As filed with the Securities and Exchange Commission on June 14, 2017

Securities Act File No. 333-171987

Investment Company Act File No. 811-22524

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		☒
Pre-Effective Amendment No.
Post-Effective Amendment No. 49		☒

and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		☒
Amendment No. 50		☒

(Check appropriate box or boxes.)

PRECIDIAN ETFs TRUST
(Exact Name of Registrant as Specified in Charter)

350 Main St., Suite 9
Bedminster, New Jersey 07921

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (908) 781-0560

Mark Criscitello
Precidian Funds LLC
350 Main St., Suite 9
Bedminster, New Jersey 07921

(Name and Address of Agent for Service)

With copies to:

Michael W. Mundt, Esq.

Stradley Ronon Stevens & Young, LLP

1250 Connecticut Avenue, N.W., Suite 500

Washington, DC 20036-2652

Approximate Date of Proposed Public Offering:

It is proposed that this filing will become effective (check appropriate box):

☐ Immediately upon filing pursuant to paragraph (b)

☐ On ______________ pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ On (date) pursuant to paragraph (a)(1)

☒ 75 days after filing pursuant to paragraph (a)(2)

☐ On (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

¨ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

This Post-Effective Amendment to the Registrant's Registration Statement on Form N-1A relates only to the prospectus and statement of additional information ("SAI") of the Anheuser-Busch InBev NV ADRPLUS Fund, AstraZeneca PLC ADRPLUS Fund, Banco Santander, S.A. ADRPLUS Fund, BP P.L.C. ADRPLUS Fund, British American Tobacco p.l.c. ADRPLUS Fund, Diageo plc ADRPLUS Fund, GlaxoSmithKline plc ADRPLUS Fund, HSBC Holdings Plc ADRPLUS Fund, Mitsubishi UFJ Financial Group, Inc. ADRPLUS Fund, Novartis AG ADRPLUS Fund, Novo Nordisk A/S (B Shares) ADRPLUS Fund, NTT DoCoMo, Inc. ADRPLUS Fund, Royal Dutch Shell plc (Class A) ADRPLUS Fund, Royal Dutch Shell plc (Class B) ADRPLUS Fund, Sanofi ADRPLUS Fund, SAP AG ADRPLUS Fund, Total S.A. ADRPLUS Fund, Toyota Motor Corporation ADRPLUS Fund and Vodafone Group Plc ADRPLUS Fund, each a series of the Registrant, and does not otherwise delete, amend, or supersede any information relating to any other series of the Registrant.

THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.

Preliminary Prospectus Subject to Change Dated June 14, 2017

Prospectus

Precidian ETFs Trust

Precidian ETFs Trust ("Trust") is a registered investment company consisting of separate investment portfolios called "Funds." This Prospectus relates solely to the following Funds:

Name	Ticker Symbol
Anheuser-Busch InBev SA/NV ADRPLUS Fund	[ ]
AstraZeneca PLC ADRPLUS Fund	[ ]
Banco Santander, S.A. ADRPLUS Fund	[ ]
BP P.L.C. ADRPLUS Fund	[ ]
British American Tobacco p.l.c. ADRPLUS Fund	[ ]
Diageo plc ADRPLUS Fund	[ ]
GlaxoSmithKline plc ADRPLUS Fund	[ ]
HSBC Holdings Plc ADRPLUS Fund	[ ]
Mitsubishi UFJ Financial Group, Inc. ADRPLUS Fund	[ ]
Novartis AG ADRPLUS Fund	[ ]
Novo Nordisk A/S (B Shares) ADRPLUS Fund	[ ]
NTT DoCoMo, Inc. ADRPLUS Fund	[ ]
Royal Dutch Shell plc (Class A) ADRPLUS Fund	[ ]
Royal Dutch Shell plc (Class B) ADRPLUS Fund	[ ]
Sanofi ADRPLUS Fund	[ ]
SAP AG ADRPLUS Fund	[ ]
Total S.A. ADRPLUS Fund	[ ]
Toyota Motor Corporation ADRPLUS Fund	[ ]
Vodafone Group Plc ADRPLUS Fund	[ ]

Each Fund is an exchange-traded fund. This means that shares of the Funds are listed on [_____] (the "Exchange") and trade at market prices. The market price for a Fund's shares may be different from its net asset value per share ("NAV").

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

	[____], 2017
Not FDIC Insured	May Lose Value	No Bank Guarantee

TABLE OF CONTENTS

Page

ANHEUSER-BUSCH INBEV SA/NV ADRPLUS FUND	1
ASTRAZENECA PLC ADRPLUS FUND	6
BANCO SANTANDER, S.A. ADRPLUS FUND	11
BP P.L.C. ADRPLUS FUND	16
BRITISH AMERICAN TOBACCO P.L.C. ADRPLUS FUND	21
DIAGEO PLC ADRPLUS FUND	26
GLAXOSMITHKLINE PLC ADRPLUS FUND	31
HSBC HOLDINGS PLC ADRPLUS FUND	36
MITSUBISHI UFJ FINANCIAL GROUP, INC. ADRPLUS FUND	41
NOVARTIS AG ADRPLUS FUND	46
NOVO NORDISK A/S (B SHARES) ADRPLUS FUND	51
NTT DOCOMO, INC. ADRPLUS FUND	56
ROYAL DUTCH SHELL PLC (CLASS A) ADRPLUS FUND	61
ROYAL DUTCH SHELL PLC (CLASS B) ADRPLUS FUND	66
SANOFI ADRPLUS FUND	71
SAP AG ADRPLUS FUND	76
TOTAL S.A. ADRPLUS FUND	81
TOYOTA MOTOR CORPORATION ADRPLUS FUND	86
VODAFONE GROUP PLC ADRPLUS FUND	91
OVERVIEW	96
ADDITIONAL DESCRIPTION OF THE STRATEGIES OF THE FUNDS	96
ADDITIONAL DESCRIPTION OF THE RISKS OF THE FUNDS	98
EXCLUSION OF ADVISOR FROM COMMODITY POOL OPERATOR DEFINITION	105
CONTINUOUS OFFERING	105
CREATION AND REDEMPTION OF CREATION UNITS	106
BUYING AND SELLING SHARES IN THE SECONDARY MARKET	106
MANAGEMENT	107
OTHER SERVICE PROVIDERS	108
FREQUENT TRADING	109
SERVICE AND DISTRIBUTION PLAN	109
DETERMINATION OF NET ASSET VALUE (NAV)	110
DIVIDENDS, DISTRIBUTIONS AND TAXES	110
TRANSACTION FEES	114
CODE OF ETHICS	115
FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS	115
OTHER INFORMATION	115
FINANCIAL HIGHLIGHTS	115

ANHEUSER-BUSCH INBEV SA/NV ADRPLUS FUND

Investment Objective

The Anheuser-Busch InBev SA/NV ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Anheuser-Busch InBev SA/NV (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the euro.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund ("Shares"). Investors purchasing Shares through a broker-dealer on a national securities exchange or in the over-the-counter market (the "Secondary Market") may be subject to customary brokerage commissions charged by their broker which are not reflected in the table set forth below.

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

Pursuant to the Investment Management Agreement with the Trust, on behalf of the Fund, Precidian Funds LLC, the Fund's investment adviser (the "Advisor"), pays all of the operating costs and expenses of the Fund, except for payments under the Fund's Rule 12b-1 plan (if any), brokerage expenses, taxes, interest, litigation expenses, and other infrequent and/or unusual expenses.

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account brokerage commissions that you pay when purchasing or selling Shares of the Fund.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. The Fund is newly organized and, as of the date of the Prospectus, has not had any portfolio turnover.

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Anheuser-Busch InBev SA/NV (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

Currency"). The Currency Hedge Contract is with a counterparty as principal and/or agent for other parties. The notional value of the Currency Hedge Contract is adjusted daily based on the current value of the Portfolio Securities.

Although ADRs are U.S. dollar denominated and traded on U.S. exchanges, they are still subject to currency risk because changes in foreign currency exchange rates affect their value. The Currency Hedge Contract is designed to minimize the impact of fluctuations in the exchange rate between the U.S. dollar and the Local Currency. The Currency Hedge Contract will provide that the notional amount will vary day to day based upon the value of the Portfolio Securities on that day as expressed in the Local Currency. The Currency Hedge Contract has been structured to enable the Fund to meet grantor trust status under the Internal Revenue Code of 1986, as amended (the "Code").

On each business day (i.e., each day the New York Stock Exchange ("NYSE") is open for trading), the Currency Hedge Contract will be marked to market based on the notional value of the Currency Hedge Contract as of the close of business on the prior business day and the change in the value of the Local Currency in relation to the U.S. dollar ("Exchange Rate") from the prior business day to the current business day. The Exchange Rate will be established by an independent pricing service. This mark to market amount, expressed in U.S. dollars, will be used to calculate the Fund's net asset value ("NAV").

On a daily basis, either the Fund or the counterparty to the Currency Hedge Contract will reduce the mark to market amount approximately to zero by transferring assets to the other party. It is anticipated that, if the counterparty owes the Fund money, then the counterparty will transfer Portfolio Securities and/or U.S. dollars to the Fund with a value approximately equal to the mark to market imbalance. If the Fund owes the counterparty money, then the Fund will transfer Portfolio Securities and/or U.S. dollars to the counterparty. In order to obtain any necessary amount of cash, the Advisor may sell Portfolio Securities.

As a result of mark to market payments or otherwise, the ratio of Portfolio Securities to Shares will vary over time. For example, upon formation, a Fund Share might be equal to one share of the ADR. If the mark to market payments would require the Fund to sell ADRs in order to make a payment to the counterparty, each Fund Share would equal less than one share of the ADR. Conversely, if mark to market accruals were to require the counterparty to transfer ADRs to the Fund, each Fund Share would represent more than one share of the ADR.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective.

Market Risk. The prices of the securities in the Fund are subject to the risk associated with investing in the stock market, including sudden and unpredictable drops in value. An investment in the Fund may lose money.

Risks of Investing in Belgium. The risks of investing in the securities of a Belgium company include risks of lack of natural resources. Any fluctuation or shortage in the commodity markets could have a negative impact on the Belgian economy.

Investing in the European Union ("EU") Risk. Efforts of member states of the EU to further unify their economic and monetary policies may increase the potential for the downward movement of one member state's market to cause a similar effect on other member states' markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the United Kingdom ("UK") which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

Foreign Market Risk. Because non-U.S. exchanges such as the Brussels Stock Exchange may be open on days when the Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

returns, it does not necessarily eliminate the Fund's exposure to the Local Currency. Currency hedges are sometimes subject to imperfect matching between the Currency Hedge Contract and the currencies that the contract intends to hedge, and there can be no assurance that the Currency Hedge Contract will be effective. The return of the Currency Hedge Contract will not perfectly offset the actual fluctuations between the Local Currency and the U.S. dollar. It is possible that a degree of currency exposure may remain even at the time the Currency Hedge Contract is implemented. The Fund may not be able to structure the Currency Hedge Contract as anticipated or the Currency Hedge Contract may not successfully reduce the currency risk from the Portfolio Securities.

Increased volatility of the Portfolio Securities or the U.S. dollar relative to the Local Currency will generally reduce the effectiveness of the Fund's currency hedging strategy. Significant differences between U.S. dollar interest rates and the Local Currency interest rates may impact the effectiveness of the Fund's currency hedging strategy.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Anheuser-Busch InBev SA/NV ADR when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Anheuser-Busch InBev SA/NV ADR when the Local Currency is rising relative to the U.S. dollar.

Currency Swap Risk. In order to hedge currency risk, the Fund enters into a Currency Hedge Contract. The Currency Hedge Contract is subject to market risk, risk of default by the other party to the transaction, known as "counterparty risk," and risk of imperfect correlation between profit or loss on the Currency Hedge Contract and the underlying currency exchange rate. The Currency Hedge Contract does not involve the delivery of the underlying currencies. Accordingly, the risk of loss with respect to the Currency Hedge Contract generally is limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to the Currency Hedge Contract defaulting, the net amount of payments that the Fund is contractually entitled to receive. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid; however there is no guarantee that the swap market will continue to provide liquidity.

