The ELM Market Navigator ETF
$ELM
The Elm Market Navigator ETF seeks long-term, risk-adjusted growth of capital through a portfolio of low-cost index ETFs. ELM dynamically allocates across US equities, Non-US equities, and Fixed Income using a rules-based approach that evolves in response to changing market conditions.
As Of:
Apr 28, 2025
NAV
$XX.XX
24.54
0.09
Market Price
$XX.XX
24.53
0.09
Net Assets
392029695
The Fund’s investment adviser, Elm Partners Management LLC (the “Adviser” or “Elm Partners”), has contractually agreed to waive a portion of its management fee so that the effective rate of the management fee is 0.20%, instead of 0.22%, of the Fund’s average daily net assets through February 10, 2026. This waiver may not be terminated without the approval of the Trust’s Board of Trustees (the “Board”). This waiver should not be construed to be a permanent reduction of the management fees of the Adviser. The Adviser has waived its right to receive reimbursement of the portion of its management fees waived pursuant to this management fee waiver agreement. In addition to the management fee, there are acquired fund fees and expenses of 0.04%. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies and are estimated for the Fund’s current fiscal year. The gross expense ratio prior to the management fee waiver is 0.26%. Including the 0.02% management fee waiver, the net expense ratio is 0.24%.
Expense Ratio
Gross
0.26%
Net
0.24%
Why ELM?
Dynamic Asset Allocation Methodology
The fund uses Elm’s rules-based Dynamic Index Investing® methodology to adjust portfolio allocations based on changing risk and return conditions.
Globally Diversified Portfolio
The fund invests in highly liquid, low-cost index ETFs to provide broad exposure across global markets.
Value and Risk in Focus
The fund evaluates asset classes using expected risk premiums and risk signals to make precise adjustments.
Features
Strategic Portfolio Foundation
The fund starts with a baseline allocation of 75% global equities and 25% in fixed income, then dynamically shifts weights in response to changing market conditions based on valuation and momentum signals
Complete Transparency
ELM's methodology is fully transparent and systematic. Investors can understand exactly how and why portfolio adjustments are made, rather than relying on manager discretion
Ultralow Costs
With a net expense ratio of 0.24% (including underlying fund costs), ELM offers active, rules-based management at less than half the cost of comparable funds in its category
Responsive Tactical Management
The fund is typically rebalanced bimonthly but may adjust more frequently as needed, allowing it to rapidly respond to changing market conditions while maintaining a disciplined approach
Tax Efficient Asset Allocation
ELM dynamically shifts asset allocations within an ETF structure, helping reduce or eliminate potential capital gains and phantom income complications
Holdings
ELM holds a diversified portfolio of low-cost equity and fixed income ETFs
Price Performance
Apr 28, 2025
Market Price:
24.53
(Change:
0.37
)
NAV Price:
(Change:
)
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Growth of $10k at NAV Since Inception
Total Returns
Apr 28, 2025
ELM
10000
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
perf-date-month
perf-date-quarter
As of:
Mar 31, 2025
Inception Date
1 month
3 months
6 months
9 months
YTD
Since Inception
ELM (NAV)
The price at which shares in the ETF can be bought or sold on the exchanges during trading hours. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price.
Net Asset Value. The total value per ETF share of all the underlying securities in an ETF's portfolio. The NAV Return is based on the NAV of the fund. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.
Dow Jones Moderate Portfolio Index
Dec 30, 2011
-1.44
N/A
0.77
N/A
-3.07
N/A
3.74
N/A
0.77
N/A
135.89
N/A
ELM (Market Price)
The price at which shares in the ETF can be bought or sold on the exchanges during trading hours. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price.
Net Asset Value. The total value per ETF share of all the underlying securities in an ETF's portfolio. The NAV Return is based on the NAV of the fund. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.
Dow Jones Moderate Portfolio Index
Feb 10, 2025
-0.97
N/A
N/A
N/A
N/A
N/A
-1.48
N/A
Benchmark
The price at which shares in the ETF can be bought or sold on the exchanges during trading hours. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price.
