ENDW vs XNAV: Grades, Fees and Holdings Compared

Cambria Endowment Style ETF

ENDWANasdaq

FundX Aggressive ETF

XNAVDNYSE Arca

Overlap

0.4%by weight

Expense ratio

ENDW −1.05pt a year

ENDW0.22%XNAV1.27%

Avg volume · 30D

ENDW 17.6×the volume

ENDW17.1KXNAV976

ENDW vs XNAV Performance

Oct 31, 2025 – Oct 30, 2026

+14.9%ENDW+7.1%XNAV

Expense ratio: ENDW 0.22%, better; XNAV 1.27%
Fund size: ENDW $160M; XNAV $29M
1Y total return: ENDW +14.9%, better; XNAV +7.1%
Yield (12M): ENDW 2.37%, better; XNAV 0.55%
Holdings: ENDW 73; XNAV 21
Avg volume (30D): ENDW 17.1K sh, better; XNAV 976 sh
NAV per share: ENDW $34.35; XNAV $86.24
52W range

ETF.net Grade

Pillar letters and Scores for ENDW, XNAV, with each pillar’s weight
Pillar	ENDW	XNAV
Cost30% weight	A100Higher	F18
Mission25% weight	A81	Not scored
Risk15% weight	A75Higher	F24
Tradability15% weight	B69Higher	C43
Holdings10% weight	B62	A74Higher
Durability5% weight	B65Higher	B63

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. ENDW and XNAV 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 XNAV 41st of 46 funds in the Tactical Allocation Category.

Rank 1AENDWCambria Endowment Style ETFScore 81
Rank 2AGMODGMO Dynamic Allocation ETFScore 76
Rank 40DHFDGA Core Plus Absolute Return ETFScore 37
Rank 41DXNAVFundX Aggressive ETFScore 34
Rank 42DEZROAlphaDroid Defensive Sector Rotation ETFScore 33

Our read on each fund

ETF.net Research

ENDWACambria Endowment Style ETF

XNAVDFundX Aggressive 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.

XNAV A fund of ETFs that rotates into what's leading: the advisor's "Upgrading" system, in print as a newsletter since 1976, pointed at the aggressive end (sector and country funds). The 1.27% fee is the price of the hand-steering.

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.

XNAV Seeks long-term capital appreciation without prioritizing income.

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.

XNAV The engine is "Upgrading": rank a pool of ETFs, hold the leaders, rotate out as they fade. The advisor has published this method in a monthly newsletter since 1976.sec.gov
Not a startup. The strategy ran as a mutual fund from 2002 and converted into this ETF in October 2022, carrying the predecessor's record with it.sec.gov
Exposure arrives as whole ETFs, sorted into five risk classes (sector, aggressive, core, total return, bond), with the aggressive sleeve leaning on sector and country funds.sec.gov sec.gov 2

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.

XNAV The 1.27% fee (no waiver) sits above the category median, and the underlying ETFs charge their own fees on top. Peer ENDW runs 0.22%.
Momentum cuts both ways: the prospectus flags the risk of buying an ETF right after a brief surge, and turnover runs high by design.sec.gov sec.gov 2
Small and thinly traded, so bid-ask spreads can be wider and larger orders can move the price.

Full ENDW profile⁠

Full XNAV profile⁠

ENDW vs XNAV Holdings

How ENDW and XNAV differ

Overlap by weight

0.4%

Shared holdings make up 1.9% of ENDW and 0.4% of XNAV.

Level by level

Holdings1 in both0.4%
Sector11 Sectors54.2%
Countryby domicile70.0%
Asset classEquity100%

Sector

Sector weights in ENDW and XNAV, widest gap first
Sector	More in ENDWMore in XNAV	ENDW	XNAV
Technology	XNAV +41.2 points	15.5%	56.7%
Financials	ENDW +14.0 points	19.0%	5.0%
Real Estate	ENDW +7.9 points	8.5%	0.6%
Industrials	ENDW +7.2 points	13.0%	5.8%
Energy	ENDW +5.8 points	11.8%	6.0%
Materials	ENDW +3.7 points	5.5%	1.8%
Utilities	ENDW +2.9 points	3.2%	0.3%
Communication	XNAV +2.7 points	4.5%	7.2%
Consumer Staples	ENDW +2.3 points	4.2%	1.9%
Health Care	XNAV +2.0 points	5.5%	7.5%
Consumer Discretionary	ENDW +1.9 points	9.2%	7.3%