Changes in the credit quality of a company that serves as the Fund's counterparty with respect to the Currency Hedge Contract will affect the value of that instrument. A decline in the creditworthiness of the counterparty may impair the value of that counterparty's Currency Hedge Contract with the Fund, which could result in the loss of all value of the Currency Hedge Contract. By using a swap, the Fund assumes the risk that its counterparty could experience financial hardships. In the event of the insolvency of the counterparty, the Fund may sustain losses or be unable to liquidate the swap position. Counterparty risk may be somewhat mitigated by the fact that mark-to-market payments are made on a daily basis. To the extent that the Fund has only one or a few counterparties, the Fund will be exposed to greater counterparty risk and the Fund may be unable to enter into the Currency Hedge Contract on favorable terms, potentially preventing the Fund from achieving its investment objective. The Fund is subject to liquidity risk if the Fund is unable to sell the Currency Hedge Contract or is otherwise required to reserve its assets against its exposure under the Currency Hedge Contract.

Compared to other types of investments, derivatives, such as the Currency Hedge Contract, may be harder to value and may also be less tax efficient. The Fund is subject to valuation risk as it may improperly value the Currency Hedge Contract if market quotations are unavailable. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Fund's taxable income or gains, and may limit or prevent the Fund from using the Currency Hedge Contract as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Fund to change its investment strategy.

Issuer Concentration Risk. Because the Fund only invests in ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the beverages industry or Belgium. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Beverages Industry Risk. The Fund is subject to the risks faced by companies in the beverage industry, including: changes in demand for products, demographic and product trends and general economic conditions; effects of competitive pricing, environmental factors, marketing campaigns and consumer boycotts; and adverse effects from governmental regulation and oversight. The beverage industry may also be affected by risks that affect the broader consumer staples industry.

Non-Diversification Risk. The Fund is non-diversified and holds Portfolio Securities of only one particular issuer. As a result, the Fund may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on Share price.

Risk of Investing in Depositary Receipts. ADRs involve risk not experienced when investing directly in the equity securities of an issuer. Changes in foreign currency exchange rates affect the value of ADRs and, therefore, may affect the value of the Fund's portfolio, although the Fund enters into the Currency Hedge Contract to seek to minimize the impact of fluctuations in the foreign currency exchange rate. Although the ADRs in which the Fund invests will be listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. There is also no guarantee that a financial institution will continue to sponsor a particular ADR. As a result, the Fund may have difficulty selling securities, or selling them quickly and efficiently at the prices at which they have been valued. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

Tax Risk. The Fund intends to take the position that it will be treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Fund is a grantor trust, the Fund will not be subject to U.S. federal income tax. Rather, a pro rata portion of the Fund's income, gain, losses and deductions will "flow through" to each beneficial owner of Shares. The Fund has not requested and will not request an advance ruling from the Internal Revenue Service ("IRS") as to its status as a grantor trust. If the Fund fails to qualify as a grantor trust for any year (subject to any available curative measures), the Fund will be subject to regular corporate level income tax in that year on all of its taxable income, regardless of whether the Fund makes any distributions to its shareholders. In addition, distributions will be taxable to the Fund's shareholders generally as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits.

Equity Securities Risk. The trading price of equity securities, including the prices of Fund Shares and ADRs, will fluctuate in response to a variety of factors. These factors include events impacting a single issuer, as well as political, market and economic developments that affect specific market segments and the market as a whole. The Fund's NAV and market price, like stock prices generally, will fluctuate within a wide range in response to these factors. As a result, an investor could lose money over short or even long periods.

Management Risk. The Fund is subject to the risk that the Advisor's investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.

Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Advisor cannot predict whether shares will trade above (premium), below (discount) or at NAV. An active market for the Fund's Shares may not develop and market trading may be halted if trading in one or more of the Fund's underlying securities is halted.

Authorized Participant Concentration Risk. Only an authorized participant ("Authorized Participant") may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in exchange-traded funds ("ETFs") generally.

Performance

The Fund is new and therefore does not have a performance history for a full calendar year. Performance information for the Fund will be provided once it has annual returns for a full calendar year. Please remember that the Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in blocks of 50,000 Shares or whole multiples thereof ("Creation Units") to Authorized Participants. The Fund's 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 Fund trade at market price rather than NAV. As such, Shares may trade at a price greater than NAV (premium) or less than NAV (discount).

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

If you purchase Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Advisor or other related companies may pay the intermediary for the sale of Fund Shares and related services or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

ASTRAZENECA PLC ADRPLUS FUND

Investment Objective

The AstraZeneca PLC ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of AstraZeneca PLC (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the British pound.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of AstraZeneca PLC (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

Risks of Investing in the United Kingdom ("UK"). The UK, of which England is a part, has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the UK. As a result, the British economy may be impacted by changes to the economic condition of the United States and other European countries. The British economy, along with certain other European Union ("EU") economies, experienced a significant economic slowdown during the recent financial crisis, and certain British financial institutions suffered significant losses, were severely under-capitalized and required government intervention to survive. The British economy relies heavily on the export of financial services to the United States and other European countries and, therefore, a prolonged slowdown in the financial services sector may have a negative impact on the British economy. Continued governmental involvement or control in certain sectors may stifle competition in certain sectors or cause adverse effects on economic growth.

Investing in the EU Risk. Efforts of member states of the EU to further unify their economic and monetary policies may increase the potential for the downward movement of one member state's market to cause a similar effect on other member states' markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU , such as the UK which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

Foreign Market Risk. Because non-U.S. exchanges such as the London Stock Exchange may be open on days when the Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

Currency Hedging Risk. Because changes in foreign currency exchange rates affect the value of ADRs, the Fund enters into the Currency Hedge Contract in order to seek to minimize the impact of fluctuations in the exchange rate between the U.S. dollar and the Local Currency. While this approach is designed to minimize the impact of currency fluctuations on Fund returns, it does not necessarily eliminate the Fund's exposure to the Local Currency. Currency hedges are sometimes subject to imperfect matching between the Currency Hedge Contract and the currencies that the contract intends to hedge, and there can be no assurance that the Currency Hedge Contract will be effective. The return of the Currency Hedge Contract will not perfectly offset the actual fluctuations between the Local Currency and the U.S. dollar. It is possible that a degree of currency exposure may remain even at the time the Currency Hedge Contract is implemented. The Fund may not be able to structure the Currency Hedge Contract as anticipated or the Currency Hedge Contract may not successfully reduce the currency risk from the Portfolio Securities.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the AstraZeneca PLC (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the AstraZeneca PLC (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the pharmaceutical industry or England. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems

or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Pharmaceutical Industry Risk. The profitability of companies in the pharmaceutical industry is highly dependent on the development, procurement and marketing of drugs and the development, protection and exploitation of intellectual property rights and other proprietary information. These companies may be significantly affected by such events as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. Research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant, and the results of such research and expenditures are unpredictable. Many pharmaceutical companies face intense competition from new products and less costly generic products. In addition, the process for obtaining regulatory approval from the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly and there is no assurance that the necessary approvals will be obtained or maintained by these companies.

pronounced in volatile markets, potentially where there are significant redemptions in exchange-traded funds ("ETFs") generally.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

BANCO SANTANDER, S.A. ADRPLUS FUND

Investment Objective

The Banco Santander, S.A. ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Banco Santander, S.A. (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the euro.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of Banco Santander, S.A. (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

Risks of Investing in Spain. The risks of investing in the securities of a Spanish company include legal, regulatory, political, currency, security, and economic risk specific to Spain. Among other things, Spain's economy has been characterized by slow growth over the past few years due to factors such as low housing sales and construction declines, and the international credit crisis.

Investing in the European Union ("EU") Risk. Investments in certain countries in the European Union are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Spain. Efforts of member states of the EU to further unify their economic and monetary policies may increase the potential for the downward movement of one member state's market to cause a similar effect on other member states' markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU , such as the United Kingdom ("UK") which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

Foreign Market Risk. Because non-U.S. exchanges such as the Spanish stock exchange may be open on days when the Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Banco Santander, S.A. (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Banco Santander, S.A. (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the banking industry or Spain. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

interest rates and fees they can charge and amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact the sector. Banks may also be subject to severe price competition. These risks can be exacerbated if a particular region in which a bank operates experiences economic decline. The regional banking industry is highly competitive and thus, failure to maintain or increase market share may result in regional bank failures or mergers with larger, or multi-national banks.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

BP P.L.C. ADRPLUS FUND

Investment Objective

The BP p.l.c. ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of BP p.l.c. (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the British pound.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of BP p.l.c. (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the BP p.l.c. (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the BP p.l.c. (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company; the oil, gas, and consumable fuels industry; or England. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in

supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Oil, Gas, and Consumable Fuels Industry Risk. The oil, gas, and consumable fuels industry is affected by worldwide energy prices and exploration and production costs. Companies in the oil, gas, and consumable fuels industry may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, litigation, and negative publicity and public perception.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

BRITISH AMERICAN TOBACCO P.L.C. ADRPLUS FUND

Investment Objective

The British American Tobacco p.l.c. ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of British American Tobacco p.l.c. (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the English pound.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the British American Tobacco p.l.c. (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the British American Tobacco p.l.c. (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the British American Tobacco p.l.c. (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the tobacco industry or England. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or

shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Tobacco Industry Risk. The Fund is subject to the risks faced by companies in the tobacco industry, including: changes in demand for products, demographic and product trends and general economic conditions; effects of competitive pricing, environmental factors, marketing campaigns and consumer boycotts; and adverse effects from governmental regulation and oversight. The tobacco industry may also be affected by additional risks, including: smoking and health litigation; governmental and private bans and restrictions on smoking; and actual and proposed price controls on tobacco products. The tobacco industry may also be affected by risks that affect the broader consumer staples industry.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

DIAGEO PLC ADRPLUS FUND

Investment Objective

The Diageo plc ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Diageo plc (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the British pound.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Diageo plc (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Diageo plc (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Diageo plc (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the beverages industry or England. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

GLAXOSMITHKLINE PLC ADRPLUS FUND

Investment Objective

The GlaxoSmithKline plc ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of GlaxoSmithKline plc (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the British pound.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of GlaxoSmithKline plc (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the GlaxoSmithKline plc (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the GlaxoSmithKline plc (ADR) when the Local Currency is rising relative to the U.S. dollar.

pronounced in volatile markets, potentially where there are significant redemptions in exchange-traded funds ("ETFs") generally.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

HSBC HOLDINGS PLC ADRPLUS FUND

Investment Objective

The HSBC Holdings Plc ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of HSBC Holdings Plc (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the English pound.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of HSBC Holdings Plc (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the HSBC Holdings Plc (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the HSBC Holdings Plc (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the banking industry or England. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or

Banking Industry Risk. Companies within the banking industry can be significantly affected by extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make and the interest rates and fees they can charge and amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact the sector. Banks may also be subject to severe price competition. These risks can be exacerbated if a particular region in which a bank operates experiences economic decline. The regional banking industry is highly competitive and thus, failure to maintain or increase market share may result in regional bank failures or mergers with larger, or multi-national banks.

pronounced in volatile markets, potentially where there are significant redemptions in exchange-traded funds ("ETFs") generally.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

MITSUBISHI UFJ FINANCIAL GROUP, INC. ADRPLUS FUND

Investment Objective

The Mitsubishi UFJ Financial Group, Inc. ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Mitsubishi UFJ Financial Group, Inc. (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the Japanese Yen.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Mitsubishi UFJ Financial Group, Inc. (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

Risks of Investing in Japan. The risks of investing in the securities of a Japanese company include risks of natural disasters, lack of natural resources, reliance on trading partners (including the United States and Asian and European economies), national security, unpredictable political climate, large government debt, currency fluctuation and an aging labor force. The realization of such risks could have a negative impact on the value of securities of Japanese companies.

