BPH vs HSBH

BPHCBP p.l.c. ADRhedged

HSBHBHSBC Holdings plc ADRhedged

In short

BPH Most single-stock ETFs chase leverage. This one does the opposite: it holds BP through an ADR and pairs it with a currency contract meant to strip out the pound-dollar swing, so you get the oil major's story without the FX one.

HSBH Most ADRs are two bets in one: the company and its currency. HSBH keeps the first and uses currency swaps to strip out most of the second, tracking the local-currency total return of HSBC's ordinary shares.

Stated mandate

BPH The Series seeks to provide returns that generally correspond, before fees and expenses, to BP p.l.c.'s ordinary shares in the company's local market.

HSBH The fund seeks to generally match, before fees and expenses, the total return of HSBC Holdings plc ordinary shares in its local market. Normally, it invests at least 95% of net assets in the company’s ADRs and uses a currency swap to hedge U.S.-dollar and British-pound exchange-rate fluctuations.

Why people hold it

• BPH The hedge is baked in. A currency contract sits alongside the BP ADR to reduce the foreign-exchange exposure that normally tags along with an overseas listing.precidian.com
• 0.19% a year, matching the median for its currency-hedged peer group and the same sticker as sibling ADRhedged funds like HSBH and SHEH.
• One US-listed ticker replaces the ADR-plus-forward setup a hedged investor would otherwise build by hand. Distributions come quarterly.

• HSBH The mechanism is the product: swaps work to remove most of the dollar-versus-local-currency move, leaving the local-currency total return of HSBC ordinary shares, before fees.
• Charges 0.19% a year, level with the rest of the ADRhedged shelf (STHH, BPH, SHEH, GSKH). The hedging plumbing isn't priced as a premium feature.
• A registered 1940 Act fund, not a bank-issued note, so no counterparty's balance sheet stands between you and the exposure.
• Stands out as one of the stronger implementations in its small currency-hedged peer group.

Worth knowing

• BPH One company, one sector. BP drives every move here, and the hedge addresses currency, not oil prices or company-specific news.
• A small fund that trades thinly, so spreads and limit orders deserve more attention than with a heavily traded name.
• Launched in 2025, so the live record behind the hedge is still short.

• HSBH One company, one balance sheet. This tracks HSBC alone, so bank-specific news moves it; there is no index underneath to spread the risk.
• The hedge cuts both ways. Removing currency swings removes the favorable ones too, and running the swaps has a cost inside the fund.
• Young (launched 2024) and small, and it doesn't trade heavily, so bid-ask spreads can run wider than on mainstream ETFs.

Full BPH profile⁠

Full HSBH profile⁠