Clough Global Macro ETF: A Global Multi-Asset Macro Strategy

The Clough Global Macro strategy is an actively managed strategy that seeks long-term capital appreciation by investing across global asset classes. The manager starts with a top-down view of the macro environment, including monetary policy, growth differentials, geopolitics, and capital flows. It then uses bottom-up fundamental research to choose the instruments that best express each theme. The strategy may invest in equities, interest rates, fixed income, real assets, and derivatives across developed and select emerging markets.

Net equity exposure can range from 0 to 100 percent, and gross exposure may reach 130 percent through ETFs and derivatives. The manager may hedge with options, short positions, and macro overlays, and may hedge currency based on its macro view. Research is organized around four themes. These are long-term structural trends, companies undergoing change, market dislocations, and supply shortages. The fund is not managed relative to a benchmark, although the Bloomberg World Large & Mid Cap TR Index is used for performance comparison.

The fund is expected to launch on or about December 4, 2026, subject to the effectiveness of its registration statement and exchange listing.

Strategy characteristics are targets described by the manager, not limits or guarantees, and may change without notice. Information on this page is provided by the manager and has not been independently verified by ExchangiFi. A registration statement for the fund has been filed with the SEC but is not yet effective. The information is not complete and may change, and shares may not be sold until the registration statement is effective.

Clough Capital Partners L.P. is an investment adviser headquartered in Boston. Chuck Clough founded the firm in 2000 after serving as Chief Global Investment Strategist at Merrill Lynch. The firm applies a global macro, research-driven process across its strategies, including three closed-end funds. CMAC offers that process in an ETF structure.

No performance data is presented on this page. Firm diligence materials, Form ADV, and the preliminary prospectus are available directly from the manager. The ETF is distributed by Paralel Distributors LLC. Paralel Distributors LLC and Clough Capital are not affiliated.

Section 351 of the Internal Revenue Code is a long standing rule: when one or more persons transfer property to a corporation solely in exchange for that corporation’s stock, no gain or loss is recognized on the transfer. It is the same principle founders rely on when they contribute assets to a newly formed company, applied to portfolios of marketable securities. Advisors often describe it as the 1031 exchange of the equity world, though the two provisions are separate and work differently.

In practice, an investor holding appreciated securities contributes those securities in kind to a newly organized entity and receives shares of that entity in return. Because nothing is sold, no capital gain is realized at the moment of the exchange. The investor’s original cost basis and holding period carry over to the new shares, so the deferred gain travels with them and is recognized when the shares are eventually sold. Deferral is the benefit. Elimination is not on offer.

Alignment is the manager’s call. The diversification test is the tax question, and missing it can cause the transfer to be treated as a taxable sale in full. Other conditions matter in practice as well. The exchange cannot be a pre arranged sale in substance, post contribution changes to the portfolio are examined, tax law can change, and the Internal Revenue Service may look past the form of a transaction to its substance. This is why the work is done with counsel and a tax advisor rather than on the strength of a marketing page.