Foreign Market Risk. Because non-U.S. exchanges such as the Tokyo Stock Exchange may be open on days when the Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

structure the Currency Hedge Contract as anticipated or the Currency Hedge Contract may not successfully reduce the currency risk from the Portfolio Securities.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Mitsubishi UFJ Financial Group, Inc. (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Mitsubishi UFJ Financial Group, Inc. (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the banking industry or Japan. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

NOVARTIS AG ADRPLUS FUND

Summary Prospectus

Investment Objective

The Novartis AG ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Novartis AG (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the Swiss franc.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of Novartis AG (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund invests in the ADRs of the Company (the "Portfolio Securities") and a currency swap (the "Currency Hedge Contract") designed to hedge against fluctuations in the exchange rate between the U.S. dollar and the Swiss Franc ("Local Currency"). The Currency Hedge Contract is with a counterparty as principal and/or agent for other parties. The notional value of the Currency Hedge Contract is adjusted daily based on the current value of the Portfolio Securities.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

Risks of Investing in Switzerland. The Fund is subject to certain risks associated with Switzerland and Europe as a whole. Although Switzerland is not a member of the European Union ("EU"), the Swiss economy is dependent on the economies of other European nations as key trading partners. Any reduction in spending by other European countries could have a negative effect on the Swiss economy. Additionally, the European sovereign-debt crisis has resulted in a weakened Euro and has put into question the future financial prospects of the surrounding region. The ongoing implementation of the EU provisions and Euro conversion process may materially impact revenues, expenses or income and increase competition for other European companies, which could have an effect on the Swiss economy, and in turn, the securities in which the Fund invests.

Foreign Market Risk. Because non-U.S. exchanges such as the SIX Swiss Exchange may be open on days when the Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

to imperfect matching between the Currency Hedge Contract and the currencies that the contract intends to hedge, and there can be no assurance that the Currency Hedge Contract will be effective. The return of the Currency Hedge Contract will not perfectly offset the actual fluctuations between the Local Currency and the U.S. dollar. It is possible that a degree of currency exposure may remain even at the time the Currency Hedge Contract is implemented. The Fund may not be able to structure the Currency Hedge Contract as anticipated or the Currency Hedge Contract may not successfully reduce the currency risk from the Portfolio Securities.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Novartis AG (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than Novartis AG (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the pharmaceutical industry or Switzerland. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

and less costly generic products. In addition, the process for obtaining regulatory approval from the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly and there is no assurance that the necessary approvals will be obtained or maintained by these companies.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

NOVO NORDISK A/S (B SHARES) ADRPLUS FUND

Investment Objective

The Novo Nordisk A/S (B Shares) ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Novo Nordisk A/S (B Shares) (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the Danish krone.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Novo Nordisk A/S (B Shares) (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

Risks of Investing in Denmark. The risks of investing in the securities of a Danish company include legal, regulatory, political, currency, security, and economic risks specific to Denmark. The Danish economy, along with certain other European Union ( "EU") economies, experienced a significant economic slowdown during the recent financial crisis. Denmark's economy has also been characterized by slow growth and is facing demographic challenges that could lead to labor supply shortages in the near future.

Foreign Market Risk. Because non-U.S. exchanges such as Nasdaq Copenhagen may be open on days when the Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Novo Nordisk A/S (B Shares) (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Novo Nordisk A/S (B Shares) (ADR) when the Local Currency is rising relative to the U.S. dollar.

rights and other proprietary information. These companies may be significantly affected by such events as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. Research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant, and the results of such research and expenditures are unpredictable. Many pharmaceutical companies face intense competition from new products and less costly generic products. In addition, the process for obtaining regulatory approval from the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly and there is no assurance that the necessary approvals will be obtained or maintained by these companies.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

NTT DOCOMO, INC. ADRPLUS FUND

Investment Objective

The NTT DoCoMo, Inc. ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of NTT DoCoMo, Inc. (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the Japanese Yen.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of NTT DoCoMo, Inc. (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

structure the Currency Hedge Contract as anticipated or the Currency Hedge Contract may not successfully reduce the currency risk from the Portfolio Securities.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the NTT DoCoMo, Inc. (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the NTT DoCoMo, Inc. (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the telecommunication services industry or Japan. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Telecommunication Services Industry Risk. Risks faced by companies in the telecommunications industry include a telecommunications market characterized by increasing competition and regulation by the Federal Communications Commission and various state regulatory authorities; the need to commit substantial capital to meet increasing competition, particularly in formulating new products and services using new technology; and technological innovations that may make various products and services obsolete.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

ROYAL DUTCH SHELL PLC (CLASS A) ADRPLUS FUND

Investment Objective

The Royal Dutch Shell plc (Class A) ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Royal Dutch Shell plc (Class A) (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the euro.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Royal Dutch Shell plc (Class A) (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

Foreign Market Risk. Because non-U.S. exchanges such as Euronext Amsterdam may be open on days when the Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Royal Dutch Shell plc (Class A) (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Royal Dutch Shell plc (Class A) (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company; the oil, gas, and consumable fuels industry; or England. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

ROYAL DUTCH SHELL PLC (CLASS B) ADRPLUS FUND

Investment Objective

The Royal Dutch Shell plc (Class B) ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Royal Dutch Shell plc (Class B) (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the British pound.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Royal Dutch Shell plc (Class B) (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Royal Dutch Shell plc (Class A) (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Royal Dutch Shell plc (Class A) (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company; the oil, gas, and consumable fuels industry; or England. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

SANOFI ADRPLUS FUND

Investment Objective

The Sanofi ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Sanofi (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the euro.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of Sanofi (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

Risks of Investing in France. The risks of investing in the securities of a French company include legal, regulatory, political, currency, security, and economic risk specific to France. The French economy is dependent to a significant extent on the economies of certain key trading partners, including Germany and other Western European countries. Reduction in spending on French products and services, or changes in any of the economies may cause an adverse impact on the French economy. In addition, France may be subject to acts of terrorism. The French economy is dependent on exports from the agricultural sector. Leading agricultural exports include dairy products, meat, wine, fruit and vegetables, and fish. As a result, the French economy is susceptible to fluctuations in demand for agricultural products. Additionally, the French economy is susceptible to other risks relating to its membership in the European Union, such as the recent sovereign debt crisis.

Investing in the European Union ("EU") Risk. Efforts of member states of the EU to further unify their economic and monetary policies may increase the potential for the downward movement of one member state's market to cause a similar effect on other member states' markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU , such as the United Kingdom ("UK") which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Sanofi (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Sanofi (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the pharmaceutical industry or France. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in exchange-traded funds ("ETFs") generally.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

SAP AG ADRPLUS FUND

Investment Objective

The SAP AG ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of SAP AG (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the euro.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of SAP AG (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

Risks of Investing in Germany. The risks of investing in the securities of a German company include risks of significant demographic challenges to sustained long-term growth; low fertility rates and declining net immigration putting pressure on the country's social welfare system; and the costly and time-consuming modernization and integration of the eastern German economy. Additionally, the European sovereign-debt crisis has resulted in a weakened Euro and has put into question the future financial prospects of Germany and the surrounding region.

Investing in the European Union ("EU") Risk. Efforts of member states of the EU to further unify their economic and monetary policies may increase the potential for the downward movement of one member state's market to cause a similar effect on other member states' markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU , such as the United Kingdom ("UK") which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

Foreign Market Risk. Because non-U.S. exchanges such as the Frankfurt Stock Exchange may be open on days when the Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the SAP AG (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the SAP AG (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the software industry or Germany. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Software Industry Risk. The software industry faces risks related to competitive pressures, such as aggressive pricing (including fixed-rate pricing), technological developments (including product-specific technological change), changing domestic demand, and the ability to attract and retain skilled employees; availability and price of components; dependence on

intellectual property rights, and potential loss or impairment of those rights; research and development costs; rapid product obsolescence; cyclical market patterns; evolving industry standards; and frequent new product introductions requiring timely and successful introduction of new products and the ability to service such products. The software industry may also be affected by risks that affect the broader information technology industry.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

TOTAL S.A. ADRPLUS FUND

Investment Objective

The Total S.A. ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Total S.A. (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the euro.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of Total S.A. (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

Investing in the European Union ("EU") Risk. Efforts of member states of the EU to further unify their economic and monetary policies may increase the potential for the downward movement of one member state's market to cause a similar effect on other member states' markets. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU , such as the United Kingdom ("UK") which has announced its intention to exit, would place its currency and banking system in jeopardy. The exit by the UK or other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund's investments.

Foreign Market Risk. Because non-U.S. exchanges such as Euronext Paris may be open on days when the Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares, regardless of whether there is an active U.S. market for Shares.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Total S.A. (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Total S.A. (ADR) when the Local Currency is rising relative to the U.S. dollar.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

TOYOTA MOTOR CORPORATION ADRPLUS FUND

Investment Objective

The Toyota Motor Corporation ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Toyota Motor Corporation (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the Japanese Yen.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of the Toyota Motor Corporation (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

structure the Currency Hedge Contract as anticipated or the Currency Hedge Contract may not successfully reduce the currency risk from the Portfolio Securities.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the Toyota Motor Corporation (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the Toyota Motor Corporation (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the automotive industry or Japan. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Automotive Industry Risk. The automotive industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. The industry can be significantly affected by labor relations and fluctuating component prices. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

VODAFONE GROUP PLC ADRPLUS FUND

Investment Objective

The Vodafone Group Plc ADRPLUS Fund (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of Vodafone Group Plc (ADR), hedged against fluctuations in the exchange rate between the U.S. dollar and the British pound.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment):

No shareholder fees are levied by the Fund for purchases and sales made on the Secondary Market.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Management Fee^(a)	[__]%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses^(b)	0.00%
Total Annual Fund Operating Expenses	[__]%

^(a)

^(b)	"Other Expenses" are based on estimated amounts for the current fiscal year.

Example:

1 Year	3 Years
$[___]	$[___]

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts ("ADRs") of Vodafone Group Plc (the "Company"). ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets.

The Fund does not seek to replicate the performance of a specified index.

The Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified Fund.

Principal Risks of Investing in the Fund

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Fund bears additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than Vodafone Group Plc (ADR) when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than Vodafone Group Plc (ADR) when the Local Currency is rising relative to the U.S. dollar.

Issuer Concentration Risk. Because the Fund only invests in the ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the telecommunication services industry or England. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor

problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Performance

Investment Advisor

Precidian Funds LLC is the investment adviser to the Fund.

Portfolio Managers

[to be provided in subsequent filing]

Purchase and Sale of Fund Shares

Tax Information

The Fund's distributions are taxable and will generally be taxed as ordinary income, capital gains or some combination of both.

Financial Intermediary Compensation

OVERVIEW

The Trust is an investment company that currently offers 19 investment portfolios, the Anheuser-Busch InBev SA/NV ADRPLUS Fund, AstraZeneca PLC ADRPLUS Fund, Banco Santander, S.A. ADRPLUS Fund, BP P.L.C. ADRPLUS Fund, British American Tobacco p.l.c. ADRPLUS Fund, Diageo plc ADRPLUS Fund, GlaxoSmithKline plc ADRPLUS Fund, HSBC Holdings Plc ADRPLUS Fund, Mitsubishi UFJ Financial Group, Inc. ADRPLUS Fund, Novartis AG ADRPLUS Fund, Novo Nordisk A/S (B Shares) ADRPLUS Fund, NTT DoCoMo, Inc. ADRPLUS Fund, Royal Dutch Shell plc (Class A) ADRPLUS Fund, Royal Dutch Shell plc (Class B) ADRPLUS Fund, Sanofi ADRPLUS Fund, SAP AG ADRPLUS Fund, Total S.A. ADRPLUS Fund, Toyota Motor Corporation ADRPLUS Fund, and Vodafone Group Plc ADRPLUS Fund (each, a "Fund," and together, the "Funds"), each of which is an ETF. ETFs are funds whose shares are listed on a stock exchange and traded like equity securities at market prices. ETFs, such as the Funds, allow you to buy or sell shares that represent the collective performance of a selected group of securities. The Funds will not, however, be taxed as a regulated investment company for tax purposes. Instead the Funds intend to qualify as a grantor trust under the Code. Each Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the ADR of a non-U.S. company (each, a "Company," and together, the "Companies"), hedged against fluctuations in the exchange rate between the U.S. dollar and the local currency of the foreign security underlying the ADR (the "Local Currency").

