc | 3.14% | |
| Helix Energy Solutions Group I | 3.10% | |
| NU Holdings Ltd/Cayman Islands | 3.06% | |
| Magnite Inc | 3.02% | |
| Select Water Solutions Inc | 2.92% | |
| Baker Hughes Co | 2.86% | |
| RH | 2.86% | |
| APA Corp | 2.84% | |
| Southern Copper Corp | 2.81% | |
| Cheniere Energy Inc | 2.73% | |
| Cerebras Systems Inc | 2.72% | |
| Freeport-McMoRan Inc | 2.72% |
By country
United States 85.54%Cayman Islands 3.06%Taiwan 2.6%Bahamas 2.59%South Korea 2.55%By asset type
Stocks 98.69%By sector
Sectors of the companies held, for the 40.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $4.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.23%, +4.12%, -11.75%.
How it works
Clough Select Equity ETF does not track an index. It is actively managed: its adviser, Clough Capital Partners L.P., picks the holdings. The stated goal is capital growth with lower volatility, meaning smaller price swings, than the broader market. The fund buys mainly U.S.-listed stocks and depositary receipts such as ADRs, U.S.-traded certificates representing shares of foreign companies. Emerging-market exposure comes only through U.S.-listed securities.
Selection starts with big-picture themes the adviser believes other investors have missed, such as resource scarcity, disruptive technology, demographic shifts or changing profit and credit cycles. Artificial intelligence is the prospectus's example. The adviser then researches companies tied to each theme, favoring strong profitability or growth, or stocks that look cheap on measures such as price-to-earnings. Management quality and balance-sheet strength also count.
The prospectus sets no weighting formula or rebalancing schedule. As of July 31, 2026, the fund had 38 holdings and no derivatives. The largest, Starbucks, e.l.f. Beauty and Service Corp International, were each about 3.2% to 3.4% of assets. The adviser seeks companies that will outperform over a full market cycle of 5 to 11 years, yet trades heavily. The prospectus filed February 27, 2026 reported portfolio turnover of 767%, meaning the fund traded several times its value in a year. Those trading costs are not counted in the expense ratio.
What it really costs
- CBSE charges 0.85% a year, versus an average of 0.1% for the similar funds below (4th of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,048 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CBSE | $87 | $271 | $471 | $1,048 |
In a retirement portfolio
It is a concentrated, high-turnover, actively managed stock fund that has swung more than the market, so it fits as a small add-on rather than a foundation.
CBSE could add a sleeve of actively chosen stocks that look very different from a broad index fund. Its top holdings include energy and metals names such as Venture Global, Cheniere and Freeport-McMoRan. The ride has been rough. In the 2022 bear market it fell 28.7% between January 3 and June 16, 2022, and it took about 20 months to get back to its peak. Its deepest drop was 36.3%, from November 9, 2021 to June 16, 2022, and recovery took 23 months. Its worst calendar year was 2022, at -19.7%. The fund launched in late 2020, so it has no record from the 2008 crisis or the 2020 crash. A retiree who had to cash out shares in a year like 2022 would have locked in deep losses. Income is small: the yield was 0.31% as of October 27, 2026, paid once a year. The 0.85% fee is high. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, actively managed sleeve of about 38 stocks picked around economic trends, including energy names like Venture Global and Cheniere.
- Investors who can live with large swings. Its beta was 1.48, and it fell 36.3% from peak to low between 2021 and 2022.
- Investors drawn to its 29.5% annualized three-year price return as of October 27, 2026, the highest among the funds compared, who accept it may not last.
Look elsewhere if
- Cost-focused investors. CBSE's 0.85% expense ratio compares with 0.03% to 0.17% for SPTM, DFUS and DFAC.
- Retirees who need regular income. The yield was 0.31% as of October 27, 2026, paid only once a year.
- Investors who want the lower volatility the fund aims for. Its one-year volatility was 25.3%, and its turnover of 767% is very high.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is CBSE good for retirement?
CBSE works better as a small, higher-risk add-on than as a core retirement fund. It fell 28.7% in the first half of 2022 and needed about 20 months to recover. Its deepest drop, 36.3%, took 23 months to recover. It yielded just 0.31% as of October 27, 2026, and charges 0.85% a year. Its prospectus returns were strong, though: 11.21% a year over the five years to December 31, 2025.
What does CBSE invest in?
CBSE owns about 38 stocks chosen by Clough Capital Partners, mostly U.S.-listed companies. As of July 31, 2026, its largest holdings were Starbucks, e.l.f. Beauty, Service Corp International, Venture Global, Helix Energy Solutions and Nu Holdings, each about 3% of the fund. The 10 largest made up 30.9% of assets. The fund also had many energy and copper stocks, such as Baker Hughes, APA, Cheniere, Southern Copper and Freeport-McMoRan.
Does CBSE pay a dividend?
Yes, but it is small and paid once a year. Over the 12 months to October 27, 2026, CBSE paid $0.14 per share, a yield of 0.31%. The fund's goal is growth, not income. Many of its holdings are growth-focused companies that reinvest profits instead of paying large dividends. Investors who need steady cash from their portfolio would get little of it here.
What's the difference between CBSE and DFUS?
CBSE is a concentrated, actively managed fund of about 38 stocks. DFUS, the Dimensional U.S. Equity Market ETF, spreads its money across the broad U.S. market. Their holdings overlap by only about 10%. DFUS charges 0.09% a year, compared with CBSE's 0.85%. DFUS had about $20.9 billion in net assets, compared with CBSE's $51.8 million. Over three years, CBSE returned 29.5% a year to October 27, 2026, compared with 23.6% for DFUS. Over one year, CBSE trailed: 9.2% versus 12.7%.
Is CBSE less volatile than the stock market?
No, not over the period measured, even though lower volatility is part of its stated goal. Its beta, which measures how much a fund moves when the market moves, was 1.48 over the year to October 27, 2026. That means it moved about one and a half times as much as the market. Its one-year volatility was 25.3%. Its worst quarter was a 18.94% loss in the second quarter of 2022.