ADPV ETF Recap: August 2025

While it was a wonky month for markets, the Adaptiv Select ETF was able to eke out another month of outperformance, up 2.21% for the month, versus 1.91% for the S&P 500:1

 

The outperformance from August puts ADPV even further ahead of its benchmark (the S&P 500) for 2025, with a YTD return of 15.12%:

Holdings Recap

The top performing stocks in the portfolio for August were AngloGold Ashanti (AU), Millicom Int’l (TIGO), SoFi Technologies (SOFI), Carnival Corp. (CCL), AT&T (T), and Rocket Lab (RKLB):

 

 

Underperformers for the month included names such as AST SpaceMobile (ASTS), Toast (TOST), Tapestry (TPR), Interactive Brokers Group (IBKR), Antero Midstream (AM):

 

Overall Sector Exposure

Overall, ADPV continues to have a very different sector weighting makeup than most broad market indices. Tech exposure, already quite low at 11% in July, has now dropped to 7% of the portfolio. Meanwhile, Consumer Discretionary and Industrials saw substantial jumps in exposure during the month. Communication Services and Basic Materials also remain large overweights.2

*Concentration guidelines for ADPV are based on GICS Sub-Industry/Tier 4

 

 

Following the August reconstitution, ADPV remains overweight Materials, Communication Services, Consumer Discretionary, Energy, Financials, Industrials, Real Estate and Utilities:

After just two trades in July, the Adaptiv Select ETF had 9 total trades in August, a very heavy month of reorganization:

 

Market Commentary from a Technical Perspective

We mentioned in June, with indices like the S&P 500 and Nasdaq 100 moving to all-time highs, that things remain quite bullish on the equity front. While August normally brings with it a bit of volatility, that did not occur this year. Has it been pushed to September? Only time will tell. There is also growing evidence that the final few months of 2025 may see some broader market participation, e.g. something other than Tech. This also coincides with the Adaptiv Select ETF moving away from Technology stocks over the last couple of months. It is still too early to say whether this will come to fruition (outperformance from areas other than Mega/Large Cap Tech), but there is building potential. Overall, markets remain healthy and the S&P 500 continues to trend higher above a rising 200 day moving average. And as you know by now, until this changes, we remain bullish.

 

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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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