ADPV ETF Recap: April 2026

With the S&P 500 finding a bottom in late March and the Adaptiv Select ETF in cash (due to its 200-day moving average “sell trigger”), the strategy lagged a bit in April. This is normal for V-bottom recoveries, which we have seen many times over the last 8+ years:

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ADPV did lose a bit of ground in April. YTD returns stand at 5.68% and 3.17% for the S&P 500 and ADPV, respectively:1

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Holdings Recap

ADPV bought back into equities on April 13th, after a two-week hiatus in cash/T-bills. The biggest winners since that move include Intel (INTC), Amkor Technology (AMKR), Sandisk (SNDK), Element Solutions (ES), Haliburton (HAL), Viatris (VTRS), Invesco (IVZ), and Healthcare Realty (HR):

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Laggards for the time period included Alcoa (AA), Liberty Global (LBTYA), PC&E Corp (PCG), Elanco Animal Health (ELAN), DuPont de Nemours (DD), and Roivant Sciences (ROIV):

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Overall Sector Exposure

The 5-day moving average did cross back above the 200-day moving average in early April, putting the strategy back into equities. However, with such a short time period between triggers (2 weeks), the portfolio looks very similar to what it did before going to cash/T-bills.2

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ADPV is back into equities, reporting somewhat similar positioning as before. The strategy is now overweight in Basic Materials, Energy, Healthcare, Real Estate, and Utilities.

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After spending two weeks in short-term Treasury bills, ADPV moved back into stocks, with just one sale occurring after that:

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Market Commentary from a Technical Perspective

While not totally surprising, the market did give us another “V-bottom” in April, and it was a quick rally to move above 7000 on the S&P 500. That puts the uptrend squarely back on track. While it has not been the most “robust” rally in terms of breadth, price is what pays us. And we now have a large majority of the boxes checked from a technical perspective. We still do not have new highs on the Dow, the lone major index yet to accomplish this feat off the April lows. With the lack of participation on the upside over the last few weeks, we did fail to signal any type of “thrust”, which is something that most market participants would want to see (and expect) with such a sharp reversal. It is still to be determined if this can turn into a “healthier” looking market, but as long as the S&P 500 remains above that key level of 7000, the environment remains bullish.

 

 

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Markets move fast. See how ADPV is positioned ⟶

 

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1 The performance quoted represents past performance and does not guarantee future results. The investment return and principal will fluctuate. Investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For the most recent month-end performance and standardized performance, please visit www.adpvetf.com.
2 Holdings are subject to risk and change. You can find a full list of up-to-date holdings HERE.

 

Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus and Summary Prospectus, which may be obtained by visiting https://adpvetf.com/investor-materials. Read the prospectus and Summary Prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

To the extent the Fund’s investments are concentrated in or have significant exposure to a particular issuer, industry or group of industries, or asset class, the Fund may be more vulnerable to adverse events affecting such issuer, industry or group of industries, or asset class than if the Fund’s investments were more broadly diversified. Active management by the Adviser in selecting and maintaining a portfolio of securities that will achieve the Fund’s investment objective could cause the Fund to underperform compared to other funds having similar investment objectives. For longer periods of time, the Fund may hold a substantial cash position. If the market advances during periods when the fund is holding a large cash position, the Fund may not participate to the extent it would have if the Fund had been more fully invested The Adviser relies heavily on a quantitative model developed by the Adviser, which is used to value and rank investments or potential investments, to provide risk management insights and to assist in reducing extending declines in in the Fund’s net asset value. When models and data prove to be incorrect, misleading, or incomplete, any decisions made in reliance thereon will expose the Fund to risks.

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