ENDW vs GMMA

ENDWACambria Endowment Style ETF

GMMABGammaRoad Market Navigation ETF

In short

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.

GMMA One ticker that slides between US stock ETFs and Treasury bills as a daily rules-based signal dictates, instead of parking at a fixed mix. Actively run, 0.75% net of a waiver through December 29, 2026.

Stated mandate

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.

GMMA The Fund seeks capital appreciation through an actively managed strategy that generally tracks the MarketVector GammaRoad U.S. Equity Strategy Index.

Why people hold it

• 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.

• GMMA Rotates between US equity ETFs and T-bills on a signal reviewed daily, so the equity dial moves with the rulebook rather than sitting at a set weight.marketvector.commarketvector.com 2
• 0.75% net of a waiver through December 29, 2026 (0.86% gross) lands below the typical fee in its tactical multi-asset category.
• The index is built by MarketVector to a published rulebook, so the signal framework is documented rather than explained after the fact in a manager letter.marketvector.com
• Sits in the upper half of its tactical allocation peer group on our review.

Worth knowing

• 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.

• GMMA Small and thinly traded, so spreads can run wider than at headline index funds; the gap shows up most on big or hurried orders.
• Actively managed, so the portfolio can deviate from the index it generally tracks. Manager discretion is part of the package.sec.gov
• Listed in September 2024, so the live record is young, and any rotation signal can sit in T-bills through rallies or in stocks through drawdowns.marketvector.com

Full ENDW profile⁠

Full GMMA profile⁠