MutualFundWire.com: Lorusso Celebrates a $72MM-AUM Duo

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Friday, November 14, 2025

Lorusso Celebrates a $72MM-AUM Duo

The folks at a 26-year-old, $1.4-billion-AUM* boutique asset manager in Massachusetts are celebrating a big milestone for their two ETFs.

Vincent Michael "Vince" Lorusso
Clough Capital Partners, L.P.
CEO, President, Portfolio Manager

Today, Vince Lorusso, president and CEO of Clough Capital Partners L.P. [profile], highlights the recent fifth anniversary of the Clough Hedged Equity ETF (CBLS on the NYSE Arca) and the Clough Select Equity ETF (CBSE). Boston-based Clough Capital serves as investment advisor to both funds, and Lorusso has PMed both funds since inception.

The two ETFs' fifth birthday could represent a distribution and marketing opportunity for Clough Capital, as many advisors, consultants, and investment screening tools automatically ignore funds with shorter track records.

CBSE and CBLS launched on November 13, 2020, as the Changebridge Select Equity ETF and the Changebridge Long/Short Equity ETF. Clough Capital adopted the two ETFs in August 2023, bringing Changebridge co-founder Lorusso on board as Clough Capital's new chief. CBLS comes with an expense ratio of 190 basis points, while CBSE's expense ratio is 86bps.

CBSE now has $33.49 million in AUM**, up from $6.09 million when it was adopted two years ago. CBLS now has $38.71 million in AUM**, up from $5.09 million when it was adopted.

"Five years represents an important stage of maturity for an active ETF strategy," Lorusso states:

From their inception, we've eschewed chasing market trends or short-term flows and have focused on building track records based on enduring research discipline. The current environment has placed renewed emphasis on fundamentals, creating a meaningful opportunity for thoughtful and active management. We are encouraged by the progress to date and are even more excited about our long-term path forward.

CBLS and CBSE are each actively managed series of Elevation Series Trust (after switching over in January 2025 from the Listed Funds Trust). The ETFs' other service providers include:

Cohen & Company, Ltd. as independent accounting firm;

Paralel Distributors LLC as distributor;

Paralel Technologies LLC (PTL) as administrator and fund accountant;

State Street Bank and Trust Company as custodian and transfer agent; and

Thompson Hine LLP as counsel.