ETF Evaluator:
Elm Market Navigator ETF ()
Follow This ETF
(as of Nov 13)
Best Performing in Tactical Allocation Over the Last Year
| 21.1% | First Trust Dorsey Wright Dynamic Foc 5 (FVC) |
| 21.0% | Coastal Compass 100 ETF (ROPE) |
| 20.1% | Relative Sentiment Tactical Allc ETF (MOOD) |
| 17.9% | Cambria Global Momentum ETF (GMOM) |
| 17.4% | WBI BullBear Value 3000 ETF (WBIF) |
Risk
Index
Risk
Index
ETF Details
Elm Market Navigator ETF Overview
Elm Market Navigator ETF (ELM) is an actively managed Allocation Tactical Allocation exchange-traded fund (ETF). Elm Partners Management LLC launched the ETF in 2025.
The investment seeks long-term, risk-adjusted growth of capital.
The fund is an actively managed “fund of funds” that seeks to achieve its investment objective by investing in a dynamic portfolio of other unaffiliated registered investment companies, including mutual funds, index-based exchange-traded funds (“ETFs”), and actively managed ETFs, that provide exposure to equity markets and fixed income markets.
About Elm Market Navigator ETF (ELM)
There are 2 members of the management team with an average tenure of 1.72 years: Victor Haghani (2025) and James White (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI IMI NR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Elm Market Navigator ETF has 22 securities in its portfolio. The top 10 holdings constitute 93.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Elm Market Navigator ETF is part of the Allocation global asset class and is within the Allocation ETF group. Elm Market Navigator ETF has 20.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 26.0% There is 20.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 20.2% (19.7% domestic bond, 0.5% foreign bond and 0.0% convertible bond). Elm Market Navigator ETF has 33.4% of the portfolio in cash.
Assets Under Management
The fund has $593 million in total assets, which is above the $171 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ELM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Elm Market Navigator ETF expense ratio is below average compared to funds in the Tactical Allocation category. Elm Market Navigator ETF has an expense ratio of 0.24%, which is 75% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Elm Market Navigator ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 290% for the Tactical Allocation category.
Recently, in the month of October 2026, Elm Market Navigator ETF returned -0.5%, which earned it a grade of B, as the Tactical Allocation category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Elm Market Navigator ETF has a trailing yield of 2.55%, which is above the 2.32% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Elm Market Navigator ETF Grades
Year to date, the ETF has returned 6.9%, 0.8 percentage points worse than the category, which translates into a grade of C. The fund has returned 7.9% over the past year (grade of C).
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ELM Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ELM Return (NAV) | -0.5% | -0.3% | 7.9% | na | na | na |
| ELM Return (Price) | -0.3% | -0.3% | 8.0% | na | na | na |
| NAV +/- Price Return | -0.143% | -0.051% | -0.129% | na | na | na |
| Tactical Allocation Avg | -0.8% | 0.6% | 8.6% | 14.1% | 4.9% | 7.9% |
| ELM Grade (NAV) | B | D | C | na | na | na |
| +/- Category (NAV) | 0.3% | -0.9% | -0.7% | na | na | na |
| ELM Tax-Cost Ratio | na | na | 1.1% | na | na | na |
ELM Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ELM Return (NAV) | 6.9% | na | na | na | na | na | na | na | na | na | na |
| ELM Return (Price) | 6.8% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.012% | na | na | na | na | na | na | na | na | na | na |
| Tactical Allocation Avg | 7.7% | 12.9% | 11.9% | 10.7% | -13.5% | 17.1% | 6.8% | 14.0% | -6.3% | 19.2% | 7.1% |
| ELM Grade (NAV) | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.8% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 2.6% |
| Total Assets: | $ 593 Mil |
| Share Class Assets: | $ 593 Mil |
| Turnover: | na |
| Expense Ratio: | 0.24% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI IMI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.7 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Haghani Victor (2025), White James (2025) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 22 |
| % in Top 10 Holdings: | 93.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 20.9% |
Portfolio Allocation |
|
| Domestic Stock: | 26.0% |
| Foreign Stock: | 20.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 19.7% |
| Foreign Bond: | 0.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 33.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Elm Partners Management LLC |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | February 10, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.24% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.94% |
