ENDW vs PWS

ENDWACambria Endowment Style ETF

PWSBPacer WealthShield 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.

PWS A tactical fund that takes its cue from the junk-bond market. When high-yield credit and sector momentum turn, PWS rotates between U.S. equity sectors and Treasuries, then re-checks the tape every month.

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.

PWS The Fund uses a rules-based trend-following strategy to shift exposure between U.S. equity sectors and U.S. Treasury securities. Its monthly evaluations consider high-yield credit conditions, Treasury rates, and momentum in equity sectors and long-term Treasuries.

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.

• PWS Rules run it, not hunches: monthly signals from high-yield credit, Treasury rates and sector momentum decide the mix. It has tracked its own index tightly.paceretfs.com
• 0.60% a year, under the median for tactical multi-asset funds, which is unusual for a strategy that rotates whole asset classes on a schedule.
• Live since 2017, so the record spans real drawdowns, not just a backtest. It pays quarterly and holds roughly 300 stocks when the equity side is on.
• Rated among the stronger implementations in its tactical peer group on ETF.net's review.

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.

• PWS Small and thinly traded. Spreads can be wide and orders can move the price, so the trading experience differs from a mega-cap index fund.
• Trend rules can whipsaw. In choppy markets the fund may step out after a drop and step back in after a bounce, paying for the round trip.
• Cheaper tactical options exist: ENDW runs 0.22% and ONOF 0.39%, though neither uses the same credit-plus-momentum switch.

Full ENDW profile⁠

Full PWS profile⁠