NVOH vs SHEH

NVOHCNovo Nordisk A/S (B Shares) ADRhedged

SHEHBShell plc ADRhedged

In short

NVOH One stock, one hedge. NVOH holds Novo Nordisk's ADR with an embedded currency contract, so the result leans on the company rather than the dollar-versus-krone tape. No basket, no diversification, just narrower exposure.

SHEH Shell in one ticker, minus the currency guessing game. SHEH holds the Shell ADR and pairs it with a currency swap meant to strip out dollar-versus-local-currency moves, leaving the oil major's own local-currency return.

Stated mandate

NVOH The fund is designed to provide focused exposure to Novo Nordisk A/S through an ADR while using an integrated currency hedge intended to mitigate foreign-exchange risk.

SHEH The Fund seeks returns that generally correspond, before fees and expenses, to the total return of Shell plc ordinary shares in the company’s local market and local currency; achievement is not assured.

Why people hold it

• NVOH Owning a foreign ADR normally bundles in a currency bet. Here an embedded contract is designed to mitigate dollar versus local-currency moves, leaving the company as the main driver.
• 0.19% expense ratio, level with the currency-hedged cohort median and with the rest of the ADRhedged shelf (HSBH, STHH, BPH).
• A registered 1940 Act fund, not a bank-issued note, and it pays on a quarterly cadence.

• SHEH Two trades in one ticker: the Shell ADR plus a currency swap built to offset dollar-versus-local-currency moves. No separate FX hedge to run alongside it.precidian.com
• 0.19% expense ratio, matching the rest of the ADRhedged lineup (HSBH, BPH, GSKH) and the currency-hedged cohort median. The hedge is not priced as an add-on.
• The swap settles daily and resets at-the-money, with the notional adjusting automatically, so the hedge follows the position rather than a fixed dollar amount.adrhedged.com
• Sits in the upper half of its currency-hedged peer group.

Worth knowing

• NVOH Non-diversified by design: one company's ADR plus the hedge. Trial results, patent news or a guidance change land with full force.
• The hedge cuts both ways. A weaker dollar against the local currency won't lift results the way it can in a plain unhedged ADR.
• A 2025 launch with a small asset base and light trading, so spreads can run wider than in large, heavily traded ETFs.

• SHEH One company, one balance sheet. Shell's results, energy prices and headlines drive the whole position; no index is there to cushion a bad quarter.
• The hedge cuts both ways: if the local currency gains on the dollar, that tailwind is stripped out too. Swaps also carry counterparty and imperfect-correlation risk.adrhedged.com
• A small, lightly traded fund that launched in 2024. Spreads and order size matter more here than in mainstream ETFs.

Full NVOH profile⁠

Full SHEH profile⁠