CBLS Fees and Costs — Clough Hedged Equity ETF
Data updated: 2026-09-28
The net expense ratio is 1.89%: a 1.35% management fee plus 0.54% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $545K in broker commissions, 2.0800% of average net assets, and portfolio turnover was 719%.
CBLS Fees and Expenses
Annual operating expenses and sales charges of CBLS. Prospectus, as of February 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.35% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.54% |
| Gross expense ratio | 1.89% |
| Fee waiver | — |
| Net expense ratio | 1.89% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
CBLS Costs Over Time
On $10,000 invested in CBLS, assuming 5% a year before costs, total costs come to $2,340 over 5 years, cutting the return by 4.17% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.89%) | $198 | $600 | $1,009 |
| Trading costs (broker commissions) | $218 | $661 | $1,110 |
| Lost growth on money paid in costs | $0 | $64 | $221 |
| Total costs | $417 | $1,325 | $2,340 |
| Value after costs | $10,083 | $10,252 | $10,423 |
| Impact on return, per year | 4.17% | 4.17% | 4.17% |
CBLS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 2.0800%
- Total broker commissions: $545K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 719%
- Securities lending: none during the year
CBLS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $65K | 18.90% |
| JOHNSON RICE & COMPANY L.L.C. | $57K | 16.63% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $41K | 12.05% |
| MORGAN STANLEY | $33K | 9.56% |
| JPMORGAN SECURITIES LLC | $29K | 8.35% |
| UBS SECURITIES LLC | $28K | 8.13% |
| SEAPORT GLOBAL SECURITIES LLC | $26K | 7.58% |
| RBC CAPITAL MARKETS, LLC | $24K | 7.01% |
| BENCHMARK SECURITIES LLC | $21K | 6.19% |
| CJS SECURITIES INC. | $19K | 5.61% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.