Consolidated ssr-output-EDGAR XBRL File
June 30, 2025
(unaudited)
Semi-Annual
Financial Statements and Other Information
Arm Holdings
PLC ADRhedged™
ASML Holding
NV ADRhedged™
AstraZeneca
PLC ADRhedged™
BP P.L.C.
ADRhedged™
GSK plc
ADRhedged™
HSBC Holdings
plc ADRhedged™
Novo Nordisk
A/S (B Shares) ADRhedged™
SAP SE
ADRhedged™
Shell plc
ADRhedged™
STMicroelectronics
NV ADRhedged™
Toyota Motor
Corporation ADRhedged™
Precidian
ETFs Trust
Table of
Contents
This report
is provided for the general information of shareholders and is not authorized
for distribution to prospective investors unless preceded or accompanied by a
current prospectus.
Arm Holdings PLC ADRhedged™
Schedule of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common
Stocks — 99.8% |
|
|
|
|
|
|
|
|
| Information Technology —
99.8% |
|
|
|
|
|
|
|
|
| ARM Holdings PLC, ADR* |
|
|
|
|
|
|
|
|
| (Cost
$471,619) |
|
|
4,209 |
|
|
$ |
680,764 |
|
| |
|
|
|
|
|
|
|
|
| Short-Term
Investment — 0.1% |
|
|
|
|
|
|
|
|
| Money Market Funds —
0.1% |
|
|
|
|
|
|
|
|
| Dreyfus
Treasury Securities Cash Management Institutional Shares,
4.11%(a) |
|
|
|
|
|
|
|
|
| (Cost $517) |
|
|
517 |
|
|
|
517 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments —
99.9% |
|
|
|
|
|
|
|
|
| (Cost $472,136) |
|
|
|
|
|
|
681,281 |
|
| Assets in excess of Other
Liabilities, |
|
|
|
|
|
|
|
|
| Net
— 0.1% |
|
|
|
|
|
|
455 |
|
| Net
Assets — 100% |
|
|
|
|
|
$ |
681,736 |
|
|
| * |
Non-income
producing security. |
|
| (a) |
Reflects
the 7-day yield at June 30, 2025. |
|
| ADR: |
American
Depositary Receipt |
|
| PLC: |
Public
Limited Company |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
671,261 |
|
|
GBP |
|
|
489,854 |
|
|
$ |
11 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
GBP |
|
|
508,219 |
|
|
USD |
|
|
696,421 |
|
|
|
— |
|
|
|
(18 |
) |
| CIBC |
|
07/02/25 |
|
|
GBP |
|
|
489,854 |
|
|
USD |
|
|
671,821 |
|
|
|
550 |
|
|
|
— |
|
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
561 |
|
|
$ |
(18 |
) |
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
3 |
|
ASML Holding NV ADRhedged™
Schedule
of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 100.2% |
|
|
|
|
|
|
|
|
| Information Technology —
100.2% |
|
|
|
|
|
|
|
|
| ASML Holding NV, ADR |
|
|
|
|
|
|
|
|
| (Cost
$466,070) |
|
|
671 |
|
|
$ |
537,733 |
|
| |
|
|
|
|
|
|
|
|
| Short-Term Investment —
0.0%(a) |
|
|
|
|
|
|
|
|
| Money Market Funds —
0.0%(a) |
|
|
|
|
|
|
|
|
| Dreyfus Treasury Securities Cash Management
Institutional Shares, 4.11%(b) |
|
|
|
|
|
|
|
|
| (Cost $127) |
|
|
127 |
|
|
|
127 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments —
100.2% |
|
|
|
|
|
|
|
|
| (Cost $466,197) |
|
|
|
|
|
|
537,860 |
|
| Liabilities in excess of
Other Assets, |
|
|
|
|
|
|
|
|
| Net
— (0.2)% |
|
|
|
|
|
|
(959 |
) |
| Net
Assets — 100% |
|
|
|
|
|
$ |
536,901 |
|
|
| (b) |
Reflects
the 7-day yield at June 30, 2025. |
| ADR: |
American
Depositary Receipt |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
538,821 |
|
|
EUR |
|
|
459,027 |
|
|
$ |
7 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
EUR |
|
|
454,966 |
|
|
USD |
|
|
534,082 |
|
|
|
22 |
|
|
|
— |
|
| CIBC |
|
07/02/25 |
|
|
EUR |
|
|
459,027 |
|
|
USD |
|
|
537,913 |
|
|
|
— |
|
|
|
(915 |
) |
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
29 |
|
|
$ |
(915 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
4 |
|
AstraZeneca PLC ADRhedged™
Schedule
of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 99.9% |
|
|
|
|
|
|
|
|
| Health Care — 99.9% |
|
|
|
|
|
|
|
|
| Astra Zeneca PLC, ADR |
|
|
|
|
|
|
|
|
| (Cost
$2,580,078) |
|
|
35,212 |
|
|
$ |
2,460,614 |
|
| |
|
|
|
|
|
|
|
|
| Short-Term Investment —
0.0%(a) |
|
|
|
|
|
|
|
|
| Money Market Funds —
0.0%(a) |
|
|
|
|
|
|
|
|
| Dreyfus Treasury Securities Cash Management
Institutional Shares, 4.11%(b) |
|
|
|
|
|
|
|
|
| (Cost $311) |
|
|
311 |
|
|
|
311 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments —
99.9% |
|
|
|
|
|
|
|
|
| (Cost $2,580,389) |
|
|
|
|
|
|
2,460,925 |
|
| Assets in excess of Other
Liabilities, |
|
|
|
|
|
|
|
|
| Net
— 0.1% |
|
|
|
|
|
|
1,649 |
|
| Net
Assets — 100% |
|
|
|
|
|
$ |
2,462,574 |
|
|
| (b) |
Reflects
the 7-day yield at June 30, 2025. |
|
| ADR: |
American
Depositary Receipt |
|
| PLC: |
Public
Limited Company |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
2,482,399 |
|
|
GBP |
|
|
1,811,535 |
|
|
$ |
40 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
GBP |
|
|
1,811,535 |
|
|
USD |
|
|
2,484,472 |
|
|
|
2,033 |
|
|
|
— |
|
| CIBC |
|
07/02/25 |
|
|
GBP |
|
|
1,794,884 |
|
|
USD |
|
|
2,459,558 |
|
|
|
— |
|
|
|
(63 |
) |
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
2,073 |
|
|
$ |
(63 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
5 |
|
BP P.L.C. ADRhedged™
Schedule
of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 99.8% |
|
|
|
|
|
|
|
|
| Energy — 99.8% |
|
|
|
|
|
|
|
|
| BP p.l.c, ADR |
|
|
|
|
|
|
|
|
| (Cost
$521,661) |
|
|
15,125 |
|
|
$ |
452,691 |
|
| |
|
|
|
|
|
|
|
|
| Short-Term Investment — 0.1% |
|
|
|
|
|
|
|
|
| Money Market Funds —
0.1% |
|
|
|
|
|
|
|
|
| Dreyfus Treasury Securities Cash Management
Institutional Shares, 4.11%(a) |
|
|
|
|
|
|
|
|
| (Cost $403) |
|
|
403 |
|
|
|
403 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments —
99.9% |
|
|
|
|
|
|
|
|
| (Cost $522,064) |
|
|
|
|
|
|
453,094 |
|
| Assets in excess of Other
Liabilities, |
|
|
|
|
|
|
|
|
| Net — 0.1% |
|
|
|
|
|
|
301 |
|
| Net Assets — 100% |
|
|
|
|
|
$ |
453,395 |
|
|
| (a) |
Reflects
the 7-day yield at June 30, 2025. |
|
| ADR: |
American
Depositary Receipt |
|
| PLC
: |
Public
Limited Company |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
460,720 |
|
|
GBP |
|
|
336,211 |
|
|
$ |
8 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
GBP |
|
|
336,211 |
|
|
USD |
|
|
461,105 |
|
|
|
377 |
|
|
|
— |
|
| CIBC |
|
07/02/25 |
|
|
GBP |
|
|
334,881 |
|
|
USD |
|
|
458,892 |
|
|
|
— |
|
|
|
(12 |
) |
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
385 |
|
|
$ |
(12 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
6 |
|
GSK plc ADRhedged™
Schedule
of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 99.8% |
|
|
|
|
|
|
|
|
| Health Care — 99.8% |
|
|
|
|
|
|
|
|
| GSK plc, ADR |
|
|
|
|
|
|
|
|
| (Cost $500,187) |
|
|
13,685 |
|
|
$ |
525,504 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments — 99.8% |
|
|
|
|
|
|
|
|
| (Cost $500,187) |
|
|
|
|
|
|
525,504 |
|
| Assets in excess of Other
Liabilities, |
|
|
|
|
|
|
|
|
| Net — 0.2% |
|
|
|
|
|
|
806 |
|
| Net
Assets — 100% |
|
|
|
|
|
$ |
526,310 |
|
|
| ADR: |
American
Depositary Receipt |
|
| PLC
: |
Public
Limited Company |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
530,891 |
|
|
GBP |
|
|
387,419 |
|
|
$ |
8 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
GBP |
|
|
387,419 |
|
|
USD |
|
|
531,335 |
|
|
|
— |
|
|
|
(13 |
) |
| CIBC |
|
07/02/25 |
|
|
GBP |
|
|
385,289 |
|
|
USD |
|
|
527,967 |
|
|
|
435 |
|
|
|
— |
|
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
443 |
|
|
$ |
(13 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
7 |
|
HSBC Holdings plc ADRhedged™
Schedule
of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 99.9% |
|
|
|
|
|
|
|
|
| Financials —
99.9% |
|
|
|
|
|
|
|
|
| HSBC Holdings
plc, ADR |
|
|
|
|
|
|
|
|
| (Cost $3,831,167) |
|
|
64,280 |
|
|
$ |
3,907,581 |
|
| |
|
|
|
|
|
|
|
|
| Short-Term Investment —
0.0%(a) |
|
|
|
|
|
|
|
|
| Money Market Funds — 0.0%(a) |
|
|
|
|
|
|
|
|
| Dreyfus Treasury
Securities Cash Management Institutional Shares,
4.11%(b) |
|
|
|
|
|
|
|
|
| (Cost
$257) |
|
|
257 |
|
|
|
257 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments — 99.9% |
|
|
|
|
|
|
|
|
| (Cost $3,831,424) |
|
|
|
|
|
|
3,907,838 |
|
| Assets in excess of Other Liabilities, |
|
|
|
|
|
|
|
|
| Net — 0.1% |
|
|
|
|
|
|
2,750 |
|
| Net Assets — 100% |
|
|
|
|
|
$ |
3,910,588 |
|
|
| (b) |
Reflects
the 7-day yield at June 30, 2025. |
|
| ADR: |
American
Depositary Receipt |
|
| PLC
: |
Public
Limited Company |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
2,607,474 |
|
|
GBP |
|
|
1,902,809 |
|
|
$ |
42 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
GBP |
|
|
1,902,809 |
|
|
USD |
|
|
2,609,652 |
|
|
|
2,135 |
|
|
|
— |
|
| CIBC |
|
07/02/25 |
|
|
GBP |
|
|
1,902,028 |
|
|
USD |
|
|
2,606,380 |
|
|
|
— |
|
|
|
(66 |
) |
| CIBC |
|
07/02/25 |
|
|
GBP |
|
|
950,970 |
|
|
USD |
|
|
1,303,129 |
|
|
|
— |
|
|
|
(33 |
) |
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
2,177 |
|
|
$ |
(99 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
8 |
|
Novo Nordisk A/S (B Shares) ADRhedged™
Schedule of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 100.3% |
|
|
|
|
|
|
|
|
| Health Care — 100.3% |
|
|
|
|
|
|
|
|
| Novo Nordisk A/S (B Shares), ADR |
|
|
|
|
|
|
|
|
| (Cost
$791,266) |
|
|
10,658 |
|
|
$ |
735,615 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments —
100.3% |
|
|
|
|
|
|
|
|
| (Cost $791,266) |
|
|
|
|
|
|
735,615 |
|
| Liabilities in excess of
Other Assets, |
|
|
|
|
|
|
|
|
| Net
— (0.3)% |
|
|
|
|
|
|
(2,171 |
) |
| Net
Assets — 100% |
|
|
|
|
|
$ |
733,444 |
|
|
| ADR: |
American
Depositary Receipt |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
DKK |
|
|
4,640,704 |
|
|
USD |
|
|
730,180 |
|
|
$ |
— |
|
|
$ |
(1,219 |
) |
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
727,832 |
|
|
DKK |
|
|
4,626,022 |
|
|
|
11 |
|
|
|
— |
|
| CIBC |
|
07/02/25 |
|
|
DKK |
|
|
4,626,022 |
|
|
USD |
|
|
726,624 |
|
|
|
27 |
|
|
|
— |
|
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
38 |
|
|
$ |
(1,219 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
9 |
|
SAP SE ADRhedged™
Schedule
of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 100.2% |
|
|
|
|
|
|
|
|
| Information Technology —
100.2% |
|
|
|
|
|
|
|
|
| SAP SE, ADR |
|
|
|
|
|
|
|
|
| (Cost
$966,224) |
|
|
3,624 |
|
|
$ |
1,102,058 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments —
100.2% |
|
|
|
|
|
|
|
|
| (Cost $966,224) |
|
|
|
|
|
|
1,102,058 |
|
| Liabilities in excess of
Other Assets, |
|
|
|
|
|
|
|
|
| Net
— (0.2)% |
|
|
|
|
|
|
(1,670 |
) |
| Net Assets — 100% |
|
|
|
|
|
$ |
1,100,388 |
|
|
| ADR: |
American
Depositary Receipt |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
1,081,762 |
|
|
EUR |
|
|
921,565 |
|
|
$ |
14 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
EUR |
|
|
921,565 |
|
|
USD |
|
|
1,079,940 |
|
|
|
— |
|
|
|
(1,837 |
) |
| CIBC |
|
07/02/25 |
|
|
EUR |
|
|
929,513 |
|
|
USD |
|
|
1,091,150 |
|
|
|
45 |
|
|
|
— |
|
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
59 |
|
|
$ |
(1,837 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
10 |
|
Shell plc ADRhedged™
Schedule
of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 99.9% |
|
|
|
|
|
|
|
|
| Energy — 99.9% |
|
|
|
|
|
|
|
|
| Shell plc, ADR |
|
|
|
|
|
|
|
|
| (Cost
$3,866,805) |
|
|
56,331 |
|
|
$ |
3,966,266 |
|
| |
|
|
|
|
|
|
|
|
| Short-Term Investment —
0.0%(a) |
|
|
|
|
|
|
|
|
| Money Market Funds —
0.0%(a) |
|
|
|
|
|
|
|
|
| Dreyfus Treasury Securities Cash Management
Institutional Shares, 4.11%(b) |
|
|
|
|
|
|
|
|
| (Cost
$278) |
|
|
278 |
|
|
|
278 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments —
99.9% |
|
|
|
|
|
|
|
|
| (Cost $3,867,083) |
|
|
|
|
|
|
3,966,544 |
|
| Assets in excess of Other
Liabilities, |
|
|
|
|
|
|
|
|
| Net
— 0.1% |
|
|
|
|
|
|
2,827 |
|
| Net
Assets — 100% |
|
|
|
|
|
$ |
3,969,371 |
|
|
| (b) |
Reflects
the 7-day yield at June 30, 2025. |
|
| ADR
: |
American
Depositary Receipt |
|
| PLC
: |
Public
Limited Company |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
3,017,182 |
|
|
GBP |
|
|
2,201,794 |
|
|
$ |
