ENDW vs TSPX: Grades, Fees and Holdings Compared

Cambria Endowment Style ETF

ENDWANasdaq

Twin Oak Active Opportunities ETF

TSPXCCboe

Overlap

0.8%by weight

Expense ratio

ENDW −0.82pt a year

ENDW0.22%TSPX1.04%

Avg volume · 30D

TSPX 1.1×the volume

ENDW17.1KTSPX18.4K

ENDW vs TSPX Performance

Dec 31, 2025 – Oct 29, 2026

+13.5%ENDW+10.5%TSPX

Expense ratio: ENDW 0.22%, better; TSPX 1.04%
Fund size: ENDW $160M; TSPX $241M
1Y total return: ENDW +14.9%, better; TSPX +10.7%
Yield (12M): ENDW 2.37%; TSPX No data
Holdings: ENDW 73; TSPX 4
Avg volume (30D): ENDW 17.1K sh; TSPX 18.4K sh, better
NAV per share: ENDW $34.35; TSPX $30.17
52W range

ETF.net Grade

Pillar letters and Scores for ENDW, TSPX, with each pillar’s weight
Pillar	ENDW	TSPX
Cost30% weight	A100Higher	D27
Mission25% weight	A81	Not scored
Risk15% weight	A75Higher	B67
Tradability15% weight	B69Higher	B63
Holdings10% weight	B62Higher	D34
Durability5% weight	B65	B67Higher

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. ENDW and TSPX 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 TSPX 32nd of 46 funds in the Tactical Allocation Category.

Rank 1AENDWCambria Endowment Style ETFScore 81
Rank 2AGMODGMO Dynamic Allocation ETFScore 76
Rank 29CMPROMonarch ProCap ETFScore 47
Rank 32CTSPXTwin Oak Active Opportunities ETFScore 45
Rank 33CBITCBitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETFScore 44

Our read on each fund

ETF.net Research

ENDWACambria Endowment Style ETF

TSPXCTwin Oak Active Opportunities 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.

TSPX 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.

TSPX 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.

TSPX 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.

TSPX No data

Full ENDW profile⁠

Full TSPX profile⁠

ENDW vs TSPX Holdings

How ENDW and TSPX differ

Overlap by weight

0.8%

Shared holdings make up 83.0% of TSPX and 0.8% of ENDW.

Level by level

Holdings1 in both0.8%
Countryby domicile59.3%
Sector11 Sectors67.7%
Asset classEquity100%

Sector

Sector weights in ENDW and TSPX, widest gap first
Sector	More in ENDWMore in TSPX	ENDW	TSPX
Technology	TSPX +23.2 points	15.5%	38.7%
Energy	ENDW +8.3 points	11.8%	3.5%
Financials	ENDW +7.0 points	19.0%	12.0%
Real Estate	ENDW +6.7 points	8.5%	1.8%
Industrials	ENDW +5.2 points	13.0%	7.8%
Communication	TSPX +5.0 points	4.5%	9.5%
Materials	ENDW +3.8 points	5.5%	1.7%
Health Care	TSPX +3.8 points	5.5%	9.3%
Utilities	ENDW +1.2 points	3.2%	2.0%
Consumer Staples	TSPX +0.3 points	4.2%	4.5%
Consumer Discretionary	TSPX +0.1 points	9.2%	9.3%

Country, concentration and asset class

Country by domicile

Country weights in ENDW and TSPX, widest gap first
Country	More in ENDWMore in TSPX	ENDW	TSPX
United States	TSPX +40.6 points	58.9%	99.5%
South Africa	ENDW +3.9 points	3.9%	0.0%
Japan	ENDW +3.8 points	3.8%	0.0%
United Kingdom	ENDW +3.7 points	3.7%	0.0%
China	ENDW +3.3 points	3.4%	0.1%
Taiwan	ENDW +3.3 points	3.3%	0.0%
Canada	ENDW +2.9 points	2.9%	0.0%
South Korea	ENDW +1.9 points	1.9%	0.0%
Other countries (28)	ENDW +17.8 points	18.2%	0.3%

Outside the US: ENDW 52% developed, 48% emerging.

