ADPV ETF Recap: March 2026

Stocks across the board saw a very weak month of March, with the S&P 500 down 5.1% and the Adaptiv Select ETF down 6.6%:1

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Year to date, the S&P 500 is up down 4.4% and ADPV is down 0.2%...

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1-year performance comes in at 16.3% and 24.4%, respectively:

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Holdings Recap

While there was not too much to brag about during March, Adaptiv Select strategy did hold a few positive gainers for the month, including APA Corp (APA), Permian Resources (PR), Haliburton (HAL), TechnipFMC (FTI), and Millicom International (TIGO):

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ADPV held many losers during March, with the worst performance coming from Southwest Airlines (LUV), AngloGold Ashanti (AU), Envista Holdings (NVST), Elanco Animal Health (ELAN), Viatris (VTRS), and DuPont de Nemours (DD):

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*Denotes holding that is no longer in the portfolio

 

Overall Sector Exposure

With the 5-day moving average falling below the 200-day moving average*, the strategy has moved into cash and cash equivalents (short-term US Treasury Bills). *The 5/200 cross occurred on Monday, March 23rd. However, because ADPV signals are based on a Friday close, the shift to cash and T-bills did not occur until the following week on March 30th.2

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With the move to cash, the Adaptiv Select ETF currently holds no exposure to equities.

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ADPV saw quite a bit of turnover in March before eventually moving to all cash in the final week:

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Market Commentary from a Technical Perspective

We wrote about equities being a “mixed bag” in our February note. Well, that bag was much less “mixed” in March, with major indices taking a big hit. As mentioned earlier, with the 5 day MA below the 200 day MA on the S&P 500, the strategy has moved to cash. It is still yet to be determined whether this correction turns into something more dramatic or not. And even if it does, what route does it take on the way down? Should the index rise back above 6800, that puts the downtrend on pause. And it also means that the uptrend is likely back on track. As always, should the trend shift back bullish behavior, ADPV will also bring back its equity exposure to fully allocated.

 

 

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See Why ADPV Hit the Brakes. Why Invest in ADPV ⟶

 

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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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