ENDW vs HF: Grades, Fees and Holdings Compared

Cambria Endowment Style ETF

ENDWANasdaq

DGA Core Plus Absolute Return ETF

HFDNYSE

Overlap

2.1%by weight

Expense ratio

ENDW −1.48pt a year

ENDW0.22%HF1.70%

Avg volume · 30D

ENDW 43.0×the volume

ENDW17.1KHF398

ENDW vs HF Performance

Oct 31, 2025 – Oct 30, 2026

+14.9%ENDW+7.7%HF

Expense ratio: ENDW 0.22%, better; HF 1.70%
Fund size: ENDW $160M; HF $21M
1Y total return: ENDW +14.9%, better; HF +7.7%
Yield (12M): ENDW 2.37%, better; HF 0.88%
Holdings: ENDW 73; HF 18
Avg volume (30D): ENDW 17.1K sh, better; HF 398 sh
NAV per share: ENDW $34.35; HF $22.68
52W range

ETF.net Grade

Pillar letters and Scores for ENDW, HF, with each pillar’s weight
Pillar	ENDW	HF
Cost30% weight	A100Higher	F9
Mission25% weight	A81	Not scored
Risk15% weight	A75	A75
Tradability15% weight	B69Higher	C42
Holdings10% weight	B62Higher	C51
Durability5% weight	B65Higher	C51

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. ENDW and HF are both graded against the same 46 Tactical Allocation funds, so their Grades compare head to head.

Tactical Allocation⁠

Category · 46 funds

See all 46 ›

ENDW ranks 1st and HF 40th of 46 funds in the Tactical Allocation Category.

Rank 1AENDWCambria Endowment Style ETFScore 81
Rank 2AGMODGMO Dynamic Allocation ETFScore 76
Rank 38DNMBLNovaTide Flexible Allocation ETFScore 38
Rank 40DHFDGA Core Plus Absolute Return ETFScore 37
Rank 41DXNAVFundX Aggressive ETFScore 34

Our read on each fund

ETF.net Research

ENDWACambria Endowment Style ETF

HFDDGA Core Plus Absolute Return 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.

HF Ticker HF, mandate to match: hedge-fund-style absolute return in a plain ETF wrapper, chasing appreciation with capital preservation second. The hedge-fund fee came along too: 1.70% net of a waiver through November 30, 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.

HF The Fund seeks long-term capital appreciation, with capital preservation as a secondary objective.

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.com businesswire.com
Pays income quarterly, and on our review it sits among the strongest implementations in the tactical allocation group.

HF The prospectus commits to both goals: long-term capital appreciation first, capital preservation second. Most tactical funds name one and leave the rest to interpretation.
Ordinary 1940 Act ETF plumbing: daily liquidity, a 1099 instead of a K-1, no lockups or gates. The hedge-fund idea without the hedge-fund paperwork.sec.gov
Risk is the strongest part of its profile. On volatility and drawdown it has run calmer than most tactical multi-asset peers.
Concentrated by design, a few dozen positions, so the manager's calls actually move the portfolio instead of averaging into plain beta.

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.

HF Cost is the headwind: 1.70% net of a waiver through November 30, 2026 (1.85% gross), above the category median. Peers ENDW at 0.22% and PTBD at 0.60% sit far below.
No declared index and no published tracking evidence, so there is no rulebook to check the strategy against. You are buying the manager's model.
Small and thinly traded: spreads can widen and sizeable orders can nudge the price. Cash comes once or twice a year, not monthly.

Full ENDW profile⁠

Full HF profile⁠

ENDW vs HF Holdings

How ENDW and HF differ

Overlap by weight

2.1%

Shared holdings make up 22.0% of HF and 3.8% of ENDW.

Level by level

Holdings4 in both2.1%
Sector11 Sectors19.0%
Countryby domicile63.3%
Asset classEquity100%

Sector

Sector weights in ENDW and HF, widest gap first
Sector	More in ENDWMore in HF	ENDW	HF
Financials	HF +81.0 points	19.0%	100.0%
Technology	ENDW +15.5 points	15.5%	0.0%
Industrials	ENDW +13.0 points	13.0%	0.0%
Energy	ENDW +11.8 points	11.8%	0.0%
Consumer Discretionary	ENDW +9.2 points	9.2%	0.0%
Real Estate	ENDW +8.5 points	8.5%	0.0%
Materials	ENDW +5.5 points	5.5%	0.0%
Health Care	ENDW +5.5 points	5.5%	0.0%
Communication	ENDW +4.5 points	4.5%	0.0%
Consumer Staples	ENDW +4.2 points	4.2%	0.0%
Utilities	ENDW +3.2 points	3.2%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in ENDW and HF, widest gap first
Country	More in ENDWMore in HF	ENDW	HF
United States	HF +36.7 points	58.9%	95.6%
South Africa	ENDW +3.9 points	3.9%	0.0%
United Kingdom	ENDW +3.3 points	3.7%	0.4%
Japan	ENDW +3.2 points	3.8%	0.6%
China	ENDW +3.1 points	3.4%	0.3%
Taiwan	ENDW +2.9 points	3.3%	0.4%
Canada	ENDW +2.6 points	2.9%	0.3%
South Korea	ENDW +1.6 points	1.9%	0.3%
Other countries (28)	ENDW +16.2 points	18.2%	2.0%

Outside the US: ENDW 52% developed, 48% emerging.

