DALI vs ENDW

DALICFirst Trust Dorsey Wright DALI Equity ETF

ENDWACambria Endowment Style ETF

In short

DALI Tactical, but only inside the stock market. DALI uses Dorsey Wright relative-strength rankings to lean US or international, then buys ETFs to express the call. One decision, rules-based, no exit to cash.

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

DALI The fund seeks returns generally corresponding to the Nasdaq Dorsey Wright DALI EquityTM Index. The index uses relative-strength analysis to select between domestic and international equity and allocates among ETFs providing exposure to the selected asset class.

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

• DALI The whole thesis is one call: US stocks or international. Relative-strength rules make it, and the fund holds ETFs to express it.ftportfolios.com
• Momentum is the advertised screen, run through Dorsey Wright's Dynamic Asset Level Investing framework, so shifts follow measured trend strength instead of a manager's read.ftportfolios.com
• Equity-only by design, spanning US, developed international and emerging markets. Trading since 2018, so the rules have run live through several very different markets.
• The 0.91% expense ratio sits slightly under the norm for tactical multi-asset funds, and distributions come quarterly.

• 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

• DALI 0.91% is only cheap by tactical standards. Rules-based rivals like ENDW at 0.22% and ONOF at 0.39% do their own switching for far less.
• Relative strength is backward-looking by construction: the signal turns after a trend shows up, so inflection points get caught late.
• It trades thinly, so spreads can run wider than in the category's most active names. A small fund by ETF standards, too.

• 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 DALI profile⁠

Full ENDW profile⁠