CLSM vs ENDW

CLSMCETC Cabana Target Leading Sector Moderate ETF

ENDWACambria Endowment Style ETF

In short

CLSM A tactical allocation fund whose name states the plan: tilt toward leading sectors, dialed to a moderate risk setting. The mandate is plain long-term growth, and its 0.82% fee sits under the typical charge in the tactical crowd.

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

CLSM The Fund seeks to provide long-term growth.

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

• CLSM 0.82% a year, below the median expense ratio for its tactical allocation peer group.
• One stated job in the prospectus: long-term growth. No index to shadow, so the sector mix can move as the model reads conditions.
• Trading since 2021, so there is a live multi-year record behind the strategy rather than a backtest.

• 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

• CLSM Thinly traded, so spreads can run wider and larger orders are harder to fill than in heavily traded funds.
• Cheap for its cohort, not cheap outright. Other tactical funds in the same group charge less, including ENDW at 0.22% and ONOF at 0.39%.
• Discretionary with no declared index: the stated goal is simply long-term growth, so there is no benchmark contract to measure the sector calls against.

• 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 CLSM profile⁠

Full ENDW profile⁠