Skip to content
etf.net

SAPH

GradeDNew York Stock Exchange Arca

SAP SE ADRhedged

Multi-Asset & Alternatives · ADR hedged · Inception 2025-01-03

$39.42+0.42 (+1.07%)

As of Sep 23, 2026, 12:57 PM EDT

History starts Jan 7, 2025.
Intraday session: up, 6 prints from 39.00 to 39.42. Range 39.00 to 39.44. Use the arrow keys to read each point.$39.00$39.10$39.20$39.3010 AM12 PM2 PM4 PM
Expense ratio
0.19%
Fund size
$1M
1Y return
−15.6%
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$39.33
52W range
low $27.49high $51.58

The ETF.net SAPH Grade

D

36/ 100

Rank 9 of 9 in Currency-Hedged Funds⁠

Confidence Medium

Six-pillar profile for SAPH. Scores out of 100: Cost 55, Risk 15, Mission not scored, Tradability 21, Holdings 38, Durability 28. Strongest: Cost (55). Weakest: Risk (15). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 36 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned36This cap took−0Published score36 Grade D

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 55
    Category rank5/9 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 15
    Category rank9/9 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 21
    Category rank8/9 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 38
    Category rank7/8 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 28
    Category rank8/9 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on SAPH

ETF.net Research

DOne ticker, one stock, no euro side bet: SAPH holds SAP SE through an American Depositary Receipt with the currency hedge built into the wrapper, so the euro-dollar tug of war is largely taken off the table.

Stated mandate

The fund is designed to provide exposure to SAP SE through an American Depositary Receipt while mitigating currency risk between the company’s local currency and the U.S. dollar.

Why people hold it

  1. 01The hedge is baked in. You get SAP SE exposure through its ADR with the local-currency-versus-dollar swing mitigated inside the fund, instead of holding the ADR and running a separate currency trade alongside it.
  2. 020.19% a year, the same fee as the rest of the ADRhedged shelf (HSBH, STHH, BPH), and in line with the currency-hedged group median. You are not paying a premium for the hedging plumbing.
  3. 03Surgical, not thematic. The reference asset is SAP SE itself, a single European technology name, so nothing in a broad Europe-tech basket waters down the position.

Worth knowing

  1. 01One company carries the whole fund. There is no diversification cushion here: SAP's own earnings, guidance and headlines drive the ride.
  2. 02A hedge cuts both ways. Mitigating the currency move also strips out the tailwind unhedged ADR holders get when the dollar weakens.
  3. 03Young and small: launched in 2025, still a thinly traded fund with a modest asset base, which can show up as wider bid-ask spreads than a mainstream ETF.

SAPH Holdings

As of Sep 20, 2026, 10:31 PM
Asset class
Stocks
Holdings
—
Top-10 weight
100%
Largest holding
SAP98.2%

Geography

  • Germany100.00%

Developed 100% · Emerging 0% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001SAPSAP SE98.23%3,593$768K65
002—Cash (US$)1.77%0$14K10

Showing 1–2 of 2 holdings

SAPH Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

SAPH$8,445
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. SAPH $8,445. SPY $11,723. Use the arrow keys to read each point.$5,487$8,857$12,226Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for SAPH. Periods over one year show the average yearly return.
PeriodSAPH
Year to date−8.7%
1 month−1.5%
3 months+39.9%
1 year−15.6%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SAPH
YearReturn barSAPH
2026 YTD−8.7%
2025−12.8%

History from Jan 7, 2025

SAPH in the news

ETF.net Research hasn’t filed on SAPH yet — coverage lands here as it’s written.

SAPH Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.96 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 2 payments in 2026 YTD. Mar 16, 2026 $0.24; Jun 16, 2026 $0.96. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Jun 16, 2026Jun 23, 2026$0.96
Mar 16, 2026Mar 23, 2026$0.24

SAPH Risk

How much the fund’s monthly returns vary, scaled to a year.
32.3%
Annualised · 19 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.54
vs 3-month T-bills · 19 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−51.6%
20 months · trough Jul 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.59
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

SAPH Cost

Expense ratio0.19%
  • The middle half of Currency-Hedged Funds funds
  • Median 0.19%

1 of the 9 Currency-Hedged Funds funds charge less.

SAPH costs $19.00 a year on $10,000. The median Currency-Hedged Funds fund costs $19.00.