CBSE Fees and Costs — Clough Select Equity ETF
Data updated: 2026-09-28
The net expense ratio is 0.85%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $314K in broker commissions, 0.7377% of average net assets, and portfolio turnover was 767%.
CBSE Fees and Expenses
Annual operating expenses and sales charges of CBSE. Prospectus, as of February 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.85% |
| Fee waiver | — |
| Net expense ratio | 0.85% |
| 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 |
CBSE Costs Over Time
On $10,000 invested in CBSE, assuming 5% a year before costs, total costs come to $982 over 5 years, cutting the return by 1.67% 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 0.85%) | $89 | $277 | $477 |
| Trading costs (broker commissions) | $77 | $240 | $414 |
| Lost growth on money paid in costs | $0 | $26 | $91 |
| Total costs | $167 | $543 | $982 |
| Value after costs | $10,333 | $11,034 | $11,781 |
| Impact on return, per year | 1.67% | 1.67% | 1.67% |
CBSE 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): 0.7377%
- Total broker commissions: $314K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 767%
- Securities lending: none during the year
CBSE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $38K | 18.02% |
| JOHNSON RICE & COMPANY L.L.C. | $31K | 14.59% |
| VIRTU AMERICAS LLC | $22K | 10.54% |
| MORGAN STANLEY | $22K | 10.49% |
| JEFFERIES LLC | $22K | 10.37% |
| BENCHMARK SECURITIES LLC | $20K | 9.25% |
| UBS SECURITIES LLC | $15K | 7.13% |
| RBC CAPITAL MARKETS, LLC | $15K | 6.90% |
| JMP SECURITIES LLC | $14K | 6.44% |
| VIRTU FINANCIAL CAPITAL MARKETS LLC | $13K | 6.26% |
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.