Elm Market Navigator ETF (ELM) holdings & weights
Per-holding contribution · concentration · sector skew — a deep read
Fund overview
This is a US-listed ETF from Elm. Key facts — expense ratio 0.24%; net assets about $597M; inception Dec 31, 2011. Its 1-year return is +9.21%.
Fund details
Fund overview
This is a US-listed ETF from Elm. Key facts — expense ratio 0.24%; net assets about $597M; inception Dec 31, 2011. Its 1-year return is +9.21%.
17 identified stocks · net exposure / NAV 66.27%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
Weight and calculation basis
17 identified stocks · net exposure / NAV 66.27%. Display weights are normalized to 100%; calculations retain original exposures without an additional leverage multiplier. Cash and unallocated contracts are excluded from stock attribution.
We have this ETF's holdings, but the prices for those particular listings are outside our quote coverage (currently Korea- and US-listed securities). So today's contribution and return are not computed — showing 0% would claim it did not move, which is a different statement. The holdings and weights below follow the calculation basis above.
Today's summary
Its top 10 holdings make up about 93.9% of the fund. The concentration index (HHI) is 1814 — Moderate, and the largest sector is Unclassified (100%). The higher the concentration, the more one stock or sector drives the whole ETF's return.
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration sits in the 1,500–2,500 band (1,814) — moderate.
Unclassified alone is 100%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
0.24% a year is typical. Held ten years, roughly 2.4% goes to fees.
Net assets of $597M — liquid enough to trade, and unlikely to be wound down.
A plain 1x physical fund holding the shares themselves — no structural drift from how long you hold it.
Concentration and diversification
Structural health
A five-axis read on how this fund is built. It is not a return forecast or a recommendation, and a low score does not mean a bad fund — leveraged products score low by design. Each axis shows the figure behind it.
Concentration sits in the 1,500–2,500 band (1,814) — moderate.
Unclassified alone is 100%. This is effectively a bet on that one industry — if the sector falls, diversification will not help.
0.24% a year is typical. Held ten years, roughly 2.4% goes to fees.
Net assets of $597M — liquid enough to trade, and unlikely to be wound down.
A plain 1x physical fund holding the shares themselves — no structural drift from how long you hold it.
Top 17 holdings
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
Normalized to 100% of analysed positions
Weights are normalized to 100% of absolute exposures across analysed positions, including positions outside this top list. Cash, collateral and unverified assets are excluded. Contributions retain original signed NAV exposures; leverage is not applied twice.
| # | Holding | Weight |
|---|---|---|
| 1 | Vanguard Morningstar Total Stock Market ETFVTI | 34.59% |
| 2 | Vanguard FTSE Emerging Markets ETFVWO | 16.00% |
| 3 | Schwab US TIPS ETFSCHP | 14.40% |
| 4 | Vanguard Total Bond Market ETFBND | 7.12% |
| 5 | Vanguard FTSE Pacific ETFVPL | 6.74% |
| 6 | JPMorgan BetaBuilders Europe ETFBBEU | 4.90% |
| 7 | iShares Core MSCI Europe ETFIEUR | 3.24% |
| 8 | JPMorgan BetaBuilders Canada ETFBBCA | 2.69% |
| 9 | Vanguard FTSE Europe ETFVGK | 2.16% |
| 10 | Vanguard Morningstar Value ETFVTV | 2.02% |
| 11 | iShares Core MSCI Emerging Markets ETFIEMG | 1.61% |
| 12 | Vanguard Morningstar Small-Cap ETFVB | 1.58% |
| 13 | Schwab U.S. Broad Market ETFSCHB | 1.43% |
| 14 | First American Government Obligs XFGXXX | 0.71% |
| 15 | Schwab U.S. ETFSCHH | 0.44% |
| 16 | iShares Core MSCI Pacific ETFIPAC | 0.32% |
| 17 | iShares Core U.S. Aggregate Bond ETFAGG | 0.05% |
Holdings below 0.5% or outside the top list are folded into “Others” and omitted above.
Where the weight sits — sector mix
Listed equity weights summed by sector and normalized to 100%. Each band is one sector's share.
HHI sums the squared weights. The more it leans on a few names, the higher it goes — and the more the whole ETF moves with them.
How concentrated is it
Elm Market Navigator ETF leans heavily on a handful of names. Its concentration index (HHI) is 1814, and the top 10 holdings make up 93.9% of equity weight — closer to owning a few stocks than a diversified basket.
If you bought it for diversification, note that when one or two of those names move sharply, most of the fund's day comes from them.
HHI squares each weight and sums them: 10,000 means one stock is everything, and the more evenly spread the holdings, the closer it falls to zero.
Where the sector weight sits
By sector, Unclassified alone is 100% — whatever the fund is called, this is a bet on that industry.
Bad news for the sector moves the whole fund. Worth checking against anything else you hold in the same space.
Weights above sum the individually listed equities and normalize that equity total to 100%.
How much it overlaps others
Even its closest peer, CFIT, overlaps only 34% (2 shared names).
Funds filed under the same label can hold quite different companies, so pairing this one with another may genuinely spread risk.
What it is made of
The fund holds 21 positions in total; this page lists the largest 17 and folds the rest into "Others".
Equities are 66.3% of the fund, the rest swaps and cash — index exposure built synthetically rather than by owning the shares, which adds counterparty risk.
The expense ratio is 0.24% a year. Funds tracking the same index tend to perform alike, which makes the fee one of the few things that reliably separates them over time.
This page is not investment advice. Investment decisions and responsibility are your own.
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