{
  "crd_number": 312490,
  "slug": "applied-derivative-research-or-adr-312490",
  "primary_business_name": "APPLIED DERIVATIVE RESEARCH OR \"ADR\"",
  "legal_name": "APPLIED DERIVATIVE RESEARCH, LLC",
  "dbas": [],
  "city": null,
  "state": null,
  "country": null,
  "cbsa_code": null,
  "metro": null,
  "registration_type": "state",
  "registration_status": "APPROVED",
  "registration_date": "2023-11-13",
  "years_registered": 2,
  "period": "2026-10-01",
  "filing_date": "2026-03-07",
  "carried_forward": false,
  "raum_total": 100000.0,
  "raum_discretionary": 100000.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "under_25m",
  "raum_band_label": "Under $25 million",
  "total_employees": 0,
  "advisory_employees": 0,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": null,
      "count": 0
    },
    "charitable": {
      "raum": null,
      "count": 0
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": null,
      "count": 0
    },
    "investment_companies": {
      "raum": null,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": null,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 100000.0,
      "count": 2
    },
    "pooled_investment_vehicles": {
      "raum": null,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": null,
      "count": 0
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_pooled_vehicles",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "MD"
  ],
  "websites": [
    "https://adrgm.org"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/312490",
  "listing_state": "MD",
  "city_as_filed": null,
  "url": "https://advisorcensus.com/firm/applied-derivative-research-or-adr-312490",
  "display_name": "Applied Derivative Research Or \"ADR\"",
  "summary": "Applied Derivative Research Or \"ADR\" is a state-registered investment advisory firm, registered since 2023, reporting under $25 million in regulatory assets under management in its Form ADV filing dated March 7, 2026.",
  "citation": "AdvisorCensus. Applied Derivative Research Or \"ADR\" (CRD 312490): Form ADV filing data as of October 2026.",
  "registration_type_label": "State-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients",
    "Selection of other advisers (including private fund managers)"
  ],
  "quick_answers": [
    {
      "q": "How is Applied Derivative Research Or \"ADR\" compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Applied Derivative Research Or \"ADR\" reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Is Applied Derivative Research Or \"ADR\" registered with the SEC or a state?",
      "a": "Applied Derivative Research Or \"ADR\" is a state-registered investment advisory firm, registered since 2023. Status as filed: APPROVED. CRD 312490."
    },
    {
      "q": "How much does Applied Derivative Research Or \"ADR\" manage?",
      "a": "Applied Derivative Research Or \"ADR\" reports $100,000 in regulatory assets under management in its Form ADV filing dated March 7, 2026 (100% discretionary)."
    },
    {
      "q": "How have Applied Derivative Research Or \"ADR\"'s assets and staff changed since 2021?",
      "a": "In the Form ADV data for Applied Derivative Research Or \"ADR\": Regulatory assets under management: $157,100,000 in the October 2021 data and $100,000 in the October 2026 data, down 100%. Total employees: 4 in October 2021 and 0 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Applied Derivative Research Or \"ADR\" serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (2)."
    },
    {
      "q": "Does Applied Derivative Research Or \"ADR\" report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's public record on IAPD: https://adviserinfo.sec.gov/firm/summary/312490"
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 157100000.0,
      "total_employees": 4,
      "filing_date": "2021-05-03"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 153299500.0,
      "total_employees": 0,
      "filing_date": "2022-04-01"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 100000.0,
      "total_employees": 0,
      "filing_date": "2023-09-26"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 100000.0,
      "total_employees": 0,
      "filing_date": "2026-03-07"
    }
  ],
  "recent_changes": [],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/applied-derivative-research-or-adr-312490.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 2,
      "fewer_than_5": false,
      "raum": 100000.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/312490",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}