Shares of the Funds are listed and trade at market prices on the Exchange. The market price for a Share of a Fund may be different from the Fund's most recent NAV per Share. Similar to shares of a mutual fund, each Share of a Fund represents a partial ownership in an underlying portfolio of securities. Unlike shares of a mutual fund, which can be bought and redeemed from the issuing fund by all shareholders at a price based on NAV, Shares of the Funds may be purchased or redeemed directly from the Funds at NAV solely by Authorized Participants. Also unlike shares of a mutual fund, Shares of the Funds are listed on a national securities exchange and trade in the Secondary Market at market prices that change throughout the day.

This Prospectus provides the information you need to make an informed decision about investing in the Fund. It contains important facts about the Trust as a whole and each Fund in particular.

Precidian Funds LLC is the investment adviser to the Funds.

ADDITIONAL DESCRIPTION OF THE STRATEGIES OF THE FUNDS

The Anheuser-Busch InBev SA/NV ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Anheuser-Busch InBev SA/NV.

The AstraZeneca PLC ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of AstraZeneca PLC.

The Banco Santander, S.A. ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Banco Santander, S.A.

The BP P.L.C. ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of BP P.L.C.

The British American Tobacco p.l.c. ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of British American Tobacco p.l.c.

The Diageo plc ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Diageo plc.

The GlaxoSmithKline plc ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of GlaxoSmithKline plc.

The HSBC Holdings Plc ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of HSBC Holdings Plc.

The Mitsubishi UFJ Financial Group, Inc. ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Mitsubishi UFJ Financial Group, Inc.

The Novartis AG ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Novartis AG.

The Novo Nordisk A/S (B Shares) ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Novo Nordisk A/S (B Shares).

The NTT DoCoMo, Inc. ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of NTT DoCoMo, Inc.

The Royal Dutch Shell plc (Class A) ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Royal Dutch Shell plc (Class A).

The Royal Dutch Shell plc (Class B) ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Royal Dutch Shell plc (Class A).

The Sanofi ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Sanofi.

The SAP AG ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of SAP AG.

The Total S.A. ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Total S.A.

The Toyota Motor Corporation ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Toyota Motor Corporation.

The Vodafone Group Plc ADRPLUS Fund, under normal circumstances, invests at least 95% of its net assets in ADRs of Vodafone Group Plc.

ADRs are receipts, issued by an American bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets. The ADRs in which the Funds invest in are (1) sponsored ADRs, (2) registered with the U.S. Securities and Exchange Commission on Form F-6 and (3) Level 2 or 3 ADRs, all of which are listed on a national securities exchange.

Each Fund invests in the Portfolio Securities and the Currency Hedge Contract, which is designed to hedge against fluctuations in the exchange rate between the U.S. dollar and the Local Currency. The Currency Hedge Contract is a currency swap. A currency swap is an agreement between two parties to exchange periodic cash flows on a notional amount of two or more currencies based on the relative value differential between them.

The Currency Hedge Contract is with a counterparty as principal and/or agent for other parties. The counterparty may be the nominal counterparty for the Currency Hedge Contract, but will have the ability to permit all or a portion of the obligations to the counterparty to be shared with one or more entities that meet specified financial and regulatory criteria set forth in the Currency Hedge Contract. However each counterparty may incur profits or losses as a result on their obligations under the Currency Hedge Contract and any related investments they make to manage such risk. The notional value of a Currency Hedge Contract is adjusted daily based on the current value of the Portfolio Securities.

On each business day, the Currency Hedge Contract will be marked to market based on the notional value of the Currency Hedge Contract as of the close of business on the prior business day and the change in the Exchange Rate from the prior business day to the current business day. The Exchange Rate will be established by an independent pricing service. This mark to market amount, expressed in U.S. dollars, will be used to calculate the Funds' NAV.

On a daily basis, either the Fund or the counterparty to the Currency Hedge Contract will reduce the mark to market amount approximately to zero by transferring assets to the other party. It is anticipated that, if the counterparty owes a Fund money, then the counterparty will transfer Portfolio Securities and/or U.S. dollars to the Fund with a value approximately equal to the mark to market imbalance. If a Fund owes the counterparty money, then the Fund will transfer Portfolio Securities and/or U.S. dollars to the counterparty. In order to obtain this amount of cash, the Advisor may sell Portfolio Securities.

As a result of these mark to market payments, the ratio of Portfolio Securities to Shares will vary over time. For example, upon formation, a Fund Share might be equal to one share of the ADR. If the mark to market payments would require the

Fund to sell ADRs in order to make a payment to the counterparty, each Fund Share would equal less than one share of the ADR. Conversely, if mark to market accruals were to require the counterparty to transfer ADRs to the Fund, each Fund Share would represent more than one share of the ADR.

The Funds do not seek to replicate the performance of a specified index.

Each Fund is non-diversified and therefore may invest a greater percentage of its assets in a particular issuer than a diversified fund.

Because each Fund only invests in the ADRs of a Company and the Currency Hedge Contract, each Fund will concentrate its investments (i.e., invest 25% or more of its net assets) in the industry or group of industries in which the Company is classified.

Each of the policies and strategies described in this Prospectus, including the investment objective of each Fund, constitutes a non-fundamental policy that may be changed by the Board of Trustees of the Trust without shareholder approval. Certain fundamental policies of the Funds are set forth in the Funds' SAI under "Investment Restrictions."

ADDITIONAL DESCRIPTION OF THE RISKS OF THE FUNDS

Investors in a Fund should carefully consider the risks of investing in the Fund as set forth in the Fund's Summary Information section under "Principal Risks." To the extent such risks apply, they are discussed hereunder in greater detail.

All Funds

Market Risk. The market price of investments owned by the Funds may go up or down, sometimes rapidly or unpredictably. Investments may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets.

Foreign Market Risk. Because non-U.S. exchanges may be open on days when the a Fund does not price its Shares, the value of the underlying securities of the ADRs in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell a Fund's Shares, regardless of whether there is an active U.S. market for Shares.

Currency Hedging Risk. Because changes in foreign currency exchange rates affect the value of ADRs, each Fund enters into the Currency Hedge Contract in order to seek to minimize the impact of fluctuations in the exchange rate between the U.S. dollar and the Local Currency. While this approach is designed to minimize the impact of currency fluctuations on Fund returns, it does not necessarily eliminate the Funds' exposure to the Local Currency. Currency hedges are sometimes subject to imperfect matching between the Currency Hedge Contract and the currencies that the contract intends to hedge, and there can be no assurance that the Currency Hedge Contract will be effective. The return of the Currency Hedge Contract will not perfectly offset the actual fluctuations between the Local Currency and the U.S. dollar. It is possible that a degree of currency exposure may remain even at the time the Currency Hedge Contract is implemented. The Funds may not be able to structure the Currency Hedge Contract as anticipated or the Currency Hedge Contract may not successfully reduce the currency risk from the Portfolio Securities.

Increased volatility of the Portfolio Securities or the U.S. dollar relative to the Local Currency will generally reduce the effectiveness of the Funds' currency hedging strategy. Significant differences between U.S. dollar interest rates and the Local Currency interest rates may impact the effectiveness of the Fund's currency hedging strategy.

While currency hedging can reduce or eliminate losses due to exchange rate changes, it can also reduce or eliminate gains, and the Funds bear additional transaction costs in entering into the Currency Hedge Contract. The Fund is designed to have higher returns than the ADR of the Company when the Local Currency is weakening relative to the U.S. dollar. Conversely, the Fund is designed to have lower returns than the ADR of the Company when the Local Currency is rising relative to the U.S. dollar.

Currency Swap Risk. In order to hedge currency risk, each Fund enters into a Currency Hedge Contract. The Currency Hedge Contract is subject to market risk, risk of default by the other party to the transaction, known as "counterparty risk," and risk of imperfect correlation between profit or loss on the Currency Hedge Contract and the underlying currency exchange rate. The Currency Hedge Contract does not involve the delivery of the underlying currencies. Accordingly, the risk of loss with respect to the Currency Hedge Contract generally is limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to the Currency Hedge Contract defaulting, the net amount of payments that the Fund is contractually entitled to receive.

The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid, however there is no guarantee that the swap market will continue to provide liquidity.

Changes in the credit quality of a company that serves as a Fund's counterparty with respect to the Currency Hedge Contract will affect the value of that instrument. A decline in the creditworthiness of the counterparty may impair the value of that counterparty's Currency Hedge Contract with the Fund, which could result in the loss of all value of the Currency Hedge Contract. By using a swap, the Fund assumes the risk that its counterparty could experience financial hardships. In the event of the insolvency of the counterparty, the Fund may sustain losses or be unable to liquidate the swap position. Counterparty risk may be somewhat mitigated by the fact that mark-to-market payments are made on a daily basis. To the extent that a Fund has only one or a few counterparties, the Fund will be exposed to greater counterparty risk and the Fund may be unable to enter into the Currency Hedge Contract on favorable terms, potentially preventing the Fund from achieving its investment objective. A Fund is subject to liquidity risk if the Fund is unable to sell the Currency Hedge Contract or is otherwise required to reserve its assets against its exposure under the Currency Hedge Contract.

Compared to other types of investments, derivatives, such as the Currency Hedge Contract, may be harder to value and may also be less tax efficient. The Funds are subject to valuation risk as they may improperly value the Currency Hedge Contract if market quotations are unavailable. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of a Fund's taxable income or gains, and may limit or prevent the Fund from using the Currency Hedge Contract as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Fund to change its investment strategy.

Issuer Concentration Risk. Because each Fund only invests in ADRs of the Company and the Currency Hedge Contract, the Fund may be adversely affected by the performance of the Company, subject to increased price volatility and more susceptible to adverse economic, market, political or regulatory occurrences affecting the Company, the industry in which the Company is classified or the country in which the Company is located. Any issuer may perform poorly, causing the value of its securities to decline. Poor performance may be caused by poor management decisions, competitive pressures, changes in technology, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent disclosures or other factors. Issuers may, in times of distress or at their own discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.

Non-Diversification Risk. Each Fund is non-diversified and holds Portfolio Securities of only one particular issuer. As a result, the Funds may have greater volatility than other diversified funds. Because a non-diversified fund may invest a larger percentage of its assets in securities of a single company than diversified funds, the performance of that company can have a substantial impact on Share price.

Risk of Investing in Depositary Receipts. ADRs involve risk not experienced when investing directly in the equity securities of an issuer. Changes in foreign currency exchange rates affect the value of ADRs and, therefore, may affect the value of a Fund's portfolio, although the Funds enter into the Currency Hedge Contract to seek to minimize the impact of fluctuations in the foreign currency exchange rate. Although the ADRs in which the Funds invest will be listed on major U.S. exchanges, there can be no assurance that a market for these securities will be made or maintained or that any such market will be or remain liquid. There is also no guarantee that a financial institution will continue to sponsor a particular ADR. As a result, the Funds may have difficulty selling securities, or selling them quickly and efficiently at the prices at which they have been valued. Moreover, the price at which the Funds' securities may be sold and the value of the Funds' Shares may be adversely affected if trading markets for ADRs are limited or absent or if bid/ask spreads are wide. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. A Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

Tax Risk. Each Fund intends to take the position that it will be treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Fund is a grantor trust, the Fund will not be subject to U.S. federal income tax. Rather, a pro rata portion of the Fund's income, gain, losses and deductions will "flow through" to each beneficial owner of Shares. The Fund has not requested and will not request an advance ruling from the IRS as to its status as a grantor trust. If the Fund fails to qualify as a grantor trust for any year (subject to any available curative measures), the Fund will be subject to regular corporate level income tax in that year on all of its taxable income, regardless of whether the Fund makes any distributions to its shareholders. In addition, distributions will be taxable to the Fund's shareholders generally as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits.

economic developments that affect specific market segments and the market as a whole. The Funds' NAV and market price, like stock prices generally, will fluctuate within a wide range in response to these factors. As a result, an investor could lose money over short or even long periods.

Management Risk. The Funds are subject to the risk that the Advisor's investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.

Market Trading Risk. The Funds face numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. Any of these factors, among others, may lead to a Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of a Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Advisor cannot predict whether shares will trade above (premium), below (discount) or at NAV. An active market for a Fund's Shares may not develop and market trading may be halted if trading in the Fund's underlying securities is halted.

