# EDGAR Filing Document

**Accession Number:** 0001499655
**File Stem:** 0001999371-26-005110
**Filing Date:** 2026-3
**Character Count:** 197231
**Document Hash:** a6afef6c3bfd41d0c8657d423be76177
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005110.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001999371-26-005110

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Precidian ETFs Trust
- **CENTRAL INDEX KEY:** 0001499655

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22524
- **FILM NUMBER:** 26725906

**BUSINESS ADDRESS:**
- **STREET 1:** PRECIDIAN FUNDS LLC
- **STREET 2:** 350 MAIN STREET, SUITE 9
- **CITY:** BEDMINSTER
- **STATE:** NJ
- **ZIP:** 07921
- **BUSINESS PHONE:** 908-781-0560

**MAIL ADDRESS:**
- **STREET 1:** PRECIDIAN FUNDS LLC
- **STREET 2:** 350 MAIN STREET, SUITE 9
- **CITY:** BEDMINSTER
- **STATE:** NJ
- **ZIP:** 07921

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEXT ETFs Trust
- **DATE OF NAME CHANGE:** 20100820

## Series and Classes Contracts Data

### Novo Nordisk A/S (B Shares) ADRhedged (Series ID: S000058687)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000192669 | Novo Nordisk A/S (B Shares) ADRhedged | NVOH            |

### Shell plc ADRhedged (Series ID: S000058689)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000192671 | Shell plc ADRhedged | SHEH            |

### SAP SE ADRhedged (Series ID: S000058692)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000192674 | SAP SE ADRhedged | SAPH            |

### Toyota Motor Corporation ADRhedged (Series ID: S000058694)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000192676 | Toyota Motor Corporation ADRhedged | TMH             |

### AstraZeneca PLC ADRhedged (Series ID: S000058696)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000192678 | AstraZeneca PLC ADRhedged | AZNH            |

### BP p.l.c. ADRhedged (Series ID: S000058698)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000192680 | BP p.l.c. ADRhedged | BPH             |

### GSK plc ADRhedged (Series ID: S000058701)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000192683 | GSK plc ADRhedged | GSKH            |

### HSBC Holdings plc ADRhedged (Series ID: S000058702)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000192684 | HSBC Holdings plc ADRhedged | HSBH            |

### STMicroelectronics NV ADRhedged(TM) (Series ID: S000089650)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000256267 | STMicroelectronics NV ADRhedged(TM) | STHH            |

### ASML Holding NV ADRhedged(TM) (Series ID: S000089657)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000256274 | ASML Holding NV ADRhedged(TM) | ASMH            |

### Arm Holdings PLC ADRhedged(TM) (Series ID: S000089658)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000256275 | Arm Holdings PLC ADRhedged(TM) | ARMH            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-22524**

**<u>Precidian ETFs Trust</u>**

(Exact name of registrant as specified in charter)

**c/o Commonwealth Fund Services, Inc.**

**8730 Stony Point Parkway, Suite 205**

 **Richmond, VA 23235**

(Address of principal executive offices) (Zip code)

**Practus, LLP 11300 Tomahawk Creek Parkway, Suite 310 Leawood, KS 66211**

(Name and address of agent for service)

Registrant's telephone number, including area code: **(804) 267-7400**

Date of fiscal year end: <u>**December 31**</u>

Date of reporting period: <u>**December 31, 2025**</u>

**Item 1.** **Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

# Arm Holdings PLC ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## ARMH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the Arm Holdings PLC ADRhedged™ for the period of March 13, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Arm Holdings PLC ADRhedged™ | $15<sup>Footnote Reference1</sup> | 0.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Based on the period March 13, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the abbreviated year starting in March of 2025 Arm Holdings plc ADRhedged returned -4.54%, while the Arm Holdings plc ADR returned -7.32% for the same period.

**What key factors affected the Fund's performance?**

* The prime driver for the under performance of the fund vs the unhedged ADR is the 3.93% decrease in value of the USD vs GBP over the same period.

* Concerns over tariffs causing inflation along with fed rate cut pressure weighed on the USD.

* Stability in the UK will likely continue GBP strength.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](ie213460fcc155c48cad8b7c6.jpg)

---

| | | |
|:---|:---|:---|
| | **Arm Holdings PLC ADRhedged™ ($9547)** | **S&P 500 Index ($12524)** |
| **3/13/25** | $10000 | $10000 |
| **3/31/25** | $9567 | $10170 |
| **6/30/25** | $13633 | $11283 |
| **9/30/25** | $12214 | $12200 |
| **12/31/25** | $9547 | $12524 |

---

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | Since Inception 3/13/2025 |
| Arm Holdings PLC ADRhedged™ | -4.54% |
| S&P 500 Index | 25.24% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$932,578

* Total advisory fees paid$820

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Information Technology | 98.6% |
| Money Market Funds | 1.2 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# ASML Holding NV ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## ASMH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the ASML Holding NV ADRhedged™ for the period of March 13, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| ASML Holding NV ADRhedged™ | $19<sup>Footnote Reference1</sup> | 0.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Based on the period March 13, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the abbreviated year starting in March of 2025 The ASML Holdings NV ADRhedged fund returned 44.91%, while the ASML Holdings NV ADR returned 49.84% for the same period.

**What key factors affected the Fund's performance?**

* The prime driver for the under performance of the fund vs the unhedged ADR ise 3.93% decrease in value of the USD vs EUR over the same period was the prime driver of the funds under performance.

* Concerns over tariffs causing inflation along with fed rate cut pressure weighed on the USD.

* Ongoing concerns over the dollar weakness are driven by Fed easing and a potential eurozone recovery.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](id5f70f97335c39d3d5db9d97.jpg)

---

| | | |
|:---|:---|:---|
| | **ASML Holding NV ADRhedged™ ($14491)** | **S&P 500 Index ($12524)** |
| **3/13/25** | $10000 | $10000 |
| **3/31/25** | $9618 | $10170 |
| **6/30/25** | $10737 | $11283 |
| **9/30/25** | $13052 | $12200 |
| **12/31/25** | $14491 | $12524 |

---

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | Since Inception 3/13/2025 |
| ASML Holding NV ADRhedged™ | 44.91% |
| S&P 500 Index | 25.24% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$1,446,452

* Total advisory fees paid$1,055

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Information Technology | 98.8% |
| Money Market Funds | 1.1 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# AstraZeneca PLC ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## AZNH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the AstraZeneca PLC ADRhedged™ for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AstraZeneca PLC ADRhedged™ | $22 | 0.19% |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the full year 2025 the AstraZeneca PLC ADRhedged Fund returned 31.30%, while the AstraZeneca PLC ADR returned 35.00% for the same period.

**What key factors affected the Fund's performance?**

* The prime driver for the under performance of the fund vs the unhedged ADR is the 7.32% decrease in value of the USD vs GBP over the same period.

* Concerns over tariffs causing inflation along with fed rate cut pressure weighed on the USD.

* Stability in the UK will likely continue GBP strength.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](i9923818c97d7310fa45dcd24.jpg)

---

| | | |
|:---|:---|:---|
| | **AstraZeneca PLC ADRhedged™ ($11692)** | **S&P 500 Index ($12092)** |
| **10/4/24** | $10000 | $10000 |
| **12/31/24** | $8904 | $10258 |
| **3/31/25** | $9752 | $9820 |
| **6/30/25** | $8743 | $10894 |
| **9/30/25** | $9817 | $11780 |
| **12/31/25** | $11692 | $12092 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | 1 Year | Since Inception 10/4/2024 |
| AstraZeneca PLC ADRhedged™ | 31.30% | 13.42% |
| S&P 500 Index | 17.88% | 16.54% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$1,086,220

* Total advisory fees paid$4,628

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Health Care | 99.3% |
| Money Market Funds | 0.5 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# BP p.l.c. ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## BPH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the BP p.l.c. ADRhedged™ for the period of January 6, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| BP p.l.c. ADRhedged™ | $20<sup>Footnote Reference1</sup> | 0.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Based on the period January 6, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the, slightly abbreviated, year 2025 the BP plc ADRhedged fund returned 9.65%, while the BP plc ADR returned 9.11% for the same period.

**What key factors affected the Fund's performance?**

* The prime driver for the under performance of the funds vs the unhedged ADR is the 7.64% decrease in value of the USD vs GBP over the same period.

* Concerns over tariffs causing inflation along with fed rate cut pressure weighed on the USD.

* Stability in the UK will likely continue GBP strength.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](i3a196f1868f1a3beb7e8e704.jpg)

---

| | | |
|:---|:---|:---|
| | **BP p.l.c. ADRhedged™ ($10965)** | **S&P 500 Index ($11601)** |
| **1/6/25** | $10000 | $10000 |
| **3/31/25** | $10674 | $9421 |
| **6/30/25** | $9068 | $10452 |
| **9/30/25** | $10741 | $11301 |
| **12/31/25** | $10965 | $11601 |

---

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | Since Inception 1/6/2025 |
| BP p.l.c. ADRhedged™ | 9.65% |
| S&P 500 Index | 16.01% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$1,077,355

* Total advisory fees paid$1,370

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Energy | 97.5% |
| Money Market Funds | 2.3 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# GSK plc ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## GSKH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the GSK plc ADRhedged™ for the period of January 6, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| GSK plc ADRhedged™ | $22<sup>Footnote Reference1</sup> | 0.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Based on the period January 6, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the, slightly abbreviated, year 2025 the GSK plc ADRhedged Fund returned 38.35%, while the GSK plc ADR returned 43.85% for the same period.

**What key factors affected the Fund's performance?**

* The prime driver for the under performance of the fund vs the unhedged ADR is the 7.64% decrease in value of the USD vs GBP over the period.

* Concerns over tariffs causing inflation along with fed rate cut pressure weighed on the USD.

* Stability in the UK will likely continue GBP strength.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](i5e16eb297a0077932a84f006.jpg)

---

| | | |
|:---|:---|:---|
| | **GSK plc ADRhedged™ ($13834)** | **S&P 500 Index ($11601)** |
| **1/6/25** | $10000 | $10000 |
| **3/31/25** | $11143 | $9421 |
| **6/30/25** | $10526 | $10452 |
| **9/30/25** | $12146 | $11301 |
| **12/31/25** | $13834 | $11601 |

---

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | Since Inception 1/6/2025 |
| GSK plc ADRhedged™ | 38.35% |
| S&P 500 Index | 16.01% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$683,897

* Total advisory fees paid$1,254

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Health Care | 98.1% |
| Money Market Funds | 0.9 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# HSBC Holdings plc ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## HSBH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the HSBC Holdings plc ADRhedged™ for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| HSBC Holdings plc ADRhedged™ | $24 | 0.19% |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the full year 2025 the HSBC Holdings Plc ADRhedged Fund returned 54.36%, while the HSBC Holdings Plc ADR returned 59.06%.

