# Applied Derivative Research Or "ADR"

> 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.

- CRD: 312490
- Filed as: APPLIED DERIVATIVE RESEARCH OR "ADR"
- Legal name: Applied Derivative Research, LLC
- Registration: State-registered investment adviser (status as filed: APPROVED)
- Location: Registered in Maryland
- Filing period: October 2026
- Form ADV filing dated: March 7, 2026
- Public record (IAPD): https://adviserinfo.sec.gov/firm/summary/312490
- AdvisorCensus page: https://advisorcensus.com/firm/applied-derivative-research-or-adr-312490

## Quick answers

**How is Applied Derivative Research Or "ADR" compensated?**
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.

**Is Applied Derivative Research Or "ADR" registered with the SEC or a state?**
Applied Derivative Research Or "ADR" is a state-registered investment advisory firm, registered since 2023. Status as filed: APPROVED. CRD 312490.

**How much does Applied Derivative Research Or "ADR" manage?**
Applied Derivative Research Or "ADR" reports $100,000 in regulatory assets under management in its Form ADV filing dated March 7, 2026 (100% discretionary).

**How have Applied Derivative Research Or "ADR"'s assets and staff changed since 2021?**
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.

**What types of clients does Applied Derivative Research Or "ADR" serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (2).

**Does Applied Derivative Research Or "ADR" report any disciplinary disclosures?**
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

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $100,000
- Discretionary: $100,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 2 | $100,000 |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- 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)

### Firm details
- Registered since: 2023 (2 years)
- Employees: 0 total, 0 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MD
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- adrgm.org

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $157,100,000 | 4 | May 3, 2021 |
| October 2022 | $153,299,500 | 0 | April 1, 2022 |
| October 2023 | $100,000 | 0 | September 26, 2023 |
| October 2026 | $100,000 | 0 | March 7, 2026 |

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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Applied Derivative Research Or "ADR" (CRD 312490): Form ADV filing data as of October 2026.