Net Asset Value. The total value per ETF share of all the underlying securities in an ETF's portfolio. The NAV Return is based on the NAV of the fund. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.
Dow Jones Moderate Portfolio Index
Dec 30, 2011
-1.86
N/A
0.14
N/A
-1.61
N/A
N/A
0.14
N/A
136.25
N/A
perf-date-month
perf-date-quarter
As of:
Mar 31, 2025
Inception Date
1 month
3 months
6 months
9 months
YTD
Since Inception
ELM (NAV)
The price at which shares in the ETF can be bought or sold on the exchanges during trading hours. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price.
Net Asset Value. The total value per ETF share of all the underlying securities in an ETF's portfolio. The NAV Return is based on the NAV of the fund. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.
Dow Jones Moderate Portfolio Index
Dec 30, 2011
-1.44
N/A
0.77
N/A
-3.07
N/A
3.74
N/A
0.77
N/A
135.89
N/A
ELM (Market Price)
The price at which shares in the ETF can be bought or sold on the exchanges during trading hours. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price.
Net Asset Value. The total value per ETF share of all the underlying securities in an ETF's portfolio. The NAV Return is based on the NAV of the fund. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.
Dow Jones Moderate Portfolio Index
Feb 10, 2025
-0.97
N/A
N/A
N/A
N/A
N/A
-1.48
N/A
Benchmark
The price at which shares in the ETF can be bought or sold on the exchanges during trading hours. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price.
Net Asset Value. The total value per ETF share of all the underlying securities in an ETF's portfolio. The NAV Return is based on the NAV of the fund. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.
Dow Jones Moderate Portfolio Index
Dec 30, 2011
-1.86
N/A
0.14
N/A
-1.61
N/A
N/A
0.14
N/A
136.25
N/A
perf-date-month
perf-date-quarter
As of:
Mar 31, 2025
Inception Date
1 year
3 years
5 years
10 years
Since Inception
ELM (NAV)
The price at which shares in the ETF can be bought or sold on the exchanges during trading hours. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price.
Net Asset Value. The total value per ETF share of all the underlying securities in an ETF's portfolio. The NAV Return is based on the NAV of the fund. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.
Dow Jones Moderate Portfolio Index
Dec 30, 2011
4.75
N/A
3.27
N/A
10.98
N/A
6.11
N/A
6.69
N/A
ELM (Market Price)
The price at which shares in the ETF can be bought or sold on the exchanges during trading hours. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price.
Net Asset Value. The total value per ETF share of all the underlying securities in an ETF's portfolio. The NAV Return is based on the NAV of the fund. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.
Dow Jones Moderate Portfolio Index
Feb 10, 2025
N/A
N/A
N/A
N/A
N/A
Benchmark
The price at which shares in the ETF can be bought or sold on the exchanges during trading hours. Market Price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the fund are listed for trading, as of the time that the fund's NAV is calculated. Market Price Return is based on the market price per share of the fund. Since shares of the fund did not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market Price returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price.
Net Asset Value. The total value per ETF share of all the underlying securities in an ETF's portfolio. The NAV Return is based on the NAV of the fund. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.
Dow Jones Moderate Portfolio Index
Dec 30, 2011
4.78
N/A
3.16
N/A
8.53
N/A
5.59
N/A
6.70
N/A
Performance Disclosure
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained above. Returns less than one year are not annualized.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. The Fund does not have a track record of reporting to investors or widely available research coverage which may result in price volatility.
Market performance is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.
The Fund has adopted the performance history of the Predecessor Fund beginning 12/30/2011, which operated as a private fund using substantially similar investment strategies. The Predecessor Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. The fund is a newly registered ETF that commenced operations on 2/10/2025 by acquiring substantially all of the assets and liabilities of the Predecessor Fund.