**What key factors affected the Fund's performance?**

* The prime driver for the under performance of the fund vs the unhedged ADR is the 7.32% decrease in value of the USD vs GBP over the period.

* Concerns over tariffs causing inflation along with fed rate cut pressure weighed on the USD.

* Stability in the UK will likely continue GBP strength.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](i27c12912dffa03fb70c8baa0.jpg)

---

| | | |
|:---|:---|:---|
| | **HSBC Holdings plc ADRhedged™ ($17496)** | **S&P 500 Index ($12092)** |
| **10/4/24** | $10000 | $10000 |
| **12/31/24** | $11335 | $10258 |
| **3/31/25** | $13052 | $9820 |
| **6/30/25** | $13173 | $10894 |
| **9/30/25** | $15740 | $11780 |
| **12/31/25** | $17496 | $12092 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | 1 Year | Since Inception 10/4/2024 |
| HSBC Holdings plc ADRhedged™ | 54.36% | 56.95% |
| S&P 500 Index | 17.88% | 16.54% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$4,328,378

* Total advisory fees paid$7,675

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Financials | 97.3% |
| Money Market Funds | 2.5 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Novo Nordisk A/S (B Shares) ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## NVOH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the Novo Nordisk A/S (B Shares) ADRhedged™ for the period of January 6, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Novo Nordisk A/S (B Shares) ADRhedged™ | $15<sup>Footnote Reference1</sup> | 0.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Based on the period January 6, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the, slightly abbreviated, year 2025 the Novo Nordisk A/S (B Shares) ADRhedged Fund returned -44.03%, while the Novo Nordisk A/S (B Shares) ADR returned -38.95% for the same period.

**What key factors affected the Fund's performance?**

* The prime driver for the under performance of the fund vs the unhedged ADR is the 11.48% decrease in value of the USD vs DKKover the period.

* Concerns over tariffs causing inflation along with fed rate cut pressure weighed on the USD.The ongoing concerns of a US recession and anticipated Federal Reserve rate cuts will continue to weigh on the USD.

* The ongoing concerns of a US recession and anticipated Federal Reserve rate cuts will continue to weigh on the USD.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](icf76930f715756d8c384a305.jpg)

---

| | | |
|:---|:---|:---|
| | **Novo Nordisk AS (B Shares) ADRhedged™ ($5597)** | **S&P 500 Index ($11601)** |
| **1/6/25** | $10000 | $10000 |
| **3/31/25** | $8005 | $9421 |
| **6/30/25** | $7334 | $10452 |
| **9/30/25** | $6034 | $11301 |
| **12/31/25** | $5597 | $11601 |

---

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | Since Inception 1/6/2025 |
| Novo Nordisk AS (B Shares) ADRhedged™ | -44.03% |
| S&P 500 Index | 16.01% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$3,005,999

* Total advisory fees paid$2,161

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Health Care | 98.5% |
| Money Market Funds | 1.2 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# SAP SE ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## SAPH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the SAP SE ADRhedged™ for the period of January 6, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SAP SE ADRhedged™ | $18<sup>Footnote Reference1</sup> | 0.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Based on the period January 6, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the, slightly abbreviated, year 2025 the SAP SE ADRhedged fund returned -11.33%, the SAP SE ADR returned -2.65% for the same period.

**What key factors affected the Fund's performance?**

* The 13.35% decrease in value of the USD vs EUR over the same period was the prime driver of the funds under performance.

* Ongoing concerns over the dollar weakness are driven by Fed easing and a potential eurozone recovery.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](i51616997446369dd2c269bcd.jpg)

---

| | | |
|:---|:---|:---|
| | **SAP SE ADRhedged™ ($8867)** | **S&P 500 Index ($11601)** |
| **1/6/25** | $10000 | $10000 |
| **3/31/25** | $10466 | $9421 |
| **6/30/25** | $11003 | $10452 |
| **9/30/25** | $9693 | $11301 |
| **12/31/25** | $8867 | $11601 |

---

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | Since Inception 1/6/2025 |
| SAP SE ADRhedged™ | -11.33% |
| S&P 500 Index | 16.01% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$443,412

* Total advisory fees paid$1,461

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Information Technology | 98.8% |
| Money Market Funds | 0.8 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Shell plc ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## SHEH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the Shell plc ADRhedged™ for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Shell plc ADRhedged™ | $20 | 0.19% |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the full year 2025 the Shell plc ADRhedged fund returned 13.01%, while the Shell plc ADR returned 17.29% for the same period.

**What key factors affected the Fund's performance?**

* The prime driver for the under performance of the fund vs the unhedged ADR is the 7.32% decrease in value of the USD vs GBP over the period.

* Concerns over tariffs causing inflation along with fed rate cut pressure weighed on the USD.

* Stability in the UK will likely continue GBP strength.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](i2ff8593d8708a2ac01f1af69.jpg)

---

| | | |
|:---|:---|:---|
| | **Shell plc ADRhedged™ ($10930)** | **S&P 500 Index ($12092)** |
| **10/4/24** | $10000 | $10000 |
| **12/31/24** | $9671 | $10258 |
| **3/31/25** | $11024 | $9820 |
| **6/30/25** | $10110 | $10894 |
| **9/30/25** | $10546 | $11780 |
| **12/31/25** | $10930 | $12092 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | 1 Year | Since Inception 10/4/2024 |
| Shell plc ADRhedged™ | 13.01% | 7.43% |
| S&P 500 Index | 17.88% | 16.54% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$1,609,317

* Total advisory fees paid$5,672

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Energy | 96.4% |
| Money Market Funds | 3.4 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# STMicroelectronics NV ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## STHH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the STMicroelectronics NV ADRhedged™ for the period of March 13, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| STMicroelectronics NV ADRhedged™ | $16<sup>Footnote Reference1</sup> | 0.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Based on the period March 13, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the abbreviated year starting in March of 2025 the ST Microelectronics NV ADRhedged Fund returned 3.74%, while the ST Microelectronics NV ADR returned 5.75% for the same period.

**What key factors affected the Fund's performance?**

* The 8.21% decrease in value of the USD vs EUR over the same period was the prime driver of the funds under performance.

* Ongoing concerns over the dollar weakness are driven by Fed easing and a potential eurozone recovery.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](ib4c83f2470495633405647a1.jpg)

---

| | | |
|:---|:---|:---|
| | **STMicroelectronics NV ADRhedged™ ($10374)** | **S&P 500 Index ($12524)** |
| **3/13/25** | $10000 | $10000 |
| **3/31/25** | $9312 | $10170 |
| **6/30/25** | $11930 | $11283 |
| **9/30/25** | $11183 | $12200 |
| **12/31/25** | $10374 | $12524 |

---

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | Since Inception 3/13/2025 |
| STMicroelectronics NV ADRhedged™ | 3.74% |
| S&P 500 Index | 25.24% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$515,208

* Total advisory fees paid$711

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Information Technology | 98.5% |
| Money Market Funds | 1.4 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

# Toyota Motor Corporation ADRhedged™
![Image](ic8a6b26231bb937ff645cc45.jpg)

## TMH \| NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about the Toyota Motor Corporation ADRhedged™ for the period of March 13, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at adrhedged.com/resources/. You can also request this information by contacting us at 844-954-5333.

#### What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Toyota Motor Corporation ADRhedged™ | $17<sup>Footnote Reference1</sup> | 0.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Based on the period March 13, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
**How did the Fund perform last year?**

* For the abbreviated year starting in March of 2025 The toyota Motor Corporation ADRhedged fund returned 29.05%, while the Toyota Motor Corporation ADR returned 16.93% for the same period.

**What key factors affected the Fund's performance?**

* The under performance of the fund vs the unhedged ADR is attributable to the 5.88% decrease in value of the USD vs JPY over the same period.

* Potential Bank of Japan rate hikes will continue to put pressure in the USD.

## Fund Performance

# **Growth of an Assumed $10,000 Investment**![A line chart as described in the following paragraph](if71ff9cdfcf7a475ed35d5bf.jpg)

---

| | | |
|:---|:---|:---|
| | **Toyota Motor Corporation ADRhedged™ ($12905)** | **S&P 500 Index ($12524)** |
| **3/13/25** | $10000 | $10000 |
| **3/31/25** | $9798 | $10170 |
| **6/30/25** | $9498 | $11283 |
| **9/30/25** | $10809 | $12200 |
| **12/31/25** | $12905 | $12524 |

---

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN Fund/Index | Since Inception 3/13/2025 |
| Toyota Motor Corporation ADRhedged™ | 29.05% |
| S&P 500 Index | 25.24% |

---

The fund's past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. **Please visit the following website adrhedged.com/directory to obtain the most recent month-end returns.** 

## Key Fund Statistics
* Fund net assets$2,301,770

* Total advisory fees paid$1,426

* Total number of portfolio holdings5

* Period portfolio turnover rate0%

## Tabular Representation of Holdings
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Sector | % of Net Assets |
| Consumer Discretionary | 97.5% |
| Money Market Funds | 1.9 |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party ("Code of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description enumerated in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from a provision of the Code of Ethics that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Code of Ethics is attached hereto as Exhibit 19(a)(1).

**Item 3.** **Audit Committee Financial Expert.**

(a)(1) The registrant does not have an audit committee financial expert serving on its audit committee.

(a)(2) Not applicable.

(a)(3) At this time, the registrant believes that the collective experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

**Item 4.** **Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal years are $181,000 for 2025 and $53,000 for 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2024.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $93,060 for 2025 and $92,195 for 2024. The nature of the services comprising these fees include tax compliance with Grantor Trust status and support review. Such services include preparation of trustee tax information statements and broker statements and preparation of amounts reported to the broker community to facilitate applicable form reporting. In addition, services include performing calculations of daily shareholder allocable amounts and routine tax consulting services.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

---

| | |
|:---|:---|
| (e)(1) | Pursuant to its charter, the registrant's Audit Committee must pre-approve all audit and non-audit services to be provided to the registrant. The Audit Committee also pre-approves any non-audit services provided by the registrant's principal accountant to the adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant. |

---

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable as less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the registrant's last two fiscal years were $0 for 2025 and $0 for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of three Independent Trustees. Ms. Ivey, Mr. Pitt and Dr. Urban currently serve as members of the Audit Committee.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) The annual Financial Statements are attached herewith.

