The verse "הוּא עָשָֽׂנוּ וְלוֹ (וְלֹא) אֲנַֽחְנוּ" contained in this chapter of Tehillim can be read in two ways: "וְלוֹ" (He created us, and we are His) or "וְלֹא" (He created us, and we did not create ourselves). The Sfas Emes, quoting his grandfather, the Chidushei HaRim, explains that these two readings reflect two core perspectives in our relationship with Hashem. If we acknowledge that "we are His" (וְלוֹ), we recognize our role in striving for closeness to Hashem. On the other hand, "we did not" (וְלֹא) reminds us that we are nothing without Him and that we cannot exist independently.
These two words, "וְלוֹ" and "וְלֹא," together form the letters of the word "אלול," which captures the essence of this month. Elul is a time dedicated to returning to Hashem, but the first step in that process is humbling ourselves and recognizing that without Hashem, we are nothing. Only through this humility and self-nullification can we truly achieve closeness to Hashem and belong to Him fully.