The per share NAV of the Funds is calculated at the end of each business day and fluctuates with changes in the market value of the Funds' holdings since the most recent calculation. The trading prices of the Funds' Shares fluctuate continuously throughout trading hours based on market supply and demand rather than NAV. The trading prices of the Funds' Shares may deviate significantly from NAV during periods of market volatility. The Advisor believes that large discounts or premiums to the NAV of a Fund are not likely to be sustained over the long-term because Shares can be created and redeemed in Creation Units at NAV (unlike shares of many closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it likely that the Funds' Shares normally will trade on exchanges at prices close to the Funds' next calculated NAV, market prices are not expected to correlate exactly with the Fund's NAV due to timing reasons as well as market supply and demand factors. In addition, disruptions to creations and redemptions or the existence of extreme market volatility may result in trading prices that differ significantly from NAV. If a shareholder purchases at a time when the market price is at a premium to the NAV or sells at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.

Authorized Participant Concentration Risk. Only an Authorized Participant may engage in creation or redemption transactions directly with a Fund. The Funds have a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs generally.

Anheuser-Busch InBev SA/NV ADRPLUS Fund, AstraZeneca PLC ADRPLUS Fund, Banco Santander, S.A. ADRPLUS Fund, BP p.l.c. ADRPLUS Fund, British American Tobacco p.l.c. ADRPLUS Fund, Diageo plc ADRPLUS Fund, GlaxoSmithKline plc ADRPLUS Fund, HSBC Holdings Plc ADRPLUS Fund, Royal Dutch Shell plc (Class A) ADRPLUS Fund, Royal Dutch Shell plc (Class B) ADRPLUS Fund, Sanofi ADRPLUS Fund, SAP AG ADRPLUS Fund, Total S.A. ADRPLUS Fund, Vodafone Group Plc ADRPLUS Fund, Novo Nordisk A/S (B Shares) ADRPLUS Fund

Investing in the EU Risk. Investments in certain countries in the EU are susceptible to high economic risks associated with high levels of debt, such as investments in sovereign debt of Greece, Italy and Spain. Separately, the European Union faces issues involving its membership, structure, procedures and policies, including the adoption, abandonment or adjustment of a new constitutional treaty, the EU's enlargement to the south and east, and resolution of the EU's problematic fiscal and democratic accountability. Efforts of the member states to further unify their economic and monetary policies may increase the potential for the downward movement of one member state's market to cause a similar effect on other member states' markets. European countries that are part of the European Economic and Monetary Union may be significantly affected by tight fiscal and monetary controls that the union may seek to impose on its members.

Continuing uncertainty as to the status of the euro and the EU and the potential for certain countries to withdraw from the union has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EU could have significant adverse effects on currency and financial markets, and on the value of the Funds' investments. In June 2016, the UK approved a referendum to leave the European Union (known as "Brexit"). Although its long-term effects remain uncertain, Brexit's impact on the UK and European economies and the broader global economy could be significant and result in increased volatility, illiquidity and potentially lower economic growth in markets in the UK, Europe and globally, which may adversely affect the value of the Funds' investments. Brexit also may spark additional member states to contemplate departing the European Union, furthering economic and political instability in the region.

Anheuser-Busch InBev SA/NV ADRPLUS Fund

100

Risks of Investing in Belgium. Investment in Belgian issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Belgium. Although Belgium has few natural resources and imports substantial amounts of raw materials, it has an established industrial sector, which is responsible for exporting large volume of finished goods to other European countries. Belgium relies heavily on trade with key trading partners. Most of Belgium's trade is with fellow EU members. The Belgian economy, along with certain other EU economies, experienced a significant economic slowdown during the recent financial crisis. Certain banks required government support, while a few other banks were nationalized in order to avoid potential insolvency. The Belgian economy is also heavily dependent on trade with other European countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns or rising government debt levels. As a result, certain EU economies have experienced significant deterioration in market confidence.

Anheuser-Busch InBev SA/NV ADRPLUS Fund, British American Tobacco p.l.c. ADRPLUS Fund, Diageo plc ADRPLUS Fund

Beverage and Tobacco Industry Risk. The Fund is subject to the risks faced by companies in the beverage and tobacco industry, including: changes in demand for products, demographic and product trends and general economic conditions; effects of competitive pricing, environmental factors, marketing campaigns and consumer boycotts; and adverse effects from governmental regulation and oversight. The tobacco industry may also be affected by additional risks, including: smoking and health litigation; governmental and private bans and restrictions on smoking; and actual and proposed price controls on tobacco products. The beverage and tobacco industry may also be affected by risks that affect the broader consumer staples industry.

AstraZeneca PLC ADRPLUS Fund, BP p.l.c. ADRPLUS Fund, British American Tobacco p.l.c. ADRPLUS Fund, Diageo plc ADRPLUS Fund, GlaxoSmithKline plc ADRPLUS Fund, HSBC Holdings Plc ADRPLUS Fund, Royal Dutch Shell plc (Class A) ADRPLUS Fund, Royal Dutch Shell plc (Class B) ADRPLUS Fund, Vodafone Group Plc ADRPLUS Fund

Risks of Investing in the UK. The UK has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the UK. As a result, the British economy may be impacted by changes to the economic condition of the United States and other European countries. The British economy, along with certain other EU economies, experienced a significant economic slowdown during the recent financial crisis, and certain British financial institutions suffered significant losses, were severely under-capitalized and required government intervention to survive. The British economy relies heavily on the export of financial services to the United States and other European countries and, therefore, a prolonged slowdown in the financial services sector may have a negative impact on the British economy. Continued governmental involvement or control in certain sectors may stifle competition in certain sectors or cause adverse effects on economic growth. In the past, the UK has been a target of terrorism. Acts of terrorism in the UK or against British interests abroad may cause uncertainty in the British financial markets and adversely affect the performance of the issuers to which a Fund has exposure.

AstraZeneca PLC ADRPLUS Fund, GlaxoSmithKline plc ADRPLUS Fund, Novartis AG ADRPLUS Fund, Sanofi ADRPLUS Fund, Novo Nordisk A/S (B Shares) ADRPLUS Fund

Pharmaceutical Industry Risk. The profitability of securities of companies in the pharmaceutical industry is highly dependent on the development, procurement and marketing of drugs and the development, protection and exploitation of intellectual property rights and other proprietary information. These companies may be significantly affected by such events as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. Research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant, and the results of such research and expenditures is unpredictable. Many pharmaceutical companies face intense competition from new products and less costly generic products. In addition, the process for obtaining regulatory approval from the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly and there is no assurance that the necessary approvals will be obtained or maintained by these companies.

Additionally, companies in the pharmaceutical industry may be subject to expenses and losses from extensive litigation based on intellectual property, product liability and similar claims. These companies may be adversely affected by government regulation and changes in reimbursement rates from third-party payors, such as Medicare, Medicaid and other government-sponsored programs, private health insurance plans and health maintenance organizations. The ability of pharmaceutical companies to commercialize current and any future products also depends in part on the extent reimbursement for the cost of such products and related treatments are available from these third party payors. A pharmaceutical company's valuation may also be affected if one of its products proves to be unsafe, ineffective or unprofitable. The stock prices of companies in this sector have been, and will likely continue to be, volatile.

101

Banco Santander, S.A. ADRPLUS Fund

Risks of Investing in Spain. Investment in Spanish issuers involves risks that are specific to Spain, including, legal, regulatory, political, currency, security and economic risks. The Spanish economy, along with certain other EU economies, experienced a significant economic slowdown during the financial crisis that began in 2007. In reaction to the crisis, the Spanish government introduced austerity reforms aimed at reducing its fiscal deficit to sustainable levels. Austerity reforms included, among other things, reduction in government employees' salaries, freezing of pension funds, and suspension of public work projects. Such austerity reforms, while directed at stimulating the Spanish economy in the long-term, may have a negative short-term effect on Spain's financial markets. Due largely to outstanding bad loans to construction companies and real estate developers, Spanish banks underwent a series of mergers to increase liquidity and made efforts to shift debt off of their balance sheets. However, reports indicate that debt levels remain high, although bank lending has contracted. In addition, unemployment rates remain high. These factors could adversely impact growth potential of Spanish stocks in which the Fund invests. In addition, the Spanish government is engaged in a long-running campaign against terrorism. Acts of terrorism on Spanish soil or against Spanish interests abroad may cause uncertainty in the Spanish financial markets and adversely affect the performance of the issuers to which the Fund has exposure.

In addition, any of the following risks, individually or in the aggregate, can impact an investment made in Spain, and therefore the securities of a Spanish company:

Geographic Risk. Spain is located in a part of the world that has historically been prone to natural disasters such as droughts and occasional flooding, and is economically sensitive to environmental events. Any such event may adversely impact the Spanish economy, causing an adverse impact on the value of the Fund.

Reliance on Trading Partners Risk. The Spanish economy is dependent on the economies of Europe. Reduction in spending by these economies on Spanish products and services or negative changes in any of these economies may cause an adverse impact on the Spanish economy.

Security Risk. Spain has historically experienced acts of terrorism and strained international relations related to border disputes, historical animosities, separatist tensions, defense concerns and other security concerns. These situations may cause uncertainty in the Spanish market and may adversely affect the Spanish economy.

Structural Risk. Spain is subject to labor, political and economic risks, any of which could adversely affect investments in the Fund:

Political and Social Risk. Certain regions and sectors of Spain have experienced periods of high unemployment and labor and social unrest. Continuing nationalist and terrorist group activities may adversely impact the Spanish economy.

Heavy Governmental Controls and Regulation. The Spanish government continues to control a large share of Spanish economic activity. Extensive regulation of labor and product markets is pervasive and may stifle Spanish economic growth or cause prolonged periods of recession.

Labor and Economic Risk. Spain's export strength has eroded due to its relatively high labor costs. In addition, Spain continues to face high levels of unemployment, inflation and low productivity compared to other European countries.

Banco Santander, S.A. ADRPLUS Fund, HSBC Holdings Plc ADRPLUS Fund, Mitsubishi UFJ Financial Group, Inc. ADRPLUS Fund

Banking Industry Risk. Investments in securities issued by, and/or having exposure to, companies engaged in the banking industry can be significantly affected by extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge and amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact the sector. Banks may also be subject to severe price competition. The regional banking industry is highly competitive and thus, failure to maintain or increase market share may result in regional bank failures or mergers with larger, or multi-national banks.

BP p.l.c. ADRPLUS Fund, Royal Dutch Shell plc (Class A) ADRPLUS Fund, Royal Dutch Shell plc (Class B) ADRPLUS Fund, Total S.A. ADRPLUS Fund

102

Oil, Gas and Consumable Fuels Industry Risk. The Fund is also subject to risks faced by companies in the oil, gas and consumable fuels industry, including: effects on profitability from changes in worldwide energy prices and exploration, and production spending; adverse effects from changes in exchange rates, government regulation, world events and economic conditions; market, economic and political risks of the countries where oil, gas and consumable fuels companies are located or do business; and risk for environmental damage claims.

Mitsubishi UFJ Financial Group, Inc. ADRPLUS Fund, Toyota Motor Corporation ADRPLUS Fund, NTT DoCoMo, Inc. ADRPLUS Fund

Risks of Investing in Japan. The Fund invests in the ADRs of a Japanese company. Any of the following risks, individually or in the aggregate, can impact an investment made in Japan, and therefore the securities of a Japanese company:

Geographic Risk. Japan is located in a part of the world that has historically been prone to natural disasters such as earthquakes, volcanoes and tsunamis and is economically sensitive to environmental events. Any such event could result in a significant adverse impact on the Japanese economy.

Lack of Natural Resources Risk. Japan is an island state with few natural resources and limited land area and is reliant on imports for its commodity needs. In particular, the Japanese economy is dependent on global sources of petroleum products, including those in the Middle East. Any disruptions, fluctuations or shortages in the commodity markets could have a negative impact on the Japanese economy.

Reliance On Trading Partners Risk. The Japanese economy is heavily dependent on international trade, including trade with the U.S., other Asian countries and European nations, and has been adversely affected by trade tariffs, other protectionist measures and rising commodity prices. Japanese economic growth has generally been dependent on the U.S. and Chinese economies, with trade increasing with China in recent years.

