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Name

As of 04/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Convergence Long/Short Equity ETF

CLSE | Active ETF

$20.32

$55.7 M

1.02%

$0.21

1.55%

Vitals

YTD Return

19.1%

1 yr return

36.7%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$55.7 M

Holdings in Top 10

24.2%

52 WEEK LOW AND HIGH

$20.1
$14.82
$20.80

Expenses

OPERATING FEES

Expense Ratio 1.55%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Convergence Long/Short Equity ETF

CLSE | Active ETF

$20.32

$55.7 M

1.02%

$0.21

1.55%

CLSE - Profile

Distributions

  • YTD Total Return 19.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 1.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Convergence Long/Short Equity ETF
  • Fund Family Name
    N/A
  • Inception Date
    Feb 22, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Justin Neuberg

Fund Description

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in long and short positions in equity securities of domestic companies. The Fund focuses primarily on companies with medium and large market capitalizations, although the Fund may establish long and short positions in companies of any market capitalization. The Fund will hold long (purchase) securities that the Adviser believes will outperform the market, and will sell short securities expected to underperform the market.
The Fund intends to maintain a net long exposure (the market value of long positions minus the market value of short positions) of approximately 50% to 100%. Under normal market conditions, the Fund’s long positions may range from approximately 90% to 150% and its short positions may range from approximately 20% to 70%.
In making investment decisions for the Fund, the Adviser utilizes a proprietary stock ranking process. This stock ranking process is based on the philosophy that fundamentally sound companies are rewarded while fundamentally inferior companies are punished. Additionally, this process was designed to capture the best attributes of both quantitative and fundamental methods. Unlike traditional fundamental stock picking, quantitative management allows for broader coverage and increased data utilization. The Adviser seeks to maximize return while minimizing the risk assumed by the Fund through a stock ranking process that measures what market participants are rewarding or punishing. The Adviser systematically measures both current factor exposures for company stocks and the market’s factor preferences and tilts the Fund’s investment portfolio towards stocks that are ranked highly by the Adviser from a fundamental perspective. The factors the Adviser evaluates as part of its stock ranking process include, but are not limited to, valuation, growth, momentum, and quality.
•Valuation factors help to identify stocks that appear inexpensive relative to other companies based on fundamental measures. The Adviser evaluates valuation factors such as price-to-value ratios, earnings, enterprise value, cash flow, revenues, and yield.
•Growth factors seek to identify stocks that exhibit signs of higher-than-average growth metrics. The Adviser evaluates growth factors such as the growth rates in company earnings, revenue, and cash flow, in addition to assessing the rate of change of these growth rates.
•Momentum factors quantify trends in both price and fundamentals. The Adviser evaluates momentum factors such as the strength and duration of stock price movements, as well as fundamental trends in a company’s cash flow, earnings, and sales.
•Quality factors differentiate companies based on a variety of corporate health and stability measures. The Adviser evaluates quality factors such as the stability of a company’s earnings and cash flow, the strength of the balance sheet, and profit margins.
The Adviser aggregates similar measures into factors and each measure is equally weighted. The Adviser’s buy and sell decisions are primarily driven by this investment process. Applying these indicators, the Adviser takes long or short positions in stocks that it believes are favorably ranked.
Read More

CLSE - Performance

Return Ranking - Trailing

Period CLSE Return Category Return Low Category Return High Rank in Category (%)
YTD 19.1% -11.7% 17.0% N/A
1 Yr 36.7% -27.2% 22.0% 5.24%
3 Yr N/A* -19.9% 23.4% 8.72%
5 Yr N/A* -13.4% 13.1% 1.91%
10 Yr N/A* -7.3% 11.5% 1.69%

* Annualized

Return Ranking - Calendar

Period CLSE Return Category Return Low Category Return High Rank in Category (%)
2023 16.1% -54.0% 40.9% N/A
2022 N/A -22.5% 24.1% N/A
2021 N/A -19.4% 24.1% N/A
2020 N/A -8.4% 12.9% N/A
2019 N/A -14.0% 7.1% N/A

Total Return Ranking - Trailing

Period CLSE Return Category Return Low Category Return High Rank in Category (%)
YTD 19.1% -25.0% 17.0% N/A
1 Yr 36.7% -27.2% 22.0% 5.76%
3 Yr N/A* -19.9% 23.4% 8.72%
5 Yr N/A* -13.2% 14.1% 1.91%
10 Yr N/A* -6.9% 11.5% 1.69%

* Annualized

Total Return Ranking - Calendar

Period CLSE Return Category Return Low Category Return High Rank in Category (%)
2023 17.5% -54.0% 40.9% N/A
2022 N/A -22.5% 24.1% N/A
2021 N/A -19.4% 24.1% N/A
2020 N/A -8.4% 12.9% N/A
2019 N/A -14.0% 15.9% N/A

CLSE - Holdings

Concentration Analysis

CLSE Category Low Category High CLSE % Rank
Net Assets 55.7 M 818 K 5.18 B 78.35%
Number of Holdings 358 3 2670 13.98%
Net Assets in Top 10 13.5 M -175 M 1.1 B 75.27%
Weighting of Top 10 24.22% 1.5% 100.0% 72.61%

