Elm Partners

What Elm Partners does

Elm Partners Management LLC is a privately-held investment management firm founded in 2011 that operates the Elm Market Navigator ETF (ticker: ELM), a fund-of-funds listed on NYSE Arca since February 10, 2025. The firm's flagship methodology, Dynamic Index Investing®, allocates across low-cost underlying index ETFs (Vanguard, iShares, Schwab) using rules-based dynamic asset allocation that adjusts portfolio weightings across US equities, Non-US equities, and Fixed Income based on valuation signals — including a proprietary P-CAPE metric — and momentum/risk signals, with bimonthly rebalancing from a 75/25 global equities/fixed income baseline. A Predecessor Fund has operated since December 30, 2011, producing since-inception annualized NAV returns of 8.50% versus a benchmark of 7.71%, with five-year returns of 11.40% and ten-year returns of 5.96%.

The firm serves self-directed individual investors via major retail brokerage platforms (Charles Schwab, E*TRADE, Fidelity, Robinhood, Vanguard, Interactive Brokers, SoFi, Webull) and financial advisors integrating ELM into client portfolios. Revenue is generated through a 0.24% net expense ratio on $575.3M in net assets as of July 8, 2026, substantially below the 0.85% Morningstar moderate-allocation category average, positioning the fund as a low-cost, systematic option for investors seeking a single-fund multi-asset solution. Distribution is executed through Quasar Distributors LLC as principal underwriter.

The firm is led by Founder/CIO Victor Haghani (former Salomon Brothers managing director and LTCM co-founder), CEO James White (ex-Citadel, PAC Partners, Bank of America), and CCO Jerry Bell (ex-JPMorgan Asset Management, VidMob founding team), operating from Pass Christian, MS with 1-10 employees. Operations span North America, Europe, and EMEA to support the fund's non-US equity sleeve and any future cross-border distribution.

Name

Elm Partners

Legal name

Elm Partners Management LLC

Website

https://elmfunds.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Elm Partners Management LLC runs the Elm Market Navigator ETF (NYSE Arca: ELM), a low-cost fund-of-funds using a rules-based Dynamic Index Investing® methodology to allocate across global equities and fixed income for self-directed retail investors and financial advisors via major brokerage platforms.

Ownership category

akta.pro rank

Product category

ETF Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Broad Market Equity ETFs (FSAAAFAA)

Keywords

• Dynamic asset allocation
• Wealth management services
• ETF fund management
• Rules-based investing
• Global index allocation

Headquarters

HQ city

Pass Christian

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. ETF Management Fees: The fund charges a net expense ratio of 0.24% (including underlying fund costs), significantly lower than the category average of 0.85%. Revenue is generated through management fees calculated on total net assets under management of $575.3 million.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Elm Partners manages and distributes the Elm Market Navigator ETF (ticker: ELM), a fund-of-funds ETF that dynamically allocates across US equities, Non-US equities, and Fixed Income using the proprietary Dynamic Index Investing® rules-based methodology. The fund invests in low-cost index ETFs (20 holdings including Vanguard, iShares, and Schwab ETFs) with a 0.24% net expense ratio and is listed on NYSE Arca for purchase by individual investors and allocation by financial advisors.

Product overview

Elm Partners offers the Elm Market Navigator ETF, a single fund-of-funds product that combines passive and active investing through Dynamic Index Investing®. The ETF provides exposure to US equities, Non-US equities, and Fixed Income through holdings in low-cost index ETFs, with a proprietary rules-based methodology that dynamically adjusts portfolio weightings in response to changing market conditions.

Differentiator

Problem solved

Functional benefit

Brands

• Dynamic Index Investing®: Elm's proprietary rules-based investment methodology that dynamically adjusts portfolio allocations based on changing risk and return conditions using low-cost index ETFs.

Products and services

• Elm Market Navigator ETF (ticker: ELM) A fund-of-funds ETF that dynamically allocates across US equities, Non-US equities, and Fixed Income using a rules-based Dynamic Index Investing® methodology. The fund starts with a baseline 75% global equities / 25% fixed income allocation and shifts weights based on valuation and momentum signals, investing in 20 low-cost index ETFs (Vanguard, iShares, Schwab). It is offered to individual investors and financial advisors with a 0.24% net expense ratio and a $575.3 million AUM as of July 8, 2026.