December 31, 2025

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™

![](precidianfinancials001.jpg)

**Precidian ETFs Trust**

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Arm Holdings PLC ADRhedged™](#precidianfinancialsa001) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ASML Holding NV ADRhedged™](#precidianfinancialsa002) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AstraZeneca PLC ADRhedged™](#precidianfinancialsa003) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BP p.l.c. ADRhedged™](#precidianfinancialsa004) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[GSK plc ADRhedged™](#precidianfinancialsa005) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[HSBC Holdings plc ADRhedged™](#precidianfinancialsa006) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Novo Nordisk A/S (B Shares) ADRhedged™](#precidianfinancialsa007) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SAP SE ADRhedged™](#precidianfinancialsa008) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Shell plc ADRhedged™](#precidianfinancialsa009) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[STMicroelectronics NV ADRhedged™](#precidianfinancialsa010) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Toyota Motor Corporation ADRhedged™](#precidianfinancialsa011) | 13 |
| [Statements of Assets and Liabilities](#precidianfinancialsa012) | 14 |
| [Statements of Operations](#precidianfinancialsa013) | 18 |
| [Statements of Changes in Net Assets](#precidianfinancialsa014) | 22 |
| [Financial Highlights](#precidianfinancialsa015) | 26 |
| [Notes to Financial Statements](#precidianfinancialsa016) | 37 |
| [Report of Independent Registered Public Accounting Firm](#precidianfinancialsa017) | 50 |

---

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**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 98.6%** |  |  |
| **Information Technology — 98.6%** |  |  |
| ARM Holdings PLC, ADR<sup>\*</sup> |  |  |
| **(Cost $941,021)** | 8417 | $920062 |
| **Short-Term Investment — 1.2%** |  |  |
| **Money Market Funds — 1.2%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $10,949)** | 10949 | 10949 |
| **Total Investments — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $951,970)** |  | 931011 |
| **Assets in excess of Other Liabilities, Net — 0.2%** |  | 1567 |
| **Net Assets — 100%** |  | $932578 |

---

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

PLC: Public Limited Company

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** **<br> Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| CIBC | 01/02/26 | USD | 928530 | GBP | 690341 | $10 | $— |
| CIBC | 01/02/26 | GBP | 690341 | USD | 930163 | 1623 |  |
| CIBC | 01/05/26 | GBP | 693762 | USD | 933109 |  | (26) |
| **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** |  | $1633 | $(26) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

GBP Pound Sterling

See Notes to Financial Statements. 3

**ASML Holding NV ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 98.8%** |  |  |
| **Information Technology — 98.8%** |  |  |
| ASML Holding NV, ADR |  |  |
| **(Cost $1,118,006)** | 1335 | $1428263 |
| **Short-Term Investment — 1.1%** |  |  |
| **Money Market Funds — 1.1%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $16,537)** | 16537 | 16537 |
| **Total Investments — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,134,543)** |  | 1444800 |
| **Assets in excess of Other Liabilities, Net — 0.1%** |  | 1652 |
| **Net Assets — 100%** |  | $1446452 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** **<br> Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| CIBC | 01/02/26 | USD | 1421176 | EUR | 1210096 | $26 | $— |
| CIBC | 01/02/26 | EUR | 1210096 | USD | 1423103 | 1902 |  |
| CIBC | 01/05/26 | EUR | 1218573 | USD | 1431307 |  | (202) |
| **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** |  |  |  | $1928 | $(202) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

---

| | |
|:---|:---|
| EUR | Euro |

---

See Notes to Financial Statements. 4

**AstraZeneca PLC ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 99.3%** |  |  |
| **Health Care — 99.3%** |  |  |
| Astra Zeneca PLC, ADR |  |  |
| **(Cost $1,074,472)** | 11739 | $1079166 |
| **Short-Term Investment — 0.5%** |  |  |
| **Money Market Funds — 0.5%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $5,284)** | 5284 | 5284 |
| **Total Investments — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,079,756)** |  | 1084450 |
| **Assets in excess of Other Liabilities, Net — 0.2%** |  | 1770 |
| **Net Assets — 100%** |  | $1086220 |

---

(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

PLC: Public Limited Company

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br> **Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** <br> **Appreciation** | **Unrealized** <br> **Depreciation** |
| CIBC | 01/02/26 | USD | 1084186 | GBP | 806068 | $11 | $— |
| CIBC | 01/02/26 | GBP | 806068 | USD | 1086092 | 1895 |  |
| CIBC | 01/05/26 | GBP | 807417 | USD | 1085975 |  | (30) |
| **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** |  | $1906 | $(30) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

GBP Pound Sterling

See Notes to Financial Statements. 5

**BP p.l.c. ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 97.5%** |  |  |
| **Energy — 97.5%** |  |  |
| BP p.l.c., ADR |  |  |
| **(Cost $1,033,726)** | 30248 | $1050513 |
| **Short-Term Investment — 2.3%** |  |  |
| **Money Market Funds — 2.3%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $25,104)** | 25104 | 25104 |
| **Total Investments — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,058,830)** |  | 1075617 |
| **Assets in excess of Other Liabilities,** |  |  |
| &nbsp;&nbsp;&nbsp;**Net — 0.2%** |  | 1738 |
| **Net Assets — 100%** |  | $1077355 |

---

(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

PLC: Public Limited Company

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br> **Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** <br> **Appreciation** | **Unrealized** <br> **Depreciation** |
| CIBC | 01/02/26 | USD | 1040215 | GBP | 773376 | $11 | $— |
| CIBC | 01/02/26 | GBP | 773376 | USD | 1042044 | 1818 |  |
| CIBC | 01/05/26 | GBP | 781501 | USD | 1051118 |  | (29) |
| **Total Unrealized Appreciation/(Depreciation)** |  |  |  |  |  | $1829 | $(29) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

GBP Pound Sterling

See Notes to Financial Statements 6

**GSK plc ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 98.1%** |  |  |
| **Health Care — 98.1%** |  |  |
| GSK plc, ADR |  |  |
| **(Cost $500,187)** | 13685 | $671113 |
| **Short-Term Investment — 0.9%** |  |  |
| **Money Market Funds — 0.9%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $6,078)** | 6078 | 6078 |
| **Total Investments — 99.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $506,265)** |  | 677191 |
| **Assets in excess of Other Liabilities,** |  |  |
| &nbsp;&nbsp;&nbsp;**Net — 1.0%** |  | 6706 |
| **Net Assets — 100%** |  | $683897 |

---

(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

PLC: Public Limited Company

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br> **Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** <br> **Appreciation** | **Unrealized** <br> **Depreciation** |
| CIBC | 01/02/26 | USD | 670891 | GBP | 498792 | $7 | $— |
| CIBC | 01/02/26 | GBP | 498792 | USD | 672070 | 1173 |  |
| CIBC | 01/05/26 | GBP | 501615 | USD | 674671 |  | (19) |
| **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** |  |  | $1180 | $(19) |

---

**\*** 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

GBP Pound Sterling

See Notes to Financial Statements. 7

**HSBC Holdings plc ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 97.3%** |  |  |
| **Financials — 97.3%** |  |  |
| HSBC Holdings plc, ADR |  |  |
| **(Cost $4,113,716)** | 53567 | $4214116 |
| **Short-Term Investment — 2.5%** |  |  |
| **Money Market Funds — 2.5%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $107,360)** | 107360 | 107360 |
| **Total Investments — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,221,076)** |  | 4321476 |
| **Assets in excess of Other Liabilities,** |  |  |
| &nbsp;&nbsp;&nbsp;**Net — 0.2%** |  | 6902 |
| **Net Assets — 100%** |  | $4328378 |

---

(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

PLC: Public Limited Company

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| CIBC | 01/02/26 | USD | 4216344 | GBP | 3134758 | $45 | $— |
| CIBC | 01/02/26 | GBP | 3134758 | USD | 4223758 | 7369 |  |
| CIBC | 01/05/26 | GBP | 3157470 | USD | 4246792 |  | (117) |
| **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** |  |  |  |  | $7414 | $(117) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

GBP Pound Sterling

See Notes to Financial Statements. 8

**Novo Nordisk A/S (B Shares) ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 98.5%** |  |  |
| **Health Care — 98.5%** |  |  |
| Novo Nordisk A/S (B Shares), ADR |  |  |
| **(Cost $3,353,076)** | 58224 | $2962438 |
| **Short-Term Investment — 1.2%** |  |  |
| **Money Market Funds — 1.2%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $34,571)** | 34571 | 34571 |
| **Total Investments — 99.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,387,647)** |  | 2997009 |
| **Assets in excess of Other Liabilities,** |  |  |
| &nbsp;&nbsp;&nbsp;**Net — 0.3%** |  | 8990 |
| **Net Assets — 100%** |  | $3005999 |

---

(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** **<br> Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** **<br> Appreciation** | **Unrealized** **<br> Depreciation** |
| CIBC | 01/02/26 | DKK | 19032985 | USD | 2996790 | $3994 | $— |
| CIBC | 01/02/26 | USD | 2992841 | DKK | 19032985 |  | (45) |
| CIBC | 01/05/26 | DKK | 18962817 | USD | 2982233 |  | (444) |
| **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** |  |  |  |  | $3994 | $(489) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

DKK Danish Krone

See Notes to Financial Statements. 9

**SAP SE ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 98.8%** |  |  |
| **Information Technology — 98.8%** |  |  |
| SAP SE, ADR |  |  |
| **(Cost $516,186)** | 1805 | $438453 |
| **Short-Term Investment — 0.8%** |  |  |
| **Money Market Funds — 0.8%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $3,352)** | 3352 | 3352 |
| **Total Investments — 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $519,538)** |  | 441805 |
| **Assets in excess of Other Liabilities,** |  |  |
| &nbsp;&nbsp;&nbsp;**Net — 0.4%** |  | 1607 |
| **Net Assets — 100%** |  | $443412 |

---

(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** **<br> Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** **<br> Appreciation** | **Unrealized** **<br> Depreciation** |
| CIBC | 01/02/26 | USD | 443501 | EUR | 377630 | $8 | $— |
| CIBC | 01/02/26 | EUR | 377630 | USD | 444102 | 593 |  |
| CIBC | 01/05/26 | EUR | 375867 | USD | 441485 |  | (62) |
| **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** | **Total Unrealized Appreciation/(Depreciation)** |  |  |  | $601 | $(62) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

---

| | |
|:---|:---|
| EUR | Euro |

---

See Notes to Financial Statements. 10

**Shell plc ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 96.4%** |  |  |
| **Energy — 96.4%** |  |  |
| Shell plc, ADR |  |  |
| **(Cost $1,570,368)** | 21127 | $1552412 |
| **Short-Term Investment — 3.4%** |  |  |
| **Money Market Funds — 3.4%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $54,350)** | 54350 | 54350 |
| **Total Investments — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,624,718)** |  | 1606762 |
| **Assets in excess of Other Liabilities,** |  |  |
| &nbsp;&nbsp;&nbsp;**Net — 0.2%** |  | 2555 |
| **Net Assets — 100%** |  | $1609317 |

