At a glance
BPH charges 0.19% a year. It has $1.8M in assets; it paid 2.19% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +45.4% with distributions reinvested (S&P 500: +11.5%).
The short version
BP p.l.c. ADRhedged (BPH) holds American Depositary Receipts (ADRs), U.S.-traded stand-ins for shares of British oil and gas company BP, plus a currency swap that offsets moves in the pound against the dollar. It aims to deliver BP's return in its home market without currency swings, for a yearly fee of 0.19%. But it owns just one company, and net assets were only about $1.75 million as of June 30, 2026.
Price history
The interactive chart needs JavaScript.
BPH +45.4% 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 | |
|---|---|---|---|---|---|---|
| BPH price data to Oct 27, 2026 | +45.1% | +45.4% | — | — | — | +29.2% |
- Over the year to Oct 27, 2026, BPH returned +45.4%.
- The deepest fall in its price history was 26.3% (Feb 18, 2025 to Apr 10, 2025), recovered by Nov 4, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +45.1% |
| 2025 | +9.5% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.7520 | |
| 2025 | $0.9370 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 95.62% of assets, and 4.58% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| BP PLC | 95.62% |
By country
United Kingdom 95.62%By asset type
Stocks 95.62%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $2K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.18%, -9.81%, -9.98%.
How it works
BPH, from Precidian Investments, does not track an index. Under normal conditions it invests at least 95% of net assets in BP's American Depositary Receipts (ADRs), dollar-priced receipts issued by a U.S. bank that represent BP shares; it does not hold BP's London shares directly. The rest sits in cash or cash equivalents. As of June 30, 2026, the BP ADR was 95.62% of assets and cash 4.58%. With one stock, nothing gets picked or reweighted, and portfolio turnover was 0%.
A currency swap, a contract with a bank that settles gains and losses in cash each day, hedges the British pound. ADR prices still move with the pound, so the swap, resized daily to match the ADRs' value, aims to offset that. When the swap gains, the counterparty (Canadian Imperial Bank of Commerce as of June 30, 2026) pays the fund; when it loses, the fund pays and may trim ADRs to raise cash. So each fund share can come to represent a smaller slice of an ADR over time.
The fund is non-diversified and intends to be treated as a grantor trust for U.S. tax purposes, so income, gains and losses pass through to shareholders. The hedge may not offset currency moves exactly, and a counterparty default could cause losses.
What it really costs
- BPH charges 0.19% a year.
- Of that, 0.17% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $19 in the first year and $243 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BPH | $19 | $61 | $107 | $243 |
In a retirement portfolio
BPH holds a single oil and gas company and had 28.9% volatility, a measure of price swings, over the year to October 27, 2026, so it is too concentrated to anchor a portfolio.
BPH could add targeted exposure to BP, the British oil and gas company, without pound swings. It launched January 7, 2025, so it has no record through the 2008, 2020 or 2022 market declines. Its deepest drop was 26.3%, from February 18 to April 10, 2025, and recovery took about 6.8 months, until November 4, 2025. Anyone who had to cash out shares during that stretch would have locked in a steep loss. Gains have been large too: 9.46% in 2025 and 45.1% in 2026 through October 27.
The fund pays income twice a year, with a trailing 12-month yield of 2.19% as of October 27, 2026. Its yearly fee, a 0.19% expense ratio, equals $19 on $10,000 in year one under the SEC's standard example. Past results don't predict future returns, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a targeted position in BP but prefer to remove swings between the British pound and the U.S. dollar.
- Investors with a diversified core who want a small satellite slice of one oil and gas producer for a 0.19% yearly fee.
- Investors who can stomach sharp drops, like 26.3% in early 2025, in exchange for twice-yearly income yielding 2.19% as of October 27, 2026.
Look elsewhere if
- Anyone seeking diversification: the fund owns one company, so trouble at BP, an oil-price slump or UK turmoil hits the whole holding.
- Investors comfortable with currency exposure, who could hold BP's ADR (ticker BP) directly and avoid the 0.19% fee and swap counterparty risk.
- Those who value size and track record: net assets were about $1.75 million as of June 30, 2026, and trading began in 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What's the difference between BPH and BP stock?
The main difference is the currency hedge. BP's American Depositary Receipt, ticker BP, trades in dollars but still rises and falls with the British pound. BPH holds that same ADR, plus a daily-settled currency swap that aims to remove the pound's effect, so it targets the return of BP shares in their local market. The trade-offs are a 0.19% yearly expense ratio, a cash slice (4.58% as of June 30, 2026), and the risk that the swap counterparty fails to pay.
Does BPH pay dividends?
Yes. BPH pays income twice a year. Its payouts over the trailing 12 months totaled about $1.69 per share, a yield of 2.19% as of October 27, 2026. The income comes mainly from dividends on the BP ADRs the fund holds, so it depends on BP's own payout decisions. The fund intends to be treated as a grantor trust for U.S. tax purposes, meaning its income, gains and losses pass through to shareholders.
What is BPH's expense ratio?
BPH's expense ratio is 0.19% a year, including a 0.17% management fee, according to its prospectus filed April 29, 2026. Under the SEC's standard example of $10,000 invested, a 5% annual return, and shares cashed in at the end of each period, total costs would be about $19 after one year, $61 after three, $107 after five and $243 after ten. Holding BP's ADR directly avoids that fee but leaves the currency exposure in place.
Is BPH good for retirement?
BPH may fit a retirement portfolio only as a small, higher-risk satellite position. It owns a single company, and its volatility, a measure of price swings, was 28.9% over the year to October 27, 2026. It fell 26.3% between February 18 and April 10, 2025, and took about 6.8 months to recover. It pays income twice a year, yielding 2.19% as of October 27, 2026. Launched in 2025, it has no record through the 2008, 2020 or 2022 downturns.
How has BPH performed since launch?
BPH has posted large gains in its short life, based on market prices. It returned 9.46% in 2025, its first calendar year after launching January 7, 2025, and 45.1% in 2026 through October 27. Over the 12 months to October 27, 2026, it gained 45.4%. The path was bumpy: its deepest drop was 26.3%, from February 18 to April 10, 2025. With less than two years of history, these figures say little about long-term results.