ENDW vs HEFT

ENDWACambria Endowment Style ETF

HEFTBHedgeye Fourth Turning 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.

HEFT A research shop's macro call in ETF form. HEFT runs an active long/short book guided by Fourth Turning generational theory: long what it reads as demographic tailwinds, short what it expects to fade.

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.

HEFT The Fund seeks long-term capital appreciation. It uses an actively managed long/short strategy informed by Fourth Turning generational theory, varying exposure across U.S. equities, fixed income, commodities, currencies, and up to 20% international securities.

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.

• HEFT 0.70% a year, below the median for tactical multi-asset funds, and that buys an active long/short mandate rather than a rules file on autopilot.
• The short sleeve is the point. Managers can position against areas they expect to weaken instead of only choosing which longs to own.
• One legible thesis drives both sides of the book, so the fund's calls can be judged against the framework it publishes rather than a black box.

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.

• HEFT Launched in 2025. There is not yet a long record showing how the generational-cycle framework behaves across different market regimes.
• Shorting cuts both ways: borrow costs are ongoing, and a short position's losses are not bounded the way a long position's are.
• Small and lightly traded, so bid-ask spreads can run wider than in the category's household names. The mandate targets capital appreciation, not income.

Full ENDW profile⁠

Full HEFT profile⁠