---

(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

PLC: Public Limited Company

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** **<br> Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** **<br> Appreciation** | **Unrealized** **<br> Depreciation** |
| CIBC | 01/02/25 | USD | 1542095 | GBP | 1146513 | $17 | $— |
| CIBC | 01/02/25 | GBP | 1146513 | USD | 1544806 | 2695 |  |
| CIBC | 01/05/25 | GBP | 1159709 | USD | 1559807 |  | (43) |
| **Total Unrealized Appreciation/(Depreciation)** |  |  |  |  |  | $2712 | $(43) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

GBP Pound Sterling

See Notes to Financial Statements. 11

**STMicroelectronics NV ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 98.5%** |  |  |
| **Information Technology — 98.5%** |  |  |
| STMicroelectronics NV, ADR |  |  |
| **(Cost $467,876)** | 19560 | $507387 |
| **Short-Term Investment — 1.4%** |  |  |
| **Money Market Funds — 1.4%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $7,222)** | 7222 | 7222 |
| **Total Investments — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $475,098)** |  | 514609 |
| **Assets in excess of Other Liabilities,** |  |  |
| &nbsp;&nbsp;&nbsp;**Net — 0.1%** |  | 599 |
| **Net Assets — 100%** |  | $515208 |

---

(a) Reflects the 7-day yield at December 31, 2025.

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** **<br> Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** **<br> Appreciation** | **Unrealized** **<br> Depreciation** |
| CIBC | 01/02/26 | USD | 508262 | EUR | 432772 | $9 | $— |
| CIBC | 01/02/26 | EUR | 432772 | USD | 508951 | 680 |  |
| CIBC | 01/05/26 | EUR | 433972 | USD | 509734 |  | (71) |
| **Total Unrealized Appreciation/(Depreciation)** |  |  |  |  |  | $689 | $(71) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

---

| | |
|:---|:---|
| EUR | Euro |

---

See Notes to Financial Statements. 12

**Toyota Motor Corporation ADRhedged™**

**Schedule of Investments**

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks — 97.5%** |  |  |
| **Consumer Discretionary — 97.5%** |  |  |
| Toyota Motor Corp., ADR |  |  |
| **(Cost $2,001,716)** | 10493 | $2246132 |
| **Short-Term Investment — 1.9%** |  |  |
| **Money Market Funds — 1.9%** |  |  |
| Dreyfus Treasury Securities Cash Management Institutional Shares, 3.64%<sup>(a)</sup> |  |  |
| **(Cost $42,931)** | 42931 | 42931 |
| **Total Investments — 99.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,044,647)** |  | 2289063 |
| **Assets in excess of Other Liabilities,** |  |  |
| &nbsp;&nbsp;&nbsp;**Net — 0.6%** |  | 12707 |
| **Net Assets — 100%** |  | $2301770 |

---

(a) Reflects the 7-day yield at December 31, 2025.

ADR: American Depositary Receipt

At December 31, 2025, the Fund had the following currency swaps outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** **<br> Date<sup>\*</sup>** | **Currency to Deliver** | **Currency to Deliver** | **Currency to Receive** | **Currency to Receive** | **Unrealized** **<br> Appreciation** | **Unrealized** **<br> Depreciation** |
| CIBC | 01/02/26 | JPY | 355062356 | USD | 2271105 | $5882 | $— |
| CIBC | 01/02/26 | USD | 2265258 | JPY | 355062356 |  | (34) |
| CIBC | 01/05/26 | JPY | 353371669 | USD | 2254421 |  | (1052) |
| **Total Unrealized Appreciation/(Depreciation)** |  |  |  |  |  | $5882 | $(1086) |

---

\* 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.

**<u>Currency Abbreviations</u>**

USD U.S. Dollar

JPY Japanese Yen

See Notes to Financial Statements. 13

**Precidian ETFs Trust**

**Statements of Assets and Liabilities**

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Arm Holdings PLC**<br> **ADRhedged™** | **ASML Holding NV**<br> **ADRhedged™** | **AstraZeneca PLC**<br> **ADRhedged™** |
| **Assets** |  |  |  |
| Investments, at fair value | $931011 | $1444800 | $1084450 |
| Cash |  | 89 |  |
| Unrealized appreciation on currency swaps | 1633 | 1928 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares | 469402 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 59 | 73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | – | – | 78 |
| &nbsp;&nbsp;&nbsp;Total assets | 1402105 | 1446890 | 1086434 |
| **Liabilities**  |  |  |  |
| Unrealized depreciation on currency swaps | 26 | 202 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 469402 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 89 | 212 | 165 |
| Accrued expenses and other liabilities | 10 | 24 | 19 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 469527 | 438 | 214 |
| **Net Assets** | $932578 | $1446452 | $1086220 |
| **Net Assets Consists of**  |  |  |  |
| Paid-in capital | $973852 | $1170989 | $227153 |
| Distributable earnings (loss) | (41274) | 275463 | 859067 |
| **Net Assets** | $932578 | $1446452 | $1086220 |
| Number of Common Shares outstanding | 20001 | 20001 | 20001 |
| **Net Asset Value** | $46.63 | $72.32 | $54.31 |
| Investments, at cost | $951970 | $1134543 | $1079756 |

---

See Notes to Financial Statements. 14

**Precidian ETFs Trust**

**Statements of Assets and Liabilities** (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **BP p.l.c.**<br> **ADRhedged™** | **GSK plc**<br> **ADRhedged™** | **HSBC Holdings plc**<br> **ADRhedged™** |
| **Assets** |  |  |  |
| Investments, at fair value | $1075617 | $677191 | $4321476 |
| Unrealized appreciation on currency swaps | 1829 | 1180 | 7414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 116 | 5656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | – | – | 722 |
| &nbsp;&nbsp;&nbsp;Total assets | 1077562 | 684027 | 4329612 |
| **Liabilities**  |  |  |  |
| Unrealized depreciation on currency swaps | 29 | 19 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 159 | 99 | 999 |
| Accrued expenses and other liabilities | 19 | 12 | 118 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 207 | 130 | 1234 |
| **Net Assets** | $1077355 | $683897 | $4328378 |
| **Net Assets Consists of**  |  |  |  |
| Paid-in capital | $1304156 | $586657 | $2272336 |
| Distributable earnings (loss) | (226801) | 97240 | 2056042 |
| **Net Assets** | $1077355 | $683897 | $4328378 |
| Number of Common Shares outstanding | 20001 | 10001 | 50001 |
| **Net Asset Value** | $53.87 | $68.38 | $86.57 |
| Investments, at cost | $1058830 | $506265 | $4221076 |

---

See Notes to Financial Statements. 15

**Precidian ETFs Trust**

**Statements of Assets and Liabilities** (Continued)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Novo Nordisk A/S <br> (B Shares)**<br>**ADRhedged™** | **SAP SE**<br>**ADRhedged™** | **Shell plc<br> ADRhedged™** |
| **Assets** |  |  |  |
| Investments, at fair value | $2997009 | $441805 | $1606762 |
| Cash | 119 | 27 |  |
| Unrealized appreciation on currency swaps | 3994 | 601 | 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaim | 3388 | 1097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 2152 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 217 | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | – | – | 346 |
| &nbsp;&nbsp;&nbsp;Total assets | 3006879 | 443545 | 1609820 |
| **Liabilities**<br>|  |  |  |
| Unrealized depreciation on currency swaps | 489 | 62 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 350 | 64 | 412 |
| Accrued expenses and other liabilities | 41 | 7 | 48 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 880 | 133 | 503 |
| **Net Assets** | $3005999 | $443412 | $1609317 |
| **Net Assets Consists of**<br>|  |  |  |
| Paid-in capital | $3608135 | $574522 | $1388113 |
| Distributable earnings (loss) | (602136) | (131110) | 221204 |
| **Net Assets** | $3005999 | $443412 | $1609317 |
| Number of Common Shares outstanding | 110001 | 10001 | 30001 |
| **Net Asset Value** | $27.33 | $44.34 | $53.64 |
| Investments, at cost | $3387647 | $519538 | $1624718 |

---

See Notes to Financial Statements. 16

**Precidian ETFs Trust**

**Statements of Assets and Liabilities** (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
| | **STMicroelectronics NV ADRhedged™** | **Toyota Motor Corporation**<br> **ADRhedged™**  |
| **Assets** |  |  |
| Investments, at fair value | $514609 | $2289063 |
| Cash | 32 |  |
| Unrealized appreciation on currency swaps | 689 | 5882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 32 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | – | 7820 |
| &nbsp;&nbsp;&nbsp;Total assets | 515362 | 2303229 |
| **Liabilities**  |  |  |
| Unrealized depreciation on currency swaps | 71 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 74 | 334 |
| Accrued expenses and other liabilities | 9 | 39 |
| &nbsp;&nbsp;&nbsp;Total liabilities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 154 | 1459 |
| **Net Assets** | $515208 | $2301770 |
| **Net Assets Consists of**  |  |  |
| Paid-in capital | $500050 | $2058139 |
| Distributable earnings (loss) | 15158 | 243631 |
| **Net Assets** | $515208 | $2301770 |
| Number of Common Shares outstanding | 10001 | 40001 |
| **Net Asset Value** | $51.52 | $57.54 |
| Investments, at cost | $475098 | $2044647 |

---

See Notes to Financial Statements. 17

**Precidian ETFs Trust**

**Statements of Operations**

For the Year Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp; **Arm Holdings PLC**<br> **ADRhedged™<sup>(1)</sup>** | **ASML**<br> **Holding NV <br> ADRhedged™<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **AstraZeneca PLC**<br> **ADRhedged™** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* &nbsp;&nbsp;&nbsp;&nbsp; | $1639 | $5879 | $70251 |
| &nbsp;&nbsp;&nbsp;Interest income | – | – | 4720 |
| &nbsp;&nbsp;&nbsp;Total income | 1639 | 5879 | 74971 |
| **Expenses**  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 820 | 1055 | 4628 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 96 | 124 | 544 |
| &nbsp;&nbsp;&nbsp;Total expenses | 916 | 1179 | 5172 |
| &nbsp;&nbsp;&nbsp;Net investment income | 723 | 4700 | 69799 |
| **Net Realized and Unrealized Gain (Loss)**  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3310 | 882 | (18054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  |  | 1007530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | (13682) | (39360) | (150500) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (10372) | (38478) | 838976 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (20959) | 310257 | 63008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 1607 | 1726 | 3672 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (19352) | 311983 | 66680 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (29724) | 273505 | 905656 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**(29001)** | $**278205** | $**975455** |
| \* Withholding tax  | $– | $773 | $– |

---

<sup>(1)</sup> For the period March 13, 2025 (commencement of operations) through December 31, 2025.

