AHLT vs ENDW

AHLTCAhl Liquid Trend ETF

ENDWACambria Endowment Style ETF

In short

AHLT Man AHL's managed-futures playbook in an ETF: fully systematic trend signals, long or short, across more than 20 global markets. American Beacon's debut ETF, live since 2023, at 0.96% with no fee waiver.

ENDW The endowment playbook in one ticker: global stocks, bonds and real assets, actively steered by Cambria, with built-in leverage, for 0.22% a year. Endowment ambition without the endowment fee schedule.

Stated mandate

AHLT The Fund seeks capital growth through a quantitative, systematic trend-following strategy across more than 20 global markets. It uses derivatives and may take both long and short positions, with exposure adjusted through volatility scaling and risk controls.

ENDW ENDW seeks income and capital appreciation. It is actively managed to provide exposure to multiple major asset classes through underlying ETFs or individual equities.

Why people hold it

• AHLT Signals, not opinions: the model takes long or short positions across stocks, bonds, currencies and commodities in more than 20 markets, with no discretionary buy or sell calls.americanbeaconfunds.com
• Volatility scaling is built into the process: exposure is trimmed when a market turns turbulent and added back, within risk limits, as it calms.sec.gov
• AHL Partners (Man Group's London quant arm) runs the trading, delivered in a 1940 Act ETF with daily exchange liquidity instead of a private-fund structure.sec.govbenzinga.com

• ENDW 0.22% a year against a roughly 0.95% median for tactical allocation funds, and cheaper than the other standouts in the group such as ONOF (0.39%) and GMOD (0.50%).
• One ticker spans US, developed and emerging markets across equities, bonds and real assets, roughly 70 positions, with value and momentum screens applied on top.cambriafunds.com
• Capital efficient by design: the manager expects notional exposure of 100% to 150% of assets, using Treasury futures alongside the underlying ETF sleeves.usnews.combusinesswire.com
• Pays income quarterly, and on our review it sits among the strongest implementations in the tactical allocation group.

Worth knowing

• AHLT The 0.96% fee is near the category median and carries no waiver; leaner tactical options exist, such as ENDW at 0.22% and GMOD at 0.50% net of a waiver through June 30, 2027.
• A smaller fund that trades thinly, so spreads can be wider than on heavily traded index ETFs.
• Trend models follow prices rather than forecast them, and the portfolio uses derivatives and shorts, which can amplify moves in NAV.sec.gov

• ENDW It owns other ETFs, which charge their own fees on top of the 0.22% management fee, so the all-in cost of ownership runs higher than the headline.cambriafunds.com
• Leverage works both ways. Notional exposure above 100% of assets magnifies moves in either direction, and Cambria itself calls the risk profile aggressive.businesswire.com
• Launched in 2025 and still modest in size, so the record is short and shares change hands less often than mainstream index funds.

Full AHLT profile⁠

Full ENDW profile⁠