At a glance
SHEH charges 0.19% a year. It has $1.1M in assets; it paid 1.6% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +41.6% with distributions reinvested (S&P 500: +11.5%).
The short version
Shell plc ADRhedged (SHEH), from Precidian Investments, holds one stock: Shell plc, the London-based oil and gas company. It owns the shares through US-traded receipts called ADRs and adds a currency swap meant to offset exchange-rate swings. It aims to track the total return of Shell's shares in their home market, before fees. It charges 0.19% a year but is tiny, with about $1.1 million in net assets as of June 30, 2026.
Price history
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SHEH +41.6% 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 | |
|---|---|---|---|---|---|---|
| SHEH official prospectus, to Dec 31, 2025 | — | +13.01% | — | — | — | +7.43% |
| SHEH price data to Oct 27, 2026 | +45.5% | +41.6% | — | — | — | +23.6% |
- Over the year to Oct 27, 2026, SHEH returned +41.6%.
- Its worst full calendar year was 2025 (+12.2%); its best was 2025 (+12.2%).
- The deepest fall in its price history was 18.8% (Mar 31, 2025 to Apr 10, 2025), recovered by Oct 7, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +45.5% | — |
| 2025 | +12.2% | +13.01% |
| 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) | $1.2200 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 96% of assets, and 4.2% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| SHELL PLC | 96.00% |
By country
United Kingdom 96%By asset type
Stocks 96%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $585K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.31%, -5.61%, -6.18%.
How it works
SHEH does not follow an index. It normally invests at least 95% of its net assets in Shell's American Depositary Receipts (ADRs), which are dollar-priced receipts for a foreign company's shares. As of June 30, 2026, the Shell ADR (ticker SHEL) was about 96% of assets and cash about 4.2%.
Exchange rates still affect ADRs, because Shell's underlying shares are priced in a foreign currency. To counter that, the fund holds a currency swap, a contract with a bank meant to offset currency moves. The swap is resized and settled in cash daily. When the swap loses money, the fund pays the bank, and the manager may raise that cash through ADR sales. Each fund share may therefore represent less than one ADR, a fraction that can shrink over time. The prospectus names the euro as the hedged currency, but the June 30, 2026 holdings report lists a British pound swap with Canadian Imperial Bank of Commerce.
As a single-stock fund, SHEH is non-diversified, so its results depend on Shell and the oil and gas industry. The hedge may not remove every currency effect, and if the bank fails to pay, the fund could lose money. The fund intends to be treated as a grantor trust for US tax purposes, so its income, gains and losses pass through to shareholders.
What it really costs
- SHEH 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 |
|---|---|---|---|---|
| SHEH | $19 | $61 | $107 | $243 |
In a retirement portfolio
Nearly all its assets sit in one oil and gas company, which makes it a narrow, higher-risk add-on rather than a foundation.
SHEH could add a concentrated, currency-hedged stake in Shell to a portfolio built mainly on broad funds. It launched on October 1, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 13.01%, and its weakest quarter, ended June 30, 2025, lost 8.29%. Its deepest drop was 18.8%, from March 31 to April 10, 2025, and it took about 5.9 months to recover. That short history says little about how one energy stock might hold up in a long oil slump. This matters for anyone who may need to cash out shares in a bad year.
The fund's 12-month yield was 1.6% as of October 27, 2026, with payments twice a year, and the expense ratio is 0.19%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Dollar-based investors who want Shell plc's share returns with a daily currency swap aiming to strip out exchange-rate swings, for 0.19% a year.
- Investors with a diversified core who want a single-company oil and gas position; about 96% sat in Shell's US-traded ADRs on June 30, 2026.
- Investors who want some income from Shell's dividends, paid twice a year; the trailing 12-month yield was 1.6% as of October 27, 2026.
Look elsewhere if
- Investors needing diversification: it owns one company and fell 18.8% from March 31 to April 10, 2025, before recovering by October 2025.
- Those wanting a long record or larger fund: launched October 2024, it had about $1.1 million in net assets on June 30, 2026.
- Investors happy to accept currency swings may find Shell's own ADR (SHEL) avoids the 0.19% fee and the swap's counterparty risk.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does SHEH hold?
SHEH holds a single stock: Shell plc, the British oil and gas company, through its American Depositary Receipts (ticker SHEL). As of June 30, 2026, those ADRs were about 96% of assets and cash was about 4.2%. The fund also holds a currency swap with Canadian Imperial Bank of Commerce, listed in that report as British pound versus US dollar, to offset exchange-rate moves. It does not track an index and is non-diversified, meaning it is concentrated in one company.
What's the difference between SHEH and SHEL?
SHEL is Shell's American Depositary Receipt. SHEH is a fund that holds SHEL plus a currency hedge. SHEL's dollar price moves partly with exchange rates, while SHEH aims to match Shell's return in its local market. So the hedge can help SHEH when the dollar strengthens and hold it back when the dollar weakens. SHEH also adds a 0.19% expense ratio (about $19 in the first year on $10,000 under the SEC's standard example) and the risk that the swap's bank fails to pay.
How has SHEH performed?
SHEH returned 13.01% in 2025, its first full calendar year, and averaged 7.43% a year from inception through December 31, 2025, according to its prospectus. Based on market prices, it gained about 45.5% in 2026 through October 27, and 41.6% over the 12 months to that date. Its strongest quarter gained 13.98% (ended March 31, 2025), and its weakest lost 8.29% (ended June 30, 2025). With about two years of history, these figures say little about the long run.
Does SHEH pay monthly dividends?
No. SHEH pays semiannually, or twice a year. It paid $1.22 per share over the 12 months to October 27, 2026, a yield of about 1.6%. Its income comes from the Shell ADRs it holds. The fund intends to be treated as a grantor trust for US tax purposes. That means its income, gains and losses flow through to each shareholder instead of being taxed at the fund level.
Is SHEH good for retirement?
SHEH is more of a small, higher-risk satellite holding than a core retirement fund. Its results depend on one oil and gas company. It launched October 1, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop was 18.8%, between March 31 and April 10, 2025. The yield was 1.6% as of October 27, 2026, paid twice a year. The fund is also tiny, with about $1.1 million in net assets as of June 30, 2026.