49 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
GBP |
|
|
729,423 |
|
|
USD |
|
|
999,540 |
|
|
|
— |
|
|
|
(26 |
) |
| CIBC |
|
07/02/25 |
|
|
GBP |
|
|
2,201,794 |
|
|
USD |
|
|
3,019,702 |
|
|
|
2,471 |
|
|
|
— |
|
| CIBC |
|
07/02/25 |
|
|
GBP |
|
|
2,188,425 |
|
|
USD |
|
|
2,998,834 |
|
|
|
— |
|
|
|
(76 |
) |
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
2,520 |
|
|
$ |
(102 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
11 |
|
STMicroelectronics NV
ADRhedged™
Schedule
of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 100.1% |
|
|
|
|
|
|
|
|
| Information Technology —
100.1% |
|
|
|
|
|
|
|
|
| STMicroelectronics NV, ADR |
|
|
|
|
|
|
|
|
| (Cost
$469,741) |
|
|
19,638 |
|
|
$ |
597,192 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments —
100.1% |
|
|
|
|
|
|
|
|
| (Cost $469,741) |
|
|
|
|
|
|
597,192 |
|
| Liabilities in excess of
Other Assets, |
|
|
|
|
|
|
|
|
| Net
— (0.1)% |
|
|
|
|
|
|
(630 |
) |
| Net
Assets — 100% |
|
|
|
|
|
$ |
596,562 |
|
|
| ADR
: |
American
Depositary Receipt |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
597,568 |
|
|
EUR |
|
|
509,074 |
|
|
$ |
7 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
EUR |
|
|
509,074 |
|
|
USD |
|
|
596,561 |
|
|
|
— |
|
|
|
(1,014 |
) |
| CIBC |
|
07/02/25 |
|
|
EUR |
|
|
503,541 |
|
|
USD |
|
|
591,104 |
|
|
|
24 |
|
|
|
— |
|
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
31 |
|
|
$ |
(1,014 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
12 |
|
Toyota Motor Corporation
ADRhedged™
Schedule
of Investments
June 30, 2025
(Unaudited)
| |
|
Shares |
|
|
Value |
|
| Common Stocks — 97.9% |
|
|
|
|
|
|
|
|
| Consumer Discretionary —
97.9% |
|
|
|
|
|
|
|
|
| Toyota Motor Corp., ADR |
|
|
|
|
|
|
|
|
| (Cost
$480,113) |
|
|
2,624 |
|
|
$ |
452,010 |
|
| |
|
|
|
|
|
|
|
|
| Short-Term Investment — 2.4% |
|
|
|
|
|
|
|
|
| Money Market Funds —
2.4% |
|
|
|
|
|
|
|
|
| Dreyfus
Treasury Securities Cash Management Institutional Shares,
4.11%(a) |
|
|
|
|
|
|
|
|
| (Cost $10,966) |
|
|
10,966 |
|
|
|
10,966 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments —
100.3% |
|
|
|
|
|
|
|
|
| (Cost $491,079) |
|
|
|
|
|
|
462,976 |
|
| Liabilities in excess of
Other Assets, |
|
|
|
|
|
|
|
|
| Net
— (0.3)% |
|
|
|
|
|
|
(1,286 |
) |
| Net
Assets — 100% |
|
|
|
|
|
$ |
461,690 |
|
|
| (a) |
Reflects
the 7-day yield at June 30, 2025. |
|
| ADR
: |
American
Depositary Receipt |
At June 30,
2025, the Fund had the following currency swaps outstanding:
| |
|
Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
Unrealized |
|
| Counterparty |
|
Date* |
|
|
Currency
to Deliver |
|
|
Currency
to Receive |
|
|
Appreciation |
|
|
Depreciation |
|
| CIBC |
|
07/01/25 |
|
|
JPY |
|
|
66,603,890 |
|
|
USD |
|
|
461,142 |
|
|
$ |
40 |
|
|
$ |
— |
|
| CIBC |
|
07/01/25 |
|
|
USD |
|
|
449,043 |
|
|
JPY |
|
|
64,863,008 |
|
|
|
7 |
|
|
|
— |
|
| CIBC |
|
07/02/25 |
|
|
JPY |
|
|
64,863,008 |
|
|
USD |
|
|
447,733 |
|
|
|
— |
|
|
|
(1,317 |
) |
| Total
Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
|
|
|
$ |
47 |
|
|
$ |
(1,317 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
The
currency hedge contracts have an automatic extension on the maturity date,
however the currency hedge contracts are marked to market and settled
daily and the date reflected herein is the next settlement
date. |
Currency Abbreviations
| See
Notes to Financial Statements. |
13 |
|
| Precidian
ETFs Trust |
| Statements of Assets and
Liabilities |
| June
30, 2025 (Unaudited) |
| |
|
Arm Holdings PLC
ADRhedged™ |
|
ASML Holding NV
ADRhedged™ |
|
AstraZeneca PLC
ADRhedged™ |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value |
|
$ |
681,281 |
|
|
$ |
537,860 |
|
|
$ |
2,460,925 |
|
| Unrealized
appreciation on currency swaps |
|
|
561 |
|
|
|
29 |
|
|
|
2,073 |
|
| Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
|
7 |
|
|
|
9 |
|
|
|
25 |
|
| Total assets |
|
|
681,849 |
|
|
|
537,898 |
|
|
|
2,463,023 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized
depreciation on currency swaps |
|
|
18 |
|
|
|
915 |
|
|
|
63 |
|
| Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
85 |
|
|
|
73 |
|
|
|
346 |
|
| Accrued expenses and other liabilities |
|
|
10 |
|
|
|
9 |
|
|
|
40 |
|
| Total liabilities |
|
|
113 |
|
|
|
997 |
|
|
|
449 |
|
| Net Assets |
|
$ |
681,736 |
|
|
$ |
536,901 |
|
|
$ |
2,462,574 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets Consists of |
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
500,050 |
|
|
$ |
500,050 |
|
|
$ |
2,770,597 |
|
| Distributable earnings (loss) |
|
|
181,686 |
|
|
|
36,851 |
|
|
|
(308,023 |
) |
| Net Assets |
|
$ |
681,736 |
|
|
$ |
536,901 |
|
|
$ |
2,462,574 |
|
| Number of
Common Shares outstanding |
|
|
10,001 |
|
|
|
10,001 |
|
|
|
60,001 |
|
| Net Asset Value |
|
$ |
68.17 |
|
|
$ |
53.68 |
|
|
$ |
41.04 |
|
| Investments, at cost |
|
$ |
472,136 |
|
|
$ |
466,198 |
|
|
$ |
2,580,389 |
|
| See
Notes to Financial Statements. |
14 |
|
| Precidian
ETFs Trust |
| Statements
of Assets and Liabilities (Continued) |
| June
30, 2025 (Unaudited) |
| |
|
BP P.L.C.
ADRhedged™ |
|
GSK plc
ADRhedged™ |
|
HSBC Holdings plc
ADRhedged™ |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value |
|
$ |
453,094 |
|
|
$ |
525,504 |
|
|
$ |
3,907,838 |
|
| Unrealized appreciation on currency swaps |
|
|
385 |
|
|
|
443 |
|
|
|
2,177 |
|
| Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
|
– |
|
|
|
5,855 |
|
|
|
15 |
|
| Capital shares |
|
|
– |
|
|
|
– |
|
|
|
1,061 |
|
| Total assets |
|
|
453,479 |
|
|
|
531,802 |
|
|
|
3,911,091 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Due to custodian |
|
|
– |
|
|
|
5,393 |
|
|
|
– |
|
| Unrealized depreciation on currency swaps |
|
|
12 |
|
|
|
13 |
|
|
|
99 |
|
| Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
65 |
|
|
|
77 |
|
|
|
361 |
|
| Accrued expenses and other liabilities |
|
|
7 |
|
|
|
9 |
|
|
|
43 |
|
| Total liabilities |
|
|
84 |
|
|
|
5,492 |
|
|
|
503 |
|
| Net Assets |
|
$ |
453,395 |
|
|
$ |
526,310 |
|
|
$ |
3,910,588 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets Consists of |
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in capital |
|
$ |
774,601 |
|
|
$ |
586,657 |
|
|
$ |
3,727,773 |
|
| Distributable earnings (loss) |
|
|
(321,206 |
) |
|
|
(60,347 |
) |
|
|
182,815 |
|
| Net Assets |
|
$ |
453,395 |
|
|
$ |
526,310 |
|
|
$ |
3,910,588 |
|
| Number of Common Shares outstanding |
|
|
10,001 |
|
|
|
10,001 |
|
|
|
60,001 |
|
| Net Asset Value |
|
$ |
45.33 |
|
|
$ |
52.63 |
|
|
$ |
65.18 |
|
| Investments, at cost |
|
$ |
522,064 |
|
|
$ |
500,187 |
|
|
$ |
3,831,424 |
|
| See
Notes to Financial Statements. |
15 |
|
| Precidian
ETFs Trust |
| Statements
of Assets and Liabilities (Continued) |
| June
30, 2025 (Unaudited) |
| |
|
Novo Nordisk
A/S (B Shares)
ADRhedged™ |
|
SAP SE
ADRhedged™ |
|
Shell plc
ADRhedged™ |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value |
|
$ |
735,615 |
|
|
$ |
1,102,058 |
|
|
$ |
3,966,544 |
|
| Unrealized appreciation on currency swaps |
|
|
38 |
|
|
|
59 |
|
|
|
2,520 |
|
| Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign tax reclaim |
|
|
1,533 |
|
|
|
1,097 |
|
|
|
– |
|
| Dividends |
|
|
6 |
|
|
|
22 |
|
|
|
7 |
|
| Capital shares |
|
|
– |
|
|
|
– |
|
|
|
845 |
|
| Total assets |
|
|
737,192 |
|
|
|
1,103,236 |
|
|
|
3,969,916 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Due to custodian |
|
|
2,405 |
|
|
|
839 |
|
|
|
– |
|
| Unrealized depreciation on currency swaps |
|
|
1,219 |
|
|
|
1,837 |
|
|
|
102 |
|
| Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
111 |
|
|
|
154 |
|
|
|
397 |
|
| Accrued expenses and other liabilities |
|
|
13 |
|
|
|
18 |
|
|
|
46 |
|
| Total liabilities |
|
|
3,748 |
|
|
|
2,848 |
|
|
|
545 |
|
| Net Assets |
|
$ |
733,444 |
|
|
$ |
1,100,388 |
|
|
$ |
3,969,371 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets Consists of |
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in capital |
|
$ |
994,162 |
|
|
$ |
1,081,773 |
|
|
$ |
4,132,267 |
|
| Distributable earnings (loss) |
|
|
(260,718 |
) |
|
|
18,615 |
|
|
|
(162,896 |
) |
| Net Assets |
|
$ |
733,444 |
|
|
$ |
1,100,388 |
|
|
$ |
3,969,371 |
|
| Number of Common Shares outstanding |
|
|
20,001 |
|
|
|
20,001 |
|
|
|
80,001 |
|
| Net Asset Value |
|
$ |
36.67 |
|
|
$ |
55.02 |
|
|
$ |
49.62 |
|
| Investments, at cost |
|
$ |
791,266 |
|
|
$ |
966,224 |
|
|
$ |
3,867,083 |
|
| See
Notes to Financial Statements. |
16 |
|
| Precidian
ETFs Trust |
| Statements
of Assets and Liabilities (Continued) |
| June
30, 2025 (Unaudited) |
| |
|
STMicroelectronics
NV
ADRhedged™ |
|
Toyota Motor
Corporation
ADRhedged™ |
| Assets |
|
|
|
|
|
|
|
|
| Investments, at fair value |
|
$ |
597,192 |
|
|
$ |
462,977 |
|
| Unrealized
appreciation on currency swaps |
|
|
31 |
|
|
|
47 |
|
| Receivables: |
|
|
|
|
|
|
|
|
| Dividends |
|
|
1,524 |
|
|
|
60 |
|
| Total assets |
|
|
598,747 |
|
|
|
463,084 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
| Due to
custodian |
|
|
1,081 |
|
|
|
– |
|
| Unrealized
depreciation on currency swaps |
|
|
1,014 |
|
|
|
1,317 |
|
| Payables: |
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
80 |
|
|
|
68 |
|
| Accrued expenses and other liabilities |
|
|
10 |
|
|
|
9 |
|
| Total liabilities |
|
|
2,185 |
|
|
|
1,394 |
|
| Net Assets |
|
$ |
596,562 |
|
|
$ |
461,690 |
|
| |
|
|
|
|
|
|
|
|
| Net Assets Consists of |
|
|
|
|
|
|
|
|
| Paid-in
capital |
|
$ |
500,050 |
|
|
$ |
500,050 |
|
| Distributable earnings (loss) |
|
|
96,512 |
|
|
|
(38,360 |
) |
| Net Assets |
|
$ |
596,562 |
|
|
$ |
461,690 |
|
| Number of
Common Shares outstanding |
|
|
10,001 |
|
|
|
10,001 |
|
| Net Asset Value |
|
$ |
59.65 |
|
|
$ |
46.16 |
|
| Investments, at cost |
|
$ |
469,741 |
|
|
$ |
491,080 |
|
| See
Notes to Financial Statements. |
17 |
|
| Precidian
ETFs Trust |
| Statements of
Operations |
| For the
Period Ended June 30, 2025 (Unaudited) |
| |
|
Arm
Holdings PLC
ADRhedged™(1) |
|
|
ASML
Holding NV
ADRhedged™(1) |
|
|
AstraZeneca
PLC
ADRhedged™ |
|
| Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income* |
|
$ |
59 |
|
|
$ |
1,313 |
|
|
$ |
32,300 |
|
| Total income |
|
|
59 |
|
|
|
1,313 |
|
|
|
32,300 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
270 |
|
|
|
253 |
|
|
|
2,029 |
|
| Miscellaneous fees |
|
|
32 |
|
|
|
29 |
|
|
|
239 |
|
| Total expenses |
|
|
302 |
|
|
|
282 |
|
|
|
2,268 |
|
| Net investment income (loss) |
|
|
(243 |
) |
|
|
1,031 |
|
|
|
30,032 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
3,310 |
|
|
|
570 |
|
|
|
(18,054 |
) |
| In-kind redemptions |
|
|
– |
|
|
|
– |
|
|
|
80,599 |
|
| Currency swaps |
|
|
(31,069 |
) |
|
|
(35,527 |
) |
|
|
(238,414 |
) |
| Net realized loss |
|
|
(27,759 |
) |
|
|
(34,957 |
) |
|
|
(175,869 |
) |
| Net change in net unrealized appreciation
(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
209,145 |
|
|
|
71,663 |
|
|
|
(61,150 |
) |
| Currency swaps |
|
|
543 |
|
|
|
(886 |
) |
|
|
3,806 |
|
| Net change in net unrealized appreciation
(depreciation) |
|
|
209,688 |
|
|
|
70,777 |
|
|
|
(57,344 |
) |
| Net realized and unrealized gain (loss) |
|
|
181,929 |
|
|
|
35,820 |
|
|
|
(233,213 |
) |
| Net Increase (Decrease) in Net Assets Resulting
from Operations |
|
$ |
181,686 |
|
|
$ |
36,851 |
|
|
$ |
(203,181 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| * Withholding tax |
|
$ |
– |
|
|
$ |
214 |
|
|
$ |
– |
|
|
| (1) |
For the
period March 13, 2025 (commencement of operations) through June 30,
2025. |
| See
Notes to Financial Statements. |
18 |
|
| Precidian
ETFs Trust |
| Statements
of Operations (Continued) |
| For the
Period Ended June 30, 2025 (Unaudited) |
| |
|
BP
P.L.C.