Country, concentration and asset class

Country by domicile

Country weights in ENDW and XNAV, widest gap first
Country	More in ENDWMore in XNAV	ENDW	XNAV
United States	XNAV +26.9 points	58.9%	85.8%
South Africa	ENDW +3.9 points	3.9%	0.0%
China	ENDW +3.2 points	3.4%	0.2%
United Kingdom	ENDW +3.1 points	3.7%	0.6%
Japan	ENDW +2.3 points	3.8%	1.5%
Canada	ENDW +2.0 points	2.9%	0.9%
South Korea	XNAV +1.7 points	1.9%	3.6%
Thailand	ENDW +1.6 points	1.6%	0.0%
Other countries (30)	ENDW +12.5 points	19.9%	7.4%

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

Concentration

Weight in the 10 largest Holdings

ENDW72.8%
XNAV63.2%

Securities held

ENDW72
XNAV21

Asset class

ENDW: Equity
XNAV: Equity

Holdings

Only in ENDW71
In both1
Only in XNAV20

Only in ENDW

71 securities, 98.0% 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%
CSX Corp1.02%
Apple Inc0.87%
Vertex Pharmaceuticals Inc0.85%
JPMorgan Chase & Co.0.81%
American Electric Power Co Inc0.80%
Vanguard S&P 500 ETF0.80%
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 XNAV

20 securities, 99.6% of XNAV by weight

Vanguard Morningstar Growth ETF10.45%
Schwab U.S. Large-Cap Growth ETF8.85%
iShares MSCI USA Value Factor ETF8.07%
Wisdomtree US Quality Growth Fund6.34%
iShares MSCI USA Momentum Factor ETF5.47%
VanEck Semiconductor ETF5.31%
Pacer US Small Cap Cash Cows ETF4.96%
State Street SPDR S&P Semiconductor ETF4.83%
Avantis International Small Cap Value ETF4.53%
State Street SPDR NYSE Technology ETF4.33%
Invesco S&P 500 Momentum ETF4.18%
iShares U.S. Oil Equipment & Services ETF3.83%
Avantis U.S. Small Cap Value ETF3.82%
iShares Semiconductor ETF3.76%
State Street SPDR S&P Biotech ETF3.66%
Invesco Nasdaq 100 ETF3.60%
First Trust Cloud Computing ETF3.57%
First Trust NASDAQ-100 Technology Index Fund3.51%
iShares MSCI Taiwan ETF3.38%
iShares MSCI South Korea ETF3.19%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in ENDW and XNAV, widest gap first
Holding	More in ENDWMore in XNAV	ENDW	XNAV
First American Government Obligations Fund 12/01/2031	ENDW +1.50 points	1.93%	0.43%

All 72 ENDW holdings⁠All XNAV 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 XNAV Cost

Overpaying XNAV vs ENDW

$18,360

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

ENDW 0.22%
$4,558
XNAV 1.27%
$22,918

Amount$10,000

Years30 years

Cost over time

ENDW 0.22%
XNAV 1.27%
Overpaying

Year by year

Year	ENDW	XNAV	Overpaying
10	$401	$2,214	$1,813
20	$1,561	$8,220	$6,659
30	$4,558	$22,918	$18,360

Expense ratio

0.22%ENDW, cheaper
1.27%XNAV

ENDW0.22%XNAV1.27%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

ENDW cheapest of 46 funds

XNAV 38th cheapest of 46 funds

ENDW vs XNAV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ENDW 2.37%, better; XNAV 0.55%
Payout (12M): ENDW $0.82; XNAV $0.47
Last payment: ENDW $0.16; XNAV $0.47
Ex-dividend: ENDW Sep 28, 2026; XNAV Dec 31, 2025
Paid on: ENDW Sep 30, 2026; XNAV Jan 2, 2026
Frequency: ENDW Quarterly; XNAV Annual

Distribution history

Per share, 2022 to 2026, same scale for both

ENDWQuarterly · 6 paymentsAll ENDW payments⁠

XNAVAnnual · 4 paymentsAll XNAV payments⁠

ENDW vs XNAV 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 2025XNAV 17.6%
Return per unit of riskSharpe ratio, 3 years: ENDW 1.99since May 2025XNAV 0.89
Worst fallMax drawdown, 5 years: ENDW −6.4%since Apr 2025XNAV −24.3%since Oct 2022
Market sensitivityBeta, 5 years: ENDW 0.61XNAV 1.13; Market = 1

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