Asian Economic Risk. Certain Asian economies have experienced over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, decreased exports and economic recessions. Economic or political events in any one country can have a significant economic effect on the entire Asian region as well as on major trading partners outside Asia and any adverse event in the Asian markets may have a significant adverse effect on the Japanese economy.

U.S. Economic Risk. The U.S. is a significant trading partner of Japan. Decreasing U.S. imports, new trade regulations, changes in the U.S. dollar exchange rates or a recession in the U.S. may have an adverse impact on the Japanese economy. Weakness in the U.S. economy or the U.S. dollar could adversely affect Japanese trade with the U.S.

European Economic Risk. The Economic and Monetary Union of the European Union ("EU") requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in EU economies may have a significant adverse effect on the economies of EU member countries. The European financial markets recently experienced volatility and adverse trends due to concerns about rising government debt levels of several European countries, including Greece, Spain, Ireland, Italy and Portugal. Continuation of these trends could adversely affect Japanese trade with Europe.

National Security Risk. Japan's relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and defense concerns. Most recently, the Japanese government has shown concern over the increased nuclear and military activity of North Korea and about maritime territorial claims asserted by China. Strained relations may cause uncertainty in the Japanese markets and adversely affect the overall Japanese economy in times of crisis.

Structural Risks. Japan may be subject to risks relating to political, economic and labor risks. Any of these risks, individually or in the aggregate, could adversely affect investments in the Fund:

Economic Risk. The growth of Japan's economy has recently lagged that of its Asian neighbors and other major developed economies. Since the year 2000, Japan's economic growth rate has remained relatively low, and it may remain low in the future. The Japanese economy is heavily dependent on international trade and has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the

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economic conditions of its trading partners. Japan is also heavily dependent on oil imports, and higher commodity prices could therefore have a negative impact on the Japanese economy.

Political Risk. Historically, Japan has been subject to unpredictable national politics and may experience frequent political turnover. Future political developments may lead to changes in policy that might adversely affect the Fund's investments. In addition, China has become an important trading partner with Japan. Japan's political relationship with China, however, has become strained. Should political tension increase, it could adversely affect the Japanese economy and destabilize the region as a whole.

Large Government Debt Risk. The Japanese economy faces several concerns, including a financial system with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits. These issues may cause a slowdown of the Japanese economy.

Currency Risk. The Japanese Yen has fluctuated widely at times and any increase in its value may cause a decline in exports that could weaken the economy. Japan has, in the past, intervened in the currency markets to attempt to maintain or reduce the value of the yen. Japanese intervention in the currency markets could cause the value of the yen to fluctuate sharply and unpredictably and could cause losses to investors. The Japanese Yen may not maintain its long-term value in terms of purchasing power in the future.

Labor Risk. Japan has an aging workforce. Its labor market is undergoing fundamental structural changes, as traditional lifetime employment clashes with the need for increased labor mobility, which may adversely affect Japan's economic competitiveness.

Nuclear Energy Risk. The nuclear power plant catastrophe in Japan in March 2011 may have long-term effects on the Japanese economy and its nuclear energy industry, the extent of which are currently unknown.

Novartis AG ADRPLUS Fund

Risks of Investing in Switzerland. The Fund is subject to certain risks associated with Switzerland and Europe as a whole. Although Switzerland is not a member of the EU, the Swiss economy is dependent on the economies of other European nations as key trading partners. Any reduction in spending by other European countries could have a negative effect on the Swiss economy. Additionally, the European sovereign-debt crisis has resulted in a weakened Euro and has put into question the future financial prospects of the surrounding region. The ongoing implementation of the EU provisions and Euro conversion process may materially impact revenues, expenses or income and increase competition for other European companies, which could have an effect on the Swiss economy, and in turn, the securities in which the Fund invests.

Novo Nordisk A/S (B Shares) ADRPLUS Fund

Risks of Investing in Denmark. Investments in Danish issuers subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to Denmark. The Danish economy, along with certain other EU economies, experienced a significant economic slowdown during the recent financial crisis. Denmark's economy has also been characterized by slow growth and is facing demographic challenges that could lead to labor supply shortages in the near future.

NTT DoCoMo, Inc. ADRPLUS Fund, Vodafone Group Plc ADRPLUS Fund

Telecommunications Services Industry Risk. The Fund is subject to risks faced by companies in the telecommunications industry, including: a telecommunications market characterized by increasing competition and regulation by the Federal Communications Commission and various state regulatory authorities; the need to commit substantial capital to meet increasing competition, particularly in formulating new products and services using new technology; and technological innovations that may make various products and services obsolete.

Sanofi ADRPLUS Fund, Total S.A. ADRPLUS Fund

Risks of Investing in France. Investment in securities of French companies involve additional risks, including legal, regulatory, political, currency, security, and economic risk specific to France. The French economy is dependent to a significant extent on the economies of certain key trading partners, including Germany and other Western European countries. Reduction in spending on French products and services, or changes in any of the economies may cause an adverse impact on the French economy. In addition, France may be subject to acts of terrorism. The French economy is dependent on exports from the agricultural sector. Leading agricultural exports include dairy products, meat, wine, fruit and vegetables, and

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fish. As a result, the French economy is susceptible to fluctuations in demand for agricultural products. Additionally, the French economy is susceptible to other risks relating to its membership in the EU, such as the recent sovereign debt crisis.

SAP AG ADRPLUS Fund

Risks of Investing in Germany. Investing in German companies involves additional risks, including, but not limited to: significant demographic challenges to sustained long-term growth; low fertility rates and declining net immigration putting pressure on the country's social welfare system; and the costly and time-consuming modernization and integration of the eastern German economy. Additionally, the European sovereign-debt crisis has resulted in a weakened Euro and has put into question the future financial prospects of Germany and the surrounding region.

Software Industry Risk. The Fund is subject to the risks faced by companies in the software industry to the same extent as the Index is so concentrated, including: competitive pressures, such as aggressive pricing (including fixed-rate pricing), technological developments (including product-specific technological change), changing domestic demand, and the ability to attract and retain skilled employees; availability and price of components; dependence on intellectual property rights, and potential loss or impairment of those rights; research and development costs; rapid product obsolescence; cyclical market patterns; evolving industry standards; and frequent new product introductions requiring timely and successful introduction of new products and the ability to service such products. The software industry may also be affected by risks that affect the broader information technology industry.

Toyota Motor Corporation ADRPLUS Fund

EXCLUSION OF ADVISOR FROM COMMODITY POOL OPERATOR DEFINITION

With respect to the Funds, the Advisor has claimed an exclusion from the definition of "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA") and the rules of the Commodity Futures Trading Commission ("CFTC") and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, with respect to the Funds, the Advisor is relying upon a related exclusion from the definition of "commodity trading advisor" ("CTA") under the CEA and the rules of the CFTC.

The terms of the CPO exclusion require the Funds, among other things, to adhere to certain limits on their investments in commodity futures, commodity options and swaps, which in turn include non-deliverable currency forward contracts. These limits do not apply to transactions used for bona fide hedging purposes, as defined by the CFTC. Because the Advisor and the Funds intend to comply with the terms of the CPO exclusion, the Funds may, in the future, need to adjust their investment strategies, consistent with their investment objectives, to limit their investments in these types of instruments. The Funds are not intended as a vehicle for trading in the commodity futures, commodity options, or swaps markets. The CFTC has neither reviewed nor approved the Advisor's reliance on these exclusions, or the Funds, their investment strategies or its prospectus.

CONTINUOUS OFFERING

The method by which Creation Units are purchased and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Funds on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act. For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into individual Shares, and sells such Shares directly to customers, or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of Secondary Market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus

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delivery exemption in Section 4(3) of the Securities Act is not available with respect to such transactions as a result of Section 24(d) of the Investment Company Act. As a result, broker dealer-firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary Secondary Market transactions) and thus dealing with Shares that are part of an over-allotment within the meaning of Section 4(3)(a) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to Shares of the Funds are reminded that under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that the Funds' prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange.

CREATION AND REDEMPTION OF CREATION UNITS

The Funds issue and redeem Shares only in bundles of a specified number of Shares. These bundles are known as "Creation Units." For each Fund, a Creation Unit is comprised of 50,000 Shares. The number of Shares in a Creation Unit will not change, except in the event of a share split, reverse split or similar revaluation. The Funds may not issue or redeem Shares in fractional Creation Units.

To purchase or redeem a Creation Unit, you must be an "Authorized Participant" or you must do so through a broker, dealer, bank or other entity that is an Authorized Participant. An "Authorized Participant" 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 Foreside Fund Services, LLC, the Funds' distributor (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 purchase and redeem Shares directly from the Funds 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.

Shares are listed on the Exchange and are publicly traded. Retail investors may purchase or sell Shares in the Secondary Market (not from a Fund) through a broker or dealer. For information about acquiring or selling Shares in the Secondary Market, please contact your broker or dealer or financial advisor.

When you buy or sell Shares in the Secondary Market, your broker or dealer may charge you a commission, market premium or discount or other transaction charge, and you may pay some or all of the spread between the bid and the offered price for each purchase or sale transaction. Unless imposed by your broker or dealer, there is no minimum dollar amount you must invest and no minimum number of Shares you must buy in the Secondary Market. In addition, because transactions in the Secondary Market occur at market prices, you may pay more than NAV when you buy Shares and receive less than NAV when you sell those Shares.

The creation and redemption processes set forth herein are summaries, and the summaries only apply to shareholders who purchase or redeem Creation Units (they do not relate to shareholders who purchase or sell Shares in the Secondary Market). Authorized Participants should refer to their Participant Agreements for the precise instructions that must be followed in order to create or redeem Creation Units.

BUYING AND SELLING SHARES IN THE SECONDARY MARKET

Most investors will buy and sell Shares of the Funds in Secondary Market transactions through broker-dealers. Shares of the Funds are listed for trading in the Secondary Market on the Exchange and may also trade on other exchanges or in the over-the-counter market. Shares can be bought and sold throughout the trading day like other publicly-traded shares. There is no minimum investment. Although Shares are generally purchased and sold in "round lots" of 100 Shares, brokerage firms typically permit investors to purchase or sell Shares in smaller "odd lots." When buying or selling Shares through a broker, you will likely incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the Secondary Market on each leg of a round trip (purchase and sale) transaction.

Share prices are reported in U.S. dollars and cents per Share. For information about buying and selling Shares in the Secondary Market, please contact your broker or dealer or financial advisor.

The exchange on which the Funds' shares are listed is open for trading Monday through Friday and is closed on weekends and the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The Funds' primary listing exchange is the [ ].

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The Funds' Shares trade under the following trading symbols and Cusip Numbers:

[____]

Section 12(d)(1) of the Investment Company Act restricts investments by registered investment companies in the securities of other investment companies. Registered investment companies are permitted to invest in the Funds beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions set forth in an SEC exemptive order issued to the Trust, including that such investment companies enter into a written agreement with the Trust.

Book Entry

Shares of the Funds are held in book-entry form and no stock certificates are issued. The Depository Trust Company ("DTC"), through its nominee, is the record owner of all outstanding Shares.

Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants.

These procedures are the same as those that apply to any securities that you hold in book entry or "street name" form for any publicly-traded company. Specifically, in the case of a shareholder meeting of a Fund, DTC assigns applicable Cede & Co. voting rights to its participants that have Shares credited to their accounts on the record date, issues an omnibus proxy and forwards the omnibus proxy to the Fund. The omnibus proxy transfers the voting authority from Cede & Co. to the DTC Participant. This gives the DTC Participant through whom you own Shares (namely, your broker, dealer, bank, trust company or other nominee) authority to vote the Shares, and, in turn, the DTC Participant is obligated to follow the voting instructions you provide.

MANAGEMENT

The Board of Trustees of the Trust is responsible for the general oversight of the management of the Funds, including general supervision of the Advisor and other service providers, but it is not involved in the day-to-day management of the Trust. The Board of Trustees appoints officers who are responsible for the day-to-day operations of the Funds. A list of the Trustees and Trust Officers, and their present and principal occupations, is provided in the Funds' SAI.

