At a glance
TMH charges 0.19% a year. It has $914K in assets; it paid 13.23% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +0.9% with distributions reinvested (S&P 500: +11.5%).
The short version
Toyota Motor Corporation ADRhedged (TMH), from Precidian Investments, holds one stock: Toyota's American Depositary Receipts (ADRs, US-traded receipts for foreign shares). It pairs them with a currency swap that hedges the yen against the dollar. The goal is Toyota's total return in yen, with most exchange-rate swings stripped out, for a 0.19% expense ratio (annual fee). Drawbacks include single-company risk, a tiny asset base and a record only since March 2025.
Price history
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TMH +0.9% 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 | |
|---|---|---|---|---|---|---|
| TMH price data to Oct 27, 2026 | -4.7% | +0.9% | — | — | — | +12.0% |
- Over the year to Oct 27, 2026, TMH returned +0.9%.
- The deepest fall in its price history was 27.5% (Feb 6, 2026 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.7% |
| 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) | $3.0500 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 96.48% of assets, and 3.15% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TOYOTA MOTOR CORP | 96.48% |
By country
Japan 96.48%By asset type
Stocks 96.48%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: -7.49%, +0.30%, -7.57%.
How it works
TMH does not track an index. It aims to match, before fees, the total return of Toyota's ordinary shares in Japan. It puts at least 95% of net assets into Toyota's American Depositary Receipts (ticker TM), which are U.S. bank receipts that stand for foreign shares. As of June 30, 2026, those ADRs made up 96.48% of assets, with 3.15% in cash. It is non-diversified, holding just one company.
ADRs trade in dollars, but their value still moves with the yen. To offset that, the fund holds a currency swap, a contract with a bank that trades payments based on exchange-rate changes. The swap's size is reset daily to match the ADRs' value and settled in cash each day. If the yen weakens against the dollar, the bank pays the fund; if it strengthens, the fund pays the bank. As of June 30, 2026, the bank was Canadian Imperial Bank of Commerce.
The hedge may not be perfect, and the daily cash flow has side effects. To pay the bank, the manager may trim ADRs, so each fund share can come to represent less than one ADR over time. If the bank fails to pay, the fund could lose money. For taxes, the fund intends to be treated as a grantor trust, passing its income, gains and losses through to shareholders.
What it really costs
- TMH 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 |
|---|---|---|---|---|
| TMH | $19 | $61 | $107 | $243 |
In a retirement portfolio
It is a non-diversified bet on one carmaker, and its volatility (a measure of how sharply returns bounce around) was 25.3% over the year to October 27, 2026.
As a small slice, TMH could add exposure to a Japanese automaker with yen swings mostly hedged away. It remains a bet on one company, one cyclical industry and one country. It pays twice a year. The trailing 12-month yield was 13.23% ($6.85 per share) as of October 27, 2026, but that figure comes from a short history and may not repeat. The fee is 0.19% a year, or $19 in year one on $10,000 under the SEC's standard example.
Launched March 13, 2025, the fund has no record through the 2008, 2020 or 2022 downturns, nor any full calendar year. Its deepest drop, 27.5% from February 6 to June 25, 2026, had not been recovered as of October 27, 2026. Withdrawing money during a slide like that locks in losses. Past results don't predict the future, and any plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors willing to pay 0.19% a year, about $19 in year one per $10,000 in the SEC example, to have yen hedging handled for them.
- Investors with diversified core funds who want a small, deliberate add-on position in one company: Toyota, the Japanese carmaker.
- Investors who prefer not to bet on the yen: the hedge offsets losses if the yen weakens but gives up gains if it strengthens.
Look elsewhere if
- Investors needing diversification or steadier value: it holds one company and fell 27.5% between February 6 and June 25, 2026.
- Investors who want yen exposure as a counterweight to the dollar; Toyota's unhedged ADR, TM, keeps that currency effect.
- Investors wary of new, tiny funds: launched March 13, 2025, it has little history, and its hedge relies on a single bank counterparty.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does TMH hold?
TMH holds Toyota's stock plus a currency hedge. As of June 30, 2026, 96.48% of assets were in Toyota's American Depositary Receipts (ADRs, ticker TM), 3.15% in cash and 0.37% in a yen-versus-dollar currency swap with Canadian Imperial Bank of Commerce. The swap is resized daily and designed to offset exchange-rate moves, so the fund aims to match Toyota's total return in yen, before fees. Payments owed on the hedge can force ADR sales, so the ADRs behind each share can shrink over time.
What's the difference between TMH and TM?
The main difference is currency. TM, Toyota's American Depositary Receipt, moves with both Toyota's share price in Tokyo and the yen's value against the dollar. TMH holds TM but adds a currency swap designed to cancel most of the yen effect. If the yen weakens, TMH is designed to hold up better than TM. If the yen strengthens, TMH gives up that gain. TMH also charges a 0.19% expense ratio, while owning TM directly carries no fund fee. The swap also adds counterparty risk.
Does TMH pay dividends?
Yes, TMH pays distributions twice a year. Over the 12 months to October 27, 2026, it paid $6.85 per share, a trailing yield of 13.23%. Trailing yields reflect past payments and may not repeat. With only two payments a year and a short history, one large payout can swing the figure. The fund intends to be taxed as a grantor trust. If that treatment holds, it pays no federal income tax itself, and its income, gains and losses flow through to shareholders.
Is TMH a good investment for retirement?
TMH may suit retirees only as a small slice of a broader portfolio. It holds one company, so Toyota's results, the auto industry's ups and downs and Japan's economy drive its returns. As of October 27, 2026, its one-year return was 0.9%. Its one-year volatility, a measure of how much prices swing, was 25.3%. It fell as much as 27.5% between February 6 and June 25, 2026, and had not recovered. It launched March 13, 2025, so it has no record through a major market downturn.
What is TMH's expense ratio?
TMH's expense ratio is 0.19% a year, according to its prospectus filed April 29, 2026, including a 0.17% management fee. 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, costs would total about $19 after one year, $61 after three, $107 after five and $243 after ten. The fund is very small, with net assets of $913,815.56 as of June 30, 2026. Small funds can trade thinly and face a higher risk of closing.