See Notes to Financial Statements. 18

**Precidian ETFs Trust**

**Statements of Operations** (Continued)

For the Year Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **BP p.l.c.**<br> **ADRhedged™<sup>(1)</sup>** | **GSK plc <br> ADRhedged™<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HSBC**<br> **Holdings plc ADRhedged™** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $52850 | $35922 | $264140 |
| &nbsp;&nbsp;&nbsp;Interest income | – | – | 7377 |
| &nbsp;&nbsp;&nbsp;Total income | 52850 | 35922 | 271517 |
| **Expenses**  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1370 | 1254 | 7675 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 162 | 148 | 903 |
| &nbsp;&nbsp;&nbsp;Total expenses &nbsp;&nbsp;&nbsp;&nbsp; | 1532 | 1402 | 8578 |
| &nbsp;&nbsp;&nbsp;Net investment income | 51318 | 34520 | 262939 |
| **Net Realized and Unrealized Gain (Loss)**  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (5083) | 1751 | (863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | (190900) | (16644) | 1977231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | (81987) | (86605) | (383580) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (277970) | (101498) | 1592788 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 16787 | 170926 | 31887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 1800 | 1161 | 9064 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation | 18587 | 172087 | 40951 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (259383) | 70589 | 1633739 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**(208065)** | $**105109** | $**1896678** |

---

<sup>(1)</sup> For the period January 6, 2025 (commencement of operations) through December 31, 2025.

See Notes to Financial Statements. 19

**Precidian ETFs Trust**

**Statements of Operations** (Continued)

For the Year Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Novo Nordisk A/S** <br> **(B Shares)**<br> **ADRhedged™<sup>(1)</sup>** | **SAP SE** <br> **ADRhedged™<sup>(1)</sup>** | **Shell plc<br> ADRhedged™** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* &nbsp;&nbsp;&nbsp;&nbsp; | $24758 | $8402 | $152059 |
| &nbsp;&nbsp;&nbsp;Interest income | – | – | 3007 |
| &nbsp;&nbsp;&nbsp;Total income | 24758 | 8402 | 155066 |
| **Expenses**  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2161 | 1461 | 5672 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 255 | 172 | 667 |
| &nbsp;&nbsp;&nbsp;Total expenses &nbsp;&nbsp;&nbsp;&nbsp; | 2416 | 1633 | 6339 |
| &nbsp;&nbsp;&nbsp;Net investment income | 22342 | 6769 | 148727 |
| **Net Realized and Unrealized Gain (Loss)**  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (12090) | (6469) | (5287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | (89037) | 52623 | 215512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | (82360) | (106839) | (167563) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (183487) | (60685) | 42662 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (390638) | (77733) | 110973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 3505 | 539 | 4144 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (387133) | (77194) | 115117 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (570620) | (137879) | 157779 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations**  | $**(548278)** | $**(131110)** | $**306506** |
| \* Withholding tax  | $4235 | $1446 | $– |

---

<sup>(1)</sup> For the period January 6, 2025 (commencement of operations) through December 31, 2025.

See Notes to Financial Statements. 20

**Precidian ETFs Trust**

**Statements of Operations** (Continued)

For the Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
| | **STMicroelectronics NV**<br> **ADRhedged™<sup>(1)</sup>** | **Toyota Motor Corporation**<br> **ADRhedged™<sup>(1)</sup>** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $7008 | $23212 |
| &nbsp;&nbsp;&nbsp;Total income &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 7008 | 23212 |
| **Expenses**  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 711 | 1426 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 84 | 168 |
| &nbsp;&nbsp;&nbsp;Total expenses &nbsp;&nbsp;&nbsp;&nbsp; | 795 | 1594 |
| &nbsp;&nbsp;&nbsp;Net investment income | 6213 | 21618 |
| **Net Realized and Unrealized Gain (Loss)**  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2354 | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | (30002) | 149932 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (27648) | 149810 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 39511 | 244416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 618 | 4796 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation | 40129 | 249212 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 12481 | 399022 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $**18694** | $**420640** |
| \* Withholding tax  | $1064 | $2416 |

---

<sup>(1)</sup> For the period March 13, 2025 (commencement of operations) through December 31, 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™** | **AstraZeneca PLC ADRhedged™** |
| | **For the Period**<br> **March 13, 2025<sup>(1)</sup> to**<br> **December 31, 2025** | **For the Period**<br> **March 13, 2025<sup>(1)</sup> to**<br> **December 31, 2025** | **For the Year Ended**<br> **December 31, 2025** | **For the Period**<br> **October 4, 2024<sup>(1)</sup> to**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets from** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $723 | $4700 | $69799 | $395 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (10372) | (38478) | 838976 | 63436 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (19352) | 311983 | 66680 | (60110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (29001) | 278205 | 975455 | 3721 |
| **Distributions** | (12273) | (2742) | (11546) | (108563) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 973852 | 1170989 | 13210192 | 1776986 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | – | – | (14760025) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | 973852 | 1170989 | (1549833) | 1776986 |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | 932578 | 1446452 | (585924) | 1672144 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | – | – | 1672144 | – |
| &nbsp;&nbsp;&nbsp;End of period | $**932578** | $**1446452** | $**1086220** | $**1672144** |
| **Changes in Shares Outstanding** |  |  |  |  |
| Common Shares outstanding, beginning of period |  |  | 40001 |  |
| Shares sold | 20001 | 20001 | 280000 | 40001 |
| Shares redeemed | – | – | (300000) | – |
| Common Shares outstanding, end of period | **20001** | **20001** | **20001** | **40001** |

---

<sup>(1)</sup> Commencement of operations.

See Notes to Financial Statements. 22

**Precidian ETFs Trust**

**Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BP p.l.c.**<br>**ADRhedged™** | **GSK plc**<br>**ADRhedged™** | **HSBC Holdings Plc ADRhedged™** | **HSBC Holdings Plc ADRhedged™** |
| | <br>**For the Period**<br> **January 6, 2025<sup>(1)</sup> to**<br> **December 31, 2025** | <br> **For the Period**<br> **January 6, 2025<sup>(1)</sup> to**<br> **December 31, 2025** | **For the Year Ended <br>December 31, 2025** | **For the Period**<br> **October 4, 2024<sup>(1)</sup> to**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $51318 | $34520 | $262939 | $21339 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (277970) | (101498) | 1592788 | 94342 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation | 18587 | 172087 | 40951 | 66746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (208065) | 105109 | 1896678 | 182427 |
| **Distributions** | (18736) | (7869) |  | (23063) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2137846 | 1573321 | 29001776 | 2060561 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (833690) | (986664) | (28252561) | (537440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 1304156 | 586657 | 749215 | 1523121 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 1077355 | 683897 | 2645893 | 1682485 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |  | 1682485 |  |
| &nbsp;&nbsp;&nbsp;End of period | $**1077355** | $**683897** | $**4328378** | $**1682485** |
| **Changes in Shares Outstanding** |  |  |  |  |
| Common Shares outstanding, beginning of period |  |  | 30001 |  |
| Shares sold | 40001 | 30001 | 400000 | 40001 |
| Shares redeemed | (20000) | (20000) | (380000) | (10000) |
| Common Shares outstanding, end of period | **20001** | **10001** | **50001** | **30001** |

---

<sup>(1)</sup> Commencement of operations.

See Notes to Financial Statements. 23

**Precidian ETFs Trust**

**Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Novo Nordisk <br>A/S (B Shares) <br>ADRhedged™** | **SAP SE <br>ADRhedged™** | **Shell plc ADRhedged™** | **Shell plc ADRhedged™** |
| | **For the Period**<br> **January 6, 2025<sup>(1)</sup> to**<br> **December 31, 2025** | **For the Period**<br> **January 6, 2025<sup>(1)</sup> to**<br> **December 31, 2025** | **For the Year Ended <br>December 31, 2025** | **For the Period**<br> **October 4, 2024<sup>(1)</sup> to**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $22342 | $6769 | $148727 | $14879 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (183487) | (60685) | 42662 | 56469 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (387133) | (77194) | 115117 | (130404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (548278) | (131110) | 306506 | (59056) |
| **Distributions** | (53858) |  |  | (26246) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4593083 | 1081772 | 18671654 | 1509277 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (984948) | (507250) | (18792818) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | 3608135 | 574522 | (121164) | 1509277 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 3005999 | 443412 | 185342 | 1423975 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |  | 1423975 |  |
| &nbsp;&nbsp;&nbsp;End of period | $**3005999** | $**443412** | $**1609317** | $**1423975** |
| **Changes in Shares Outstanding** |  |  |  |  |
| Common Shares outstanding, beginning of period |  |  | 30001 |  |
| Shares sold | 140001 | 20001 | 360000 | 30001 |
| Shares redeemed | (30000) | (10000) | (360000) |  |
| Common Shares outstanding, end of period | **110001** | **10001** | **30001** | **30001** |

---

(1) Commencement of operations.

See Notes to Financial Statements. 24

**Precidian ETFs Trust**

**Statements of Changes in Net Assets** (Continued)

---

| | | |
|:---|:---|:---|
|  | **STMicroelectronics <br>NV ADRhedged™** | **Toyota Motor <br>Corporation <br>ADRhedged™** |
| | **For the Period**<br> **March 13, 2025<sup>(1)</sup> to**<br> **December 31, <br> 2025** | **For the Period**<br> **March 13, 2025<sup>(1)</sup> to**<br> **December 31,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $6213 | $21618 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (27648) | 149810 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation | 40129 | 249212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 18694 | 420640 |
| **Distributions** | (3536) | (177009) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 500050 | 2058139 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 500050 | 2058139 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 515208 | 2301770 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |  |
| &nbsp;&nbsp;&nbsp;End of period | $**515208** | $**2301770** |
| **Changes in Shares Outstanding** |  |  |
| Common Shares outstanding, beginning of period |  |  |
| Shares sold | 10001 | 40001 |
| Shares redeemed |  |  |
| Common Shares outstanding, end of period | **10001** | **40001** |

---

(1) Commencement of operations.

