AGOX — Adaptive Alpha Opportunities ETF
Data updated: 2026-09-28
AGOX — Adaptive Alpha Opportunities ETF. 1.36% expense ratio · since 2012. Holdings, fees, performance and SEC filings.
AGOX Fund Overview
AGOX — Adaptive Alpha Opportunities ETF is a US ETF managed by Starboard Investment Trust, categorised as United States Large Cap Growth Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Starboard Investment Trust
- Category: United States Large Cap Growth Equity
- Assets under management: $386.71M
- 1-year return: 26.6%
- Ticker: AGOX
- SEC CIK: 0001464413
- SEC series ID: S000070423
- Share class ID: C000223904
AGOX Investment Objective and Strategy
Adaptive Alpha Opportunities ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Starboard Investment Trust.
Investment objective
The Adaptive Alpha Opportunities ETF (the Fund) seeks capital appreciation.
Principal investment strategy
"As an actively managed exchange-traded fund (ETF), the Fund will not seek to replicate the performance of an index. The Funds portfolio manager seeks to achieve the Funds investment objective of capital appreciation by investing in exchange-traded funds that are registered under the Investment Company Act of 1940, as amended (the 1940 Act) and not affiliated with the Fund (Portfolio Funds) that invest in equity securities of any market capitalization of issuers from a number of countries throughout the world, including emerging market countries. In addition to its indirect investments, the Fund may also invest directly in equity securities and fixed income securities, as well as put and call options, and cash and cash equivalents as part of its risk management strategy. The Fund is considered diversified under the 1940 Act.
The strategy is a global-go-anywhere solution not constrained by asset class style boxes. The bottom-up strategy utilizes a quantitative approach and a proprietary methodology to attempt to identify certain sectors, subsectors, and individual securities that the data indicates should have a greater ability to improve the risk adjusted returns for the Fund over the course of a full market cycle. The strategy considers up and down capturing statistics to help identify the winners from losers. ""Up-down capture"" is a pair of statistics that shows how an investment portfolio or security performs compared to a market benchmark during both rising (""up"") and falling (""down"") markets. Up market capture tells you how much of the market's positive return your portfolio or security ""captured"" during periods when the market was going up, and down capture tells you how much of the market's negative return your portfolio or security captured during periods when the market was falling.
The quantitative approach and proprietary methodology are based on the analysis of thousands of securities where the turning points in key macro drivers of growth, liquidity and risk appetite are identified. Macro drivers are broad factors, variables or events that have a significant impact on the overall economy of a country or region and are part of the top-down process . These drivers (such as interest rates, inflation, unemployment rate, GDP, etc.) can influence economic growth, inflation, employment, and other key economic indicators. The daily price movements of these securities are evaluated in respect to predetermined benchmarks, and then the potential of the expected performance of the investment is measured through a proprietary statistical and formulaic scoring system which models the appetite to buy, resilience to sell, the breadth and strength of the market, and rate of change and strength of trend, into a representative score (based on historical price action, time, market conditions and other potential factors) that assists the portfolio manager in identifying opportunity and provides further analysis of the potential investment and performance of the security.
Once these sectors, subsectors, and individual securities have been identified, the Fund increases its allocation to these preferred holdings through a variety of methods including owning the underlying securities themselves, owning an ETF that is representative of the sector or subsector, or through the use of options that can either provide greater exposure to an asset or sector or, at other times, provide protection as part of a broader risk management strategy. The fixed income securities in which the Fund will invest will be investment grade and may be of any duration or maturity. The Fund will employ a risk management strategy intended to manage the volatility of the Funds returns and manage the overall risk of investing in the Fund. The risk management strategy monitors technical metrics on equity indices that may identify periods where there is potential for higher equity market risk.
These technical metrics use mathematically based tools to identify positive or negative trends in equity indices, so, when the technical metrics identify a negative trend, there may be a potential for higher equity market risk. When periods of declining equity markets are more likely, the risk management strategy will reduce equity exposure. When employing this risk management strategy, the Fund may allocate a significant percentage of its assets to cash and cash equivalents. When employing the risk management strategy, in addition to cash and cash equivalents, the Fund may utilize a hedge overlay for downside protection, which will include put and call options and ETFs that have exposure to changes in volatility or offer inverse performance to equity markets (inverse ETFs). The hedge overlay will be used when the Advisor believes there is the potential for higher risk of loss in equity markets.
The Portfolio Funds will not be limited in their investments by market capitalization or sector criteria, and may invest in foreign securities, including foreign securities in emerging markets. The Portfolio Funds in which the Fund invests will have investment objectives similar to the Funds or will otherwise hold permitted investments under the Funds investment policies. Although the Fund principally invests in Portfolio Funds with no sales-related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees. The portfolio manager will sell a Portfolio Fund when a more attractive investment opportunity is identified, or the Funds portfolio needs to be rebalanced due to increases or decreases in the Funds net assets.
As a result of its strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Funds performance due to higher transactions costs and higher taxes. Portfolio turnover will not be a limiting factor in making investment decisions."
AGOX Holdings
Top 10 holdings of Adaptive Alpha Opportunities ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Fidelity Investments | 26.73% |
| Invesco QQQ Trust Se | 6.18% |
| Health Care Select S | 5.78% |
| Technology Select Se | 5.22% |
| Communication Servic | 4.61% |
| Vanguard FTSE Emergi | 4.59% |
| Invesco QQQ Trust Se | 4.41% |
| Western Digital Corp | 3.69% |
| State Street SPDR | 3.21% |
| Ishares Global | 2.89% |
AGOX Portfolio Allocation
Asset-class allocation of Adaptive Alpha Opportunities ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Derivatives | 83.1% |
| Equity | 48.5% |
| Cash & Equivalents | 26.7% |
AGOX Performance
Total returns for AGOX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 20.37% |
| 1 year | 26.57% |
| 3 years (annualised) | 18.76% |
| 5 years (annualised) | 8.87% |
AGOX Risk Information
Risk metrics for AGOX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 23.50%
AGOX Costs and Fees
AGOX costs about $136 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.36%
- Gross expense ratio: 1.36%
- Portfolio turnover: 2621%
- Brokerage commissions: 153.19 bps of average net assets (SEC N-CEN)
AGOX Cashflows
Over the 12 months to 2026-05, Adaptive Alpha Opportunities ETF had net outflows of $3.75M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | −$4.48M |
| 2026-04 | $1.00M |
| 2026-03 | −$8.07M |
| 2026-02 | −$21.51M |
| 2026-01 | $613.66K |
| 2025-12 | $2.34M |
AGOX Debt Constituents
No individual debt constituents are reported in Adaptive Alpha Opportunities ETF's latest SEC N-PORT filing.
AGOX Prospectus and SEC Filings
Official Adaptive Alpha Opportunities ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-09-28
- Prospectus (485BPOS) — filed 2025-09-26
- Prospectus (485BPOS) — filed 2024-09-27
- Portfolio holdings (N-PORT) — filed 2026-07-27
- Portfolio holdings (N-PORT) — filed 2026-04-27
- Portfolio holdings (N-PORT) — filed 2026-01-26
- Annual census (N-CEN) — filed 2026-08-14
- Annual census (N-CEN) — filed 2025-08-14
Related Funds
Other United States Large Cap Growth Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.