ADPV ETF Recap: December 2025

With another sideways month in December, the market finished off what was an overall wonky Q4. For the month, the Adaptiv Select ETF and its benchmark (S&P 500) were essentially flat:1

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With 2025 now in the books, ADPV finishes the year with a gain of 21.2%, compared to the S&P 500’s return of just 16.4%:

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Holdings Recap

Top performers for the month included RocketLab (RKLB), AST SpaceMobile (ASTS), Western Digital (WDC), Warner Bros Discovery (WBD), Invesco (IVZ), and Newmont Corp (NEM):
 

 

 

 

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Holdings that underperformed the market in December included MP Materials (MP), QuantumScape (QS), Intel (INTC), MDU Resources (MDU), and Brookfield Renewable (BEPC):

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Overall Sector Exposure

Similar to October, December had quite a bit of turnover within the portfolio. However, this time around there weren’t too many major shifts in sector weightings. The largest increases/decreases we saw were a shift of Financials from 27% down to 21% and Healthcare moving from 8% to 16%.2

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

 

Following the December reconstitution, ADPV is overweight Materials, Consumer Discretionary, Financials, Healthcare, and Utilities. There are no holdings tied to the Real Estate, Consumer Staples, or Energy sectors.

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With nine total trades in December, with nearly half of those trades coming in the final week:

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Market Commentary from a Technical Perspective

A mentioned above, Q4 was a somewhat lackluster quarter overall. October was decent, but most charts have not made their way back above their Halloween highs. Granted, the S&P 500 and Russell 2000 did both get back above for a bit...and then failed. Ironically, the only major index that has been able to sustain a short-term uptrend has been the Dow. Is that hinting towards a “value” tilt in 2026? There’s no way to know. We have seen value names start off very strong in the past (including 2025) and then proceed to spend the next 8-9 months giving it all back, only to wind up underperforming by year end. The same can be said for Foreign equities as well. It’s hard to say if we are officially leaving the growth era and moving back to value (à la 2002-2007), especially when areas like Semiconductors continue to act so well. Whatever happens, we know that 2026 will be full of surprises and volatility, as markets always are!/p>

 

 

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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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