ADRhedged™(1) |
|
|
GSK plc
ADRhedged™(1) |
|
|
HSBC
Holdings plc
ADRhedged™ |
|
| Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
29,914 |
|
|
$ |
23,247 |
|
|
$ |
158,775 |
|
| Total income |
|
|
29,914 |
|
|
|
23,247 |
|
|
|
158,775 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
681 |
|
|
|
736 |
|
|
|
2,720 |
|
| Miscellaneous fees |
|
|
80 |
|
|
|
87 |
|
|
|
320 |
|
| Total expenses |
|
|
761 |
|
|
|
823 |
|
|
|
3,040 |
|
| Net investment income |
|
|
29,153 |
|
|
|
22,424 |
|
|
|
155,735 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(5,083 |
) |
|
|
1,751 |
|
|
|
(863 |
) |
| In-kind redemptions |
|
|
(190,900 |
) |
|
|
(16,644 |
) |
|
|
185,971 |
|
| Currency swaps |
|
|
(85,779 |
) |
|
|
(93,625 |
) |
|
|
(329,138 |
) |
| Net realized loss |
|
|
(281,762 |
) |
|
|
(108,518 |
) |
|
|
(144,030 |
) |
| Net change in net unrealized appreciation
(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(68,970 |
) |
|
|
25,317 |
|
|
|
7,901 |
|
| Currency swaps |
|
|
373 |
|
|
|
430 |
|
|
|
3,845 |
|
| Net change in net unrealized appreciation
(depreciation) |
|
|
(68,597 |
) |
|
|
25,747 |
|
|
|
11,746 |
|
| Net realized and unrealized gain (loss) |
|
|
(350,359 |
) |
|
|
(82,771 |
) |
|
|
(132,284 |
) |
| Net Increase (Decrease) in Net Assets Resulting
from Operations |
|
$ |
(321,206 |
) |
|
$ |
(60,347 |
) |
|
$ |
23,451 |
|
|
| (1) |
For the
period January 6, 2025 (commencement of operations) through June 30,
2025. |
| See
Notes to Financial Statements. |
19 |
|
| Precidian
ETFs Trust |
| Statements
of Operations (Continued) |
| For the
Period Ended June 30, 2025 (Unaudited) |
| |
|
Novo Nordisk
A/S (B Shares)
ADRhedged™(1) |
|
|
SAP SE
ADRhedged™(1) |
|
|
Shell plc
ADRhedged™ |
|
| Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income* |
|
$ |
10,979 |
|
|
$ |
8,238 |
|
|
$ |
41,979 |
|
| Total income |
|
|
10,979 |
|
|
|
8,238 |
|
|
|
41,979 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
597 |
|
|
|
768 |
|
|
|
1,898 |
|
| Miscellaneous fees |
|
|
70 |
|
|
|
90 |
|
|
|
223 |
|
| Total expenses |
|
|
667 |
|
|
|
858 |
|
|
|
2,121 |
|
| Net investment income |
|
|
10,312 |
|
|
|
7,380 |
|
|
|
39,858 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(11,004 |
) |
|
|
(6,578 |
) |
|
|
(5,286 |
) |
| In-kind redemptions |
|
|
(108,356 |
) |
|
|
– |
|
|
|
(120,048 |
) |
| Currency swaps |
|
|
(94,838 |
) |
|
|
(116,243 |
) |
|
|
(224,401 |
) |
| Net realized loss |
|
|
(214,198 |
) |
|
|
(122,821 |
) |
|
|
(349,735 |
) |
| Net change in net unrealized appreciation
(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
(55,651 |
) |
|
|
135,834 |
|
|
|
228,390 |
|
| Currency swaps |
|
|
(1,181 |
) |
|
|
(1,778 |
) |
|
|
3,893 |
|
| Net change in net unrealized appreciation
(depreciation) |
|
|
(56,832 |
) |
|
|
134,056 |
|
|
|
232,283 |
|
| Net realized and unrealized gain (loss) |
|
|
(271,030 |
) |
|
|
11,235 |
|
|
|
(117,452 |
) |
| Net Increase (Decrease) in Net Assets Resulting
from Operations |
|
$ |
(260,718 |
) |
|
$ |
18,615 |
|
|
$ |
(77,594 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| * Withholding tax |
|
$ |
1,916 |
|
|
$ |
1,446 |
|
|
$ |
– |
|
|
| (1) |
For the
period January 6, 2025 (commencement of operations) through June 30,
2025. |
| See
Notes to Financial Statements. |
20 |
|
| Precidian
ETFs Trust |
| Statements
of Operations (Continued) |
| For the
Period Ended June 30, 2025 (Unaudited) |
| |
|
STMicroelectronics
NV
ADRhedged™(1) |
|
|
Toyota Motor
Corporation
ADRhedged™(1) |
|
| Investment Income |
|
|
|
|
|
|
|
|
| Dividend income* |
|
$ |
3,178 |
|
|
$ |
8,317 |
|
| Total income |
|
|
3,178 |
|
|
|
8,317 |
|
| |
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
254 |
|
|
|
250 |
|
| Miscellaneous fees |
|
|
30 |
|
|
|
30 |
|
| Total expenses |
|
|
284 |
|
|
|
280 |
|
| Net investment income |
|
|
2,894 |
|
|
|
8,037 |
|
| |
|
|
|
|
|
|
|
|
| Net Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
| Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
| Investments |
|
|
1,745 |
|
|
|
(122 |
) |
| Currency swaps |
|
|
(34,595 |
) |
|
|
(3,444 |
) |
| Net realized loss |
|
|
(32,850 |
) |
|
|
(3,566 |
) |
| Net change in net unrealized appreciation
(depreciation) on: |
|
|
|
|
|
|
|
|
| Investments |
|
|
127,451 |
|
|
|
(28,103 |
) |
| Currency swaps |
|
|
(983 |
) |
|
|
(1,270 |
) |
| Net change in net unrealized appreciation
(depreciation) |
|
|
126,468 |
|
|
|
(29,373 |
) |
| Net realized and unrealized gain (loss) |
|
|
93,618 |
|
|
|
(32,939 |
) |
| Net Increase (Decrease) in Net Assets Resulting
from Operations |
|
$ |
96,512 |
|
|
$ |
(24,902 |
) |
| |
|
|
|
|
|
|
|
|
| * Withholding tax |
|
$ |
536 |
|
|
$ |
912 |
|
|
| (1) |
For the
period March 13, 2025 (commencement of operations) through June 30,
2025. |
| See
Notes to Financial Statements. |
21 |
|
| Precidian
ETFs Trust |
| Statements of Changes in Net
Assets |
| |
| |
|
Arm Holdings PLC
ADRhedged™ |
|
ASML Holding NV
ADRhedged™ |
|
AstraZeneca PLC
ADRhedged™ |
| |
|
For the
Period
March 13, 2025(1) to
June 30, 2025
(unaudited) |
|
For the
Period
March 13, 2025(1) to
June 30, 2025
(unaudited) |
|
For the
Six Months Ended
June 30, 2025
(unaudited) |
|
For the
Period
October 4, 2024(1) to
December 31,
2024 |
| Increase (Decrease) in Net Assets from
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
(243 |
) |
|
$ |
1,031 |
|
|
$ |
30,032 |
|
|
$ |
395 |
|
| Net realized gain (loss) |
|
|
(27,759 |
) |
|
|
(34,957 |
) |
|
|
(175,869 |
) |
|
|
63,436 |
|
| Net change in net unrealized appreciation
(depreciation) |
|
|
209,688 |
|
|
|
70,777 |
|
|
|
(57,344 |
) |
|
|
(60,110 |
) |
| Net increase (decrease) in net assets resulting
from operations |
|
|
181,686 |
|
|
|
36,851 |
|
|
|
(203,181 |
) |
|
|
3,721 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(108,563 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund Shares Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
500,050 |
|
|
|
500,050 |
|
|
|
3,128,705 |
|
|
|
1,776,986 |
|
| Value of shares redeemed |
|
|
– |
|
|
|
– |
|
|
|
(2,135,094 |
) |
|
|
– |
|
| Net increase from capital share
transactions |
|
|
500,050 |
|
|
|
500,050 |
|
|
|
993,611 |
|
|
|
1,776,986 |
|
| Total increase in net assets |
|
|
681,736 |
|
|
|
536,901 |
|
|
|
790,430 |
|
|
|
1,672,144 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
– |
|
|
|
– |
|
|
|
1,672,144 |
|
|
|
– |
|
| End of period |
|
$ |
681,736 |
|
|
$ |
536,901 |
|
|
$ |
2,462,574 |
|
|
$ |
1,672,144 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Shares outstanding, beginning of
period |
|
|
– |
|
|
|
– |
|
|
|
40,001 |
|
|
|
– |
|
| Shares sold |
|
|
10,001 |
|
|
|
10,001 |
|
|
|
70,000 |
|
|
|
40,001 |
|
| Shares redeemed |
|
|
– |
|
|
|
– |
|
|
|
(50,000 |
) |
|
|
– |
|
| Common Shares outstanding, end of period |
|
|
10,001 |
|
|
|
10,001 |
|
|
|
60,001 |
|
|
|
40,001 |
|
|
| (1) |
Commencement
of operations. |
| See
Notes to Financial Statements. |
22 |
|
| Precidian
ETFs Trust |
| Statements
of Changes in Net Assets (Continued) |
| |
| |
|
BP P.L.C.
ADRhedged™ |
|
GSK plc
ADRhedged™ |
|
HSBC Holdings plc
ADRhedged™ |
| |
|
For the
Period
January 6, 2025(1) to
June 30, 2025
(unaudited) |
|
For the
Period
January 6, 2025(1) to
June 30, 2025
(unaudited) |
|
For the
Six Months Ended
June 30, 2025
(unaudited) |
|
For the
Period
October 4, 2024(1) to
December 31,
2024 |
| Increase (Decrease) in Net Assets from
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
29,153 |
|
|
$ |
22,424 |
|
|
$ |
155,735 |
|
|
$ |
21,339 |
|
| Net realized gain (loss) |
|
|
(281,762 |
) |
|
|
(108,518 |
) |
|
|
(144,030 |
) |
|
|
94,342 |
|
| Net change in net unrealized appreciation
(depreciation) |
|
|
(68,597 |
) |
|
|
25,747 |
|
|
|
11,746 |
|
|
|
66,746 |
|
| Net increase (decrease) in net assets resulting
from operations |
|
|
(321,206 |
) |
|
|
(60,347 |
) |
|
|
23,451 |
|
|
|
182,427 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(23,063 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund Shares Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
1,608,291 |
|
|
|
1,573,320 |
|
|
|
6,401,255 |
|
|
|
2,060,561 |
|
| Value of shares redeemed |
|
|
(833,690 |
) |
|
|
(986,663 |
) |
|
|
(4,196,603 |
) |
|
|
(537,440 |
) |
| Net increase from capital share
transactions |
|
|
774,601 |
|
|
|
586,657 |
|
|
|
2,204,652 |
|
|
|
1,523,121 |
|
| Total increase in net assets |
|
|
453,395 |
|
|
|
526,310 |
|
|
|
2,228,103 |
|
|
|
1,682,485 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
– |
|
|
|
– |
|
|
|
1,682,485 |
|
|
|
– |
|
| End of period |
|
$ |
453,395 |
|
|
$ |
526,310 |
|
|
$ |
3,910,588 |
|
|
$ |
1,682,485 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Shares outstanding, beginning of
period |
|
|
– |
|
|
|
– |
|
|
|
30,001 |
|
|
|
– |
|
| Shares sold |
|
|
30,001 |
|
|
|
30,001 |
|
|
|
100,000 |
|
|
|
40,001 |
|
| Shares redeemed |
|
|
(20,000 |
) |
|
|
(20,000 |
) |
|
|
(70,000 |
) |
|
|
(10,000 |
) |
| Common Shares outstanding, end of period |
|
|
10,001 |
|
|
|
10,001 |
|
|
|
60,001 |
|
|
|
30,001 |
|
|
| (1) |
Commencement
of operations. |
| See
Notes to Financial Statements. |
23 |
|
| Precidian
ETFs Trust |
| Statements
of Changes in Net Assets (Continued) |
| |
| |
|
Novo Nordisk
A/S (B Shares)
ADRhedged™ |
|
SAP SE
ADRhedged™ |
|
Shell plc ADRhedged™ |
| |
|
For the
Period
January 6, 2025(1) to
June 30, 2025
(unaudited) |
|
For the
Period
January 6, 2025(1) to
June 30, 2025
(unaudited) |
|
For the
Six Months Ended
June 30, 2025
(unaudited) |
|
For the
Period
October 4, 2024(1) to
December 31,
2024 |
| Increase (Decrease) in Net Assets from
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
10,312 |
|
|
$ |
7,380 |
|
|
$ |
39,858 |
|
|
$ |
14,879 |
|
| Net realized gain (loss) |
|
|
(214,198 |
) |
|
|
(122,821 |
) |
|
|
(349,735 |
) |
|
|
56,469 |
|
| Net change in net unrealized appreciation
(depreciation) |
|
|
(56,832 |
) |
|
|
134,056 |
|
|
|
232,283 |
|
|
|
(130,404 |
) |
| Net increase (decrease) in net assets resulting
from operations |
|
|
(260,718 |
) |
|
|
18,615 |
|
|
|
(77,594 |
) |
|
|
(59,056 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(26,246 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund Shares Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
1,696,200 |
|
|
|
1,081,773 |
|
|
|
4,966,066 |
|
|
|
1,509,277 |
|
| Value of shares redeemed |
|
|
(702,038 |
) |
|
|
– |
|
|
|
(2,343,076 |
) |
|
|
– |
|
| Net increase from capital share
transactions |
|
|
994,162 |
|
|
|
1,081,773 |
|
|
|
2,622,990 |
|
|
|
1,509,277 |
|
| Total increase in net assets |
|
|
733,444 |
|
|
|
1,100,388 |
|
|
|
2,545,396 |
|
|
|
1,423,975 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
– |
|
|
|
– |
|
|
|
1,423,975 |
|
|
|
– |
|
| End of period |
|
$ |
733,444 |
|
|
$ |
1,100,388 |
|
|
$ |
3,969,371 |
|
|
$ |
1,423,975 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Shares outstanding, beginning of
period |
|
|
– |
|
|
|
– |
|
|
|
30,001 |
|
|
|
– |
|
| Shares sold |
|
|
40,001 |
|
|
|
20,001 |
|
|
|
100,000 |
|
|
|
30,001 |
|
| Shares redeemed |
|
|
(20,000 |
) |
|
|
– |
|
|
|
(50,000 |
) |
|
|
– |
|
| Common Shares outstanding, end of period |
|
|
20,001 |
|
|
|
20,001 |
|
|
|
80,001 |
|
|
|
30,001 |
|
|
| (1) |
Commencement
of operations. |
| See
Notes to Financial Statements. |
24 |
|
| Precidian
ETFs Trust |
| Statements
of Changes in Net Assets (Continued) |
| |
| |
|
STMicroelectronics
NV
ADRhedged™ |
|
Toyota Motor
Corporation
ADRhedged™ |
| |
|
For the
Period
March 13, 2025(1) to
June 30, 2025
(unaudited) |
|
For the
Period
March 13, 2025(1) to
June 30, 2025
(unaudited) |
| Increase (Decrease) in Net Assets from
Operations |
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
2,894 |
|
|
$ |
8,037 |
|
| Net realized loss |
|
|
(32,850 |
) |
|
|
(3,566 |
) |
| Net change in net unrealized appreciation
(depreciation) |
|
|
126,468 |
|
|
|
(29,373 |
) |
| Net increase (decrease) in net assets resulting
from operations |
|
|
96,512 |
|
|
|
(24,902 |
) |
| |
|
|
|
|
|
|
|
|
| Distributions |
|
|
– |
|
|
|
(13,458 |
) |
| |
|
|
|
|
|
|
|
|
| Fund Shares Transactions |
|
|
|
|
|
|
|
|
| Proceeds from shares sold |
|
|
500,050 |
|
|
|
500,050 |
|
| Value of shares redeemed |
|
|
– |
|
|
|
– |
|
| Net increase from capital share
transactions |
|
|
500,050 |
|
|
|
500,050 |
|
| Total increase in net assets |
|
|
596,562 |
|
|
|
461,690 |
|
| |
|
|
|
|
|
|
|
|
| Net Assets |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
– |
|
|
|
– |
|
| End of period |
|
$ |
596,562 |
|
|
$ |
461,690 |
|
| |
|
|
|
|
|
|
|
|
| Changes in Shares Outstanding |
|
|
|
|
|
|
|
|
| Common Shares outstanding, beginning of
period |
|
|
– |
|
|
|
– |
|
| Shares sold |
|
|
10,001 |
|
|
|
10,001 |
|
| Shares redeemed |
|
|
– |
|
|
|
– |
|
| Common Shares outstanding, end of period |
|
|
10,001 |
|
|
|
10,001 |
|
|
| (1) |
Commencement
of operations. |
| See
Notes to Financial Statements. |
25 |
|
Precidian
ETFs Trust
Financial Highlights
Arm
Holdings PLC ADRhedged™
Selected Per Share
Data |
|
Period
Ended
June 30, 2025(a)
(unaudited)
|
| Net
Asset Value, beginning of period |
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment loss(b) |
|
|
(0.02 |
) |
| Net
realized and unrealized gain (loss) |
|
|
18.19 |
|
| Total
from investment operations |
|
|
18.17 |
|
| |
|
|
|
|
| Net
Asset Value, end of period |
|
$ |
68.17 |
|
| Market
price, end of period |
|
$ |
68.14 |
|
| |
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
36.33 |
(c) |
| Total
Return based on Market Price (%) |
|
|
36.28 |
(c) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$0.7 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(d) |
