ADPV ETF Recap: September 2025
Another month of expected volatility has come and gone, with nothing arising from the endless speculation. For the month of September, the Adaptiv Select ETF finished up 3.67%, edging out the S&P 500 at 3.53%:1
Another month of outperformance for ADPV brings us to 19.35% on the year. Comparatively, the S&P 500 has returned 13.72%:
Holdings Recap
While September was not a month for broad participation, the Adaptiv Select ETF did find some success with a few holdings showing outsized returns. This list includes Warner Bros Discovery (WBD), Robinhood Markets (HOOD), Paramount Skydance (PSKY), AngloGold Ashanti (AU), Palantir Technologies (PLTR), Tapestry (TPR), and Antero Midstream (AM):
Underperformers for the month included Amer Sports (AS), Carnival Corp (CCL), RIthm Capital (RITM), APi Group (APG), AT&T (T), and Gates Industrial (GTES):
Overall Sector Exposure
With a few small shifts in sector weightings, ADPV remains quite similar to where it stood last month. Financials dropped from 21% to 18% and still has the most exposure. Industrials dropped from 17% to 11%. Technology jumped from 7% to 11%. And finally, Communication Services increased 3%, bringing it up to 17% overall.2
*Concentration guidelines for ADPV are based on GICS Sub-Industry/Tier 4
Following the September reconstitution, ADPV remains overweight Materials, Communication Services, Consumer Discretionary, Energy, Financials, Industrials, Real Estate and Utilities:
With nine total trades in August, ADPV was back in its “typical” reconstitution phase, with four sells/buys in September:
Market Commentary from a Technical Perspective
As has been the case for months, broad indices (and the S&P 500 in particular) remain in strong uptrends. On top of that, August and September have now come and gone with zero of the expected seasonal volatility. In fact, almost every 1-2% correction seems to get scooped up quite quickly, not allowing much space to get involved if you weren’t involved already. October also has some potential for a bit of volatility. One thing to note is that while the indices are strong on the surface, breadth has been waning a little bit over the last few weeks. Advance/Decline lines are not as strong as they’d been through the summer. Time will tell whether this turns into a true correction for markets, especially with the most bullish six-month period on the horizon.
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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.
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.