Historical risk measures
As of:
03/31/2025
Annualized VolAtility
ELM
Benchmark
5 Year
10.70%
11.37%
10 Year
9.97%
10.20%
Since Inception
9.28%
9.41%
The performance data shown represent past performance and are not a guarantee of future results. Investment returns and principal value will fluctuate, and shares may be worth more or less than their original cost when redeemed. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please visit the fund’s website or contact your financial advisor.The benchmark used is the Dow Jones Moderate Portfolio Index, a broad-based market index designed to reflect a diversified portfolio with moderate risk exposure. It is provided for comparison purposes only. The fund is actively managed and does not seek to replicate the benchmark. Differences in strategy, asset allocation, and investment selection may result in performance and volatility that differ materially from the benchmark.
Annualized volatility measures the standard deviation of monthly returns scaled to an annual basis. It reflects the degree of variation in returns and is not a measure of return itself. The historical volatility and return data presented here are based on monthly total returns, net of fees, over the specified periods.
Performance data is as of 3/31/2025. "Since Inception" reflects performance since the fund’s inception date. Please review the prospectus or other official offering documents for additional information regarding the fund’s investment objectives, strategies, fees, and associated risks.
Fund fees and expenses
ELM
0.24%
Average expense ratio of similar funds*
0.85%
*Most recent data available. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
At a Glance
As Of:
Apr 28, 2025
Primary Exchange
NYSE Arca
number of Holdings
31
Shares outstanding
15975000
premium/discount
-0.04
30-day median bid-ask
0.17
ISIN
US81752T4296
inception date2
December 30, 2011
Cusip
81752T429
Gross Expense Ratio
0.26%
Net Expense Ratio1
0.24%
Distribution Frequency
Annual
HMRC Reporting Status
Approved
1The Fund’s investment adviser, Elm Partners Management LLC (the “Adviser” or “Elm Partners”), has contractually agreed to waive a portion of its management fee so that the effective rate of the management fee is 0.20%, instead of 0.22%, of the Fund’s average daily net assets through February 10, 2026. This waiver may not be terminated without the approval of the Trust’s Board of Trustees (the “Board”). This waiver should not be construed to be a permanent reduction of the management fees of the Adviser. The Adviser has waived its right to receive reimbursement of the portion of its management fees waived pursuant to this management fee waiver agreement. In addition to the management fee, there are acquired fund fees and expenses of 0.04%. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies and are estimated for the Fund’s current fiscal year. The gross expense ratio prior to the management fee waiver is 0.26%. Including the 0.02% management fee waiver, the net expense ratio is 0.24%.
2The Fund has adopted the performance history of the Predecessor Fund beginning December 31, 2011, which operated as a private fund using substantially similar investment strategies. The Predecessor Fund’s past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future.
Top 10 Holdings
As of:
Apr 28, 2025
MM/DD/YYYY
Ticker
Security Description
CUSIP / ISIN
% of Funds
Market Value
SCHP
Schwab US TIPS ETF
808524870
31.74
4656649
124425661.28
SGOV
iShares 0-3 Month Treasury Bond ETF
46436E718
10.57
411873
41455017.45
BND
Vanguard Total Bond Market ETF
921937835
8.26
441139
32361957.04
IEMG
iShares Core MSCI Emerging Markets ETF
46434G103
8.15
592425
31931707.50
IEUR
iShares Core MSCI Europe ETF
46434V738
6.83
428942
26761691.38
BBEU
JPMorgan BetaBuilders Europe ETF
46641Q191
5.64
345553
22111936.47
SPEM
SPDR Portfolio Emerging Markets ETF
78463X509
5.30
529484
20766362.48
IPAC
iShares Core MSCI Pacific ETF
46434V696
4.59
278105
18012860.85
VWO
Vanguard FTSE Emerging Markets ETF
922042858
3.33
290345
13062621.55
AGG
iShares Core U.S. Aggregate Bond ETF
464287226
2.10
83262
8232113.94
Fund holdings and allocations are subject to change and should not be considered recommendations to buy or sell any security.
Fund Documents
Q1 2025
33
1
34
34
0
Invest
Getting Best Execution for ETF Trades
When purchasing our ETF, we recommend using Limit orders set at or slightly above the Bid price rather than Market orders to control your execution price and minimize costs. For substantial trades that might impact market pricing, please reach out directly to Elm or work with your broker's block trading desk to ensure optimal execution and minimize market impact.
