ENDW vs MKAM

ENDWACambria Endowment Style ETF

MKAMBMKAM 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.

MKAM A dimmer switch on the S&P 500. A trend-and-valuation model can dial US stock exposure from 100% down to zero, parking the rest in Treasuries and cash. Active management for 0.55%, no waiver.

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.

MKAM The Fund seeks to capture most equity-market returns while taking less volatility and downside risk than other equity investments.

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.

• MKAM The mechanism is the product: when the model reads a falling trend or high valuations, equity exposure can fall toward zero, with the rest in Treasuries and money-market funds.sec.gov
• Two inputs, named in the prospectus: price trend and valuation. Rising trend plus reasonable valuations means more stocks; mixed signals mean a split portfolio.sec.gov
• At 0.55% with no waiver propping it up, it prices below the typical tactical allocation fund and under peers like PTBD (0.60%) and RISN (0.72%).
• Pays quarterly, and sits in the upper half of a crowded tactical allocation field.

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.

• MKAM Small and thinly traded, so spreads and order size matter more here than the fee. Little funds also carry more closure risk than big ones.
• Trend models typically exit after a decline is underway and return after a rebound is underway. Whipsaw is the built-in cost of the design.sec.gov
• Non-diversified, with exposure often expressed through a handful of positions including other ETFs and money-market funds. You own a proprietary model, not an index.sec.govsec.gov 2

Full ENDW profile⁠

Full MKAM profile⁠