| Ratio of
net investment income (loss) (%) |
|
|
(0.15 |
)(d) |
| Portfolio
turnover rate (%)(e) |
|
|
0 |
(c) |
|
| (a) |
For the period March 13, 2025
(commencement of operations) through June 30,
2025. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (e) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
26 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
ASML
Holding NV ADRhedged™
Selected Per Share
Data |
|
Period
Ended
June 30, 2025(a)
(unaudited)
|
| Net
Asset Value, beginning of period |
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
0.10 |
|
| Net
realized and unrealized gain (loss) |
|
|
3.58 |
|
| Total
from investment operations |
|
|
3.68 |
|
| |
|
|
|
|
| Net
Asset Value, end of period |
|
$ |
53.68 |
|
| Market
price, end of period |
|
$ |
53.53 |
|
| |
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
7.37 |
(c) |
| Total
Return based on Market Price (%) |
|
|
7.06 |
(c) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$0.5 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(d) |
| Ratio of
net investment income (loss) (%) |
|
|
0.69 |
(d) |
| Portfolio
turnover rate (%)(e) |
|
|
0 |
(c) |
|
| (a) |
For the period March 13, 2025
(commencement of operations) through June 30,
2025. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (e) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
27 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
AstraZeneca
PLC ADRhedged™
Selected Per Share Data |
|
For
the Six
Months Ended
June 30, 2025
(unaudited) |
|
Period
Ended
December 31,
2024(a) |
| Net
Asset Value, beginning of period |
|
$ |
41.80 |
|
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
0.55 |
|
|
|
0.01 |
|
| Net
realized and unrealized gain (loss) |
|
|
(1.31 |
) |
|
|
(5.50 |
) |
| Total
from investment operations |
|
|
(0.76 |
) |
|
|
(5.49 |
) |
| |
|
|
|
|
|
|
|
|
| Less
distributions from: |
| Net
investment income |
|
|
– |
|
|
|
(2.71 |
) |
| Total
distributions |
|
|
– |
|
|
|
(2.71 |
) |
| Net
Asset Value, end of period |
|
$ |
41.04 |
|
|
$ |
41.80 |
|
| Market
price, end of period |
|
$ |
40.99 |
|
|
$ |
42.06 |
|
| |
|
|
|
|
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
(1.82 |
)(c) |
|
|
(10.96 |
)(c) |
| Total
Return based on Market Price (%) |
|
|
(2.53 |
)(c) |
|
|
(10.41 |
)(c) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$2.5 |
|
|
|
$2 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(d) |
|
|
0.19 |
(d) |
| Ratio of
net investment income (loss) (%) |
|
|
2.52 |
(d) |
|
|
0.13 |
(d) |
| Portfolio
turnover rate (%)(e) |
|
|
0 |
(c) |
|
|
0 |
(c) |
| |
|
|
|
|
|
|
|
|
|
| (a) |
For the period October 4, 2024
(commencement of operations) through December 31,
2024. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (e) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
28 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
BP
P.L.C. ADRhedged™
Selected Per Share Data |
|
Period
Ended
June 30, 2025(a)
(unaudited)
|
| Net
Asset Value, beginning of period |
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
1.74 |
|
| Net
realized and unrealized gain (loss) |
|
|
(6.41 |
) |
| Total
from investment operations |
|
|
(4.67 |
) |
| |
|
|
|
|
| Net
Asset Value, end of period |
|
$ |
45.33 |
|
| Market
price, end of period |
|
$ |
45.33 |
|
| |
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
(9.32 |
)(c) |
| Total
Return based on Market Price (%) |
|
|
(9.32 |
)(c) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$0.5 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(d) |
| Ratio of
net investment income (loss) (%) |
|
|
7.28 |
(d) |
| Portfolio
turnover rate (%)(e) |
|
|
0 |
(c) |
|
| (a) |
For the period January 6, 2025
(commencement of operations) through June 30,
2025. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (e) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
29 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
GSK
plc ADRhedged™
Selected Per Share Data |
|
Period
Ended
June 30, 2025(a)
(unaudited)
|
| Net
Asset Value, beginning of period |
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
1.34 |
|
| Net
realized and unrealized gain (loss) |
|
|
1.29 |
(c) |
| Total
from investment operations |
|
|
2.63 |
|
| |
|
|
|
|
| Net
Asset Value, end of period |
|
$ |
52.63 |
|
| Market
price, end of period |
|
$ |
52.56 |
|
| |
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
5.26 |
(d) |
| Total
Return based on Market Price (%) |
|
|
5.12 |
(d) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$0.5 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(e) |
| Ratio of
net investment income (loss) (%) |
|
|
5.18 |
(e) |
| Portfolio
turnover rate (%)(f) |
|
|
0 |
(d) |
|
| (a) |
For the period January 6, 2025
(commencement of operations) through June 30,
2025. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (c) |
Because of
the timing of subscriptions and redemptions in relation to fluctuating
markets at value, the amount shown may not agree with the change in
aggregate gains and losses. |
|
| (f) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
30 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
HSBC
Holdings plc ADRhedged™
Selected Per Share Data |
|
For
the Six
Months Ended
June 30, 2025
(unaudited) |
|
Period
Ended
December 31,
2024(a) |
| Net
Asset Value, beginning of period |
|
$ |
56.08 |
|
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
2.97 |
|
|
|
0.78 |
|
| Net
realized and unrealized gain (loss) |
|
|
6.13 |
(c) |
|
|
5.88 |
|
| Total
from investment operations |
|
|
9.10 |
|
|
|
6.66 |
|
| |
|
|
|
|
|
|
|
|
| Less
distributions from: |
| Net
investment income |
|
|
– |
|
|
|
(0.58 |
) |
| Total
distributions |
|
|
– |
|
|
|
(0.58 |
) |
| Net
Asset Value, end of period |
|
$ |
65.18 |
|
|
$ |
56.08 |
|
| Market
price, end of period |
|
$ |
65.08 |
|
|
$ |
56.36 |
|
| |
|
|
|
|
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
16.22 |
(d) |
|
|
13.35 |
(d) |
| Total
Return based on Market Price (%) |
|
|
15.47 |
(d) |
|
|
13.91 |
(d) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$3.9 |
|
|
|
$2 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(e) |
|
|
0.19 |
(e) |
| Ratio of
net investment income (loss) (%) |
|
|
9.74 |
(e) |
|
|
6.33 |
(e) |
| Portfolio
turnover rate (%)(f) |
|
|
0 |
(d) |
|
|
0 |
(d) |
|
| (a) |
For the period October 4, 2024
(commencement of operations) through December 31,
2024. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (c) |
Because of
the timing of subscriptions and redemptions in relation to fluctuating
markets at value, the amount shown may not agree with the change in
aggregate gains and losses. |
|
| (f) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
31 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
Novo
Nordisk A/S (B Shares) ADRhedged™
Selected Per Share
Data |
|
Period
Ended
June 30, 2025(a)
(unaudited)
|
| Net
Asset Value, beginning of period |
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
0.58 |
|
| Net
realized and unrealized gain (loss) |
|
|
(13.91 |
) |
| Total
from investment operations |
|
|
(13.33 |
) |
| |
|
|
|
|
| Net
Asset Value, end of period |
|
$ |
36.67 |
|
| Market
price, end of period |
|
$ |
36.55 |
|
| |
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
(26.66 |
)(c) |
| Total
Return based on Market Price (%) |
|
|
(26.90 |
)(c) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$0.7 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(d) |
| Ratio of
net investment income (loss) (%) |
|
|
2.94 |
(d) |
| Portfolio
turnover rate (%)(e) |
|
|
0 |
(c) |
|
| (a) |
For the period January 6, 2025
(commencement of operations) through June 30,
2025. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (e) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
32 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
SAP
SE ADRhedged™
Selected Per Share Data |
|
Period
Ended
June 30, 2025(a)
(unaudited)
|
| Net
Asset Value, beginning of period |
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
0.42 |
|
| Net
realized and unrealized gain (loss) |
|
|
4.60 |
|
| Total
from investment operations |
|
|
5.02 |
|
| |
|
|
|
|
| Net
Asset Value, end of period |
|
$ |
55.02 |
|
| Market
price, end of period |
|
$ |
54.90 |
|
| |
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
10.03 |
(c) |
| Total
Return based on Market Price (%) |
|
|
9.80 |
(c) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$1.1 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(d) |
| Ratio of
net investment income (loss) (%) |
|
|
1.63 |
(d) |
| Portfolio
turnover rate (%)(e) |
|
|
0 |
(c) |
|
| (a) |
For the period January 6, 2025
(commencement of operations) through June 30,
2025. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (e) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
33 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
Shell
plc ADRhedged™
Selected Per Share Data |
|
For
the Six
Months Ended
June 30, 2025
(unaudited) |
|
Period
Ended
December 31,
2024(a) |
| Net
Asset Value, beginning of period |
|
$ |
47.46 |
|
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
0.87 |
|
|
|
0.66 |
|
| Net
realized and unrealized gain (loss) |
|
|
1.29 |
(c) |
|
|
(2.33 |
) |
| Total
from investment operations |
|
|
2.16 |
|
|
|
(1.67 |
) |
| |
|
|
|
|
|
|
|
|
| Less
distributions from: |
| Net
investment income |
|
|
– |
|
|
|
(0.87 |
) |
| Total
distributions |
|
|
– |
|
|
|
(0.87 |
) |
| Net
Asset Value, end of period |
|
$ |
49.62 |
|
|
$ |
47.46 |
|
| Market
price, end of period |
|
$ |
49.49 |
|
|
$ |
47.69 |
|
| |
|
|
|
|
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
4.54 |
(d) |
|
|
(3.29 |
)(d) |
| Total
Return based on Market Price (%) |
|
|
3.77 |
(d) |
|
|
(2.82 |
)(d) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$4.0 |
|
|
|
$1 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(e) |
|
|
0.19 |
(e) |
| Ratio of
net investment income (loss) (%) |
|
|
3.57 |
(e) |
|
|
5.82 |
(e) |
| Portfolio
turnover rate (%)(f) |
|
|
0 |
(d) |
|
|
0 |
(d) |
|
| (a) |
For the period October 4, 2024
(commencement of operations) through December 31,
2024. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (c) |
Because of
the timing of subscriptions and redemptions in relation to fluctuating
markets at value, the amount shown may not agree with the change in
aggregate gains and losses. |
|
| (f) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
34 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
STMicroelectronics
NV ADRhedged™
Selected Per Share Data |
|
Period
Ended
June 30, 2025(a)
(unaudited)
|
| Net
Asset Value, beginning of period |
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
0.29 |
|
| Net
realized and unrealized gain (loss) |
|
|
9.36 |
|
| Total
from investment operations |
|
|
9.65 |
|
| |
|
|
|
|
| Net
Asset Value, end of period |
|
$ |
59.65 |
|
| Market
price, end of period |
|
$ |
59.52 |
|
| |
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
19.30 |
(c) |
| Total
Return based on Market Price (%) |
|
|
19.04 |
(c) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$0.6 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(d) |
| Ratio of
net investment income (loss) (%) |
|
|
1.94 |
(d) |
| Portfolio
turnover rate (%)(e) |
|
|
0 |
(c) |
|
| (a) |
For the period March 13, 2025
(commencement of operations) through June 30,
2025. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (e) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
35 |
|
Precidian
ETFs Trust
Financial
Highlights (Continued)
Toyota
Motor Corporation ADRhedged™
Selected Per Share
Data |
|
Period
Ended
June 30, 2025(a)
(unaudited)
|
| Net
Asset Value, beginning of period |
|
$ |
50.00 |
|
| Income
(loss) from investment operations: |
| Net
investment income(b) |
|
|
0.80 |
|
| Net
realized and unrealized gain (loss) |
|
|
(3.29 |
) |
| Total
from investment operations |
|
|
(2.49 |
) |
| |
|
|
|
|
| Less
distributions from: |
| Net
investment income |
|
|
(1.35 |
) |
| Total
distributions |
|
|
(1.35 |
) |
| Net
Asset Value, end of period |
|
$ |
46.16 |
|
| Market
price, end of period |
|
$ |
46.01 |
|
| |
|
|
|
|
| Total
Return based on Net Asset Value (%) |
|
|
(5.02 |
)(c) |
| Total
Return based on Market Price (%) |
|
|
(5.33 |
)(c) |
| Ratios
to Average Net Assets and Supplemental Data |
| Net
Assets, end of period ($ millions) |
|
|
$0.5 |
|
| Ratio of
expenses (%) |
|
|
0.19 |
(d) |
| Ratio of
net investment income (loss) (%) |
|
|
5.41 |
(d) |
| Portfolio
turnover rate (%)(e) |
|
|
0 |
(c) |
|
| (a) |
For the period March 13, 2025
(commencement of operations) through June 30,
2025. |
|
| (b) |
Per share numbers have been calculated
using the average shares outstanding method. |
|
| (e) |
Excludes the impact of in-kind
transactions related to the processing of capital share transactions in
Creation Units. |
|
See Notes to Financial
Statements. |
36 |
|
Precidian
ETFs Trust
Notes to Financial
Statements
June 30, 2025
(Unaudited)
1.
Organization
Precidian ETFs
Trust (the “Trust”) was organized as a Delaware statutory trust on August 27,
2010 as NEXT ETFs Trust and is authorized to have multiple segregated series or
portfolios. The name of the Trust was changed on May 16, 2011 to Precidian ETFs
Trust. The Trust is an open-end, management investment company registered under
the Investment Company Act of 1940, as amended (“1940 Act”). As of June 30,
2025, the Trust currently consists of 11 investment portfolios, (each a “Fund”
and collectively, the “Funds”) in operations and trading. These financial
statements report on the Funds list below:
Arm Holdings
PLC ADRhedged™
ASML Holding
NV ADRhedged™
AstraZeneca
PLC ADRhedged™
BP P.L.C.
