{
  "kind": "merton-elm-research-inputs",
  "publishable": false,
  "observedAt": "2026-10-06",
  "retrievedAt": "2026-10-08",
  "sourceUrl": "https://www.elmfunds.com/elm-market-navigator-etf",
  "sourceTable": "Asset Allocation: Baseline and Target, as of Oct 06, 2026",
  "totalAnnualExpenseRatio": 0.0024,
  "feeConvention": "Issuer states 0.24% includes underlying fund costs. Restore mapped ETF expenses before deducting this total once.",
  "allocations": {
    "current-target": { "SPY": 0.2676, "VXUS": 0.2668, "SCHP": 0.0931, "IEF": 0.0466, "SPAXX": 0.3259 },
    "baseline-sensitivity": { "SPY": 0.455, "VXUS": 0.295, "SCHP": 0.1, "IEF": 0.05, "SPAXX": 0.1 }
  },
  "mappings": {
    "SPY": "All US equity assets, including value, small-cap and REIT sleeves, mapped to existing SPY forecasts and covariance. Current target includes 0.10% REITs; baseline includes 5.00% REITs.",
    "VXUS": "All non-US regional sleeves mapped to existing VXUS forecasts and covariance; ELM regional weights differ from VXUS.",
    "SCHP": "US 10yr TIP sleeve mapped to existing broad-TIPS proxy.",
    "IEF": "US Aggregate Bonds mapped to existing IEF Treasury proxy; does not reproduce aggregate-bond credit, mortgage or duration exposures.",
    "SPAXX": "Internal cash mapped to the existing gross strategic short-rate anchor. External residual SPAXX retains its existing net return. Both retain zero modeled return volatility."
  },
  "interpretation": "Conditional fixed-mix approximation to ELM, not an empirical model of its dynamic strategy. Current targets are not actual holdings or a forecast of its future average allocation. Baseline is a sensitivity, not a second proposed portfolio."
}