Concentration

Weight in the 10 largest Holdings

ENDW72.8%
TSPX100.0%

Securities held

ENDW72
TSPX3

Asset class

ENDW: Equity
TSPX: Equity

Holdings

Only in ENDW71
In both1
Only in TSPX2

Only in ENDW

71 securities, 99.1% of ENDW by weight

US 10YR NOTE (CBT)Dec2622.47%
Cambria Foreign Shareholder Yield ETF10.21%
Cambria Emerging Shareholder Yield ETF7.99%
Cambria Value and Momentum ETF7.49%
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF4.50%
Cambria Shareholder Yield ETF4.33%
Cambria Global Value ETF4.19%
Cambria Chesapeake Pure Trend ETF4.12%
Cambria Global Real Estate ETF3.73%
iMGP DBi Managed Futures Strategy ETF3.72%
State Street SPDR S&P Global Natural Resources ETF2.15%
First American Government Obligations Fund 12/01/20311.93%
CSX Corp1.02%
Apple Inc0.87%
Vertex Pharmaceuticals Inc0.85%
JPMorgan Chase & Co.0.81%
American Electric Power Co Inc0.80%
iShares Russell 3000 ETF0.80%
State Street SPDR S&P 500 ETF Trust0.79%
NVIDIA Corp0.75%
Dimensional US Marketwide Value ETF0.73%
Mastercard Inc0.69%
MongoDB Inc0.69%
Amazon.com Inc0.69%
Vanguard Real Estate ETF0.68%
Microsoft Corp0.67%
Tesla Inc0.66%
Alphabet Inc0.64%
Broadcom Inc0.63%
Trane Technologies PLC0.63%
Vanguard Global ex-U.S. Real Estate ETF0.60%
SPDR Gold Shares0.52%
Norfolk Southern Corp0.50%
Xylem Inc/NY0.50%
Berkshire Hathaway Inc0.43%
Analog Devices Inc0.42%
Unity Software Inc0.35%
Aecom0.33%
Goldman Sachs Group Inc/The0.33%
Visa Inc0.32%
ExxonMobil Holdings Corp0.30%
Union Pacific Corp0.29%
Vanguard Morningstar Total Stock Market ETF0.23%
Vanguard FTSE All-World ex-US ETF0.23%
Taiwan Semiconductor Manufacturing Co Ltd0.23%
UnitedHealth Group Inc0.21%
Walmart Inc0.21%
Cambria Tax Aware ETF0.20%
Lowe's Cos Inc0.19%
Advanced Micro Devices Inc0.16%

Only in TSPX

2 securities, 16.5% of TSPX by weight

JPMorgan Ultra-Short Income ETF8.70%
iShares Ultra Short Duration Bond Active ETF7.83%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in ENDW and TSPX, widest gap first
Holding	More in ENDWMore in TSPX	ENDW	TSPX
Vanguard S&P 500 ETFVOO	TSPX +82.25 points	0.80%	83.05%

All 72 ENDW holdings⁠All 5 TSPX 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 TSPX Cost

Overpaying TSPX vs ENDW

$14,776

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

ENDW 0.22%
$4,558
TSPX 1.04%
$19,334

Amount$10,000

Years30 years

Cost over time

ENDW 0.22%
TSPX 1.04%
Overpaying

Year by year

Year	ENDW	TSPX	Overpaying
10	$401	$1,831	$1,430
20	$1,561	$6,867	$5,306
30	$4,558	$19,334	$14,776

Expense ratio

0.22%ENDW, cheaper
1.04%TSPX

ENDW0.22%TSPX1.04%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

ENDW cheapest of 46 funds

TSPX 34th cheapest of 46 funds

ENDW vs TSPX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ENDW 2.37%; TSPX No data
Payout (12M): ENDW $0.82; TSPX No data
Last payment: ENDW $0.16; TSPX $0.60
Ex-dividend: ENDW Sep 28, 2026; TSPX Dec 31, 2025
Paid on: ENDW Sep 30, 2026; TSPX No data
Frequency: ENDW Quarterly; TSPX Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

ENDWQuarterly · 6 paymentsAll ENDW payments⁠

TSPXIrregular · 1 paymentAll TSPX payments⁠

ENDW vs TSPX 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 2025TSPX 8.9%since Mar 2025
Return per unit of riskSharpe ratio, 3 years: ENDW 1.99since May 2025TSPX 1.32since Mar 2025
Worst fallMax drawdown, 5 years: ENDW −6.4%since Apr 2025TSPX −6.9%since Feb 2025
Market sensitivityBeta, 5 years: ENDW 0.61TSPX 0.69; Market = 1

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