At a glance
ADPV charges 1.0% a year. It has $178.4M in assets; it paid 0.67% of its price in distributions over the past 12 months, annual. Over the past year it returned +1.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +26.8% a year. Its ten largest positions make up 45.7% of the fund, out of 26 in all.
The short version
Adaptiv Select ETF (ADPV) is an actively managed fund. It holds about 25 equally weighted US stocks picked by a momentum model, and it moves entirely into Treasury bills and cash when its trend signal says the stock market is falling. That on-off switch sets it apart from ordinary stock funds. So do its high costs: a 1.00% expense ratio and 299% portfolio turnover.
Price history
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ADPV +1.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ADPV official prospectus, to Dec 31, 2025 | — | +21.10% | — | — | — | +19.26% |
| ADPV price data to Oct 27, 2026 | +4.0% | +1.7% | +26.8% | — | — | +16.1% |
- Over the year to Oct 27, 2026, ADPV returned +1.7%.
- Its worst full calendar year was 2023 (-0.6%); its best was 2024 (+43.9%).
- The deepest fall in its price history was 22.3% (Feb 18, 2025 to Mar 10, 2025), recovered by Sep 18, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.0% | — |
| 2025 | +21.2% | +21.10% |
| 2024 | +43.9% | +43.99% |
| 2023 | -0.6% | -0.46% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.3000 | +25.0% |
| 2024 | $0.2400 | +300.0% |
| 2023 | $0.0600 |
What's inside
As of Jul 31, 2026, the fund held 26 securities; the ten largest made up 45.69% of assets.
| Holding | Weight | |
|---|---|---|
| Intel Corp | 5.26% | |
| Arrowhead Pharmaceuticals Inc | 4.99% | |
| Hewlett Packard Enterprise Co | 4.92% | |
| Viatris Inc | 4.75% | |
| Viavi Solutions Inc | 4.39% | |
| Roivant Sciences Ltd | 4.38% | |
| Host Hotels & Resorts Inc | 4.36% | |
| Healthcare Realty Trust Inc | 4.34% | |
| Millicom International Cellula | 4.19% | |
| Terawulf Inc | 4.13% | |
| TFS Financial Corp | 4.09% | |
| Central BanCo Inc | 3.80% | |
| Permian Resources Corp | 3.75% | |
| Ford Motor Co | 3.73% | |
| Centene Corp | 3.63% |
By country
United States 90.39%Luxembourg 4.19%United Kingdom 3.53%By asset type
Stocks 98.11%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.71%, +3.31%, -7.30%.
How it works
Client First Investment Management LLC, the fund's adviser, runs ADPV with a rules-based model it built. On the last trading day of each week, the model compares two moving averages (averages of recent closing prices) for the 500 largest US stocks: a five-day average and a 200-day average. If the five-day average is above the 200-day average, the market counts as being in an uptrend and the fund is 100% in stocks. If it is below, the fund sells every stock and holds 1-to-3-month Treasury bills and cash.
In uptrends, the model ranks the 1,000 largest US-listed stocks. As of December 31, 2025, those companies were worth between $1.4 billion and $4.5 trillion each. The model favors stocks whose prices are rising and that swing less. The fund holds about 25 of the top-ranked names, each bought at an equal weight. A stock that drops out of the top 25 stays until it falls below a set cutoff. Then it is replaced by the next-highest name the fund doesn't own.
All this means heavy trading: turnover was 299%. The fund is non-diversified, which means it can put more money into fewer companies. As of July 31, 2026, it held 26 stocks. The largest were Intel (5.3%), Arrowhead Pharmaceuticals (5.0%) and Hewlett Packard Enterprise (4.9%). Because the signal is checked only once a week, it can be slow to react to sudden moves. In choppy markets it can also flip back and forth.
What it really costs
- ADPV charges 1% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $102 in the first year and $1,225 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ADPV | $102 | $318 | $552 | $1,225 |
In a retirement portfolio
A concentrated, high-turnover momentum fund with a market-timing switch and a 1.00% fee fits better as a small side position than as a portfolio's foundation.
ADPV launched in November 2022, so it has no record in the 2008, 2020 or 2022 market crashes. Its switch to Treasury bills has never been tested in a long decline. Its deepest drop was 22.3%, from February 18 to March 10, 2025, and it took about 6.3 months to recover. Its worst calendar year was 2023, at -0.46%. Its beta (how much it moves compared with the market) was 1.35 for the year to October 27, 2026. Someone forced to sell during a sharp fall could lock in a large loss.
Income is small: the trailing yield was 0.67% as of October 27, 2026, paid once a year. Costs are high, at $1,225 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based system that moves fully into Treasury bills when large US stocks fall below their long-term trend.
- Those comfortable with about 25 equally weighted momentum stocks, including smaller large companies such as Viavi Solutions and Terawulf.
- Investors looking for a small side position next to their core index funds who accept a 1.00% expense ratio for a rules-driven active approach.
Look elsewhere if
- Cost-focused investors: the 1.00% fee comes to about $1,225 over 10 years on $10,000 in the SEC's standard example.
- Anyone who needs regular income, since the trailing yield was 0.67% as of October 27, 2026, paid only once a year.
- Investors who want a long track record: launched in November 2022, it has no record through the 2008, 2020 or 2022 downturns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is ADPV good for retirement?
It depends on the role it plays. ADPV is a concentrated, actively managed momentum fund. Its expense ratio is 1.00%, and its trailing yield was 0.67% as of October 27, 2026, so it pays little income. Its switch to Treasury bills aims to limit losses, but it still fell 22.3% from February to March 2025 and took about 6.3 months to recover. It may suit investors who want a small side position rather than a core holding.
What has ADPV returned since it launched?
From its November 2022 launch through December 31, 2025, ADPV returned an average of 19.26% a year, according to its prospectus. Yearly returns were -0.46% in 2023, 43.99% in 2024 and 21.1% in 2025. Returns based on its share price were weaker after that: 1.7% over the year to October 27, 2026, and 4.0% for 2026 through that date. A record this short says little about how the strategy holds up over a full market cycle.
What is the ADPV expense ratio?
ADPV's expense ratio is 1.00%, all of it a management fee, according to the prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested with a 5% yearly return. Costs would be about $102 after one year, $318 after three years, $552 after five and $1,225 after ten. That is far more than many broad stock index funds charge. Its 299% portfolio turnover also adds trading costs that the expense ratio doesn't include.
Does ADPV pay dividends?
Yes, but not much, and only once a year. The fund paid $0.30 per share over the 12 months to October 27, 2026, a trailing yield of 0.67%. Its model picks stocks for rising prices and lower volatility, not for dividends. When the fund holds Treasury bills, its income comes from short-term interest instead. Investors focused on income may find dedicated dividend funds a closer match.
How is ADPV different from an S&P 500 index fund?
ADPV differs in three main ways. First, it holds about 25 equally weighted stocks from the 1,000 largest US companies, not hundreds of stocks weighted by size. Its largest holdings as of July 31, 2026 were Intel, Arrowhead Pharmaceuticals and Hewlett Packard Enterprise. Second, it moves entirely into Treasury bills when its weekly trend signal turns negative. Third, it charges 1.00%, far more than typical index funds. Its 1.35 beta shows it has swung more than the market.