Top 10 Holdings

  1. NVIDIA Corp 3.42%
  2. Amazon.com Inc 3.05%
  3. Micron Technology Inc 2.33%
  4. Meta Platforms Inc 2.30%
  5. Alphabet Inc 2.28%
  6. Alphabet Inc 2.28%
  7. Nutanix Inc 2.22%
  8. Microsoft Corp 2.21%
  9. Broadcom Inc 2.07%
  10. QUALCOMM Inc 2.04%

Asset Allocation

Weighting Return Low Return High CLSE % Rank
Stocks 		65.82% -2.90% 119.13% 4.81%
Cash 		34.18% -67.46% 106.99% 95.14%
Preferred Stocks 		0.00% 0.00% 7.60% 8.65%
Other 		0.00% -35.22% 39.56% 34.05%
Convertible Bonds 		0.00% -0.02% 4.68% 8.11%
Bonds 		0.00% -48.31% 152.17% 25.67%

Stock Sector Breakdown

Weighting Return Low Return High CLSE % Rank
Utilities 		0.00% 0.00% 21.71% 43.64%
Technology 		0.00% 0.00% 43.24% 7.88%
Real Estate 		0.00% 0.00% 10.93% 26.06%
Industrials 		0.00% 0.00% 31.93% 70.91%
Healthcare 		0.00% 0.00% 100.00% 63.64%
Financial Services 		0.00% 0.00% 83.83% 56.97%
Energy 		0.00% 0.00% 32.57% 41.82%
Communication Services 		0.00% 0.00% 32.32% 49.70%
Consumer Defense 		0.00% 0.00% 33.38% 59.39%
Consumer Cyclical 		0.00% 0.00% 88.83% 56.36%
Basic Materials 		0.00% 0.00% 28.58% 21.82%

Stock Geographic Breakdown

Weighting Return Low Return High CLSE % Rank
US 		65.82% -24.26% 116.70% 3.24%
Non US 		0.00% -43.01% 97.78% 93.51%

CLSE - Expenses

Operational Fees

CLSE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.55% 0.40% 11.46% 70.77%
Management Fee 0.95% 0.00% 2.50% 27.69%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 1.54% N/A

Sales Fees

CLSE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

CLSE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CLSE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 479.00% N/A

CLSE - Distributions

Dividend Yield Analysis

CLSE Category Low Category High CLSE % Rank
Dividend Yield 1.02% 0.00% 11.11% 26.15%

Dividend Distribution Analysis

CLSE Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Annually

Net Income Ratio Analysis

CLSE Category Low Category High CLSE % Rank
Net Income Ratio N/A -3.33% 2.88% N/A

Capital Gain Distribution Analysis

CLSE Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

CLSE - Fund Manager Analysis

Managers

Justin Neuberg

Start Date

Tenure

Tenure Rank

Dec 29, 2009

12.43

12.4%

Justin Neuberg is co-manager at Convergence Investment Partners, LLC for all the firm’s products. He joined the firm in 2013 and is actively involved in the day-to-day research, monitoring, and management of each of the investment products at Convergence. Justin oversees the ongoing research of factor effectiveness, portfolio exposures, and the empirical results for the company’s fundamentally-based products. In addition, Justin focuses on risk assessment and risk management for the various portfolio strategies. Justin has an extensive background in investment analytics and investment research. He has worked in financial services since 2002. Prior to joining the firm, Justin was an analyst and portfolio strategist at Mariner Wealth Advisors and CBIZ Wealth Management. During these years, he worked to develop a bond issuer scoring system which ranked over 400 corporate issuers on real-time financial statistics. Mr. Neuberg also developed a quantitative scoring system to rank global equity offerings based on company specific metrics for an Equity Income product, as the product’s lead analyst. Justin is a CFA charterholder with a bachelor’s degree in physics from the University of Virginia and an MBA (finance) from Georgetown University. He is also a member of the Chartered Financial Analyst Society of San Diego.

David Abitz

Start Date

Tenure

Tenure Rank

Dec 29, 2009

12.43

12.4%

David J. Abitz, CFA, founded QIS Advisors, the predecessor firm to the Adviser, in 2004. Mr. Abitz has more than two decades of investment experience and is the President and Chief Investment Officer of the Convergence Investment Partners LLC. Prior to founding the Convergence Investment Partners LLC, Mr. Abitz was Chief Investment Officer of the Custom Quantitative Solutions Group at M&I Investment Management Corporation from 2000 to 2004, where he managed the Marshall Equity Income Fund, Tax Efficient Portfolios, M&I High Dividend Income Portfolios and the M&I Long/Short Fund. Mr. Abitz began his career at M&I Investment Management Corporation as a fundamental equity research analyst and an equity trader. Mr. Abitz is a Chartered Financial Analyst with a BBA in Finance from the University of Wisconsin – Oshkosh and an MBA from the University of Wisconsin – Madison. He is a member of the Society of Quantitative Analysts, the Chicago Quantitative Alliance group, and the Chartered Financial Analyst (“CFA”) Society Society of South Florida

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 5.99 7.93

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