Investment Advisor

The Advisor is a Delaware limited liability company formed in 2010. The Advisor has been registered as an investment adviser with the SEC since 2011 and maintains its principal office at 350 Main St., Suite 9, Bedminster, New Jersey 07921.

The Advisor serves as advisor to each Fund pursuant to an Investment Advisory Agreement ("Advisory Agreement"). Subject at all times to the supervision and approval of the Board, the Advisor is responsible for the overall management of the Trust, including determining what investments should be purchased and sold, and placing orders for all such purchases and sales, on behalf of the Funds. The Advisor has arranged for distribution, custody, fund administration, transfer agency and all other services necessary for the Funds to operate.

As compensation for its services and its assumption of certain expenses, the Funds pay the Advisor a management fee equal to a percentage of the Funds' average daily net assets that accrues daily and is paid monthly, as follows:

Fund Name	Management Fee
Anheuser-Busch InBev SA/NV ADRPLUS Fund	[___]%
AstraZeneca PLC ADRPLUS Fund	[___]%
Banco Santander, S.A. ADRPLUS Fund	[___]%
BP P.L.C. ADRPLUS Fund	[___]%
British American Tobacco p.l.c. ADRPLUS Fund	[___]%
Diageo plc ADRPLUS Fund	[___]%
GlaxoSmithKline plc ADRPLUS Fund	[___]%

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HSBC Holdings Plc ADRPLUS Fund	[___]%
Mitsubishi UFJ Financial Group, Inc. ADRPLUS Fund	[___]%
Novartis AG ADRPLUS Fund	[___]%
Novo Nordisk A/.S (B Shares) ADRPLUS Fund	[___]%
NTT DoCoMo, Inc. ADRPLUS Fund	[___]%
Royal Dutch Shell plc (Class A) ADRPLUS Fund	[___]%
Royal Dutch Shell plc (Class B) ADRPLUS Fund	[___]%
Sanofi ADRPLUS Fund	[___]%
SAP AG ADRPLUS Fund	[___]%
Total S.A. ADRPLUS Fund	[___]%
Toyota Motor Corporation ADRPLUS Fund	[___]%

The Advisor may voluntarily waive any portion of its advisory fee from time to time, and may discontinue or modify any such voluntary limitations in the future at its discretion.

A discussion regarding the basis for the Board of Trustees approving the Advisory Agreement will be available in the Funds' next Report to shareholders.

Other Expenses. Under the Advisory Agreement, the Advisor has agreed to pay all expenses of the Trust, except for: (i) brokerage expenses and other expenses (such as stamp taxes) connected with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) interest and tax expenses; (iii) dividend or distribution expenses; (iv) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (v) distribution fees and expenses, if any, paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act; (vi) non-routine or extraordinary expenses; and (vii) the advisory fee payable to the Advisor.

The Advisor and its affiliates may deal, trade and invest for their own accounts in the types of securities in which the Fund also may invest. The Advisor does not use inside information in making investment decisions on behalf of the Fund.

Portfolio Management

The individual portfolio managers responsible for the day-to-day management of the portfolio of the Funds operate as a team and are:

[to be provided in subsequent filing]

More Information

For more information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of securities in the Funds, see the SAI.

OTHER SERVICE PROVIDERS

Fund Administrator, Custodian, Accounting and Transfer Agent

[ ] serves as administrator, custodian, transfer agent and dividend disbursing agent of the Trust and the Funds. [ ] is located at [Address].

Pursuant to the Fund Servicing Agreement with the Trust, [ ] provides administrative, regulatory, tax, financial reporting and fund accounting services for the maintenance and operation of the Trust and the Funds. In addition, [ ] makes office space, equipment, personnel and facilities available to provide such services.

Pursuant to the Global Custody Agreement with the Trust, [ ] maintains cash, securities and other assets of the Trust and the Funds in separate accounts, keeps all required books and records and provides other necessary services. [ ] is required, upon the order of the Trust, to deliver securities held by [ ] and to make payments for securities purchased by the Funds.

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Pursuant to the Agency Services Agreement with the Trust, [ ] acts as transfer agent for the Funds' authorized and issued Shares of beneficial interest and as dividend disbursing agent of the Trust.

Distributor

The Distributor, a Delaware limited liability company, serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Funds or the securities that are purchased or sold by the Fund. The Distributor's principal address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

Independent Registered Public Accounting Firm

[ , serves as the independent registered public accounting firm for the Trust.]

Legal Counsel

Stradley Ronon Stevens & Young, LLP, 1250 Connecticut Avenue, N.W., Suite 500, Washington, DC 20036-2652, serves as legal counsel for the Funds.

Other Service Providers

Foreside Compliance Services, LLC ("FCS"), an affiliate of the Distributor, provides an Anti-Money Laundering Officer and Chief Compliance Officer to the Funds. Foreside Management Services, LLC ("FMS"), an affiliate of the Distributor, provides a Principal Financial Officer to the Funds.

The Distributor, FCS and FMS are not affiliated with the Advisor.

FREQUENT TRADING

The Trust's Board of Trustees has not adopted policies and procedures with respect to frequent purchases and redemptions of Fund Shares by Fund shareholders ("market timing"). In determining not to adopt market timing policies and procedures, the Board noted that the Funds are expected to be attractive to active institutional and retail investors interested in buying and selling Fund Shares on a short-term basis. In addition, the Board considered that, unlike traditional mutual funds, the Funds' Shares can only be purchased and redeemed directly from the Funds in Creation Units by Authorized Participants, and that the vast majority of trading in the Funds' Shares occurs on the Secondary Market. Because Secondary Market trades do not involve the Funds directly, it is unlikely those trades would cause many of the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Funds' trading costs and the realization of capital gains. With respect to trades directly with the Funds, to the extent effected in-kind (namely, for securities), those trades do not cause any of the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, the Board noted that those trades could result in dilution to the Fund and increased transaction costs (Fund may impose higher transaction fees to offset these increased costs), which could negatively impact the Fund's ability to achieve its investment objective. However, the Board noted that direct trading on a short-term basis by Authorized Participants is critical to ensuring that a Fund's Shares trade at or close to NAV. Given this structure, the Board determined that it is not necessary to adopt market timing policies and procedures. The Funds reserve the right to reject any purchase order at any time and reserves the right to impose restrictions on disruptive or excessive trading in Creation Units.

The Board of Trustees has instructed the officers of the Trust to review reports of purchases and redemptions of Creation Units on a regular basis to determine if there is any unusual trading in the Fund. The officers of the Trust will report to the Board any such unusual trading in Creation Units that is disruptive to a Fund. In such event, the Board may reconsider its decision not to adopt market timing policies and procedures.

SERVICE AND DISTRIBUTION PLAN

The Board of Trustees of the Trust has adopted a Service and Distribution Plan pursuant to Rule 12b-1 under the Investment Company Act. In accordance with its Rule 12b-1 plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. The Trust's Board of Trustees has resolved not to authorize the payment of Rule 12b-1 fees prior to [______, 2018]. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the respective Fund's assets, and over time they will increase the cost of your investment and they may cost you more than certain other types of sales charges.

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The Advisor and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of a Fund. The making of these payments could create a conflict of interest for a financial intermediary receiving such payments.

DETERMINATION OF NET ASSET VALUE (NAV)

The NAV of the Shares for a Fund is equal to the Fund's total assets minus the Fund's total liabilities divided by the total number of Shares outstanding. Portfolio Securities are generally valued at the last quoted sale price or official closing price of the exchange on which they trade, which is deemed to be the principal market on which the securities are traded, or if there is no last quoted sale price or official closing price on the day of valuation, a security is valued within the range of the most recent quoted bid and ask prices. On each business day, the Currency Hedge Contract will be marked to market based on the notional value of the Currency Hedge Contract as of the close of business on the prior business day and the change in the value of the local currency in relation to the U.S. dollar from the prior business day to the current business day. The Exchange Rate will be established by an independent pricing service. This mark to market amount, expressed in U.S. dollars, will be used to calculate the Fund's NAV. Expenses and fees (including investment advisory, management, administration and distribution fees, if any) accrue daily and are included in the Fund's total liabilities. The NAV that is published is rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV is calculated to five decimal places.

The securities and other assets of a Fund are valued pursuant to the pricing policy and procedures approved by the Board. In calculating NAV, a Fund's investments are valued using market quotations when available. When market quotations are not readily available, are deemed unreliable or do not reflect material events occurring between the close of local markets and the time of valuation, investments are valued using fair value pricing as determined in good faith by the Advisor under procedures established by and under the general supervision and responsibility of the Trust's Board of Trustees. Investments that may be valued using fair value pricing include, but are not limited to: (1) securities that are not actively traded, including "restricted" securities and securities received in private placements for which there is no public market; (2) securities of an issuer that becomes bankrupt or enters into a restructuring; and (3) securities whose trading has been halted or suspended.

The frequency with which a Fund's investments are valued using fair value pricing is primarily a function of the types of securities and other assets in which the respective Fund invests pursuant to its investment objective, strategies and limitations.

Valuing a Fund's investments using fair value pricing results in using prices for those investments that may differ from current market valuations. Accordingly, fair value pricing could result in a difference between the prices used to calculate NAV and the prices used to determine a Fund's Indicative Intra-Day Value ("IIV"), which could result in the market prices for Shares deviating from NAV.

The NAV is calculated by the administrator and determined each business day as of the close of regular trading on the NYSE (ordinarily 4:00 p.m. New York time).

DIVIDENDS, DISTRIBUTIONS AND TAXES

Investment Income and Capital Gains

The Funds typically earn income from ADR dividends. The Funds typically pay dividends when the Portfolio Securities pay dividends. The Funds realize capital gains or losses whenever it sells securities. Net capital gains are distributed to shareholders as "capital gain distributions." You will be notified regarding the portion of the distribution which represents a return of capital.

Distributions from a Fund are distributed on a pro rata basis to beneficial owners of Shares. Dividend payments are made through DTC Participants and indirect participants to beneficial owners then of record with proceeds received from the Fund.

Distributions in cash may be reinvested automatically in additional Shares of your Fund(s) only if the broker through which you purchased Shares makes such option available.

Federal Income Taxes

The following discussion of the material United States federal income tax consequences generally applies to the purchase, ownership and disposition of shares by a "U.S. Shareholder" (as defined below) and certain United States federal income, gift and estate tax consequences that may apply to an investment in Shares by a "Non-U.S. Shareholder" (as defined below). The discussion below is based on the United States Internal Revenue Code of 1986, as amended (the "Code"), Treasury

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Regulations promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on the date of this Prospectus; no assurance can be given that future legislation, regulations, court decisions and/or administrative pronouncements will not significantly change applicable law and materially affect the conclusions expressed herein, and any such change, even though made after a Shareholder has invested in a Fund, could be applied retroactively.

The tax treatment of shareholders may vary depending upon their own particular circumstances. Certain shareholders — including banks, thrift institutions and certain other financial institutions, insurance companies, tax-exempt organizations, brokers and dealers in securities or currencies, certain securities traders, persons holding Shares as a position in a "hedging," "straddle," "conversion" or "constructive sale" transaction (as those terms are defined in the authorities mentioned above), qualified pension and profit-sharing plans, individual retirement accounts (IRAs), certain other tax-deferred accounts, U.S. expatriates, persons whose "functional currency" is not the U.S. dollar, persons subject to the federal alternative minimum tax, foreign shareholders and other shareholders with special circumstances — may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who hold shares as "capital assets" within the meaning of Code Section 1221. This discussion does not purport to be complete or to deal with all aspects of federal income taxation that may be relevant to an investor in light of its particular circumstances. Moreover, the discussion below does not address the effect of any state, local or foreign tax law on an owner of shares. Purchasers of shares are urged to consult their own tax advisors with respect to all federal, state, local and foreign tax law considerations potentially applicable to their investment in shares.

For purposes of this discussion, a "U.S. Shareholder" is a shareholder that is:

An individual who is treated as a citizen or resident of the United States for U.S. federal income tax purposes;

A business entity treated as a corporation or partnership (or other entity treated as such for those purposes) for U.S. federal income tax purposes that is created or organized in or under the laws of the United States or any political subdivision thereof;

An estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

A trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust.

