Investor Letter

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Investors should consider the investment objectives, risks, charges and expenses of the Clough Hedged Equity ETF and Clough Select Equity ETF (each an “ETF” and collectively, the “Clough Capital ETFs” or the “ETFs”), which are managed by Clough Capital Partners L.P. ("Clough Capital"), carefully before investing. This and other information are contained in the ETFs’ prospectuses, which may be obtained by clicking here. Please read the prospectus carefully before you invest.

The Clough Capital ETFs are NYSE listed ETFs and may trade at a price above or below an ETF’s NAV. Shares of the ETFs may trade at a premium or discount to NAV and may be bought and sold throughout the day at their market price on the exchange on which they are listed. The market price may be at, above or below an ETF’s NAV and will fluctuate with changes in the NAV as well as supply and demand in the market for the shares. The market price of an ETF’s shares may differ significantly from its NAV during periods of market volatility. Shares of the ETFs may only be redeemed directly at NAV by Authorized Participants, in very large creation units. There can be no guarantee that an active trading market for the ETFs’ shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling shares of the ETFs on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.

Investments in securities are not insured, protected or guaranteed and may result in loss of income and/or principal. Diversification does not eliminate the risk of market loss. A long-term investment approach cannot guarantee a profit. All financial products have an element of risk and may experience loss. Past performance is not indicative of, nor does it guarantee future results. Purchases are subject to suitability, risk tolerance and any other investment limitations.

The Clough Capital ETFs are distributed by Vigilant Distributors, LLC. Clough Capital is not affiliated with Vigilant Distributors, LLC.

Risk Factors

Investing involves risk. Principal loss is possible. The equity securities held in the portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries or sectors in which the ETFs invest.

Short selling involves the sale of securities borrowed from a third party. The short seller profits if the borrowed security’s price declines. If a shorted security increases in value, a higher price must be paid to buy the stock back to cover the short sale, resulting in a loss. The ETFs may incur expenses related to short selling, including compensation, interest or dividends, and transaction costs payable to the security lender, whether the price of the shorted security increases or decreases. The amount the ETFs could lose on a short sale is theoretically unlimited. Short selling also involves counterparty risk – the risk associated with the third-party ceasing operations or failing to sell the security back.

Hedging Risk. Options used by the ETFs to reduce volatility and generate returns may not perform as intended. There can be no assurance that the ETFs’ option strategy will be effective. It may expose the ETFs to losses, e.g., option premiums, to which it would not have otherwise been exposed. Further, the option strategy may not fully protect the ETFs against declines in the value of its portfolio securities.

To receive quarterly reports, market commentary, and updates related to Clough Capital, contact us via phone or email.

Clough Capital Partners L.P.

53 State Street
27th Floor
Boston MA 02109

(617) 204-3400

investorrelations@cloughcapital.com

Disclosures