At a glance
SAPH charges 0.19% a year. It has $287K in assets; it paid 2.69% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −7.0% with distributions reinvested (S&P 500: +11.5%).
The short version
SAP SE ADRhedged (SAPH), from Precidian Investments, holds a single stock: American Depositary Receipts (ADRs, US-traded receipts for foreign shares) of German software maker SAP SE, paired with a euro-dollar currency swap. The swap seeks to deliver the return of SAP shares in euros, damping the exchange-rate swings that move the plain SAP ADR. Its 0.19% annual expense ratio is modest, but risk is high: it fell 51.7% from February 2025 to July 2026.
Price history
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SAPH -7.0% 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 | |
|---|---|---|---|---|---|---|
| SAPH price data to Oct 27, 2026 | +4.5% | -7.0% | — | — | — | -5.0% |
- Over the year to Oct 27, 2026, SAPH returned -7.0%.
- The deepest fall in its price history was 51.7% (Feb 13, 2025 to Jul 23, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.5% |
| 2025 | -12.8% |
| 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) | $1.2000 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 96.47% of assets, and 3.03% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| SAP SE | 96.47% |
By country
Germany 96.47%By asset type
Stocks 96.47%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.53%, +9.07%, -12.87%.
How it works
SAPH, from Precidian Investments, doesn't follow an index. It puts at least 95% of net assets into American Depositary Receipts (ADRs) of SAP SE, the German software maker. An ADR is a dollar-traded receipt, issued by a U.S. bank, that represents shares of a foreign company. As of June 30, 2026, the ADRs were 96.47% of assets and cash was 3.03%. It is non-diversified, holding a single company.
Because ADRs still move with the euro, the fund also holds a currency swap: a contract with a bank (Canadian Imperial Bank of Commerce as of June 30, 2026) whose gains and losses are meant to offset euro–dollar moves. It is resized daily to match the ADRs' value and settled in cash each day: when it gains, the bank pays the fund; when it loses, the fund pays the bank. The aim is SAP's total return in euros, so holders give up gains from a stronger euro but are shielded from a weaker one. A default by the bank could cause losses.
To cover swap payments, the manager may liquidate some ADRs, so each fund share can come to represent less than one ADR. For taxes, the fund intends to be treated as a grantor trust, so its income, gains and losses flow through to each shareholder.
What it really costs
- SAPH 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 |
|---|---|---|---|---|
| SAPH | $19 | $61 | $107 | $243 |
In a retirement portfolio
It holds one company's stock, had price swings (volatility) of 38.6% over the year to October 27, 2026, and fell 51.7% from peak to trough, so it fits as a small add-on rather than a foundation.
SAPH could add a concentrated position in SAP, the German enterprise-software maker, with the euro-dollar exchange-rate effect largely hedged away. It has no record in the 2008, 2020 or 2022 downturns because it launched on January 7, 2025. Its only full calendar year, 2025, returned -12.81%. Its deepest drop was 51.7%, from February 13, 2025 to July 23, 2026, and it had not regained that peak as of October 27, 2026. Drawing cash from it during such a slump would mean locking in steep losses.
It had a trailing yield of 2.69% ($1.20 per share) as of October 27, 2026, paid twice a year (semiannually). The 0.19% expense ratio works out to $19 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, 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 seeking SAP's return in euros, using a currency swap that aims to strip out the euro-dollar moves that affect the plain SAP ADR.
- Investors with a diversified core who want a small single-company software position, at a 0.19% annual expense ratio and 0% turnover.
- Holders able to sit through deep swings; it fell 51.7% from February 2025 to July 2026 and had not recovered by October 27, 2026.
Look elsewhere if
- Anyone wanting diversification: the fund is non-diversified, with 96.47% of assets in SAP ADRs as of June 30, 2026.
- Investors who want a long track record; it launched January 7, 2025, so it has no history through the 2008, 2020 or 2022 downturns.
- Those wary of complexity: the euro swap depends on a bank paying what it owes, and swap payments can shrink the ADRs behind each share.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does SAPH hold?
SAPH holds American Depositary Receipts (ADRs) of SAP SE, the German enterprise-software company, plus a currency swap. ADRs are receipts issued by a US bank that represent a foreign company's shares and trade in dollars. As of June 30, 2026, SAP ADRs made up 96.47% of assets and cash made up 3.03%. The swap, euros against dollars, was with Canadian Imperial Bank of Commerce. SAPH doesn't track an index. Before fees, it aims to broadly match the total return of SAP shares in their home market.
What's the difference between SAPH and SAP stock?
The main difference is the currency hedge. The regular SAP ADR (ticker SAP) trades in dollars, so its value moves with both SAP's share price and the euro-dollar exchange rate. SAPH holds the same ADRs plus a swap that seeks to minimize the currency effect, aiming for SAP's return in euros. The hedge cuts both ways: when the euro strengthens, SAPH gives up the gain the plain ADR would get. SAPH also charges 0.19% a year and carries swap counterparty risk.
Does SAPH pay dividends?
Yes. SAPH makes distributions semiannually, or twice a year. It paid $1.20 per share over the trailing year, a 2.69% yield as of October 27, 2026. The fund intends to be treated as a grantor trust for US federal income tax purposes. That means it expects not to pay federal income tax itself. Instead, its income, gains, losses and deductions flow through to each shareholder. The prospectus lists this tax treatment as a risk.
What is SAPH's expense ratio?
SAPH's expense ratio is 0.19% a year, which includes a 0.17% management fee, according to its prospectus filed April 29, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, total costs would be $19 after one year, $61 after three, $107 after five and $243 after ten. Portfolio turnover was 0%, so trading costs inside the fund were minimal.
Is SAPH a good investment for retirement?
SAPH is more of a small, higher-risk satellite than a core retirement holding. It owns one company and is non-diversified. Its volatility, a measure of how widely its price swings, was 38.6% over the year to October 27, 2026. It lost 7% over that year and 5% since its January 7, 2025 launch, and it had not recovered from a 51.7% peak-to-trough drop. The fund's assets were also very small as of June 30, 2026. Past results don't predict future ones.