BITC vs ENDW

BITCCBitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF

ENDWACambria Endowment Style ETF

In short

BITC Not a bitcoin fund, not a bond fund. BITC flips between bitcoin futures and Treasuries on a rules-based trend signal, holding one or the other rather than blending them. A momentum switch in an ordinary ETF wrapper, live since 2023.

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

BITC The Fund seeks capital appreciation through a rules-based rotation between bitcoin futures and U.S. Treasuries based on market momentum.

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

• BITC Binary by design: a rules-based momentum signal decides whether the fund sits in bitcoin futures or in U.S. Treasuries, so the switch is mechanical rather than a judgment call.
• Crypto-linked exposure via bitcoin futures inside a 1940 Act ETF, so it lives in a normal brokerage account with no wallets or private keys.
• Running since March 2023, so the rotation rules have been through real bitcoin swings rather than just a backtest.sec.gov

• 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

• BITC Fee is 0.88% net of a waiver through May 1, 2027 (1.12% gross), near the category median but above cheaper tactical peers like ENDW at 0.22% and PBL at 0.45%.
• Trend signals react after a move, not before, so choppy markets can mean stepping out following a drop and back in after a bounce.
• Small and lightly traded, so spreads can run wider than in mainstream multi-asset funds.

• 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 BITC profile⁠

Full ENDW profile⁠