ADPV ETF Recap: May 2026
The Adaptiv Select ETF rebounded nicely in May with a return of 5.6%, compared to a return of 5.1% for the S&P 500:
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ADPV did make up a bit of ground on its benchmark during the month, with YTD returns standing at 9.1% for Adaptiv Select and 10.7% for the S&P 500:1
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Holdings Recap
Speaking on the broad market, May was a very mixed bag. And that was no different inside of ADPV. The largest positive moves from the month came from Sandisk (SNDK), Hewlett Packard Enterprises (HPE), Ford (F), Intel (INTC), Alcoa (AA), Host Hotels & Resorts (HST):
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Unsurprisingly, the largest losers from the month are all tied to the Energy sector. This list includes Permian Resources (PR), TechnipFMC (FTI), APA Corp (APA), Haliburton (HAL), MDU Resources (MDU), Antero Midstream (AM):
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Overall Sector Exposure
There were no major shifts from a reconstitution standpoint, but the rally in Tech stocks (and more specifically Semiconductors) has moved that weighting from 17.5% (April) to 22.9% (May). Real Estate fell from 11.5% to 7.7%. Financials grew from 7.7% to 10.5%.2
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Similar to April, the strategy is overweight in Basic Materials, Energy, Healthcare, Real Estate, and Utilities.
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There were a total of five trades in May, all coming in the middle of the month:
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Market Commentary from a Technical Perspective
The S&P 500 continued its strong rally off its V-bottom recovery in early April. We remain above 7000, which is the obvious key short-term level. However, participation remains a bit lackluster. Yes, the four main indices are in uptrends (although the Dow is clearly the weakest of the group), but we have once again reverted to a narrow market. Under the surface, there are similar vibes to 2021. Previous risk-on areas like Bitcoin and Software stocks continue their selloffs. High yield spreads, while not at their highs for 2026, have also been trending up since early 2025. So, as you can see, there are some “orange flags” popping up. And going back to the importance of the 7000 level, you can see why we have such an interesting period on our hands. It is still TBD on whether all this comes to fruition, or we simply navigate the poor breadth and indices stay huddled into 4-5 industry groupings.
The market sends signals. ADPV pays attention. 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.
Distributed by: Quasar Distributors, LLC.
"For Institutional Investors Use Only. Not for Use with the Retail Public"
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.
Distributed by: Quasar Distributors, LLC.
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 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.
Shares are bought and sold at market price (closing price) not net asset value (NAV) and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00pm Eastern Time (when NAV is normally determined) and do not represent the return you would receive if you traded at other times.
Investment advisory services are provided by Client First Investment Management LLC, an SEC-registered investment adviser. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.