See Notes to Financial Statements. 25

**Precidian ETFs Trust**

**Financial Highlights**

---

| | |
|:---|:---|
| **Arm Holdings PLC ADRhedged™<br> Selected Per Share Data** | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $50.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.21) |
| Total from investment operations | (2.14) |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.23) |
| Net Asset Value, end of period | $46.63 |
| Market price, end of period | $46.54 |
| **Total Return based on Net Asset Value(%)** | (4.54)<sup>(c)</sup> |
| **Total Return based on Market Price (%)** | (4.71)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $0.9 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.15 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> |

---

(a) For the period March 13, 2025 (commencement of operations) through December 31, 2025.

(b) Per share numbers have been calculated using the average shares outstanding method.

(c) Not annualized.

(d) Annualized.

(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™<br> Selected Per Share Data** | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $50.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 22.09 |
| Total from investment operations | 22.46 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.14) |
| Net Asset Value, end of period | $72.32 |
| Market price, end of period | $72.33 |
| **Total Return based on Net Asset Value (%)** | 44.91 <sup>(c)</sup> |
| **Total Return based on Market Price (%)** | 44.93 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $1.4 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.76 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> |

---

(a) For the period March 13, 2025 (commencement of operations) through December 31, 2025.

(b) Per share numbers have been calculated using the average shares outstanding method.

(c) Not annualized.

(d) Annualized.

(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™<br> Selected Per Share Data** | **For the<br> Year Ended<br> December 31,<br> 2025** | **Period Ended** **<br> December 31,<br> 2024<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $41.80 | $50.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 1.17 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 11.92 | (5.50) |
| Total from investment operations | 13.09 | (5.49) |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.58) | (2.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.58) | (2.71) |
| Net Asset Value, end of period | $54.31 | $41.80 |
| Market price, end of period | $54.22 | $42.06 |
| **Total Return based on Net Asset Value (%)** | 31.30 | (10.96)<sup>(c)</sup> |
| **Total Return based on Market Price (%)** | 30.30 | (10.41)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $1.1 | $2.0 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 2.56 | 0.13 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 | 0 <sup>(c)</sup> |

---

(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) Not annualized.

(d) Annualized.

(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™<br> Selected Per Share Data** | **Period Ended** **<br> December 31,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $50.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 3.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.56 <sup>(c)</sup> |
| Total from investment operations | 4.81 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.94) |
| Net Asset Value, end of period | $53.87 |
| Market price, end of period | $53.77 |
| **Total Return based on Net Asset Value (%)** | 9.65 <sup>(d)</sup> |
| **Total Return based on Market Price (%)** | 9.46 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $1.1 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 6.37 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 0 <sup>(d)</sup> |

---

(a) For the period January 6, 2025 (commencement of operations) through December 31, 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 market at values, the amount shown may not agree with the change in aggregate gains and losses.

(d) Not annualized.

(e) Annualized.

(f) 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™**<br> **Selected Per Share Data** | **Period Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $50.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 2.60 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 16.57 |
| Total from investment operations | 19.17 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.79) |
| Net Asset Value, end of period | $68.38 |
| Market price, end of period | $68.20 |
| **Total Return based on Net Asset Value (%)** | 38.35 <sup>(c)</sup> |
| **Total Return based on Market Price (%)** | 37.98 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $0.7 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.68 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> |

---

(a) For the period January 6, 2025 (commencement of operations) through December 31, 2025.

(b) Per share numbers have been calculated using the average shares outstanding method.

(c) Not annualized.

(d) Annualized.

(e) 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™** <br> **Selected Per Share Data**  | **For the** <br> **Year Ended** <br> **December 31,** <br> **2025**  | **Period Ended**<br> **December 31,**<br> **2024**<sup>(a)</sup>  |
| Net Asset Value, beginning of period | $56.08 | $50.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 4.08 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 26.41 | 5.88 |
| Total from investment operations | 30.49 | 6.66 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (0.58) |
| Net Asset Value, end of period | $86.57 | $56.08 |
| Market price, end of period | $86.42 | $56.36 |
| **Total Return based on Net Asset Value (%)** | 54.36 | 13.35 <sup>(c)</sup> |
| **Total Return based on Market Price (%)** | 53.34 | 13.91 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $4.3 | $2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 5.82 | 6.33 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 | 0 <sup>(c)</sup> |

---

(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) Not annualized.

(d) Annualized.

(e) 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™** <br> **Selected Per Share Data**  | **Period Ended** <br> **December 31,** <br> **2025**<sup>(a)</sup>  |
| Net Asset Value, beginning of period | $50.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (22.56) |
| Total from investment operations | (22.02) |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.65) |
| Net Asset Value, end of period | $27.33 |
| Market price, end of period | $27.43 |
| **Total Return based on Net Asset Value (%)** | (44.03)<sup>(c)</sup> |
| **Total Return based on Market Price (%)** | (43.82)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 1.75 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> |

---

(a) For the period January 6, 2025 (commencement of operations) through December 31, 2025.

(b) Per share numbers have been calculated using the average shares outstanding method.

(c) Not annualized.

(d) Annualized.

(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™** <br> **Selected Per Share Data**  | **Period Ended** <br> **December 31,** <br> **2025**<sup>(a)</sup>  |
| Net Asset Value, beginning of period | $50.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (6.06) |
| Total from investment operations | (5.66) |
| Net Asset Value, end of period | $44.34 |
| Market price, end of period | $44.34 |
| **Total Return based on Net Asset Value (%)** | (11.33)<sup>(c)</sup> |
| **Total Return based on Market Price (%)** | (11.32)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.79 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> |

---

(a) For the period January 6, 2025 (commencement of operations) through December 31, 2025.

(b) Per share numbers have been calculated using the average shares outstanding method.

(c) Not annualized.

(d) Annualized.

(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™** <br> **Selected Per Share Data**  | **For the** <br> **Year Ended** <br> **December 31,** <br> **2025**  | **Period Ended** <br> **December 31,** <br> **2024**<sup>(a)</sup>  |
| Net Asset Value, beginning of period | $47.46 | $50.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 2.30 | 0.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.88 | (2.33) |
| Total from investment operations | 6.18 | (1.67) |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (0.87) |
| Net Asset Value, end of period | $53.64 | $47.46 |
| Market price, end of period | $53.53 | $47.69 |
| **Total Return based on Net Asset Value (%)** | 13.01 | (3.29)<sup>(c)</sup> |
| **Total Return based on Market Price (%)** | 12.24 | (2.82)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $1.6 | $1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.46 | 5.82 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 | 0 <sup>(c)</sup> |

---

(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) Not annualized.

(d) Annualized.

(e) 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™** <br> **Selected Per Share Data**  | **Period Ended** <br> **December 31,** <br> **2025**<sup>(a)</sup>  |
| Net Asset Value, beginning of period | $50.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.25 |
| Total from investment operations | 1.87 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.35) |
| Net Asset Value, end of period | $51.52 |
| Market price, end of period | $51.48 |
| **Total Return based on Net Asset Value (%)** | 3.74 <sup>(c)</sup> |
| **Total Return based on Market Price (%)** | 3.67 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 1.49 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> |

---

(a) For the period March 13, 2025 (commencement of operations) through December 31, 2025.

(b) Per share numbers have been calculated using the average shares outstanding method.

(c) Not annualized.

(d) Annualized.

(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™** <br> **Selected Per Share Data**  | **Period Ended** <br> **December 31,** <br> **2025**<sup>(a)</sup>  |
| Net Asset Value, beginning of period | $50.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 12.72 |
| Total from investment operations | 13.84 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (6.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (6.30) |
| Net Asset Value, end of period | $57.54 |
| Market price, end of period | $57.71 |
| **Total Return based on Net Asset Value (%)** | 29.05 <sup>(c)</sup> |
| **Total Return based on Market Price (%)** | 29.41 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.19 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 2.57 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> |

---

(a) For the period March 13, 2025 (commencement of operations) through December 31, 2025.

(b) Per share numbers have been calculated using the average shares outstanding method.

(c) Not annualized.

(d) Annualized.

(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**

December 31, 2025

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 December 31, 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 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.

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

Money market funds are valued at NAV and are categorized as Level 1.

Currency swap contracts are 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 December 31, 2025 for the Funds based upon three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Arm Holdings PLC ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $920062 | $— | $— | $920062 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 10949 |  |  | 10949 |
| Total Investments in Securities | 931011 |  |  | 931011 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 1633 |  | 1633 |
| Total Investments in Securities and Other Financial Instruments | $931011 | $1633 | $— | $932644 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(26) | $— | $(26) |
| TOTAL | $931011 | $1607 | $— | $932618 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASML Holding NV ADRhedged™** | | | | |
| **Assets** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1428263 | $— | $— | $1428263 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 16537 |  |  | 16537 |
| Total Investments in Securities | 1444800 |  |  | 1444800 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 1928 |  | 1928 |
| Total Investments in Securities and Other Financial Instruments | $1444800 | $1928 | $— | $1446728 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Currency Swaps | $— | $(202) | $— | $(202) |
| TOTAL | $1444800 | $1726 | $— | $1446526 |

---

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AstraZeneca PLC ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1079166 | $— | $— | $1079166 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 5284 |  |  | 5284 |
| Total Investments in Securities | 1084450 |  |  | 1084450 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 1906 |  | 1906 |
| Total Investments in Securities and Other Financial Instruments | $1084450 | $1906 | $— | $1086356 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(30) | $— | $(30) |
| TOTAL | $1084450 | $1876 | $— | $1086326 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BP p.l.c. ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1050513 | $— | $— | $1050513 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 25104 |  |  | 25104 |
| Total Investments in Securities | 1075617 |  |  | 1075617 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 1829 |  | 1829 |
| Total Investments in Securities and Other Financial Instruments | $1075617 | $1829 | $— | $1077446 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(29) | $— | $(29) |
| TOTAL | $1075617 | $1800 | $— | $1077417 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GSK plc ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $671113 | $— | $— | $671113 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 6078 |  |  | 6078 |
| Total Investments in Securities | 677191 |  |  | 677191 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 1180 |  | 1180 |
| Total Investments in Securities and Other Financial Instruments | $677191 | $1180 | $— | $678371 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(19) | $— | $(19) |
| TOTAL | $677191 | $1161 | $— | $678352 |

