ENDW vs TOAO: Grades, Fees and Holdings Compared

Cambria Endowment Style ETF

ENDWANasdaq

Twin Oak Active Opportunities III ETF

TOAODCboe

Overlap

3.7%by weight

Expense ratio

ENDW −0.73pt a year

ENDW0.22%TOAO0.95%

Avg volume · 30D

ENDW 159.8×the volume

ENDW23.3KTOAO146

ENDW vs TOAO Performance

Aug 6, 2026 – Nov 6, 2026

−2.3%ENDW−5.4%TOAO

Expense ratio: ENDW 0.22%, better; TOAO 0.95%
Fund size: ENDW $158M; TOAO $418M
1Y total return: ENDW +13.2%; TOAO No data
Yield (12M): ENDW 2.42%; TOAO No data
Holdings: ENDW 74; TOAO 40
Avg volume (30D): ENDW 23.3K sh, better; TOAO 146 sh
NAV per share: ENDW $33.62; TOAO $25.65
52W range

ETF.net Grade

Pillar letters and Scores for ENDW, TOAO, with each pillar’s weight
Pillar	ENDW	TOAO
Cost30% weight	A100Higher	C44
Mission25% weight	A81	Not scored
Risk15% weight	A72Higher	C40
Tradability15% weight	A75Higher	F3
Holdings10% weight	B61	A77Higher
Durability5% weight	B65Higher	B61

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. ENDW and TOAO are both graded against the same 46 Tactical Allocation funds, so their Grades compare head to head.

Tactical Allocation⁠

Category · 46 funds

See all 46 ›

ENDW ranks 1st and TOAO 35th of 46 funds in the Tactical Allocation Category.

Rank 1AENDWCambria Endowment Style ETFScore 81
Rank 2APTBDPacer Trendpilot US Bond ETFScore 72
Rank 35DGHTAGoose Hollow Tactical Allocation ETFScore 40
Rank 35DTOAOTwin Oak Active Opportunities III ETFScore 40
Rank 38CWBIGWBI BullBear Yield 3000 ETFScore 39

Our read on each fund

ETF.net Research

ENDWACambria Endowment Style ETF

TOAODTwin Oak Active Opportunities III 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.

TOAO No data

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.

TOAO No data

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.com businesswire.com
Pays income quarterly, and on our review it sits among the strongest implementations in the tactical allocation group.

TOAO No data

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.

TOAO No data

Full ENDW profile⁠

Full TOAO profile⁠

ENDW vs TOAO Holdings

How ENDW and TOAO differ

Overlap by weight

3.7%

Shared holdings make up 41.4% of TOAO and 3.7% of ENDW.

About this figure: ENDW holds other funds. We compare those funds, not the stocks inside them.

Level by level

Holdings9 in both3.7%
Sector11 Sectors54.9%
Countryby domicile68.7%
Asset classStocks100%

Sector

Sector weights in ENDW and TOAO, widest gap first
Sector	Gap	ENDW	TOAO
Technology	TOAO +40.8 points	14.7%	55.5%
Energy	ENDW +10.6 points	10.6%	0.0%
Real Estate	ENDW +8.4 points	8.4%	0.0%
Financials	ENDW +5.5 points	18.9%	13.4%
Health Care	ENDW +5.1 points	6.5%	1.4%
Materials	ENDW +5.1 points	5.1%	0.0%
Consumer Staples	ENDW +4.7 points	4.9%	0.2%
Communication	TOAO +3.4 points	4.5%	7.9%
Utilities	ENDW +3.2 points	3.2%	0.0%
Industrials	ENDW +2.6 points	13.9%	11.3%
Consumer Discretionary	TOAO +1.0 points	9.2%	10.2%

Country, concentration and asset class

Country by domicile

Country weights in ENDW and TOAO, widest gap first
Country	Gap	ENDW	TOAO
United States	TOAO +12.7 points	59.0%	71.7%
Netherlands	TOAO +8.7 points	1.3%	9.9%
Brazil	TOAO +4.4 points	1.2%	5.6%
South Africa	ENDW +4.0 points	4.0%	0.0%
United Kingdom	ENDW +3.9 points	3.9%	0.0%
Japan	ENDW +3.9 points	3.9%	0.0%
China	ENDW +3.5 points	3.5%	0.0%
France	TOAO +2.5 points	1.7%	4.2%
Other countries (28)	ENDW +13.1 points	21.6%	8.5%

Outside the US: ENDW 53% developed, 47% emerging. TOAO 67% developed, 33% emerging.