Quantifiable outcome

• Since inception annualized return of 8.50% (NAV) through 06/30/2026 vs benchmark 7.71%
• +2 more outcomes

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core, flagship and major.

• Quasar Distributors, LLCcoreChannel Partner/ Reseller/ DistributorOfficial distributor of the Elm Market Navigator ETF, responsible for distributing the fund to brokerage platforms and investors.
• NYSE ArcacoreChannel Partner/ Reseller/ DistributorPrimary exchange listing for the Elm Market Navigator ETF (ticker: ELM), enabling public trading of fund shares.
• Charles SchwabflagshipChannel Partner/ Reseller/ DistributorMajor brokerage platform offering ELM ETF trading to Schwab clients.
• E*TRADEmajorChannel Partner/ Reseller/ DistributorElectronic trading platform providing access to ELM ETF for retail investors.
• FidelityflagshipChannel Partner/ Reseller/ DistributorMajor brokerage and investment platform offering ELM ETF to Fidelity customers.
• VanguardflagshipChannel Partner/ Reseller/ DistributorInvestment management company offering ELM ETF through its platform.
• RobinhoodmajorChannel Partner/ Reseller/ DistributorCommission-free trading platform providing retail access to ELM ETF.
• Interactive BrokersmajorChannel Partner/ Reseller/ DistributorGlobal brokerage offering multi-asset trading including ELM ETF access.
• Elm WealthcoreStrategic or Co-development PartnerRelated entity founded in 2011 by Victor Haghani and James White, providing wealth management services and the intellectual foundation for the Dynamic Index Investing approach.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• WisdomTree: Major ETF issuer with multiple rules-based and dynamically allocated funds (e.g., WisdomTree Adaptive Allocation Fund). Comparable because it competes in the same dynamic/smart-beta ETF category and is distributed through the same major brokerage platforms.
• Cambria ETFs: Issuer of multi-asset and global tactical allocation ETFs such as Cambria Global Asset Allocation ETF (GAA) and Cambria Global Momentum ETF. Closely comparable to Elm because both run rules-based, dynamically shifting fund-of-funds ETFs across global equities and fixed income for retail and advisor channels.

Broad incumbents

• BlackRock iShares: World's largest ETF issuer; offers broad-market equity ETFs (e.g., iShares MSCI ACWI, iShares Core US Total Market) and asset allocation ETFs (e.g., iShares Global Allocation Fund). Competes with Elm for the same self-directed and advisor allocations but at global scale and typically lower fees.
• First Trust: ETF issuer with multi-asset and income allocation funds (e.g., First Trust Multi Income Allocation Fund). Overlaps with Elm in rules-based multi-asset ETFs distributed through the same advisor and brokerage channels.
• State Street SPDR: Issuer of SPDR ETFs including multi-asset allocation products (e.g., SPDR SSGA Global Allocation ETF). Comparable broad-incumbent competitor in the multi-asset ETF category serving advisor and institutional channels.
• Invesco (Invesco QQQ / Invesco ETFs): Large, diversified ETF issuer with broad market, factor, and multi-asset strategies including Invesco S&P 500 Low Volatility and global allocation products. Overlaps with Elm in dynamic and multi-asset ETF categories but with vastly greater scale and a wider product range.
• Vanguard: Issuer of the dominant low-cost broad-market and balanced ETFs (e.g., Vanguard Total World Stock ETF, Vanguard LifeStrategy funds). Direct competitor for cost-sensitive ETF investors and an explicit distribution partner of ELM, intensifying price competition in the same shelf.

Emerging players

• Astoria Portfolio Advisors: ETF sponsor focused on systematic, rules-based macro and multi-asset ETFs (e.g., Astoria US Equal Weight Quality Kings). Comparable as a smaller, methodology-driven entrant competing for the same advisor and self-directed investors.
• Newfound Research: Research-driven asset manager offering rules-based, dynamic multi-asset strategies and ETF wrappers. Comparable as a boutique, evidence-based competitor in the dynamic global allocation niche.
• GaveKal Capital Management: Boutique asset manager offering rules-based, dynamic global allocation strategies and ETFs (e.g., GaveKal Knowledge Leaders ETF). Comparable as a smaller, research-driven firm competing on systematic dynamic allocation methodology.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/victor_haghani
• LinkedInlinkedin.com/company/9457671

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elm Partners