At a glance
NVOH charges 0.19% a year. It has $4.2M in assets; it paid 7.15% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −19.1% with distributions reinvested (S&P 500: +11.5%).
The short version
Novo Nordisk A/S (B Shares) ADRhedged (NVOH), from Precidian Investments, holds US-traded receipts (ADRs) for shares of Danish drugmaker Novo Nordisk. It also holds a currency swap designed to offset swings in the Danish krone against the US dollar. It aims to deliver Novo's home-market return for an annual fee of 0.19%. Because it owns just one company, it swings hard: it lost 43.8% in 2025.
Price history
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NVOH -19.1% 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 | |
|---|---|---|---|---|---|---|
| NVOH price data to Oct 27, 2026 | -16.1% | -19.1% | — | — | — | -34.1% |
- Over the year to Oct 27, 2026, NVOH returned -19.1%.
- The deepest fall in its price history was 61.6% (Feb 28, 2025 to Mar 27, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.1% |
| 2025 | -43.8% |
| 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) | $1.0800 | |
| 2025 | $0.6600 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 96.87% of assets, and 2.79% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NOVO NORDISK A/S | 96.87% |
By country
Denmark 96.87%By asset type
Stocks 96.87%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $534K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.26%, +8.36%, +7.23%.
How it works
NVOH does not track an index. It keeps at least 95% of its net assets in American Depositary Receipts (ADRs) of Novo Nordisk, the Danish drugmaker focused on diabetes care. An ADR is a dollar-priced US receipt for a foreign company's shares. As of June 30, 2026, the ADR (ticker NVO) made up 96.87% of the fund, with 2.79% in cash.
ADRs trade in dollars, but their value still moves with the Danish krone. To dampen that, the fund holds a currency swap with a bank, which was Canadian Imperial Bank of Commerce as of June 30, 2026. The swap's size resets daily to match the value of the ADRs, and gains or losses settle in cash each day. When the swap gains, the bank pays the fund. When it loses, the fund pays the bank and may trim its ADRs to raise cash. Over time, each NVOH share can come to represent less than one ADR. If the bank fails to pay, the fund could lose money.
The fund is non-diversified, so one company drives its results. It intends to be treated as a grantor trust for US federal tax purposes. That means its income, gains and losses pass through to shareholders. Also, Nasdaq Copenhagen can be open when NVOH is not priced, so Novo's stock can move while US holders cannot trade.
What it really costs
- NVOH 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 |
|---|---|---|---|---|
| NVOH | $19 | $61 | $107 | $243 |
In a retirement portfolio
It is a single-stock, currency-hedged position in one drugmaker, so it can add targeted exposure to Novo Nordisk next to a diversified core but carries far more risk than a broad fund.
NVOH launched in January 2025, so it has no record through the 2008, 2020 or 2022 market declines. Its own short history has been painful. It lost 43.8% in 2025, and it fell 61.6% from its high on February 28, 2025, to its low on March 27, 2026. As of October 27, 2026, it had not recovered. Anyone who had to cash out during a slide like that would have locked in large losses. The trailing 12-month yield was 7.15% as of October 27, 2026, with payments made quarterly. But a falling price pushes that figure up, and the income depends on one company. Costs are modest at 0.19% a year, or $19 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a position in Novo Nordisk alone, with swings in the Danish krone against the dollar largely hedged out.
- Investors with a diversified core who want a small stake in one diabetes-focused drugmaker and can tolerate steep, fast price swings.
- Cost-aware investors: the 0.19% expense ratio works out to $19 in the first year on $10,000 under the SEC's standard example.
Look elsewhere if
- Anyone needing diversification or steady value: it owns one company, lost 43.8% in 2025 and fell 61.6% from its February 2025 peak.
- Investors who prefer owning the NVO ADR directly, keeping currency exposure and avoiding a fund fee and swap counterparty risk.
- Those wary of tiny funds: net assets were about $4.2 million as of June 30, 2026, which can mean thin trading and closure risk.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What's the difference between NVOH and NVO?
NVOH holds NVO, Novo Nordisk's US-traded ADR, and adds a currency swap that resets daily. NVO's dollar price reflects both Novo's stock in Copenhagen and the exchange rate between the krone and the dollar. NVOH aims to remove the currency piece and track Novo's return in its home market. The trade-offs are a 0.19% annual expense ratio, the risk that the swap's bank fails to pay, and a small fund size of about $4.2 million as of June 30, 2026.
Does NVOH pay dividends?
Yes. NVOH pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $1.57 per share, a trailing yield of 7.15%. That figure needs context. A trailing yield divides past payouts by the latest price, and the shares fell 19.1% over the same year, which pushes the yield up. Future payouts depend on one company and aren't guaranteed. Because the fund intends to be taxed as a grantor trust, its income flows through to shareholders.
Is NVOH a good investment for retirement?
NVOH is a high-risk, single-stock holding, not a core retirement fund. It owns only Novo Nordisk ADRs plus a currency hedge, and it is non-diversified. It lost 43.8% in 2025. It also fell 61.6% between February 28, 2025, and March 27, 2026, and it had not recovered that loss as of October 27, 2026. It may suit investors who want a small, targeted Novo position next to a diversified core. Past results don't predict future returns.
How does NVOH hedge currency risk?
NVOH uses a currency swap, which is a contract with a bank, to offset changes in the Danish krone against the US dollar. The swap's size resets daily to match the value of the fund's Novo ADRs, and gains or losses settle in cash each day. When the fund owes money, it may trim its ADRs, so each share can come to represent less than one ADR. As of June 30, 2026, the bank was Canadian Imperial Bank of Commerce. The hedge may not work perfectly.
What is NVOH's expense ratio?
NVOH's expense ratio, the yearly fee taken from fund assets, is 0.19%, according to its prospectus filed April 29, 2026. That includes a 0.17% management fee. The SEC's standard example assumes $10,000 invested at a 5% yearly return. On that basis, costs would total about $19 after one year, $61 after three, $107 after five and $243 after 10. The fund is also small, with about $4.2 million in net assets as of June 30, 2026, which can affect trading costs.