Vault-13

ELEVATION SERIES TRUST CBLS

CLOUGH HEDGED EQ · ETP · CUSIP 210322806

8 institutional holders +1 vs Q3 2025
1,208,3121.2m shares reported held*
$33.2mreported value*
2 new 3 added 2 reduced 2 sold out net bought ≈ $2.8m (+101.4k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $27.50.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0510Q1 25: 7Q2 25: 9Q3 25: 7Q4 25: 88Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 20257
Q2 20259
Q3 20257
Q4 20258

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
505Q2 25: 3 bought or addedQ2 25: 4 cut or sold outQ2 25Q3 25: 5 bought or addedQ3 25: 3 cut or sold outQ3 25Q4 25: 5 bought or addedQ4 25: 4 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 202534
Q3 202553
Q4 202554

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2k$4k$6kQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $4.5kQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$4.5k$00.00
Q3 2025$0$0—
Q4 2025$0$0—

Biggest buyers

INSIGNEO ADVISORY SERVICES, LLC New +185,371+185.4k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +7,505+7.5k
ROYAL BANK OF CANADA Added +2,633+2.6k
Able Wealth Management LLC Added +1,078+1.1k
Waverly Advisors, LLC Added +311+311

Biggest sellers

HighTower Advisors, LLC Reduced -80,546-80.5k
MERCER GLOBAL ADVISORS INC /ADV Sold out -13,844-13.8k
Ethos Financial Group, LLC Reduced -932-932
UBS Group AG Sold out -198-198

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Waverly Advisors, LLC 0.11% of their portfolio BIRMINGHAM, AL 503,982504.0k $13.9m $13.9m 0.11% Added +311 +311
2 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 456,108456.1k $12.5m $12.5m 0.01% Reduced -80.5k -80,546
3 INSIGNEO ADVISORY SERVICES, LLC 0.37% of their portfolio MIAMI, FL 185,371185.4k $5.1m $5.1m 0.37% New
4 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 15,80815.8k $435.0k $435.0k 0.00% Added +2.6k +2,633
5 Ethos Financial Group, LLC 0.03% of their portfolio KING OF PRUSSIA, PA 15,13615.1k $416.2k $416.2k 0.03% Reduced -932 -932
6 Alchemi Wealth, LLC 0.21% of their portfolio ESSEX, CT 14,07914.1k $387.2k $387.2k 0.21% First filing
7 Able Wealth Management LLC 0.09% of their portfolio Toms River, NJ 10,32310.3k $283.9k $283.9k 0.09% Added +1.1k +1,078
8 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 7,5057.5k $206.4k $206.4k 0.00% New