BDGS vs ENDW

BDGSBBridges Capital Tactical ETF

ENDWACambria Endowment Style ETF

In short

BDGS A tactical fund that publishes its dial settings: roughly 75% index ETFs and 5% cash in risk-on mode, roughly 80% cash in risk-off mode, plus a standing sleeve of about 10 large-cap stocks. 0.87%, no 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

BDGS The Fund is an actively managed, diversified ETF investing in a mix of U.S. equity index ETFs, large-capitalization stocks, and cash or cash equivalents. Its allocation and rebalancing respond to macroeconomic conditions, market breadth, and volatility.

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

• BDGS The playbook sits in the prospectus: about 75% index ETFs and 5% cash when the macro read is risk-on, about 80% cash and 20% stocks when it is not. Unusually specific.sec.gov
• The macro call shifts less than once a year by design. Rebalancing happens inside that gear: roughly twice a month in defensive stretches, about six times a year when bullish.sec.govsec.gov 2
• The stock sleeve is roughly 10 large-cap names held for the long haul, sold when a company drops out of its index's top 10 or the manager sees a risk to the long-term story.sec.gov
• 0.87% with no fee waiver, near what tactical-allocation funds typically charge. Cheaper shelves exist in the group, like ENDW at 0.22%. Rates in the upper half of its peer group.

• 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

• BDGS A small fund whose shares trade lightly, so spreads can run wider than on mega-cap index ETFs and bigger orders can move the price.
• Turnover is high by design. The prospectus notes that can mean higher transaction costs and, in taxable accounts, higher taxes.sec.gov
• Listed in 2023, so the live record is short, and the prospectus flags that cash-heavy stretches can trail the benchmark in a rising market.etfarchitect.com

• 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 BDGS profile⁠

Full ENDW profile⁠