ADPV ETF Recap: February 2026

February saw a bit of volatility and the S&P 500 ended down roughly 1% on the month, after trading sideways for multiple weeks. The Adaptiv Select ETF was able to post a 1.95% return over the same period:1

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Year to date, the S&P 500 is up about 0.5% and ADPV is up 3.9%...

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1-year performance comes in at 15.5% and 20.6%, respectively:

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Holdings Recap

ADPV did carry a few standout names during February, including Roivant Sciences (ROIV), AngloGold Ashanti (AU), Millicom International (TIGO), TechnipFMC (FTI), and NOV (NOV):/p>

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Laggards for the month of February included Nu Holdings (NU)*, Sotera Health (SHC), Macy’s (M), Amkor Technology (AMKR) and Rocket Companies (RKT):

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*Denotes holding that is no longer in the portfolio

 

Overall Sector Exposure

The largest movement in sector weightings came from Financials, dropping from 25% to 13% of the portfolio. We also saw a decent shift in Energy, which now sits at 12% (up from 3% in January). Healthcare also saw a modest increase, jumping from 17% to 22%.2

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Following the February turnover, ADPV is overweight Materials, Consumer Discretionary, Energy, Healthcare, Real Estate and Utilities. There are no holdings tied to the Consumer Staples sector.

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February saw nine trades, an above average number:

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Market Commentary from a Technical Perspective

Equities remained bifurcated through February, with Large/Mega Cap Growth stocks weighing down the S&P 500 and Nasdaq 100, while many other areas continue to look solid. Small Caps have held up well (so far) and Foreign stocks also continue their outperformance from late 2025. Advance/Decline metrics also support the market heading higher, however, there are a few potential red flags out there. The “most-red” flag being that we haven’t gone anywhere since October. Whether this has been 4 months of distribution, or just a healthy consolidation before another leg higher, is yet to be seen. At some point, the aforementioned Mega Cap stocks are going to have to start participating again. They don’t have to outperform, but they need to be moving up and the right on their price chart. We also seem to be in a “weak dollar is good for stocks” environment (this can change), as any spike in the Dollar Index has spooked equity markets. We will want to see this index stay below 100, preferably below 96.

 

 

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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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