---

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HSBC Holdings Plc ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $4214116 | $— | $— | $4214116 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 107360 |  |  | 107360 |
| Total Investments in Securities | 4321476 |  |  | 4321476 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 7414 |  | 7414 |
| Total Investments in Securities and Other Financial Instruments | $4321476 | $7414 | $— | $4328890 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(117) | $— | $(117) |
| TOTAL | $4321476 | $7297 | $— | $4328773 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Novo Nordisk A/S (B Shares) ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $2962438 | $— | $— | $2962438 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 34571 |  |  | 34571 |
| Total Investments in Securities | 2997009 |  |  | 2997009 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 3994 |  | 3994 |
| Total Investments in Securities and Other Financial Instruments | $2997009 | $3994 | $— | $3001003 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(489) | $— | $(489) |
| TOTAL | $2997009 | $3505 | $— | $3000514 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SAP SE ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $438453 | $— | $— | $438453 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 3352 |  |  | 3352 |
| Total Investments in Securities | 441805 |  |  | 441805 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 601 |  | 601 |
| Total Investments in Securities and Other Financial Instruments | $441805 | $601 | $— | $442406 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(62) | $— | $(62) |
| TOTAL | $441805 | $539 | $— | $442344 |

---

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shell plc ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1552412 | $— | $— | $1552412 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 54350 |  |  | 54350 |
| Total Investments in Securities | 1606762 |  |  | 1606762 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 2712 |  | 2712 |
| Total Investments in Securities and Other Financial Instruments | $1606762 | $2712 | $— | $1609474 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(43) | $— | $(43) |
| TOTAL | $1606762 | $2669 | $— | $1609431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **STMicroelectronics NV ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $507387 | $— | $— | $507387 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 7222 |  |  | 7222 |
| Total Investments in Securities | 514609 |  |  | 514609 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 689 |  | 689 |
| Total Investments in Securities and Other Financial Instruments | $514609 | $689 | $— | $515298 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(71) | $— | $(71) |
| TOTAL | $514609 | $618 | $— | $515227 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Toyota Motor Corporation ADRhedged™** | | | | |
| **<u>Assets</u>** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;Common Stocks | $2246132 | $— | $— | $2246132 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 42931 |  |  | 42931 |
| Total Investments in Securities | 2289063 |  |  | 2289063 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps |  | 5882 |  | 5882 |
| Total Investments in Securities and Other Financial Instruments | $2289063 | $5882 | $— | $2294945 |
| **<u>Liabilities</u>** |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps | $— | $(1086) | $— | $(1086) |
| TOTAL | $2289063 | $4796 | $— | $2293859 |

---

(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)

December 31, 2025

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. 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 a Fund 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 December 31, 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 December 31, 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 their pro rata share of any income, gains, 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, and such expenses shall be immediately paid after the sale of such portfolio securities.

(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.

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

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 the potential inability of their 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 of 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.

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

The following table summarizes the value of the Funds' derivative instruments held as of December 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities presented by underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | | **Liability Derivatives** | |
| **Arm Holdings PLC ADRhedged™** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $1633 | Unrealized depreciation on currency swaps | $26 |
|  | Total | $1633 | Total | $26 |
|  | **Asset Derivatives** |  | **Liability Derivatives** |  |
| **ASML Holding NV ADRhedged™** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $1928 | Unrealized depreciation on currency swaps | $202 |
|  | Total | $1928 | Total | $202 |
|  | **Asset Derivatives** |  | **Liability Derivatives** |  |
| **AstraZeneca PLC ADRhedged™** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $1906 | Unrealized depreciation on currency swaps | $30 |
|  | Total | $1906 | Total | $30 |
|  | **Asset Derivatives** |  | **Liability Derivatives** |  |
| **BP p.l.c. ADRhedged™** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $1829 | Unrealized depreciation on currency swaps | $29 |
|  | Total | $1829 | Total | $29 |
|  | **Asset Derivatives** |  | **Liability Derivatives** |  |
| **GSK plc ADRhedged™** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $1180 | Unrealized depreciation on currency swaps | $19 |
|  | Total | $1180 | Total | $19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | | **Liability Derivatives** | |
| **HSBC Holdings plc ADRhedged™** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $7414 | Unrealized depreciation on currency swaps | $117 |
|  | Total | $7414 | Total | $117 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | | **Liability Derivatives** | |
| **Novo Nordisk A/S (B Shares) ADRhedged™** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $3993 | Unrealized depreciation on currency swaps | $489 |
|  | Total | $3993 | Total | $489 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | | **Liability Derivatives** | |
| **SAP SE ADRhedged™** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $602 | Unrealized depreciation on currency swaps | $62 |
|  | Total | $602 | Total | $62 |

---

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | | **Liability Derivatives** | |
| **Shell plc ADRhedged™** | **Shell plc ADRhedged™** | **Shell plc ADRhedged™** | **Shell plc ADRhedged™** | **Shell plc ADRhedged™** |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $2712 | Unrealized depreciation on currency swaps | $43 |
|  | Total | $2712 | Total | $43 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | | **Liability Derivatives** | |
| **STMicroelectronics NV ADRhedged™** | **STMicroelectronics NV ADRhedged™** | **STMicroelectronics NV ADRhedged™** | **STMicroelectronics NV ADRhedged™** | **STMicroelectronics NV ADRhedged™** |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $689 | Unrealized depreciation on currency swaps | $71 |
|  | Total | $689 | Total | $71 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | | **Liability Derivatives** | |
| **Toyota Motor Corporation ADRhedged™** | **Toyota Motor Corporation ADRhedged™** | **Toyota Motor Corporation ADRhedged™** | **Toyota Motor Corporation ADRhedged™** | **Toyota Motor Corporation ADRhedged™** |
| &nbsp;&nbsp;&nbsp;Currency Swaps - Foreign exchange contracts | Unrealized appreciation on currency swaps | $5882 | Unrealized depreciation on currency swaps | $1086 |
|  | Total | $5882 | Total | $1086 |

---

For the period ended December 31, 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**<br> **— Foreign Exchange Contracts** |
| Arm Holdings PLC ADRhedged™ | $(13682) |
| ASML Holding NV ADRhedged™ | (39360) |
| AstraZeneca PLC ADRhedged™ | (150500) |
| BP p.l.c. ADRhedged™ | (81987) |
| GSK plc ADRhedged™ | (86605) |
| HSBC Holdings plc ADRhedged™ | (383580) |
| Novo Nordisk A/S (B Shares) ADRhedged™ | (82360) |
| SAP SE ADRhedged™ | (106839) |
| Shell plc ADRhedged™ | (167563) |
| STMicroelectronics NV ADRhedged™ | (30002) |
| Toyota Motor Corporation ADRhedged™ | 149932 |

---

---

| | |
|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on:**  | **Currency Swaps**<br> **— Foreign Exchange Contracts** |
| Arm Holdings PLC ADRhedged™ | $1607 |
| ASML Holding NV ADRhedged™ | 1726 |
| AstraZeneca PLC ADRhedged™ | 3672 |
| BP p.l.c. ADRhedged™ | 1800 |
| GSK plc ADRhedged™ | 1161 |
| HSBC Holdings Plc ADRhedged™ | 9064 |
| Novo Nordisk A/S (B Shares) ADRhedged™ | 3505 |
| SAP SE ADRhedged™ | 539 |
| Shell plc ADRhedged™ | 4144 |
| STMicroelectronics NV ADRhedged™ | 618 |
| Toyota Motor Corporation ADRhedged™ | 4796 |

---

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

The notional value of the currency swap contracts is adjusted daily based on the current fair value of the portfolio securities of the Funds. For the period ended December 31, 2025, the average of outstanding derivative financial instruments based on the ending monthly contract values were as follows:

---

| | |
|:---|:---|
| | **Currency Swaps**<br> **(Contract Value)** |
| Arm Holdings PLC ADRhedged™ | $663 |
| ASML Holding NV ADRhedged™ | 445 |
| AstraZeneca PLC ADRhedged™ | 3183 |
| BP p.l.c. ADRhedged™ | 1111 |
| GSK plc ADRhedged™ | 1088 |
| HSBC Holdings Plc ADRhedged™ | 4076 |
| Novo Nordisk A/S (B Shares) ADRhedged™ | 445 |
| SAP SE ADRhedged™ | 385 |
| Shell plc ADRhedged™ | 2955 |
| STMicroelectronics NV ADRhedged™ | 132 |
| Toyota Motor Corporation ADRhedged™ | (188) |

---

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, CIBC, 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 December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Gross Amounts of Assets Presented in the Statement of Assets and Liabilities ($)** | **Financial Instruments and Derivatives Available for Offset ($)**  | **Collateral Received<br> ($)(a)**  | **Net Amount of Derivative Assets ($)**  | **Gross Amounts of Liabilities Presented in the Statements of Assets and Liabilities ($)** | **Financial Instruments and Derivatives Available for Offset ($)** | **Collateral Pledged<br> ($)(a)** | **Net Amount of Derivatives Liabilities ($)** |
| **Arm Holdings PLC ADRhedged™** | 1633 | (26) |  | 1607 | 26 | (26) |  |  |
| **ASML Holding NV ADRhedged™** | 1928 | (202) |  | 1726 | 202 | (202) |  |  |
| **AstraZeneca PLC ADRhedged™** | 1906 | (30) |  | 1876 | 30 | (30) |  |  |
| **BP p.l.c. ADRhedged™** | 1829 | (29) |  | 1800 | 29 | (29) |  |  |
| **GSK plc ADRhedged™** | 1180 | (19) |  | 1161 | 19 | (19) |  |  |
| **HSBC Holdings Plc ADRhedged™** | 7414 | (117) |  | 7297 | 117 | (117) |  |  |
| **Novo Nordisk A/S (B Shares) ADRhedged™**  | 3994 | (489) |  | 3505 | 489 | (489) |  |  |
| **SAP SE ADRhedged™** | 601 | (62) |  | 539 | 62 | (62) |  |  |
| **Shell plc ADRhedged™** | 2712 | (43) |  | 2669 | 43 | (43) |  |  |
| **STMicroelectronics NV ADRhedged™**  | 689 | (71) |  | 618 | 71 | (71) |  |  |
| **Toyota Motor Corporation ADRhedged™**  | 5882 | (1086) |  | 4796 | 1086 | (1086) |  |  |

---

<sup>(a)</sup> The actual collateral received/(pledged) may be more than the amount shown.

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

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 the vote of a majority of the Funds' 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 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. and Robert Rhatigan, each an Assistant Secretary of the Trust, are Partners of Practus, LLP. Neither the officers and/or directors of CFS, Mr. Lively, Mr. King or Mr. Rhatigan receive any special compensation from the Trust or the Funds for serving as officers of the Trust.