ADRhedged™
GSK plc
ADRhedged™
HSBC Holdings
plc ADRhedged™
Novo Nordisk
A/S (B Shares) ADRhedged™
SAP SE
ADRhedged™
Shell plc
ADRhedged™
STMicroelectronics
NV ADRhedged™
Toyota Motor
Corporation ADRhedged™
The investment
objective of the Funds is to provide investment results that generally
correspond, before fees and expenses, to the total return of the ordinary shares
of the non-U.S. company, as designated in such Fund name (each, an “Underlying
Issuer,” and together, the “Underlying Issuers”), in its local market as traded
in its local currency (“Local Currency”). There can be no assurance that a
Fund’s objective will be achieved.
The Funds are
classified as a non-diversified investment company under the Investment Company
Act of 1940 (the “1940 Act”). A “non-diversified” classification means that the
Fund is not limited by the 1940 Act with regard to the percentage of its assets
that may be invested in the securities of a single issuer.
The Funds
offer shares that are listed and traded on the NYSE Arca Inc. (“NYSE
Arca”)
2.
Significant Accounting Policies
The Funds are
investment companies that apply the accounting and reporting guidance issued in
Topic 946, “Financial Services-Investment Companies”, by the Financial
Accounting Standards Board (“FASB”). The following is a summary of significant
accounting policies consistently followed by the Funds. These policies are in
conformity with generally accepted accounting principles (“GAAP”) in the United
States of America.
(a) Use of
Estimates
The
preparation of financial statements in conformity with GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and reported amounts of income and expenses during the
reporting period. Actual results could differ from those estimates and
assumptions and such differences could be material.
(b)
Investment Valuation
The Funds’
investments are valued daily at market value or, in the absence of market value
with respect to any portfolio securities, at fair value. Market value prices
represent readily available market quotations such as last sale or official
closing prices from a national or foreign exchange (i.e., a regulated market)
and are primarily obtained from third-party pricing services. If market
quotations are not readily available, securities will be valued at their fair
market value as determined in good faith under procedures approved by the
Trust’s Board of Trustees (the “Board”). Although the Board is ultimately
responsible for fair value determinations under Rule 2a-5 under the 1940 Act,
the Board has delegated day-to-day responsibility for oversight of the valuation
of the Funds’ assets to Precidian Funds LLC (the Manager) as the Valuation
Designee pursuant to the Trust’s policies and procedures.
Equity
securities are valued at the most recent sale price or official closing price
reported on the exchange (U.S. or foreign) or over-the-counter market on which
they trade. Securities or ETFs for which no sales are reported are valued at the
calculated mean between the
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
most recent
bid and asked quotations on the relevant market or, if a mean cannot be
determined, at the most recent bid quotation. Equity securities are generally
categorized as Level 1 of the fair value hierarchy.
Money Market
funds are valued at NAV and are categorized as Level 1.
Currency swap
contracts will be valued using the prevailing exchange rate of the relevant
non-U.S. currency at the time the NAV is calculated and are categorized as Level
2.
The Trust has
adopted GAAP accounting principles related to fair value accounting standards
which establish a definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various
inputs and valuation techniques used to develop the measurements of fair value
and a discussion of changes in valuation techniques and related inputs during
the period. These inputs are summarized in the three broad levels listed
below:
Level 1 –
Quoted prices in active markets for identical assets that the Funds have the
ability to access.
Level 2 –
Other significant observable inputs (including quoted prices for similar
securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –
Significant unobservable inputs (including the Funds’ own assumptions in
determining the fair value of investments).
The inputs or
methodology used for valuing securities are not necessarily an indication of the
risk associated with investing in those securities.
The following
is a summary of the valuations as of June 30, 2025 for the Funds based upon
three levels defined above:
Arm
Holdings PLC ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common Stocks |
|
$ |
680,764 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
680,764 |
|
| Short-Term Investment |
|
|
517 |
|
|
|
— |
|
|
|
— |
|
|
|
517 |
|
| Total Investments in Securities |
|
|
681,281 |
|
|
|
— |
|
|
|
— |
|
|
|
681,281 |
|
| Other Financial Instruments: |
| Currency Swaps |
|
|
— |
|
|
|
561 |
|
|
|
— |
|
|
|
561 |
|
| Total Investments in Securities and Other Financial
Instruments |
|
$ |
681,281 |
|
|
$ |
561 |
|
|
$ |
— |
|
|
$ |
681,842 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency Swaps |
|
$ |
— |
|
|
$ |
(18 |
) |
|
$ |
— |
|
|
$ |
(18 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
681,281 |
|
|
$ |
543 |
|
|
$ |
— |
|
|
$ |
681,824 |
|
ASML
Holding NV ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common Stocks |
|
$ |
537,733 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
537,733 |
|
| Short-Term Investment |
|
|
127 |
|
|
|
— |
|
|
|
— |
|
|
|
127 |
|
| Total Investments in Securities |
|
|
537,860 |
|
|
|
— |
|
|
|
— |
|
|
|
537,860 |
|
| Other Financial Instruments: |
| Currency Swaps |
|
|
— |
|
|
|
29 |
|
|
|
— |
|
|
|
29 |
|
| Total Investments in Securities and Other Financial
Instruments |
|
$ |
537,860 |
|
|
$ |
29 |
|
|
$ |
— |
|
|
$ |
537,889 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency Swaps |
|
$ |
— |
|
|
$ |
(915 |
) |
|
$ |
— |
|
|
$ |
(915 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
537,860 |
|
|
$ |
(886 |
) |
|
$ |
— |
|
|
$ |
536,974 |
|
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
AstraZeneca
PLC ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common Stocks |
|
$ |
2,460,614 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,460,614 |
|
| Short-Term Investment |
|
|
311 |
|
|
|
— |
|
|
|
— |
|
|
|
311 |
|
| Total Investments in Securities |
|
|
2,460,925 |
|
|
|
— |
|
|
|
— |
|
|
|
2,460,925 |
|
| Other Financial Instruments: |
| Currency Swaps |
|
|
— |
|
|
|
2,073 |
|
|
|
— |
|
|
|
2,073 |
|
| Total Investments in Securities and Other Financial
Instruments |
|
$ |
2,460,925 |
|
|
$ |
2,073 |
|
|
$ |
— |
|
|
$ |
2,462,998 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency |
|
$ |
— |
|
|
$ |
(63 |
) |
|
$ |
— |
|
|
$ |
(63 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
2,460,925 |
|
|
$ |
2,010 |
|
|
$ |
— |
|
|
$ |
2,462,935 |
|
BP P.L.C.
ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common Stocks |
|
$ |
452,691 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
452,691 |
|
| Short-Term Investment |
|
|
403 |
|
|
|
— |
|
|
|
— |
|
|
|
403 |
|
| Total Investments in Securities |
|
|
453,094 |
|
|
|
— |
|
|
|
— |
|
|
|
453,094 |
|
| Other Financial Instruments: |
| Currency Swaps |
|
|
— |
|
|
|
385 |
|
|
|
— |
|
|
|
385 |
|
| Total Investments in Securities and Other Financial
Instruments |
|
$ |
453,094 |
|
|
$ |
385 |
|
|
$ |
— |
|
|
$ |
453,479 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency Swaps |
|
$ |
— |
|
|
$ |
(12 |
) |
|
$ |
— |
|
|
$ |
(12 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
453,094 |
|
|
$ |
373 |
|
|
$ |
— |
|
|
$ |
453,467 |
|
GSK plc
ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common Stocks |
|
$ |
525,504 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
525,504 |
|
| Other Financial Instruments: |
| Currency Swaps |
|
|
— |
|
|
|
443 |
|
|
|
— |
|
|
|
443 |
|
| Total Investments in Securities and Other Financial
Instruments |
|
$ |
525,504 |
|
|
$ |
443 |
|
|
$ |
— |
|
|
$ |
525,947 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency Swaps |
|
$ |
— |
|
|
$ |
(13 |
) |
|
$ |
— |
|
|
$ |
(13 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
525,504 |
|
|
$ |
430 |
|
|
$ |
— |
|
|
$ |
525,934 |
|
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
HSBC
Holdings plc ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common Stocks |
|
$ |
3,907,581 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,907,581 |
|
| Short-Term Investment |
|
|
257 |
|
|
|
— |
|
|
|
— |
|
|
|
257 |
|
| Total Investments in Securities |
|
|
3,907,838 |
|
|
|
— |
|
|
|
— |
|
|
|
3,907,838 |
|
| Other Financial Instruments: |
| Currency Swaps |
|
|
— |
|
|
|
2,177 |
|
|
|
— |
|
|
|
2,177 |
|
| Total Investments in Securities and Other Financial
Instruments |
|
$ |
3,907,838 |
|
|
$ |
2,177 |
|
|
$ |
— |
|
|
$ |
3,910,015 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency Swaps |
|
$ |
— |
|
|
$ |
(99 |
) |
|
$ |
— |
|
|
$ |
(99 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
3,907,838 |
|
|
$ |
2,078 |
|
|
$ |
— |
|
|
$ |
3,909,916 |
|
Novo
Nordisk A/S (B Shares) ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common Stocks |
|
$ |
735,615 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
735,615 |
|
| Other Financial Instruments: |
| Currency Swaps |
|
|
— |
|
|
|
38 |
|
|
|
— |
|
|
|
38 |
|
| Total Investments in Securities and Other Financial
Instruments |
|
$ |
735,615 |
|
|
$ |
38 |
|
|
$ |
— |
|
|
$ |
735,653 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency Swaps |
|
$ |
— |
|
|
$ |
(1,219 |
) |
|
$ |
— |
|
|
$ |
(1,219 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
735,615 |
|
|
$ |
(1,181 |
) |
|
$ |
— |
|
|
$ |
734,434 |
|
SAP SE
ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common Stocks |
|
$ |
1,102,058 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,102,058 |
|
| Other Financial Instruments: |
| Currency Swaps |
|
|
— |
|
|
|
59 |
|
|
|
— |
|
|
|
59 |
|
| Total Investments in Securities and Other Financial
Instruments |
|
$ |
1,102,058 |
|
|
$ |
59 |
|
|
$ |
— |
|
|
$ |
1,102,117 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency Swaps |
|
$ |
— |
|
|
$ |
(1,837 |
) |
|
$ |
— |
|
|
$ |
(1,837 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
1,102,058 |
|
|
$ |
(1,778 |
) |
|
$ |
— |
|
|
$ |
1,100,280 |
|
Precidian
ETFs Trust
Notes to Financial Statements
(Continued)
June 30, 2025
(Unaudited)
Shell plc
ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common Stocks |
|
$ |
3,966,266 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,966,266 |
|
| Short-Term Investment |
|
|
278 |
|
|
|
— |
|
|
|
— |
|
|
|
278 |
|
| Total Investments in Securities |
|
|
3,966,544 |
|
|
|
— |
|
|
|
— |
|
|
|
3,966,544 |
|
| Other Financial Instruments: |
| Currency Swaps |
|
|
— |
|
|
|
2,520 |
|
|
|
— |
|
|
|
2,520 |
|
| Total Investments in Securities and Other Financial
Instruments |
|
$ |
3,966,544 |
|
|
$ |
2,520 |
|
|
$ |
— |
|
|
$ |
3,969,064 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency Swaps |
|
$ |
— |
|
|
$ |
(102 |
) |
|
$ |
— |
|
|
$ |
(102 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
3,966,544 |
|
|
$ |
2,418 |
|
|
$ |
— |
|
|
$ |
3,968,962 |
|
STMicroelectronics
NV ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common
Stocks |
|
$ |
597,192 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
597,192 |
|
| Other Financial Instruments: |
| Currency
Swaps |
|
|
— |
|
|
|
31 |
|
|
|
— |
|
|
|
31 |
|
| Total
Investments in Securities and Other Financial Instruments |
|
$ |
597,192 |
|
|
$ |
31 |
|
|
$ |
— |
|
|
$ |
597,223 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency
Swaps |
|
$ |
— |
|
|
$ |
(1,014 |
) |
|
$ |
— |
|
|
$ |
(1,014 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
597,192 |
|
|
$ |
(983 |
) |
|
$ |
— |
|
|
$ |
596,209 |
|
Toyota
Motor Corporation ADRhedged™
| Assets |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| Common
Stocks |
|
$ |
452,010 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
452,010 |
|
| Short-Term
Investment |
|
|
10,966 |
|
|
|
— |
|
|
|
— |
|
|
|
10,966 |
|
| Total
Investments in Securities |
|
|
462,976 |
|
|
|
— |
|
|
|
— |
|
|
|
462,976 |
|
| Other Financial Instruments: |
| Currency
Swaps |
|
|
— |
|
|
|
47 |
|
|
|
— |
|
|
|
47 |
|
| Total
Investments in Securities and Other Financial Instruments |
|
$ |
462,976 |
|
|
$ |
47 |
|
|
$ |
— |
|
|
$ |
463,023 |
|
| Liabilities |
| Other Financial Instruments: |
| Currency
Swaps |
|
$ |
— |
|
|
$ |
(1,317 |
) |
|
$ |
— |
|
|
$ |
(1,317 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
|
$ |
462,976 |
|
|
$ |
(1,270 |
) |
|
$ |
— |
|
|
$ |
461,706 |
|
(c) Fund
Shares
The Funds
issue and redeem their shares on a continuous basis, at NAV, only in blocks of
10,000 shares or whole multiples thereof (“Creation Units”) to certain
institutional investors (referred to as Authorized Participants) who have
entered into agreements with the Funds’ distributor. The Creation Units are
issued and redeemed principally in-kind for portfolio securities (including any
portion of such securities for which cash may be substituted) together with an
amount of cash. Retail investors may purchase or sell shares only in the
secondary market. Shares of the Funds trade at market price rather than NAV. As
such, shares may trade at a price greater than NAV (premium) or less than NAV
(discount).
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
The NAV per
share of the Funds is determined as of the close of regular trading on the NYSE
Arca, generally at 4:00 p.m. Eastern time. Any assets or liabilities denominated
in currencies other than the U.S. dollar are typically translated into U.S.
dollars at the close of regular trading on the NYSE, generally at 4:00 p.m.
Eastern time, at then current exchange rates or at such other rates as deemed
appropriate.
(d)
Investment Transactions and Related Income
For financial
reporting purposes, investment transactions are reported on the trade date.
However, for daily NAV determination, portfolio securities transactions are
reflected no later than in the first calculation on the first business day
following trade date. Dividend income is recorded on the ex-dividend date.
Interest income is recognized on an accrual basis and includes, where
applicable, the amortization of premium or accretion of discount based on
effective yield. Gains or losses realized on sales of securities are determined
using the specific identification method by comparing the identified cost of the
security lot sold with the net sales proceeds. Dividend income on the Statement
of Operations is shown net of any foreign taxes withheld on income from foreign
securities, if any, which are provided for in accordance with each Fund’s
understanding of the applicable tax rules and regulations.
(e) Foreign
Currency Translation and Transactions
The accounting
records of the Funds are maintained in U.S. dollars. Financial instruments and
other assets and liabilities of the Funds denominated in a foreign currency, if
any, are translated into U.S. dollars at current exchange rates. Purchases and
sales of financial instruments, income receipts and expense payments are
translated into U.S. dollars at the exchange rate on the date of the
transaction. The Funds do not isolate that portion of the results of operations
resulting from changes in foreign exchange rates from those resulting from
changes in values to financial instruments. Such fluctuations are included with
the net realized and unrealized gains or losses from investments. Realized
foreign exchange gains or losses arise from transactions in financial
instruments and foreign currencies, currency exchange fluctuations between the
trade and settlement date of such transactions, and the difference between the
amount of assets and liabilities recorded and the U.S. dollar equivalent of the
amounts actually received or paid. Net unrealized foreign exchange gains and
losses arise from changes in the value of assets and liabilities, including
financial instruments, resulting from changes in currency exchange rates. The
Funds may be subject to foreign taxes related to foreign income received,
capital gains on the sale of securities and certain foreign currency
transactions (a portion of which may be reclaimable). All foreign taxes are
recorded in accordance with the applicable regulations and rates that exist in
the foreign jurisdictions in which the Funds invests.
