SAP SE ADRhedged (SAPH)

SAP SE ADRhedged (SAPH) is an exchange-traded fund from Precidian Investments that provides exposure to the American Depositary Receipts of SAP SE while hedging the associated euro currency risk. The ticker reflects its link to SAP.

SAP, headquartered in Walldorf, Germany, is a leading developer of enterprise software, including ERP systems used by businesses to manage finance, supply chain, human resources and other operations, increasingly delivered through the cloud.

The fund holds SAP ADRs and uses currency forward contracts to offset changes in the euro versus the U.S. dollar, so its returns more closely reflect SAP's share price performance in local terms.