At a glance
ELM charges 0.24% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $577.9M in assets, the 8th largest of that group; it paid 2.53% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds. Its ten largest positions make up 89.7% of the fund, out of 18 in all.
The short version
Elm Market Navigator ETF (ELM) is an actively managed fund of funds. It owns other low-cost index ETFs covering U.S. and foreign stocks, bonds, Treasury bills and real estate, starting from a mix of about 75% stocks and 25% bonds and cash. Its adviser, Elm Partners Management, shifts those weights about twice a month using valuation and momentum rules, and can cut an asset class to zero. The expense ratio is 0.24%.
Price history
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ELM +7.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ELM official prospectus, to Dec 31, 2025 | — | +14.75% | — | +6.87% | +8.08% | — |
| ELM price data to Oct 27, 2026 | +7.4% | +7.3% | — | — | — | +11.4% |
- Over the year to Oct 27, 2026, ELM returned +7.3%, 8th of 8 among similar funds.
- The deepest fall in its price history was 9% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 4, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.4% | — |
| 2025 | — | +14.75% |
| 2024 | — | +8.00% |
| 2023 | — | +8.82% |
| 2022 | — | -10.20% |
| 2021 | — | +15.11% |
| 2020 | — | +11.98% |
| 2019 | — | +15.46% |
| 2018 | — | -4.59% |
| 2017 | — | +18.38% |
| 2016 | — | +6.84% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 18 securities; the ten largest made up 89.66% of assets. It also reported 17.05% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Fund held | Weight | |
|---|---|---|
| Vanguard 0-3 Month Treasury Bill ETF | 24.57% | |
| Vanguard Total Stock Market ETF | 22.96% | |
| Vanguard FTSE Emerging Markets ETF | 13.08% | |
| Schwab US TIPS ETF | 7.12% | |
| Vanguard FTSE Pacific ETF | 5.59% | |
| JPMorgan BetaBuilders Europe ETF | 5.30% | |
| iShares Core MSCI Europe ETF | 4.52% | |
| iShares Core U.S. Aggregate Bond ETF | 2.28% | |
| Vanguard Real Estate ETF | 2.21% | |
| Vanguard FTSE Europe ETF | 2.03% | |
| JPMorgan BetaBuilders Canada ETF | 1.75% | |
| Vanguard Small-Cap ETF | 1.61% | |
| Vanguard Value ETF | 1.59% | |
| iShares Core MSCI Emerging Markets ETF | 1.46% | |
| Vanguard Total Bond Market ETF | 1.40% |
By country
United States 99.21%By asset type
Stocks 99.21%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $14.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.07%, +2.47%, +0.10%.
How it works
ELM does not track an index. It starts from a baseline of about 75% U.S. and foreign stocks and 25% U.S. bonds and money-market holdings. The adviser then scores each asset class on two things. The first is its expected long-term return after inflation, compared with long-term TIPS (Treasury bonds whose value adjusts for inflation). The second is how risky it is. To estimate returns, the adviser uses a cyclically adjusted earnings yield, which averages company earnings over a full market cycle and adjusts them for inflation. To estimate risk, it looks at past volatility and a medium-term momentum signal, meaning whether prices have been trending up or down.
Weights can rise well above the baseline, fall below it or drop to zero. The fund typically rebalances twice a month, and the prospectus reports 99% portfolio turnover. Each underlying fund must be a large, liquid, low-fee, broad-market index fund. The adviser usually picks the cheapest one that meets its size, liquidity and index-quality standards.
As of June 30, 2026, ELM held 18 funds, and the 10 largest made up about 90% of assets. The biggest were Vanguard 0-3 Month Treasury Bill ETF at 24.6%, Vanguard Total Stock Market ETF at 23.0%, Vanguard FTSE Emerging Markets ETF at 13.1% and Schwab US TIPS ETF at 7.1%.
What it really costs
- ELM charges 0.24% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.2% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $25 in the first year and $306 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ELM | $25 | $77 | $135 | $306 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It packs U.S., foreign and emerging-market stocks, bonds and Treasury bills into one low-cost fund, though the mix shifts often under the adviser's rules.
ELM began trading on February 11, 2025, so it has no market history through 2008, 2020 or 2022. Its prospectus does report returns for years before that launch. They include a 10.2% loss in 2022, the worst calendar year shown, and an 18.59% drop in the first quarter of 2020. Since listing, its deepest decline was 9%, from February 18 to April 8, 2025. It recovered by June 4, 2025, about two months later. Someone forced to sell in a slump like early 2020 could have locked in a sizable loss. The trailing yield was 2.53% as of October 27, 2026, paid twice a year, so income arrives in lumps. In the SEC's standard example, the cost is $25 in year one on $10,000. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund holding U.S., foreign and emerging-market stocks plus bonds and Treasury bills, for a 0.24% expense ratio.
- People comfortable letting rules-based valuation and momentum signals move the stock-bond mix, sometimes far from its 75/25 starting point.
- Long-term holders who accept moderate swings: one-year volatility was 9.5% and beta (sensitivity to the stock market) 0.65 as of October 27, 2026.
Look elsewhere if
- Retirees who need steady monthly income; ELM pays twice a year, with a 2.53% trailing yield as of October 27, 2026.
- Investors who want a fixed allocation they control; the adviser can cut any asset class to zero and rebalances about twice a month.
- Anyone seeking a defined loss limit; ELM uses no buffers or options, and its prospectus shows a 10.2% loss in 2022.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ELM this fund | 0.24% | $577.9M | +7.3% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does the ELM ETF invest in?
ELM invests in other ETFs rather than individual stocks or bonds. As of June 30, 2026, it held 18 funds. The largest were Vanguard 0-3 Month Treasury Bill ETF (24.6%), Vanguard Total Stock Market ETF (23.0%), Vanguard FTSE Emerging Markets ETF (13.1%) and Schwab US TIPS ETF (7.1%). Smaller positions included European, Pacific, Canadian, real estate and bond funds. The 10 largest made up about 90% of assets.
How has ELM ETF performed?
ELM returned 7.3% over the year to October 27, 2026. The prospectus reports average annual returns of 14.75% for one year, 6.87% for five years and 8.08% for ten years, as of December 31, 2025. Nearly all of that record comes from before the ETF launched on February 11, 2025. Calendar-year results ranged from a 10.2% loss in 2022 to an 18.38% gain in 2017.
What is the ELM expense ratio?
ELM's expense ratio is 0.24%, according to the prospectus filed January 28, 2026, and the management fee is 0.20%. In the SEC's standard example, someone who invests $10,000, earns 5% a year and sells at the end of each period pays about $25 after one year, $77 after three, $135 after five and $306 after ten.
Does ELM pay dividends?
Yes, ELM pays distributions twice a year. Over the 12 months to October 27, 2026, it paid $0.74 per share, a trailing yield of 2.53%. That income comes from the stock, bond and Treasury bill funds it holds. Because payments come only twice a year, ELM may fit less neatly for someone who wants a monthly paycheck from a single fund.
What's the difference between ELM and BUFR?
They follow different strategies. BUFR, the FT Vest Laddered Buffer ETF, is a buffer fund that uses options to limit some losses on U.S. stocks in return for capping gains. ELM uses no options. It shifts money among stock, bond and Treasury bill index funds. ELM's 0.24% expense ratio is well below BUFR's 0.95%. Over the year to October 27, 2026, BUFR returned 11.6% and ELM returned 7.3%.