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

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 December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Arm Holdings PLC ADRhedged™ | $– $| 18773 |
| ASML Holding NV ADRhedged™ | – | 20331 |
| AstraZeneca PLC ADRhedged™ | – | 142928 |
| BP p.l.c. ADRhedged™ | – | 59966 |
| GSK plc ADRhedged™ | – | 62826 |
| HSBC Holdings plc ADRhedged™ | – | 38794 |
| Novo Nordisk A/S (B Shares) ADRhedged™ | – | 45221 |
| SAP SE ADRhedged™ | – | 113977 |
| Shell plc ADRhedged™ | – | 78124 |
| STMicroelectronics NV ADRhedged™ | – | 11109 |
| Toyota Motor Corporation ADRhedged™ | – | 2439 |

---

Purchases and sales of in-kind transactions for the period ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Arm Holdings PLC ADRhedged™ | $956484 | $– |
| ASML Holding NV ADRhedged™ | 1137455 |  |
| AstraZeneca PLC ADRhedged™ | 12960036 | 14405689 |
| BP p.l.c. ADRhedged™ | 2120027 | 830353 |
| GSK plc ADRhedged™ | 1567640 | 989734 |
| HSBC Holdings plc ADRhedged™ | 28097364 | 27466291 |
| Novo Nordisk A/S (B Shares) ADRhedged™ | 4483483 | 984060 |
| SAP SE ADRhedged™ | 1082310 | 498301 |
| Shell plc ADRhedged™ | 18195930 | 18249481 |
| STMicroelectronics NV ADRhedged™ | 476630 |  |
| Toyota Motor Corporation ADRhedged™ | 2004277 |  |

---

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.

**Precidian ETFs Trust**

**Notes to Financial Statements** (Continued)

December 31, 2025

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 Funds' portfolio manager is deemed to be 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.

AstraZeneca PLC has announced that it is terminating its ADR program in connection with the implementation of a harmonized global listing structure and the direct listing of its ordinary shares on the New York Stock Exchange, which is expected to become effective on or about February 2, 2026. As a result, all outstanding AstraZeneca PLC ADRs will be mandatorily cancelled and converted into ordinary shares at or around that date. The AstraZeneca PLC ADRhedged™ has stopped trading and liquidated and ceased operations on February 17, 2026.

**Precidian ETFs Trust**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees:

Precidian ETFs Trust:

*<u>Opinion on the Financial Statements</u>*

We have audited the accompanying statements of assets and liabilities of the Funds listed in the Appendix that comprise Precidian ETFs Trust (each a Fund and collectively, the Funds), including the schedules of investments, as of December 31, 2025, the related statements of operations and changes in net assets for the years or periods listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods listed in the Appendix. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations, changes in their net assets, and the financial highlights for the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*<u>Basis for Opinion</u>*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with custodians and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Funds' auditor since 2024.

Columbus, Ohio

February 20, 2026

**Precidian ETFs Trust**

**Report of Independent Registered Public Accounting Firm** (Continued)

**Appendix A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Arm Holdings PLC ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**Arm Holdings PLC ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;**ASML Holding NV ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**ASML Holding NV ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;**AstraZeneca PLC ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**AstraZeneca PLC ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from October 4, 2024 (commencement of operations) through December 31, 2024 and year ended December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from October 4, 2024 (commencement of operations) through December 31, 2024 and year ended December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from October 4, 2024 (commencement of operations) through December 31, 2024 and year ended December 31, 2025. |
| &nbsp;&nbsp;**BP p.l.c. ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**BP p.l.c. ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;**GSK plc ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**GSK plc ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |

---

**Precidian ETFs Trust**

**Report of Independent Registered Public Accounting Firm** (Continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;**HSBC Holdings plc ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**HSBC Holdings plc ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from October 4, 2024 (commencement of operations) through December 31, 2024 and year ended December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from October 4, 2024 (commencement of operations) through December 31, 2024 and year ended December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from October 4, 2024 (commencement of operations) through December 31, 2024 and year ended December 31, 2025. |
| &nbsp;&nbsp;**Novo Nordisk A/S (B Shares) ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**Novo Nordisk A/S (B Shares) ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;**SAP SE ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**SAP SE ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) to December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from January 6, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;**Shell plc ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**Shell plc ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from October 4, 2024 (commencement of operations) through December 31, 2024 and year ended December 31, 2025. |

---

**Precidian ETFs Trust**

**Report of Independent Registered Public Accounting Firm** (Continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from October 4, 2024 (commencement of operations) through December 31, 2024 and year ended December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from October 4, 2024 (commencement of operations) through December 31, 2024 and year ended December 31, 2025. |
| &nbsp;&nbsp;**STMicroelectronics NV ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**STMicroelectronics NV ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;**Toyota Motor Corporation ADRhedged<sup>TM</sup>** | &nbsp;&nbsp;**Toyota Motor Corporation ADRhedged<sup>TM</sup>** |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Schedules of Investments | &nbsp;&nbsp;As of December 31, 2025. |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp; For the Period from March 13, 2025 (commencement of operations) through December 31, 2025. |

---

---

| | | |
|:---|:---|:---|
| <br> **Investment Manager** <br> Precidian Funds, LLC 301<br> South State St.<br> Suite N-002<br> Newtown, Pennsylvania 18940 | **Co-Administrator** <br> Commonwealth Fund Services, LLC<br> 8730 Stoney Parkway<br> Suite 205<br> Richmond, Virginia 23235 | **Custodian, Co-Administrator & Transfer Agent**<br> The Bank of New York<br> 240 Greenwich Street<br> New York, New York 10286 |
| **Distributor** <br> Foreside Fund Services, LLC<br> Three Canal Plaza, Suite 100<br> Portland, Maine 04101 | **Independent Registered Public Accounting Firm**<br> KPMG LLP<br> 191 West Nationwide Blvd.<br> Suite 500<br> Columbus, Ohio 43215 | **Legal Counsel**<br> Practus, LLP<br> 11300 Tomahawk Creek Parkway<br> Suite 310<br> Leawood, Kansas 66211 |

---

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Reference Item 7, Notes to Financial Statements, item 4(d) regarding remuneration paid to the Trustees and Officers.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The Nominating and Corporate Governance Committee ("NCGC") considers any such candidate recommended by a shareholder if such recommendation contains: (i) sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner as determined by the NCGC in its discretion. Shareholders should address any such recommendations in writing to the attention of the Nominating and Corporate Governance Committee, c/o the Secretary of the Trust at 8730 Stony Point Parkway, Suite 205, Richmond, VA 23235.

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of a date within 90 days of the filing date of this Form N-CSR, the registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19.** **Exhibits.**

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ex99-coe.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Precidian ETFs Trust |
| By (Signature and Title)<sup>\*</sup> | /s/ Karen M. Shupe |
|  | Karen M. Shupe |
|  | Treasurer and Principal Executive Officer |
| Date <u>March 5, 2026</u> |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)<sup>\*</sup> | /s/ Karen M. Shupe |
|  | Karen M. Shupe |
|  | Treasurer and Principal Executive Officer |
| Date <u>March 5, 2026</u> |  |
| By (Signature and Title)<sup>\*</sup> | /s/ Ann T. MacDonald |
|  | Ann T. MacDonald |
|  | Assistant Treasurer and Principal Financial Officer |
| Date <u>March 5, 2026</u> |  |

---

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

[Precidian ETFs Trust N-CSR](precidian_ncsr-123125.htm)

**Exhibit 99.CODE ETH**

**Precidian ETFs Trust**

**CODE OF ETHICS FOR SENIOR OFFICERS**

**Preamble**

Section 406 of the Sarbanes-Oxley Act of 2002 directs rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Precidian ETFs Trust (the "Company") has adopted this Code of Ethics (the "Code").

**Statement of Policy**

It is the obligation of the senior officers of the Company to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Company shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Company in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Company shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Company, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Company and its adviser has adopted or may adopt in the future with which Company officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

**Covered Persons**

This Code of Ethics applies to those persons appointed by the Company's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

**Promotion of Honest and Ethical Conduct**

In serving as an officer of the Company, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Company, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Company, he has a duty to act in the best interests of the Company and its shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Company.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Company, he should consult with the Company's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Company or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Company give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

**Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure**

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Company shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Company counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Company service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Company reports reveal, rather than conceal, the Company's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Company to provide full, fair and accurate financial information and other disclosure to regulators and Company shareholders.

Each Covered Person shall inquire of other Company officers and service providers, as appropriate, to assure that the information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Company, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

**Promotion of Compliance with Applicable Government Laws, Rules and Regulations**

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Company and its operations and shall act with competence and due care in serving as an officer of the Company. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Company.

Each Covered Person shall cooperate with the Company's independent auditors, regulatory agencies and internal auditors in their review or inspection of the Company and its operations.

No Covered Person shall knowingly violate any law or regulation relating to the Company or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Company or their operations.

**Promoting Prompt Internal Reporting of Violations**

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Company's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Company's Audit Committee. All waivers and amendments shall be disclosed as required by law.

**Sanctions**

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Company. Sanctions shall be imposed by the Company's Audit Committee, subject to review by the entire Board of Trustees of the Company.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

**No Rights Created**

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Company's senior officers in the conduct of the Company's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

**Recordkeeping**

The Company will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**Amendments**

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

**CODE OF ETHICS FOR SENIOR OFFICERS**

I HEREBY CERTIFY THAT:

&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by Precidian ETFs Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar year ending December 31, 2024.

Set forth below exceptions to items (3) and (4), if any:

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| | |
|:---|:---|
| By (Signature and Title)\*: | /s/ Karen Shupe |
|  | Karen Shupe |
|  | Principal Executive Officer |
| Date: February 24, 2025 |  |
| By (Signature and Title)\*: | /s/ Ann MacDonald |
|  | Ann MacDonald |
|  | Principal Financial Officer |
| Date: February 24, 2025 |  |

---

## Ex-99.Cert

[Precidian ETFs Trust N-CSR](precidian_ncsr-123125.htm)

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Karen M. Shupe, certify that:

1. I have reviewed this report on Form N-CSR of Precidian ETFs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 5, 2026</u> | /s/ Karen M. Shupe |
|  | Karen M. Shupe |
|  | Treasurer and Principal Executive Officer |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Ann T. MacDonald, certify that:

1. I have reviewed this report on Form N-CSR of Precidian ETFs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 5, 2026</u> | /s/ Ann T. MacDonald |
|  | Ann T. MacDonald |
|  | Assistant Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

[Precidian ETFs Trust N-CSR](precidian_ncsr-123125.htm)

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Karen M. Shupe, Treasurer and Principal Executive Officer of Precidian ETFs Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>March 5, 2026</u> | /s/ Karen M. Shupe |
|  | Karen M. Shupe |
|  | Treasurer and Principal Executive Officer |

---

I, Ann T. MacDonald, Assistant Treasurer and Principal Financial Officer of Precidian ETFs Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>March 5, 2026</u> | /s/ Ann T. MacDonald |
|  | Ann T. MacDonald |
|  | Assistant Treasurer and Principal Financial Officer |

---