Concentration

Weight in the 10 largest Holdings

ENDW70.3%
TOAO58.3%

Securities held

ENDW73
TOAO38

Asset class

ENDW: Stocks
TOAO: Stocks

Holdings

Only in ENDW64
In both9
Only in TOAO29

Only in ENDW

64 securities, 95.8% of ENDW by weight

US 10YR NOTE (CBT)Dec2620.56%
Cambria Foreign Shareholder Yield ETF10.01%
Cambria Emerging Shareholder Yield ETF7.91%
Cambria Value and Momentum ETF7.34%
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF4.36%
Cambria Shareholder Yield ETF4.32%
Cambria Global Value ETF4.25%
Cambria Chesapeake Pure Trend ETF4.04%
Cambria Global Real Estate ETF3.86%
iMGP DBi Managed Futures Strategy ETF3.67%
US 10YR NOTE (CBT)Mar272.31%
State Street SPDR S&P Global Natural Resources ETF2.12%
First American Government Obligations Fund 12/01/20311.84%
CSX Corp0.98%
Apple Inc0.87%
Vertex Pharmaceuticals Inc0.83%
JPMorgan Chase & Co.0.81%
American Electric Power Co Inc0.79%
Vanguard S&P 500 ETF0.79%
iShares Russell 3000 ETF0.79%
State Street SPDR S&P 500 ETF Trust0.77%
Dimensional US Marketwide Value ETF0.73%
Mastercard Inc0.71%
Vanguard Real Estate ETF0.71%
Alphabet Inc0.66%
Vanguard Global ex-U.S. Real Estate ETF0.62%
Trane Technologies PLC0.62%
MongoDB Inc0.62%
Tesla Inc0.60%
SPDR Gold Shares0.55%
Xylem Inc/NY0.53%
Unity Software Inc0.49%
Norfolk Southern Corp0.47%
Berkshire Hathaway Inc0.45%
Analog Devices Inc0.37%
Aecom0.36%
Goldman Sachs Group Inc/The0.31%
Union Pacific Corp0.28%
ExxonMobil Holdings Corp0.27%
Vanguard FTSE All-World ex-US ETF0.23%
Vanguard Morningstar Total Stock Market ETF0.23%
Walmart Inc0.21%
Lowe's Cos Inc0.21%
Cambria Tax Aware ETF0.19%
McDonald's Corp0.17%
Johnson & Johnson0.16%
Morgan Stanley0.16%
Salesforce Inc0.15%
AbbVie Inc0.15%
Nestle SA0.15%

Only in TOAO

29 securities, 63.8% of TOAO by weight

Crowdstrike Holdings Inc8.85%
ASML Holding NV5.60%
Shopify Inc5.13%
Airbus Group SE4.91%
Safran SA4.64%
Cloudflare Inc4.50%
Alphabet Inc4.32%
Charles Schwab Corp/The3.68%
MercadoLibre Inc3.22%
Moody's Corp2.94%
GE Vernova Inc2.67%
Arista Networks Inc2.50%
S&P Global Inc2.46%
NU Holdings Ltd/Cayman Islands2.44%
Uber Technologies Inc1.91%
Twin Oak Short Horizon Absolute Return ETF1.47%
ServiceNow Inc0.85%
Avgo 01/15/2027 287.1 P0.37%
Goog 01/15/2027 296.69 P0.32%
Nvda 01/15/2027 168.93 P0.25%
Meta 01/15/2027 597.6 P0.22%
Asml 01/15/2027 1246.5 P0.18%
Shop 01/15/2027 123.93 P0.14%
Mobility Global Inc0.10%
Amzn 01/15/2027 215.1 P0.09%
Msft 01/15/2027 421.43 P0.03%
Net 01/15/2027 157.05 P0.03%
Crwd 01/15/2027 101.81 P0.02%
Boeing Co/The0.02%

Weight gaps

All 9 Holdings in both funds, largest gap first.

Holding weights in ENDW and TOAO, widest gap first
Holding	Gap	ENDW	TOAO
Amazon.com IncAMZN	TOAO +7.09 points	0.75%	7.84%
Microsoft CorpMSFT	TOAO +5.55 points	0.69%	6.24%
NVIDIA CorpNVDA	TOAO +4.99 points	0.69%	5.68%
Broadcom IncAVGO	TOAO +4.33 points	0.57%	4.90%
Advanced Micro Devices IncAMD	TOAO +3.98 points	0.14%	4.12%
Meta Platforms IncMETA	TOAO +3.83 points	0.14%	3.97%
Taiwan Semiconductor Manufacturing Co LtdTSM	TOAO +3.67 points	0.21%	3.88%
Visa IncV	TOAO +3.07 points	0.33%	3.40%
UnitedHealth Group IncUNH	TOAO +1.15 points	0.20%	1.35%

All 73 ENDW holdings⁠All 50 TOAO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ENDW vs TOAO Cost

Overpaying TOAO vs ENDW

$13,311

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ENDW 0.22%
$4,558
TOAO 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

ENDW 0.22%
TOAO 0.95%
Overpaying

Year by year

Year	ENDW	TOAO	Overpaying
10	$401	$1,678	$1,277
20	$1,561	$6,322	$4,761
30	$4,558	$17,869	$13,311

Expense ratio

0.22%ENDW, cheaper
0.95%TOAO

ENDW0.22%TOAO0.95%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

ENDW cheapest of 46 funds

TOAO 25th cheapest of 46 funds

ENDW vs TOAO Dividends

Last 12 months to Nov 6, 2026

Yield (12M): ENDW 2.42%; TOAO No data
Payout (12M): ENDW $0.82; TOAO None
Last payment: ENDW $0.16; TOAO No data
Ex-dividend: ENDW Sep 28, 2026; TOAO No data
Paid on: ENDW Sep 30, 2026; TOAO No data
Frequency: ENDW Quarterly; TOAO No data

Distribution history

Per share, 2025 to 2026, same scale for both

ENDWQuarterly · 6 paymentsAll ENDW payments⁠

TOAOAll TOAO payments⁠

No distribution history available.

ENDW vs TOAO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ENDW 9.2%since May 2025TOAO No data
Return per unit of riskSharpe ratio, 3 years: ENDW 1.99since May 2025TOAO No data
Worst fallMax drawdown, 5 years: ENDW −6.4%since Apr 2025TOAO No data
Market sensitivityBeta, 5 years: ENDW 0.59TOAO 0.22; Market = 1

ENDW and TOAO in the news

All news⁠

ETF Filings
Twin Oak funds holding more than half of TOAK now say they will vote for the move
11 hours agoTOAO

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ENDW vs TOAO

In short

Stated mandate

Why people hold it

Worth knowing

How ENDW and TOAO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ENDW

Only in TOAO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Twin Oak funds holding more than half of TOAK now say they will vote for the move

How ENDW and TOAO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ENDW

Only in TOAO

Weight gaps