(f) Federal
Income Tax
Each Fund
intends to continue to qualify as a “grantor trust” for U.S. federal income tax
purposes. As a “grantor trust” for U.S. federal income tax purposes, the Funds
will not pay U.S. federal income tax. Instead, the income and expenses of a Fund
will be allocated on a pro rata basis to shareholders, and each Fund will report
its income, gains, losses and deductions to the IRS and shareholders on that
basis.
The grantor
trust structure of the Funds is intended to be treated as a widely held fixed
investment trust (“WHFIT”) and should be subject to what is commonly referred to
as the WHFIT Treasury Regulations. A WHFIT must satisfy certain detailed
reporting requirements.
Management
evaluates tax positions taken or expected to be taken in the course of its tax
treatment, and its tax reporting to its shareholders, of these positions to
determine whether the tax positions are “more-likely-than-not” to be sustained
by the applicable tax authority. Tax positions not deemed to meet that threshold
would be recorded as an expense in the current year. The Funds are required to
analyze all open tax years. Open tax years are those years that are open for
examination by the relevant income taxing authority. As of June 30, 2025, the
Funds’ 2024 tax returns are subject to audit by federal, state and local tax
authorities.
Management of
the Funds has evaluated whether or not there are uncertain tax positions that
require financial statement recognition and has determined that no reserves for
uncertain tax positions are required as of June 30, 2025.
(g)
Distributions to Shareholders
The Funds
typically earn income from ADR dividends, payments on the currency swap
contracts, and from the money market investments, as well as proceeds from the
sale of portfolio securities. All such income and proceeds will be deposited
into the account used to settle the currency swap contracts (“Settlement
Account”). Each shareholder will be allocated yearly its pro rata share of any
income, gain, losses and deductions of the Funds as if the shareholder directly
owned its pro rata share of the Funds’ assets. Such income generally will be
taxable to a shareholder regardless of whether it receives any cash
distributions from the Funds or cash distributions that differ in amount from
such income. The Funds taxable income will generally consist of ordinary income,
capital gains or some combination of both. To the extent a Fund has assets in
its Settlement Account (Cash Component) in excess of 2% of the Funds’ total
assets on any quarterly distribution determination date, such Funds will
distribute such excess pro rata to its shareholders. Such quarterly distribution
determination date shall be on the last day of each calendar quarter (subject to
the next business day in the case of a holiday or weekend) with payment
occurring, if a payment is due, the next business day. Regarding the sale of
portfolio securities, portfolio securities may be sold in such amounts only to
cover then existing Funds’ expenses and cash redemptions of shares, which such
expenses shall be immediately paid after the sale of such portfolio
securities.
Precidian
ETFs Trust
Notes to Financial Statements
(Continued)
June 30, 2025
(Unaudited)
(h)
Indemnification
Under the
Funds’ organizational documents, the officers and Trustees are indemnified
against certain liabilities arising out of the performance of their duties to
the Funds. The Funds may enter into contracts that contain representations and
that provide general indemnifications. The Funds’ maximum liability exposure
under these arrangements is unknown, as future claims that have not yet occurred
may be made against the Funds.
3.
Derivative Financial Instruments
In the normal
course of business, the Funds use derivative contracts. Derivative contracts are
subject to additional risks that can result in a loss of all or part of an
investment. A Fund’s derivative activities and exposure to derivative contracts
are classified by the following primary underlying risks: interest rate, credit,
foreign exchange, commodity price, and equity price. In addition to its primary
underlying risks, the Funds are also subject to additional counterparty risk due
to inability of its counterparties to meet the terms of their
contracts.
FASB
Accounting Standards Codification, Derivatives and Hedging (“ASC 815”) requires
enhanced disclosures about a Fund’s use of, and accounting for, derivative
instruments and the effect of derivative instruments on a Fund’s financial
position and results of operations. Tabular disclosure regarding derivative fair
value and gain/loss by contract type (e.g., interest rate contracts, foreign
exchange contracts, credit contracts, etc.) is required and derivatives
accounted for as hedging instruments under ASC 815 must be disclosed separately
from those that do not qualify for hedge accounting. Even though a Fund may use
derivatives in an attempt to achieve an economic hedge, a Fund’s derivatives are
not accounted for as hedging instruments under ASC 815 because investment
companies account for their derivatives at fair value and record any changes in
fair value in current period earnings.
Currency
Swaps Contracts
The Funds
enter into currency swap transactions to hedge against fluctuations in the
exchange rate between the U.S. dollar and the currency in which the securities
of the Underlying Issuer is denominated. Such transactions are agreements
between counterparties. A currency swap contract consists of an agreement
between two parties to exchange cash flows on a notional amount of two or more
currencies based on the relative value differential among them, such as
exchanging a right to receive a payment in foreign currency for the right to
receive U.S. dollars. Currency swap contracts may be entered into on a net basis
or may involve the delivery of the entire principal value of one designated
currency in exchange for the entire principal value of another designated
currency. In such cases, the entire principal value of a currency swap is
subject to the risk that the counterparty will default on its contractual
delivery obligations.
The notional
value of the currency swap contracts is adjusted daily based on the current fair
value of the portfolio securities.
The currency
swap contracts will be marked to market and settled daily based on the notional
value of the currency swap contracts as of the settlement time on a particular
day and the change in the value of the local currency in relation to the U.S.
dollar from the settlement time on the prior business day to the settlement time
on the current business day.
If as a result
of a change in the value of the local currency relative to the U.S. dollar, the
currency swap contracts increases in value, the counterparty will pay the Funds
an amount in U.S. dollars equal to the increase in the value of the currency
swap contracts. If the currency swap contracts decreases in value, the Funds
will pay the counterparty an amount in U.S. dollars equal to the decrease in the
value of the currency swap contracts. In order to obtain any necessary amount of
cash, the Manager may sell portfolio securities. The Funds will maintain amounts
not invested in ADRs in cash or cash equivalents, including money market
funds.
Due to the
unique nature of the Funds as a grantor trusts, certain aspects to the current
hedging activities of the Funds’ operations cannot be changed without adversely
affecting the Funds’ status as grantor trusts. As a result, certain service
providers, such as a Fund’s trading counterparties, cannot be changed without
affecting the Funds’ tax status. Specifically, the Funds’ counterparty for the
currency swap contracts generally cannot be changed without affecting the Funds’
tax status. The Manager will monitor the currency swap contracts to ensure the
economics are reflective of market conditions.
Canadian
Imperial Bank of Commerce will serve as the counterparty with the Funds in
connection with the currency swap contracts. In order to maintain the Funds’
status as grantor trusts, the Manager will not seek price quotes from other
potential counterparties. As a result, the Funds may not always achieve the most
favorable economics available in the market, although the Manager will monitor
the currency swap contracts as described in the preceding paragraph.
The following
table summarizes the value of the Funds’ derivative instruments held as of June
30, 2025 and the related location in the accompanying Statement of Assets and
Liabilities presented by underlying risk exposure:
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
| |
|
Asset Derivatives |
|
Liability Derivatives |
| Arm Holdings PLC ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
561 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
18 |
|
| |
|
Total |
|
$ |
561 |
|
|
Total |
|
$ |
18 |
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| ASML Holding NV ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
29 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
915 |
|
| |
|
Total |
|
$ |
29 |
|
|
Total |
|
$ |
915 |
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| AstraZeneca PLC ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
2,073 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
63 |
|
| |
|
Total |
|
$ |
2,073 |
|
|
Total |
|
$ |
63 |
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| BP P.L.C. ADRhedged™ |
|
|
|
|
|
|
|
|
|
|
|
|
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
385 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
12 |
|
| |
|
Total |
|
$ |
385 |
|
|
Total |
|
$ |
12 |
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| GSK plc ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
443 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
13 |
|
| |
|
Total |
|
$ |
443 |
|
|
Total |
|
$ |
13 |
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| HSBC Holdings plc
ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
2,177 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
99 |
|
| |
|
Total |
|
$ |
2,177 |
|
|
Total |
|
$ |
99 |
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| Novo Nordisk A/S (B Shares)
ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
38 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
1,219 |
|
| |
|
Total |
|
$ |
38 |
|
|
Total |
|
$ |
1,219 |
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| SAP SE ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
59 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
1,837 |
|
| |
|
Total |
|
$ |
59 |
|
|
Total |
|
$ |
1,837 |
|
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
| |
|
Asset Derivatives |
|
Liability Derivatives |
| Shell plc ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
2,520 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
102 |
|
| |
|
Total |
|
$ |
2,520 |
|
|
Total |
|
$ |
102 |
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| STMicroelectronics NV
ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
31 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
1,014 |
|
| |
|
Total |
|
$ |
31 |
|
|
Total |
|
$ |
1,014 |
|
| |
|
Asset Derivatives |
|
Liability Derivatives |
| Toyota Motor Corporation
ADRhedged™ |
| Currency
Swaps - Foreign exchange contracts |
|
Unrealized
appreciation on currency swaps |
|
$ |
47 |
|
|
Unrealized
depreciation on currency swaps |
|
$ |
1,317 |
|
| |
|
Total |
|
$ |
47 |
|
|
Total |
|
$ |
1,317 |
|
For the period
ended June 30, 2025, realized gains/(losses) and the change in unrealized
appreciation/(depreciation) on currency swaps contracts by risk type, as
disclosed in the Statements of Operations, are as follows:
| Net
Realized Gain (Loss) from: |
|
Currency Swaps
— Foreign
Exchange
Contracts |
| Arm
Holdings PLC ADRhedged™ |
|
$ |
(31,069 |
) |
| ASML
Holding NV ADRhedged™ |
|
|
(35,527 |
) |
| AstraZeneca
PLC ADRhedged™ |
|
|
(238,414 |
) |
| BP P.L.C.
ADRhedged™ |
|
|
(85,779 |
) |
| GSK plc
ADRhedged™ |
|
|
(93,625 |
) |
| HSBC
Holdings plc ADRhedged™ |
|
|
(329,138 |
) |
| Novo
Nordisk A/S (B Shares) ADRhedged™ |
|
|
(94,838 |
) |
| SAP SE
ADRhedged™ |
|
|
(116,243 |
) |
| Shell plc
ADRhedged™ |
|
|
(224,401 |
) |
| STMicroelectronics
NV ADRhedged™ |
|
|
(34,595 |
) |
| Toyota
Motor Corporation ADRhedged™ |
|
|
(3,444 |
) |
| Net
Change in Unrealized Appreciation (Depreciation) on: |
|
Currency Swaps
— Foreign
Exchange
Contracts |
| Arm
Holdings PLC ADRhedged™ |
|
$ |
543 |
|
| ASML
Holding NV ADRhedged™ |
|
|
(886 |
) |
| AstraZeneca
PLC ADRhedged™ |
|
|
3,806 |
|
| BP P.L.C.
ADRhedged™ |
|
|
373 |
|
| GSK plc
ADRhedged™ |
|
|
430 |
|
| HSBC
Holdings plc ADRhedged™ |
|
|
3,845 |
|
| Novo
Nordisk A/S (B Shares) ADRhedged™ |
|
|
(1,181 |
) |
| SAP SE
ADRhedged™ |
|
|
(1,778 |
) |
| Shell plc
ADRhedged™ |
|
|
3,893 |
|
| STMicroelectronics
NV ADRhedged™ |
|
|
(983 |
) |
| Toyota
Motor Corporation ADRhedged™ |
|
|
(1,270 |
) |
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
The notional
value of the currency swap contracts are adjusted daily based on the current
fair value of the portfolio securities of the Funds. For the period ended June
30, 2025, the average of outstanding derivative financial instruments based on
the the ending monthly contract values were as follows:
| |
|
Currency Swaps
(Contract Value) |
| Arm
Holdings PLC ADRhedged™ |
|
$ |
709 |
|
| ASML
Holding NV ADRhedged™ |
|
|
171 |
|
| AstraZeneca
PLC ADRhedged™ |
|
|
4,504 |
|
| BP P.L.C.
ADRhedged™ |
|
|
1,922 |
|
| GSK plc
ADRhedged™ |
|
|
2,018 |
|
| HSBC
Holdings plc ADRhedged™ |
|
|
6,074 |
|
| Novo
Nordisk A/S (B Shares) ADRhedged™ |
|
|
596 |
|
| SAP SE
ADRhedged™ |
|
|
820 |
|
| Shell plc
ADRhedged™ |
|
|
3,923 |
|
| STMicroelectronics
NV ADRhedged™ |
|
|
135 |
|
| Toyota
Motor Corporation ADRhedged™ |
|
|
(713 |
) |
The Funds
enter into International Swaps and Derivatives Association, Inc. Master
Agreements (“ISDA Master Agreements”) or similar master agreements
(collectively, “Master Agreements”) with its OTC derivative contract
counterparties in order to, among other things, reduce its credit risk to
counterparties. ISDA Master Agreements include provisions for general
obligations, representations, collateral and events of default or termination.
Under an ISDA Master Agreement, the Funds typically may offset with the
counterparty certain derivative financial instrument’s payables and/or
receivables with collateral held and/or posted and create one single net payment
(close-out netting) in the event of default or termination.
The following
table presents the Funds’ derivative assets and liabilities by counterparty net
of amounts available for offset under a master netting agreement or similar
arrangement (collectively referred to as “MNA”) and net of the related
collateral received/pledged by the Funds as of June 30, 2025:
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| Arm Holdings PLC ADRhedged™ |
| CIBC |
|
|
561 |
|
|
|
(18 |
) |
|
|
— |
|
|
|
543 |
|
|
|
18 |
|
|
|
(18 |
) |
|
|
— |
|
|
|
— |
|
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| ASML Holding NV ADRhedged™ |
| CIBC |
|
|
29 |
|
|
|
(29 |
) |
|
|
— |
|
|
|
— |
|
|
|
915 |
|
|
|
(29 |
) |
|
|
— |
|
|
|
886 |
|
Precidian
ETFs Trust
Notes to Financial Statements
(Continued)
June 30, 2025
(Unaudited)
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| AstraZeneca PLC ADRhedged™ |
| CIBC |
|
|
2,073 |
|
|
|
(63 |
) |
|
|
— |
|
|
|
2,010 |
|
|
|
63 |
|
|
|
(63 |
) |
|
|
— |
|
|
|
— |
|
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| BP P.L.C. ADRhedged™ |
| CIBC |
|
|
385 |
|
|
|
(12 |
) |
|
|
— |
|
|
|
373 |
|
|
|
12 |
|
|
|
(12 |
) |
|
|
— |
|
|
|
— |
|
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| GSK plc ADRhedged™ |
| CIBC |
|
|
443 |
|
|
|
(13 |
) |
|
|
— |
|
|
|
430 |
|
|
|
13 |
|
|
|
(13 |
) |
|
|
— |
|
|
|
— |
|
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| HSBC Holdings plc ADRhedged™ |
| CIBC |
|
|
2,177 |
|
|
|
(99 |
) |
|
|
— |
|
|
|
2,078 |
|
|
|
99 |
|
|
|
(99 |
) |
|
|
— |
|
|
|
— |
|
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| Novo Nordisk A/S (B Shares) ADRhedged™ |
| CIBC |
|
|
38 |
|
|
|
(38 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,219 |
|
|
|
(38 |
) |
|
|
— |
|
|
|
1,181 |
|
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| SAP SE ADRhedged™ |
| CIBC |
|
|
59 |
|
|
|
(59 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,837 |
|
|
|
(59 |
) |
|
|
— |
|
|
|
1,778 |
|
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| Shell plc ADRhedged™ |
| CIBC |
|
|
2,520 |
|
|
|
(102 |
) |
|
|
— |
|
|
|
2,418 |
|
|
|
102 |
|
|
|
(102 |
) |
|
|
— |
|
|
|
— |
|
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| STMicroelectronics NV ADRhedged™ |
| CIBC |
|
|
31 |
|
|
|
(31 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,014 |
|
|
|
(31 |
) |
|
|
— |
|
|
|
983 |
|
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
| Fund |
|
Gross
Amounts
of Assets
Presented
in the
Statement
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Received
($)(a) |
|
Net
Amount of
Derivative
Assets
($) |
|
Gross
Amounts
of
Liabilities
Presented
in
the
Statements
of Assets
and
Liabilities
($) |
|
Financial
Instruments
and
Derivatives
Available
for
Offset
($) |
|
Collateral
Pledged
($)(a) |
|
Net
Amount of
Derivatives
Liabilities
($) |
| Toyota Motor Corporation ADRhedged™ |
| CIBC |
|
|
47 |
|
|
|
(47 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,317 |
|
|
|
(47 |
) |
|
|
— |
|
|
|
1,270 |
|
|
| (a) |
The
actual collateral received/(pledged) may be more than the amount
shown. |
4.
