# Emerald Mutual Fund Advisers Trust

> Emerald Mutual Fund Advisers Trust is an SEC-registered investment advisory firm in Leola, PA, registered since 2005, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 135130
- Filed as: EMERALD MUTUAL FUND ADVISERS TRUST
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Leola, PA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/135130
- AdvisorCensus page: https://advisorcensus.com/firm/emerald-mutual-fund-advisers-trust-leola-pa-135130

## Quick answers

**How is Emerald Mutual Fund Advisers Trust compensated?**
On its Form ADV (Item 5.E, October 2026), Emerald Mutual Fund Advisers Trust reports these compensation arrangements: a percentage of assets under its management.

**Where is Emerald Mutual Fund Advisers Trust located?**
Emerald Mutual Fund Advisers Trust's principal office is in Leola, PA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Emerald Mutual Fund Advisers Trust registered with the SEC or a state?**
Emerald Mutual Fund Advisers Trust is an SEC-registered investment advisory firm, registered since 2005. Status as filed: Approved. CRD 135130.

**How much does Emerald Mutual Fund Advisers Trust manage?**
Emerald Mutual Fund Advisers Trust reports $2,087,155,055 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Emerald Mutual Fund Advisers Trust's assets and staff changed since 2021?**
In the Form ADV data for Emerald Mutual Fund Advisers Trust: Regulatory assets under management: $2,928,564,886 in the October 2021 data and $2,087,155,055 in the October 2026 data, down 29%. Total employees: 10 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Emerald Mutual Fund Advisers Trust serve?**
By number of clients on Form ADV Item 5.D: investment companies (3).

**Does Emerald Mutual Fund Advisers Trust report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/135130

**Does Emerald Mutual Fund Advisers Trust state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "EMFAT’s normal minimum to establish an account is $5,000,000. However, EMFAT may reduce the minimum for certain types of accounts."

**What changed in Emerald Mutual Fund Advisers Trust's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,668,612,893 to $2,087,155,055 (+25%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Account minimum: $5,000,000

> EMFAT’s normal minimum to establish an account is $5,000,000. However, EMFAT may reduce the minimum for certain types of accounts.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $2,087,155,055
- Discretionary: $2,087,155,055
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 3 | $2,087,155,055 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)

### Firm details
- Registered since: 2005 (21 years)
- Employees: 10 total, 5 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- King of Prussia, PA

### Websites listed on Form ADV (Item 1.I)
- [emeraldetfs.com](https://emeraldetfs.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,928,564,886 | 10 | March 30, 2021 |
| October 2022 | $2,916,841,937 | 10 | March 30, 2022 |
| October 2023 | $1,646,615,621 | 10 | April 14, 2023 |
| October 2024 | $1,912,645,601 | 10 | March 29, 2024 |
| October 2025 | $1,668,612,893 | 10 | March 28, 2025 |
| October 2026 | $2,087,155,055 | 10 | March 30, 2026 |

Regulatory assets under management: $2,928,564,886 in the October 2021 data and $2,087,155,055 in the October 2026 data, down 29%.
Total employees: 10 in October 2021 and 10 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,668,612,893 to $2,087,155,055 (+25%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Emerald Mutual Fund Advisers Trust (CRD 135130): Form ADV filing data as of October 2026.