ADPV ETF Recap: October 2025

October brought some big swings of volatility to both the S&P 500 and Adaptiv Select ETF. While both finished the month positive, ADPV underperformed its benchmark for the first time since April:1

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With October now in the books, YTD performance for ADPV stands at 20.7%. The S&P 500 has returned 17.4% over the same period:

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Holdings Recap

With another earnings season upon us and breadth already waning for the last few months, there were movers in both directions. Leaders for the month included Roivant Sciences (ROIV), Warner Bros Discovery (WBD), SoFi Technologies (SOFI), Palantir Technologies (PLTR), and Rocket Lab (RKLB):

 

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Underperformers for the month included Paramount Skydance (PSKY), MP Materials (MP), Roblox (RBLX), Gates Industrial (GTES) and Antero Midstream (AM):

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Overall Sector Exposure

There was quite a bit of turnover within ADPV during the month, and we saw some significant shifts in sector weightings come with that. Communication Services dropped from 17% to 11%. Technology jumped from 11% to 21%. On top of that, Financials also saw a sizable increase from 18% to 27%. Consumer Discretionary fell from 16% to 5%. Finally, Healthcare and Utilities both increased from 3% to 7%.2

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

 

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

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October saw a typical month of buying and selling, with five total swaps for the month:

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Market Commentary from a Technical Perspective

We mentioned last month that investors should pay attention to the fact that the indices had been strong on the surface, but breadth had been waning a little bit over the last few weeks. October did bring with it a bit of volatility, and it likely didn’t help that a new earnings season is underway as well. The Russell 2000 continues to struggle, and it certainly looks like the lethargic undertone of the market is finally catching up to the major indices as well. The S&P 500 is back below 6760, the highs from October. Should we see a further break below the 6550 level, that would bring additional evidence that we are likely headed for an intermediate-term downtrend or wide-range consolidation.

 

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Position your investments strategically: 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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