ADPV ETF Recap: November 2025

After a volatile October, things didn’t calm down much in November, with equally big swings in both directions for equities. After a large drawdown in the third week of the month, ADPV was able to recover and finished essentially flat for the period:1

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ADPV remains ahead of its benchmark for the year, up 21.3% versus 17.6% for the S&P 500:

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Holdings Recap

While it was indeed a rocky month for broad indices, there were quite a few names with positive returns within the Adaptiv Select portfolio.

Outperformers for November include AngloGold Ashanti (AU), Rocket Companies (RKT), Macy’s (M), Millicom International (TIGO), Newmont Corp (NEM), Western Digital (WDC), Nu Holdings (NU), and Warner Bros Discovery (WBD):

 

 

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Underperformers for the month included Rocket Lab Corp (RKLB), Robinhood Markets (HOOD), Brookfield Renewable (BEPC), and SoFi Technologies (SOFI):

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Overall Sector Exposure

Following a lot of turnover in October, there was little change to the sector weightings within ADPV following November, even with the large amount of trades (5) in the first week of the month. Technology dropped from 21% to 16%, and all of that essentially ended up in the Consumer Discretionary sector, which increased from 6% to 11%. Everything else remained unchanged, aside from market movement.2

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

 

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

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With six total trades in November, ADPV saw heavy reconstitution in the first week, with not much movement after that:

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Market Commentary from a Technical Perspective

Following a bumpy October, things didn’t get much smoother in November. The S&P 500 saw a 5%+ correction from Halloween through November 20, bouncing at the lows we saw in October around 6500 on the index. However, markets quickly recovered and the S&P 500 was back above the 6800 level by the end of the month. Breadth has also recovered nicely, as this current recovery hasn’t been led by Large and Mega cap Tech stocks. In fact, the Russell 2000 was the first of the major indices to reach fresh all-time highs.

Now, while the overall behavior from Small Caps has been lackluster for awhile, this is a positive sign for markets as a whole. Volatility has also come back down, after the VIX saw a high of 28, a similar spike to what we saw in October as well. Time will tell if the remaining indices can also push to new highs.

 

 

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Flat month, strong strategy—see how ADPV could fit your portfolio. Explore 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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