Concentration

Weight in the 10 largest Holdings

ENDW72.8%
HF76.0%

Securities held

ENDW72
HF18

Asset class

ENDW: Equity
HF: Equity

Holdings

Only in ENDW68
In both4
Only in HF14

Only in ENDW

68 securities, 96.2% of ENDW by weight

US 10YR NOTE (CBT)Dec2622.47%
Cambria Foreign Shareholder Yield ETF10.21%
Cambria Emerging Shareholder Yield ETF7.99%
Cambria Value and Momentum ETF7.49%
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF4.50%
Cambria Shareholder Yield ETF4.33%
Cambria Global Value ETF4.19%
Cambria Chesapeake Pure Trend ETF4.12%
Cambria Global Real Estate ETF3.73%
iMGP DBi Managed Futures Strategy ETF3.72%
State Street SPDR S&P Global Natural Resources ETF2.15%
CSX Corp1.02%
Apple Inc0.87%
Vertex Pharmaceuticals Inc0.85%
JPMorgan Chase & Co.0.81%
American Electric Power Co Inc0.80%
iShares Russell 3000 ETF0.80%
NVIDIA Corp0.75%
Dimensional US Marketwide Value ETF0.73%
Mastercard Inc0.69%
MongoDB Inc0.69%
Amazon.com Inc0.69%
Vanguard Real Estate ETF0.68%
Microsoft Corp0.67%
Tesla Inc0.66%
Alphabet Inc0.64%
Broadcom Inc0.63%
Trane Technologies PLC0.63%
Vanguard Global ex-U.S. Real Estate ETF0.60%
SPDR Gold Shares0.52%
Norfolk Southern Corp0.50%
Xylem Inc/NY0.50%
Berkshire Hathaway Inc0.43%
Analog Devices Inc0.42%
Unity Software Inc0.35%
Aecom0.33%
Goldman Sachs Group Inc/The0.33%
Visa Inc0.32%
ExxonMobil Holdings Corp0.30%
Union Pacific Corp0.29%
Vanguard FTSE All-World ex-US ETF0.23%
Taiwan Semiconductor Manufacturing Co Ltd0.23%
UnitedHealth Group Inc0.21%
Walmart Inc0.21%
Cambria Tax Aware ETF0.20%
Lowe's Cos Inc0.19%
Advanced Micro Devices Inc0.16%
Salesforce Inc0.16%
Johnson & Johnson0.16%
Morgan Stanley0.16%

Only in HF

14 securities, 78.0% of HF by weight

ProShares UltraShort S&P50015.24%
Goldman Sachs Access Treasury 0-1 Year ETF14.93%
iShares Core S&P 500 ETF9.18%
Schwab US Dividend Equity ETF3.75%
State Street SPDR Portfolio S&P 500 High Dividend ETF3.72%
Vanguard Morningstar Value ETF3.62%
State Street SPDR Portfolio S&P 500 Value ETF3.61%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF3.55%
Schwab US Broad Market ETF3.45%
Vanguard Total World Stock ETF3.45%
iShares MSCI ACWI ETF3.44%
abrdn Bloomberg All Commodity Strategy K-1 Free ETF3.42%
Vanguard Morningstar Growth ETF3.32%
State Street SPDR Portfolio S&P 500 Growth ETF3.31%

Weight gaps

All 4 Holdings in both funds, largest gap first.

Holding weights in ENDW and HF, widest gap first
Holding	More in ENDWMore in HF	ENDW	HF
State Street SPDR S&P 500 ETF TrustSPY	HF +8.39 points	0.79%	9.18%
Vanguard S&P 500 ETFVOO	HF +8.38 points	0.80%	9.18%
Vanguard Morningstar Total Stock Market ETFVTI	HF +3.22 points	0.23%	3.45%
First American Government Obligations Fund 12/01/2031	ENDW +1.70 points	1.93%	0.23%

All 72 ENDW holdings⁠All 36 HF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ENDW vs HF Cost

Overpaying HF vs ENDW

$24,483

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ENDW 0.22%
$4,558
HF 1.70%
$29,041

Amount$10,000

Years30 years

Cost over time

ENDW 0.22%
HF 1.70%
Overpaying

Year by year

Year	ENDW	HF	Overpaying
10	$401	$2,911	$2,510
20	$1,561	$10,606	$9,045
30	$4,558	$29,041	$24,483

Expense ratio

0.22%ENDW, cheaper
1.70%HF

ENDW0.22%HF1.70%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

ENDW cheapest of 46 funds

HF 42nd cheapest of 46 funds

ENDW vs HF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ENDW 2.37%, better; HF 0.88%
Payout (12M): ENDW $0.82; HF $0.20
Last payment: ENDW $0.16; HF $0.20
Ex-dividend: ENDW Sep 28, 2026; HF Dec 29, 2025
Paid on: ENDW Sep 30, 2026; HF Dec 30, 2025
Frequency: ENDW Quarterly; HF Annual

Distribution history

Per share, 2023 to 2026, same scale for both

ENDWQuarterly · 6 paymentsAll ENDW payments⁠

HFAnnual · 3 paymentsAll HF payments⁠

ENDW vs HF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ENDW 9.2%since May 2025HF 6.0%
Return per unit of riskSharpe ratio, 3 years: ENDW 1.99since May 2025HF 0.85
Worst fallMax drawdown, 5 years: ENDW −6.4%since Apr 2025HF −6.0%since Aug 2023
Market sensitivityBeta, 5 years: ENDW 0.61HF 0.42; Market = 1

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