ENDW vs LGH

ENDWACambria Endowment Style ETF

LGHBHCM Defender 500 Index 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.

LGH A 500-stock US large-cap index with an eject button. HCM's own trend model can cut equity exposure to 70/30, 40/60 or all cash, then waits for the market to close back above the line before buying in again. Fee: 1.00% a year.

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.

LGH The Fund seeks to track the HCM Defender 500 Index before fees and expenses. Its index generally uses large-capitalization U.S. equities but can reduce exposure through 70/30, 40/60, or all-cash positions as market conditions change.

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.

• LGH The exit ramp is the product. A trend signal, not a manager's gut, decides when the index steps down from full equity to 70/30, 40/60 or all cash, and re-entry requires five straight closes back above the line.howardcm.com
• Self-indexed and founder-run: Howard Capital Management sponsors, builds and maintains the index itself, and the firm's founder has been the portfolio manager since the fund began operations in 2019.howardcm.com
• One of the better-built options in a crowded tactical-allocation field of dozens of funds, with years of live record behind the signal rather than a backtest.

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.

• LGH 1.00% a year sits above the category median fee, and well above peers like ENDW at 0.22% or PBL at 0.45%. That is active-manager pricing for a rules-based overlay.
• Trend models move late by design. The index only de-risks after the market has already fallen below the line, and only re-risks after five confirming closes, so it can hold cash while stocks are climbing.howardcm.com
• Equity exposure can come indirectly, through derivatives, other funds and leveraged ETFs, which adds plumbing most plain index funds do not carry.sec.govhowardcm.com

Full ENDW profile⁠

Full LGH profile⁠