ADPV ETF Recap: July 2026

With the S&P 500 flat for the month, the Adaptiv Select ETF took a hit, mainly due to its exposure to Tech, and more specifically the Semiconductor complex:

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After pulling ahead of its benchmark in early June, ADPV is back trailing the S&P 500, with YTD returns of 4.4% and 9.4%, respectively: ¹

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Holdings Recap

Under the surface, the Adaptiv Select portfolio produced quite a few outperformers on the month. And those leaders included Permian Resources (PR), Ford (F), Hewlett Packard Enterprises (HPE), Host Hotels (HST), NOV (NOV), Macy’s (M), and Central Bancompany (CBC):

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Mentioned earlier, most of ADPV’s weakness in July came from the Tech/Semiconductor space, namely Intel (INTC), Amkor Technologies (AMKR), Viavi Solutions (VIAV), TeraWulf (WULF), and Element Solutions (ESI). This was a particularly nasty headwind on the month, given how large their weightings were within the portfolio to begin July:

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Overall Sector Exposure

The big shakeup in July was the leap that Healthcare saw, moving from 12.7% to 24.7% of the portfolio. Most of that came from Technology, which saw a decrease in overall weighting from 25.4% down to 15.7%. Real Estate also saw a slight drop, from 11.1% to 8.4%. Further, Industrials have reappeared after being absent in July, with a 6.8% weighting: ²

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For the third month in a row, ADPV remains overweight in Basic Materials, Energy, Healthcare, Real Estate, and Utilities.

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ADPV saw a slightly above-average month, which should not be a surprise given the broad market volatility. A total of seven trades were issued in July:

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Market Commentary from a Technical Perspective

As stated at the beginning, there really is no clear gauge on market direction until we move either above 7,620 or below 7,260. If we move lower out of the range, that likely brings us toward 7,000 on the index and would also almost certainly coincide with the 200-day moving average, given the current rate of trend.

Well, we have now moved above 7,620 on the S&P 500. However, we are lacking new highs for both the Russell 2000 and Nasdaq 100. Of the two, the latter has much more work to do. The good news is, all three have upward-sloping 200-day moving averages, so we would assume that there is indeed follow-through on these indices and they also eventually make it back to their respective highs. It is yet to be seen whether we get the same group of leaders from the last leg higher (AI, Semis, Memory, etc.) or whether a new grouping of industries emerges to take the lead. The most important takeaway remains that we are out of the range and above 7620, which points to further upside in the second half of 2026.

Markets Shift. Portfolios Adapt. Explore ADPV ⟶

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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