ENDW vs RHTX

ENDWACambria Endowment Style ETF

RHTXFRH Tactical Outlook 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.

RHTX A go-anywhere allocator: it can sit anywhere from all stocks to all bonds, built from plain index ETFs and steered by the adviser's own macro and technical read. Running since 2012.

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.

RHTX The Fund seeks total return from capital appreciation and current income, with a secondary goal of downside protection. It uses tactical asset allocation across equity and fixed-income ETFs and may use alternative-investment ETFs and options for risk management.

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.

• RHTX Can shift 0% to 100% between equity and fixed-income ETFs, with up to 20% in alternatives (REITs, commodities, long/short, global macro) used as a hedge.ncfunds.com
• Built from mainstream index ETFs, selected on how closely they track large-cap, S&P MidCap 400 and small-cap benchmarks rather than on star-manager picks.ncfunds.com
• Downside protection is a stated secondary goal, and the adviser may use options on ETFs and equities for risk management.ncfunds.com
• Trading since 2012, so this tactical mandate has been live through several very different market regimes.

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.

• RHTX Costs 1.54% net of a waiver through September 30, 2027 (3.50% gross), above the category median and above peers such as ENDW at 0.22%.
• No index to measure it against. Results hinge on the adviser's technical and macro calls, and the mix can look nothing like a standard 60/40.ncfunds.com
• A small, thinly traded fund, so bid-ask spreads can run wider than the category's heavily traded names.

Full ENDW profile⁠

Full RHTX profile⁠