Investment Advisory Fee and Other Transactions with Affiliates
(a)
Investment Advisory and Administrative Services
Precidian
Funds, LLC, a Delaware limited liability company, serves as investment manager
to the Funds and has overall responsibility for the general management and
administration of the Trust, pursuant to the Investment Management Agreement
between the Trust and the Manager (“Management Agreement”). Under the Management
Agreement, the Manager, subject to the supervision of the Board, provides an
investment program for the Funds and is responsible for managing the investment
of the Funds’ assets in conformity with the stated investment policies of the
Funds. The Manager is responsible for placing purchase and sale orders and
providing continuous supervision of the investment portfolio of each of the
Funds.
In addition to
providing management services, under the Management Agreement, the Manager also:
(i) supervises all non-management operations of the Funds; (ii) provides
personnel to perform such executive, administrative and clerical services as are
reasonably necessary to provide effective administration of the Funds; (iii)
arranges for (a) the preparation of all required tax returns; (b) the
preparation and submission of reports to existing Shareholders; (c) the periodic
updating of prospectuses and statements of additional information; and (d) the
preparation of reports to be filed with the SEC and other regulatory
authorities; (iv) maintains the Funds’ records; and (v) provides office space
and all necessary office equipment and services.
The Management
Agreement will remain in effect for an initial two-year term from commencement
of operations and will continue in effect with respect to the Funds from year to
year thereafter provided such continuance is specifically approved at least
annually by: (i) the vote of a majority of the Funds outstanding voting
securities or a majority of the Trustees of the Trust; and (ii) the vote of a
majority of the Independent Trustees of the Trust, cast in person at a meeting
called for the purpose of voting on such approval.
The Management
Agreement will terminate automatically if assigned (as defined in the 1940 Act).
The Management Agreement is also terminable at any time without penalty by the
Trustees of the Trust or by vote of a majority of the outstanding voting
securities of the Funds’ on 60 days’ written notice to the Manager or by the
Manager on 60 days’ written notice to the Trust. The Trust has entered into a
licensing agreement with the Manager pursuant to which the Trust may use the
terms “Precidian” and “ADRhedged™” without payment of a fee to the Manager under
the agreement, provided that the Manager continues to be the Funds’ investment
manager pursuant to an investment management agreement with the
Trust.
Pursuant to
the Management Agreement the Manager, is entitled to receive a management fee of
0.17%, payable monthly and accrued daily, at the annual rate based on a
percentage of the Funds’ average daily net assets.
(b)
Distribution Arrangement
The Funds have
adopted a Distribution Plan (the “Distribution Plan”) that allows the Funds to
pay distribution fees to Foreside Fund Services, LLC (the “Distributor”) and
other firms that provide distribution services (“Service Providers”). Under the
Distribution Plan, if a Service Provider provides distribution services, the
Funds would pay distribution fees to the Distributor at an annual rate not to
exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940
Act. The Distributor would, in turn, pay the Service Provider out of its fees.
The Board currently has determined not to implement any 12b-1 fees pursuant to
the Plan. 12b-1 fees may only be imposed after approval by the Board.
(c) Other
Servicing Agreements
The Bank of
New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon
Corporation, serves as Co-Administrator, Custodian, Accounting Agent and
Transfer Agent for the Funds.
Commonwealth
Fund Services, LLC (“CFS”) serves as co-administrator to the Trust and the
Funds. CFS is responsible for providing certain administrative services to the
Trust and the Funds, including coordination of meetings of the Board and
services related thereto
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
and the
provision of certain Trust officers. CFS has also assumed the responsibility
for, and it pays, all of the Funds’ operating expenses other than the Funds’
management fee, interest, distribution fees pursuant to Rule 12b-1 plans, taxes,
acquired fund fees and expenses, brokerage commissions, dividend expenses on
short sales, other expenditures which are capitalized in accordance with
generally accepted accounting principles, and other extraordinary expenses not
incurred in the ordinary course of business. For these services, CFS is paid
0.02% on the average daily net assets of the Funds, computed daily and paid
monthly.
Foreside
Financial Services, LLC (the “Distributor”) serves as the distributor of
Creation Units for the Funds on an agency basis. The Distributor does not
maintain a secondary market in shares of the Funds.
(d)
Trustees and Officers
Each Trustee
who is not an “interested person” of the Trust receives compensation for their
services to the Funds. Each Trustee receives an annual retainer fee, paid
quarterly. Trustees are reimbursed for any out-of-pocket expenses incurred in
connection with attendance at meetings. The Manager pays these costs.
Certain
officers of the Trust are also officers and/or directors of CFS. Additionally,
Practus, LLP serves as legal counsel to the Trust. John H. Lively, Secretary of
the Trust, is Managing Partner of Practus, LLP. J. Stephen King, Jr., Assistant
Secretary of the Trust, is a partner of Practus, LLP. Neither the officers
and/or directors of CFS, Mr. Lively or Mr. King receive any special compensation
from the Trust or the Funds’ for serving as officers of the Trust.
The Funds’
Chief Compliance Officer and Assistant Chief Compliance Officer are not
compensated directly by the Funds for their service. However, the Chief
Compliance Officer is the Managing Member of Watermark Solutions, LLC
(“Watermark”), which provides certain compliance services to the Funds,
including the provision of the Chief Compliance Officer and the Assistant Chief
Compliance Officer. The Assistant Chief Compliance Officer is the Managing
Member of Fit Compliance, LLC, which has been retained by Watermark to provide
the Assistant Chief Compliance Officer’s services.
5.
Investment Transactions
Purchases and
sales of securities, other than short-term securities, U.S. Government
Securities and in-kind transactions for the period ended June 30, 2025 were as
follows:
| Fund |
|
Purchases |
|
Sales |
| Arm Holdings PLC ADRhedged™ |
|
$ |
– |
|
|
$ |
18,773 |
|
| ASML Holding NV ADRhedged™ |
|
|
– |
|
|
|
17,935 |
|
| AstraZeneca PLC ADRhedged™ |
|
|
– |
|
|
|
142,928 |
|
| BP P.L.C. ADRhedged™ |
|
|
– |
|
|
|
59,966 |
|
| GSK plc ADRhedged™ |
|
|
– |
|
|
|
62,826 |
|
| HSBC Holdings plc ADRhedged™ |
|
|
– |
|
|
|
38,794 |
|
| Novo Nordisk A/S (B Shares) ADRhedged™ |
|
|
– |
|
|
|
40,269 |
|
| SAP SE ADRhedged™ |
|
|
– |
|
|
|
109,508 |
|
| Shell plc ADRhedged™ |
|
|
– |
|
|
|
78,124 |
|
| STMicroelectronics NV ADRhedged™ |
|
|
– |
|
|
|
8,634 |
|
| Toyota Motor Corporation ADRhedged™ |
|
|
– |
|
|
|
2,439 |
|
Purchases and
sales of in-kind transactions for the period ended June 30, 2025 were as
follows:
| Fund |
|
Purchases |
|
Sales |
| Arm Holdings PLC ADRhedged™ |
|
$ |
487,081 |
|
|
$ |
– |
|
| ASML Holding NV ADRhedged™ |
|
|
483,435 |
|
|
|
– |
|
| AstraZeneca PLC ADRhedged™ |
|
|
3,107,825 |
|
|
|
2,120,941 |
|
| BP P.L.C. ADRhedged™ |
|
|
1,607,962 |
|
|
|
830,353 |
|
| GSK plc ADRhedged™ |
|
|
1,567,640 |
|
|
|
989,734 |
|
| HSBC Holdings plc ADRhedged™ |
|
|
6,291,695 |
|
|
|
4,151,911 |
|
| Novo Nordisk A/S (B Shares) ADRhedged™ |
|
|
1,657,550 |
|
|
|
706,654 |
|
| SAP SE ADRhedged™ |
|
|
1,082,310 |
|
|
|
– |
|
| Shell plc ADRhedged™ |
|
|
4,896,676 |
|
|
|
2,318,230 |
|
| STMicroelectronics NV ADRhedged™ |
|
|
476,630 |
|
|
|
– |
|
| Toyota Motor Corporation ADRhedged™ |
|
|
482,675 |
|
|
|
– |
|
Precidian
ETFs Trust
Notes to
Financial Statements (Continued)
June 30, 2025
(Unaudited)
6. Capital
Share Transactions
The Funds
issue and redeem their shares on a continuous basis, at NAV, only in blocks of
10,000 shares or whole multiples thereof (“Creation Units”) to certain
institutional investors (referred to as Authorized Participants) who have
entered into agreements with the Funds’ distributor. The Funds’ Creation Units
are issued and redeemed principally in-kind for portfolio securities (including
any portion of such securities for which cash may be substituted) together with
an amount of cash. Retail investors may purchase or sell shares only in the
secondary market. Shares of the Funds trade at market price rather than NAV. As
such, shares may trade at a price greater than NAV (premium) or less than NAV
(discount).
The Funds
issue and redeem shares only in bundles of a specified number of shares. These
bundles are known as “Creation Units.” For the Funds, a Creation Unit is
comprised of 10,000 shares. To create or redeem a Creation Unit, you must be an
“Authorized Participant” (“AP”) or you must do so through a broker, dealer, bank
or other entity that is an AP. An AP is either (1) a “Participating Party,”
(i.e., a broker-dealer or other participant in the clearing process of the
Continuous Net Settlement System of the NSCC) (“Clearing Process”) or (2) a
participant of DTC (“DTC Participant”), and, in each case, must have executed an
agreement with the Distributor with respect to creations and redemptions of
Creation Units (“Participation Agreement”). All other persons or entities
transacting in shares must do so in the Secondary Market. It is expected that
only large institutional investors will create and redeem shares directly with a
Fund in the form of Creation Units. In turn, it is expected that institutional
investors who purchase Creation Units will break up their Creation Units and
offer and sell individual shares in the Secondary Market.
Authorized
Participants are charged standard creation and redemption transaction fees to
offset transfer and other transaction costs associated with the issuance and
redemption of Creation Units. The standard creation and redemption transaction
fee is $250. The standard creation transaction fee is charged to each purchaser
on the day such purchaser creates a Creation Unit. The standard creation
transaction fee is the same regardless of the number of Creation Units purchased
by an investor on the same day. Similarly, the standard redemption transaction
fee is the same regardless of the number of Creation Units redeemed on the same
day. Authorized Participants who place creation orders through DTC for cash
(when cash creations are available or specified) will also be responsible for
the brokerage and other transaction costs of the Funds relating to the cash
portion of such creation order. In addition, purchasers of shares in Creation
Units are responsible for payment of the costs of transferring securities to the
Funds and redeemers of shares in Creation Units are responsible for the costs of
transferring securities from the Funds. Investors who use the services of a
broker or other such intermediary may pay fees for such services.
7. Segment
Reporting
In this
reporting period, the Funds adopted FASB Accounting Standards Update 2023-07,
Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures
(“ASU 2023-07”). Adoption of the new standard impacted financial statement
disclosures only and did not affect the Funds’ financial position or the results
of its operations. An operating segment is defined in Topic 280 as a component
of a public entity that engages in business activities from which it may
recognize revenues and incur expenses, has operating results that are regularly
reviewed by the public entity’s chief operating decision maker (CODM) to make
decisions about resources to be allocated to the segment and assess its
performance, and has discrete financial information available. The Principal
Executive Officer (PEO) of the Funds, together with the Funds’ portfolio
management team act as the CODM. Since their commencement, the Funds operate as
a single segment. The CODM monitors the operating results of the Funds, as a
whole, and the Funds’ long-term strategic asset allocation is pre-determined in
accordance with the terms of its prospectus, based on a defined investment
strategy which is executed by the Funds’ portfolio managers as a team. The
financial information, in the form of the Funds’ portfolio composition, total
returns, expense ratios and changes in net assets (i.e., changes in net assets
resulting from operations, subscriptions and redemptions) are used by the CODM
to assess the segment’s performance versus the Funds’ comparative benchmarks and
to make resource allocation decisions for the Funds’ single segment, which is
consistent with that presented within the Funds’ financial statements. Segment
assets are reflected on the accompanying Statements of Assets and Liabilities as
“total assets” and significant segment expenses are listed on the accompanying
Statements of Operations.
8.
Subsequent Events
In preparing
these financial statements, the Trust has evaluated events and transactions for
potential recognition or disclosure through the date the financial were
statements issued. The Trust has concluded that there are no subsequent events
to note.
Precidian
ETFs Trust
Board Review of
Investment Management Agreement (Unaudited)
This
disclosure pertains only to Arm Holdings PLC ADRhedged™, ASML Holdings NV
ADRhedged™, and STMicroelectronics NV ADRhedged™. However, the Board
Consideration of the Management Agreement Approval included other Series of the
Precidian ETFs Trust not included in this report.
At a meeting
held on December 17 and 18, 2024 (the “Meeting”), the Board of Trustees (the
“Board”) of the Precidian ETFs Trust (the “Trust”) considered the approval of
the Investment Management Agreement (the “Management Agreement”) between the
Trust and Precidian Funds, LLC (“Precidian” or the “Manager”), with respect to
the Series. The Board reflected on its discussions with a representative from
Precidian earlier in the Meeting regarding the manner in which the Series will
be managed and the roles and responsibilities of Precidian under the Management
Agreement.
The Board
reviewed a memorandum from counsel of the Trust (“Trust Counsel”) that addressed
the Board’ duties when considering the approval of the Management Agreement and
the responses of the Precidian to requests for information from Trust Counsel on
behalf of the Board. He noted that the response included information on the
personnel of and services to be provided by the Precidian, an expense comparison
analysis for the Precidian ETFs and comparable ETFs, and the Management
Agreement. He discussed the types of information and factors that should be
considered by the Board of Trustees in order to make an informed decision
regarding the approval of the Management Agreement, including the following
material factors: (i) the nature, extent, and quality of the services to be
provided by the Precidian; (ii) the investment performance of the Precidian;
(iii) the costs of the services to be provided and profits to be realized by the
Precidian from the relationship with the Precidian ETFs; (iv) the extent to
which economies of scale would be realized if the Precidian ETFs grow and
whether advisory fee levels reflect those economies of scale for the benefit of
its investors; and (v) possible conflicts of interest and other
benefits.
