ENDW vs PRTO

ENDWACambria Endowment Style ETF

PRTOBRCN Pareto Strategic Allocation 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.

PRTO A rules-driven wanderer: PRTO leans on trend and momentum signals to shift across asset classes instead of parking in a fixed 60/40. Launched in 2026 at 0.82% a year, it undercuts the typical tactical allocator while it builds a record.

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.

PRTO The Fund seeks long-term capital appreciation through dynamic allocation across multiple asset classes, using systematic trend-following and momentum-driven signals.

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.

• PRTO The mandate is explicit: dynamic allocation across multiple asset classes driven by systematic trend-following and momentum signals. Rules decide when it leans in or backs off, not a manager's mood.
• 0.82% a year sits below the median fee in its tactical-allocation peer group, where all that shape-shifting usually costs more.
• One ticker covers the allocation decision. Instead of you rebalancing sleeves, the signals dial exposures up and down across asset classes.

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.

• PRTO It launched in 2026, so the signals have no long track record across a full market cycle yet.
• Small and thinly traded: spreads can run wider than the category's heavyweights, and size orders can move the price.
• Below the peer median on fees, not at the floor. ENDW (0.22%) and ONOF (0.39%) run tactical allocation playbooks for less.

Full ENDW profile⁠

Full PRTO profile⁠