In assessing
these factors and reaching its decisions, the Board took into consideration
information specifically prepared or presented at this Meeting. The Board
requested or was provided with information and reports relevant to the approval
of the Management Agreement, including: (i) information regarding the services
and support to be provided by the Precidian to the Precidian ETFs and its
shareholders; (ii) presentations by management of the Precidian addressing the
investment philosophy, investment strategy, personnel and operations to be
utilized in managing the Precidian ETFs; (iii) information pertaining to the
compliance structure of the Precidian; (iv) disclosure information contained in
the Precidian ETFs’ registration statement and the firm’s Form ADV and/or the
policies and procedures of the firm; and (v) the memorandum from Trust Counsel
that summarized the fiduciary duties and responsibilities of the Board in
reviewing and approving the Management Agreement, including the material factors
set forth above and the types of information included in each factor that should
be considered by the Board in order to make an informed decision.
The Board also
requested and received various informational materials including, without
limitation: (i) documents containing information about the Precidian, including
financial information, personnel and the services to be provided by the
Precidian to the Precidian ETFs, the firm’s compliance program, current legal
matters, and other general information; (ii) the advisory fee and projected
annual operating expenses of the Precidian ETFs and comparative fee and expense
information for other ETFs with strategies similar to the Precidian ETFs
prepared by an independent third party; (iii) the anticipated effect of asset
size on the Precidian ETFs’ overall expenses; and (iv) benefits anticipated to
be realized by the Precidian from its relationship with the Precidian ETFs, and
certain conflicts of interest.
The Board did
not identify any particular information that was most relevant to its
consideration to approve the Management Agreement, and each Trustee may have
afforded different weight to the various factors. In deciding whether to approve
the Management Agreement, the Board considered the following factors:
The
nature, extent, and quality of the services to be provided by Precidian Funds,
LLC.
In this
regard, the Board considered the responsibilities of the Precidian under the
Management Agreement with the Trust. The Board reviewed the services to be
provided by the Precidian to the Precidian ETFs, including, without limitation,
the processes of the Precidian for assuring compliance with each Precidian ETFs’
investment objectives and limitations; the Precidian’s intended processes for
implementing the Precidian ETFs’ investment strategy, including the ability of
the Precidian to effect the foreign exchange swap aspect of the investment
strategy of the Precidian ETFs in light of the each Precidian ETFs’ intended
unique tax status as a grantor trust; the coordination of services by the
Precidian for the Precidian ETFs among the service providers; and the
anticipated efforts of the Precidian to promote the Precidian ETFs and grow its
assets. The Board considered: the staffing, personnel, and methods of operating
of the Precidian; the education and experience of the firm’s personnel; and
information provided regarding the firm’s compliance program and policies and
procedures. After reviewing the foregoing and further information from the
Precidian, the Board concluded that the quality, extent, and nature of the
services to be provided by the Precidian, was satisfactory and adequate for the
Precidian ETFs.
The
investment performance of Precidian Funds, LLC.
The Board
noted that only a few of the existing Precidian ETFs had only recently commenced
operations, and, as a result, they did not have any performance history relevant
to this approval. The Board also considered that the Precidian is a newly
registered adviser and does not have performance history with respect to other
clients that have investment objectives similar to those of the Precidian
ETFs.
Precidian
ETFs Trust
Board Review of Investment Management Agreement
(Unaudited) (Continued)
The costs
of services to be provided and profits to be realized by Precidian Funds, LLC
from the relationship with the Precidian ETFs.
In this
regard, the Board considered the financial condition of the Precidian and the
level of commitment to the Precidian ETFs by the Precidian. The Board of Board
also considered the projected assets and proposed expenses of the Precidian
ETFs, including the nature and frequency of advisory payments. The Board noted
the information on projected profitability provided by the Precidian with
respect to the management services provided to the Precidian ETFs. The Board
considered the management fee proposed by the Precidian for each Precidian ETFs.
The Board compared the proposed management fee of each of the Precidian ETFs to
the advisory fees and net expense ratios of ETFs from its Morningstar category
(“Category”), and a peer group selected from its Category (“Peer Group”). The
Board noted that the proposed management fee and projected net expense ratio for
the Precidian ETFs were lower than the median advisory fees and median net
expense ratio of the Precidian ETFs’ Category and Peer Group. Each Precidian
ETFs proposed advisory fee is 0.17% annually and each Precidian ETFs’ total
annual expense ratio is 0.19%. The Board acknowledged the Precidian’s
representation that the Precidian ETFs will differ based on the underlying ADR
and currency; however, they noted that the effort required to monitor and
operate a Precidian ETFs is the same irrespective of a Precidian ETFs’ asset
size. The Board also noted that the Precidian does not manage any separate
accounts. After further consideration, the Board concluded that the projected
profitability and fees to be paid to the Precidian were within an acceptable
range in light of the services to be rendered to the Precidian ETFs by the
Precidian.
The extent
to which economies of scale would be realized as the Precidian ETFs grow and
whether advisory fee levels reflect these economies of scale for the benefit of
the Precidian ETFs’ investors.
The Board
considered that it was not anticipated that the Precidian ETFs would be of
sufficient size to achieve economies of scale in the first few years of
operations. The Board observed that the Precidian does not have any direct
arrangements in place to limit expenses of the Precidian ETFs and that its
management fee did not have any breakpoints built into it. The Board noted that
the Precidian may consider such arrangements in the future depending on asset
growth.
Possible
conflicts of interest and other benefits.
In evaluating
the possibility for conflicts of interest, the Board considered such matters as:
the experience and ability of the advisory personnel assigned to the Precidian
ETFs; the basis of decisions to buy or sell securities for the Precidian ETFs;
and the substance and administration of the Code of Ethics and other relevant
policies of the Precidian. The Board also considered potential benefits for the
Precidian in managing the Precidian ETFs. The Board considered potential
benefits to the Precidian in light of a commercial arrangement it had entered
into with an intended foreign exchange swap counterparty to the Precidian ETFs,
and the Board considered the unique tax structure of each Precidian ETFs as a
grantor trust and the limitations on the Precidian to utilize a different swap
counterparty. The Board noted that any potential conflicts of interest from the
foregoing arrangements were adequately disclosed to them and appropriately
balanced in light of all the surrounding circumstances, including without
limitation the benefit afforded to the shareholders of the Precidian ETFs from
the foreign exchange services. Following further consideration and discussion,
the Board concluded that the standards and practices of the Precidian relating
to the identification and mitigation of potential conflicts of interest, as well
as the benefits to be derived by the Precidian from managing the Precidian ETFs
were satisfactory.
After
additional consideration of the factors delineated in the memorandum provided by
Trust Counsel and further discussion and careful review by the Board at the
Meeting, the Board determined that the compensation payable under the Management
Agreement was fair, reasonable and within a range of what could have been
negotiated at arms-length in light of all the surrounding circumstances, and
they approved the Management Agreement.
Precidian
ETFs Trust
Board Review of Investment Management Agreement
(Unaudited) (Continued)
This
disclosure pertains only to AstraZeneca PLC ADRhedged™, BP P.L.C. ADRhedged™,
GSK plc ADRhedged™, HSBC Holdings plc ADRhedged™, Novo Nordisk A/S (B Shares)
ADRhedged™, SAP SE ADRhedged™, Shell plc ADRhedged™, and Toyota Motor
Corporation ADRhedged™. However, the Board Consideration of the Management
Agreement Approval included other Series of the Precidian ETFs Trust not
included in this report.
At a meeting
held on August 22, 2024 the “Meeting”, the Board of Trustees (the “Board”) of
the Precidian ETFs Trust (the “Trust”) considered the approval of the proposed
Investment Management Agreement (the “Management Agreement”) between the Trust
and Precidian Funds, LLC (“Precidian,” or the “Manager”), with respect to the
Series. The Board reflected on its discussions with the representatives from
Precidian earlier in the Meeting regarding the manner in which the Series are to
be managed and the roles and responsibilities of Precidian under the Management
Agreement.
The Board
reviewed a memorandum from counsel of the Trust (“Trust Counsel”) that addressed
the Board’s duties when considering the approval of the Management Agreement and
the responses of Precidian to requests for information from Trust Counsel on
behalf of the Board. Trust Counsel noted that the response included information
on the personnel of and services to be provided by Precidian, an expense
comparison analysis for the Series and comparable ETFs, and the Management
Agreement. He discussed the types of information and factors that should be
considered by the Board in order to make an informed decision regarding the
approval of the Management Agreement, including the following material factors:
(i) the nature, extent, and quality of the services to be provided by Precidian;
(ii) the investment performance of Precidian; (iii) the costs of the services to
be provided and profits to be realized by Precidian from the relationship with
the Series; (iv) the extent to which economies of scale would be realized if the
Series grow and whether advisory fee levels reflect those economies of scale for
the benefit of its investors; and (v) possible conflicts of interest and other
benefits.
In assessing
these factors and reaching its decisions, the Board took into consideration
information specifically prepared or presented at this Meeting. The Board
requested or was provided with information and reports relevant to the approval
of the Management Agreement, including: (i) information regarding the services
and support to be provided by Precidian to the Series and its shareholders; (ii)
presentations by management of Precidian addressing the investment philosophy,
investment strategy, personnel and operations to be utilized in managing the
Series; (iii) information pertaining to the compliance structure of Precidian;
(iv) disclosure information contained in the Series’ registration statement and
the firm’s Form ADV and/or the policies and procedures of the firm; and (v) the
memorandum from Trust Counsel that summarized the fiduciary duties and
responsibilities of the Board in reviewing and approving the Management
Agreement, including the material factors set forth above and the types of
information included in each factor that should be considered by the Board in
order to make an informed decision.
In assessing
these factors and reaching its decisions, the Board took into consideration
information specifically prepared or presented at this Meeting. The Board
requested and received various informational materials including, without
limitation: (i) documents containing information about Precidian, including
financial information, personnel and the services to be provided by Precidian to
the Series, the firm’s compliance program, current legal matters, and other
general information; (ii) the advisory fee and projected annual operating
expenses of the Series and comparative fee and expense information for other
ETFs with strategies similar to the Series prepared by an independent third
party; (iii) the anticipated effect of asset size on the Series’ overall
expenses; and (iv) benefits anticipated to be realized by Precidian from its
relationship with the Series, and certain conflicts of interest.
The Board did
not identify any particular information that was most relevant to its
consideration to approve the Management Agreement, and each Trustee may have
afforded different weight to the various factors. In deciding whether to approve
the Management Agreement, the Board considered the following factors:
The
nature, extent, and quality of the services to be provided by
Precidian.
In this
regard, the Board considered the responsibilities of Precidian under the
Management Agreement with the Trust. The Board reviewed the services to be
provided by Precidian to the Series, including, without limitation, the
processes of Precidian for assuring compliance with each Series’ investment
objectives and limitations; Precidian’s intended processes for implementing the
Series’ investment strategy, including the ability of Precidian to effect the
foreign exchange swap aspect of the investment strategy of the Series in light
of the each Series’ intended unique tax status as a grantor trust; the
coordination of services by Precidian for the Series among the service
providers; and the anticipated efforts of Precidian to promote the Series and
grow its assets. The Board considered: the staffing, personnel, and methods of
operating of Precidian; the education and experience of the firm’s personnel;
and information provided regarding the firm’s compliance program and policies
and procedures. After reviewing the foregoing and further information from
Precidian, the Board concluded that the quality, extent, and nature of the
services to be provided by Precidian, was satisfactory and adequate for the
Series.
The
investment performance of Precidian.
The Board
noted that the Series had not yet commenced operations, and, as a result, they
did not have any performance history. The Board also considered that Precidian
is a newly registered adviser and does not have performance history with respect
to other clients that have investment objectives similar to those of the
Series.
Precidian
ETFs Trust
Board Review of Investment Management Agreement
(Unaudited) (Continued)
The costs
of services to be provided and profits to be realized by Precidian from the
relationship with the Series.
In this
regard, the Board considered the financial condition of Precidian and the level
of commitment to the Series by Precidian. The Board also considered the
projected assets and proposed expenses of the Series, including the nature and
frequency of advisory payments. The Board noted the information on projected
profitability provided by Precidian with respect to the management services
provided to the Series. The Board considered the management fee proposed by
Precidian for each Series. The Board compared the proposed management fee of
each of the Series to the advisory fees and net expense ratios of ETFs from its
Morningstar category (“Category”), and a peer group selected from its Category
(“Peer Group”). The Board noted that the proposed management fee and projected
net expense ratio for the Series were lower than the median advisory fees and
median net expense ratio of the Series’ Category and Peer Group. Each Series
proposed advisory fee is 0.17% annually and each Series’ total annual expense
ratio is 0.19%. The Board acknowledged Precidian’s representation that the
Series will differ based on the underlying ADR and currency; however, they noted
that the effort required to monitor and operate a Series is the same
irrespective of a Series’ asset size. The Board also noted that Precidian does
not manage any separate accounts. After further consideration, the Board
concluded that the projected profitability and fees to be paid to Precidian were
within an acceptable range in light of the services to be rendered to the Series
by Precidian.
The extent
to which economies of scale would be realized as the Series grow and whether
advisory fee levels reflect these economies of scale for the benefit of the
Series’ investors.
The Board
considered that it was not anticipated that the Series would be of sufficient
size to achieve economies of scale in the first few years of operations. The
Board observed that Precidian does not have any direct arrangements in place to
limit expenses of the Series and that its management fee did not have any
breakpoints built into it. The Board noted that Precidian may consider such
arrangements in the future depending on asset growth.
Possible
conflicts of interest and other benefits.
In evaluating
the possibility for conflicts of interest, the Board considered such matters as:
the experience and ability of the advisory personnel assigned to the Series; the
basis of decisions to buy or sell securities for the Series; and the substance
and administration of the Code of Ethics and other relevant policies of
Precidian. The Board also considered potential benefits for Precidian in
managing the Series. The Board considered potential benefits to Precidian in
light of a commercial arrangement it had entered into with an intended foreign
exchange swap counterparty to the Series, and the Board considered the unique
tax structure of each Series as a grantor trust and the limitations on Precidian
to utilize a different swap counterparty. The Board noted that any potential
conflicts of interest from the foregoing arrangements were adequately disclosed
to them and appropriately balanced in light of all the surrounding
circumstances, including without limitation the benefit afforded to the
shareholders of the Series from the foreign exchange services. Following further
consideration and discussion, the Board concluded that the standards and
practices of Precidian relating to the identification and mitigation of
potential conflicts of interest, as well as the benefits to be derived by
Precidian from managing the Series were satisfactory.
After
additional consideration of the factors delineated in the memorandum provided by
Trust Counsel and further discussion and careful review by the Board at the
Meeting, the Board determined that the compensation payable under the Management
Agreement was fair, reasonable and within a range of what could have been
negotiated at arms-length in light of all the surrounding circumstances, and
they approved the Management Agreement.
Investment
Manager
Precidian Funds LLC
301 South State St.
Suite
N-002
Newtown, PA 18940 |
Co-
Administrator
Commonwealth Fund Services,
LLC
8730 Stoney
Parkway
Suite 205
Richmond Virginia, 23235 |
Custodian,
Co-Administrator &
Transfer Agent
The Bank of New
York
240 Greenwich Street
New York, NY 10286 |
| |
|
|
Distributor
Foreside
Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME
04101 |
Independent
Registered Public
Accounting Firm
KPMG LLP
191 West
Nationwide Blvd.
Suite 500
Columbus, Ohio 43215 |
Legal
Counsel
Practus LLP
11300 Tomahawk Creek Parkway
Suite
310
Leawood, Kansas 66211 |