A shareholder that is not a U.S. Shareholder as defined above is generally considered a "Non-U.S. Shareholder" for purposes of this discussion. For United States federal income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a partnership for United States federal income tax purposes, will generally depend upon the status of the partner and upon the activities of the partnership. Partnerships and partners in partnerships are urged to consult their tax advisors about the United States federal income tax consequences of purchasing, owning and disposing of Shares.

The Funds have not requested and will not request an advance ruling from the IRS as to the federal income tax matters described below. There is no assurance that the IRS will not disagree with the conclusions set forth in this section. The IRS could adopt positions contrary to those discussed below and such positions could be sustained. Prospective investors should consult their own tax advisors with regard to the federal tax consequences of the purchase, ownership or disposition of Shares, as well as the tax consequences arising under the laws of any state, foreign country or other taxing jurisdiction.

Tax Treatment of the Funds

Each Fund intends to qualify as a "grantor trust" for federal income tax purposes. There can be no assurance that the IRS will agree with that treatment, and it is possible that the IRS or another tax authority could assert a position contrary thereto and that a court could sustain that contrary position. 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 the Funds "flow through" to the Fund's shareholders, and the Funds will report their income, gains, losses and deductions to the IRS on that basis.

If a Fund fails to qualify as a grantor trust for any year (subject to any available curative measures), the Fund will be subject to regular corporate level income tax in that year on all of its taxable income, regardless of whether the Fund makes any distributions to its shareholders. In addition, distributions will be taxable to the Fund's shareholders generally as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits.

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The income from Fund assets that is reportable by you is not reduced by amounts used to pay expenses of the Fund. Instead, expenses are separately reported based on a percentage of distributions.

The grantor trust structure is a widely held fixed investment trust ("WHFIT"), and falls under what is commonly referred to as the WHFIT regulations. A WHFIT must satisfy certain detailed reporting requirements. Trustees of fixed investment trusts frequently do not know the identities of the beneficial owners of the trust interests and are unable to communicate tax information directly to them because trust interests often are held in street name, i.e., in the name of a middleman. The WHFIT regulations provide rules that specifically require the sharing of tax information among trustees, middlemen, and beneficial owners of fixed investment trusts that meet the definition of a WHFIT.

Taxation of U.S. Shareholders

Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly own a pro rata share of the underlying assets held in the Fund. Shareholders also will be treated as if they directly received their respective pro rata shares of the Fund's income, if any, regardless of whether they receive any distributions from the Fund. Shareholders will also be treated as if they directly incurred their respective pro rata shares of the Fund's expenses. In the case of a shareholder that purchases Shares for cash, your initial tax basis in your pro rata share of the assets held by the Fund at the time you acquire your Shares will be equal to its cost of acquiring the Shares. Generally, the cash distributed by the Fund to you is the net of cash income and expenses reported. There may be circumstances under which you are required to recognize income with respect to Fund assets in a year even if you do not receive a corresponding distribution from the Fund (or do not receive a corresponding distribution from the Fund until a later year).

On a sale or other disposition of Shares, a shareholder generally will recognize gain or loss in an amount equal to the difference between (i) the amount realized on the sale of the Shares and (ii) the portion of your tax basis in your pro rata share of the Fund's assets that is attributable to the Shares disposed of, determined by multiplying the tax basis of your pro rata share of all of the assets held by the Fund immediately prior to such sale or other disposition by a fraction the numerator of which is the number of Shares disposed of and the denominator of which is the total number of Shares you held immediately prior to such sale or other disposition. Subject to the discussion below, that gain or loss will generally be short-term capital gain or loss if you held your Shares for one year or less and long-term capital gain or loss if you held your Shares for more than one year. After any sale of fewer than all of your Shares, your tax basis in your pro rata share of the Fund's assets immediately after the sale generally will equal the tax basis in your pro rata share of the total amount of the assets of the Fund immediately prior to the sale, less the portion of that tax basis that is taken into account in determining the amount of gain or loss recognized by you upon the sale.

When a Fund sells Fund assets, for example to pay expenses, a Shareholder generally will recognize gain or loss in an amount equal to the difference between (1) the Shareholder's pro rata share of the amount realized by the Fund upon the sale and (2) the Shareholder's tax basis for its pro rata share of the Fund's assets that were sold, which gain or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder is treated as having held its share of the Fund's assets that were sold for more than one year. A Shareholder's tax basis for its share of Fund assets sold by the Fund generally will be determined by multiplying the Shareholder's total basis for its share of all of the assets held by the Fund immediately prior to the sale by a fraction, the numerator of which is the amount of Fund assets sold and the denominator of which is the total amount of assets held in the Fund immediately prior to the sale. After any such sale, a Shareholder's tax basis for its pro rata share of the Fund's remaining assets will be equal to its tax basis for its share of the total amount of the assets held in the Fund immediately prior to the sale, less the portion of such basis allocable to its share of the Fund's assets that were sold.

The Funds are expected to hold the Portfolio Securities plus the Currency Hedge Contract. It is possible that the Funds will hold other assets, including assets that are treated differently for federal income tax purposes from those described above, in which case you will have federal income tax consequences different from or in addition to those described in this section.

The Currency Hedge Contract is likely to be classified as a "section 988 transaction" because it is a type of financial instrument in which the amount of the payout is determined by reference to the value of one or more "nonfunctional currencies." The Funds have not received nor requested any written guidance from the IRS regarding the tax classification of the Currency Hedge Contract as a "section 988 transaction."

Generally, gain or loss attributable to a "section 988 transaction" is ordinary rather than capital and sourced to the country of residence of the taxpayer. There are, however, complex rules that may enable a U.S. Shareholder to elect to treat any such foreign currency gain or loss attributable to the Currency Hedge Contract as capital gain or loss. Note there is very limited guidance with respect to the application of the section 988 rules to a "grantor trust," such as the Funds, and there is no assurance that the IRS would respect an election made by a shareholder (as opposed to an election by a Fund) to treat any

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foreign currency gain or loss as capital gain or loss. The IRS, however, has historically and continues to take the position that a "grantor trust" such as the Funds for most purposes is treated as inseparable from its owner or owners for U.S. federal income tax purposes. Accordingly, because a shareholder in a Fund is deemed for federal income tax purposes to be a proportionate owner of the Currency Hedge Contract, a shareholder may be entitled to make an election to treat any income or loss from the Currency Hedge Contract as capital gain or loss. There are very specific requirements that must be met to satisfy the capital gain or loss election described above including concurrent identification requirements under applicable Treasury Regulations. Shareholders are strongly urged to consult their tax advisors prior to investing in a Fund to determine whether they can satisfy the election requirements, to take the necessary steps to make timely elections, and to understand the tax consequences of the income or loss attributable to the Currency Hedge Contract. Note that the Funds will not make an election to treat any foreign currency gain or loss as capital gain or loss.

Dividends received by the Funds are generally taxed to individual shareholders at the same federal income tax rates that apply to long-term capital gains (maximum 20%, under current law), provided the dividends are qualifying dividends and certain holding period requirements are satisfied. Dividends that do not meet these requirements are generally taxed at ordinary income rates (maximum 39.6% under current law). An additional 3.8% Medicare tax (described below) may also apply to dividends, depending on whether the adjusted gross income of the shareholder reaches a prescribed income threshold. Under current federal income tax law, gains recognized by non-corporate U.S. Shareholders from the Fund's sale of Portfolio Securities held for more than one year are taxed at a maximum rate of 20% applicable to long-term capital gains.

Certain U.S. Shareholders who are individuals are required to pay a 3.8% tax on the lesser of the excess of their modified adjusted gross income over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers) or their "net investment income," which generally includes dividends, interest, and net gains from the disposition of investment property. This tax is in addition to any regular income taxes due on such investment income. A similar tax will apply to certain shareholders that are estates or trusts. U.S. Shareholders are urged to consult their tax advisors regarding the effect, if any, this law may have on an investment in the Shares.

A corporation that owns Shares generally will not be entitled to the dividends receive deduction with respect to any dividends received by a Fund, because the dividends received deduction is generally not available for dividends received from most foreign corporations.

Under the "wash sale" rules, you may not be able to deduct a loss on the Funds' disposition of Portfolio Securities. As a result, you may be required to recognize income greater than the total cash actually received during the year. Such distribution may be made from the cash assets of a Fund or by selling Portfolio Securities.

Shareholders will be required to recognize gain or loss upon a sale of Fund assets (as discussed above), even though some or all of the proceeds of such sale are used to pay Fund expenses. Generally, for federal income tax purposes, you must take into account your full pro rata share of the Fund's income, even if some of that income is used to pay Fund expenses. You may deduct your pro rata share of each expense paid by the Funds to the same extent as if you directly paid the expense. You may be required to treat some or all of the expenses of the Funds as miscellaneous itemized deductions. Individuals may only deduct certain miscellaneous itemized deductions to the extent they exceed 2% of adjusted gross income. Some individuals may also be subject to the phase-out of itemized deductions, depending upon their income.

Any brokerage or other transaction fee incurred by a shareholder in purchasing Shares will be treated as part of the shareholder's tax basis in the underlying assets of a Fund. Similarly, any brokerage fee incurred by a shareholder in selling Shares will reduce the amount realized by the shareholder with respect to the sale.

U.S. tax-exempt shareholders are subject to United States federal income tax only on their unrelated business taxable income ("UBTI"). Unless they incur debt in order to purchase Shares, it is expected that U.S. tax-exempt shareholders should not realize UBTI in respect of income or gains from the Shares. U.S. tax-exempt shareholders are urged to consult their own independent tax advisors regarding the United States federal income tax consequences of holding shares in light of their particular circumstances.

The Funds will file certain information returns with the IRS, and provide certain tax-related information to shareholders, in connection with the Funds. The Funds will make information available that will enable brokers and custodians through which investors hold Shares to prepare and, if required, to file certain information returns (e.g., Form 1099) with the IRS. To the extent required by applicable regulations, each shareholder will be provided with information regarding its allocable portion of the Funds' annual income, expenses, gains and losses (if any). A U.S. Shareholder may be subject to U.S. backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures. Non-U.S. Shareholders may have to comply with certification procedures to establish that they are not U.S. persons, and some Non-U.S. Shareholders will be required to meet certain information reporting or certification

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requirements imposed by the Foreign Account Tax Compliance Act ("FATCA"), in order to avoid certain information reporting and backup withholding tax requirements. The amount of any backup withholding will be allowed as a credit against a shareholder's U.S. federal income tax liability and may entitle such a shareholder to a refund, provided that the required information is furnished to the IRS.

As discussed above, the Funds have not received or requested any written guidance from the IRS regarding the tax classification of the Currency Hedge Contract as a "section 988 transaction" or sought guidance regarding the tax implications to a "grantor trust" such as the Funds from engaging in a "section 988 transaction" such as the Currency Hedge Contract. The Funds intend to treat the Currency Hedge Contract as a "section 988 transaction;" however, the IRS or other applicable authorities may take a different view than the position adopted by the Funds. The Funds believe that income attributable to the Currency Hedge Contract which may be characterized as "foreign currency gain or loss" should be sourced outside of the U.S. to the residence of the Non-U.S. Shareholder because the Funds are an "investment trust" treated as a grantor trust and not recognized as a separate entity for U.S. federal income tax purposes. Accordingly, any non-U.S. sourced income (including gain recognized upon the sale or other disposition of Shares) to a Non-U.S. Shareholder should not be subject to U.S. federal income tax unless (1) the Non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the Non-U.S. Shareholder of a trade or business in the United States and certain other conditions are met (and, if required by an applicable income tax treaty, is attributable to a U.S. permanent establishment). If clause (1) of the preceding sentence applies, the individual Non-U.S. Shareholder generally will be subject to a flat 30% U.S. federal income tax on any capital gain recognized upon the sale or other disposition of Shares, which may be offset by certain U.S. source losses. If clause (2) applies, the Non-U.S. Shareholder will generally be required to pay U.S. federal income tax on the income or gain derived from the ownership of the Shares in the same manner as a U.S. Shareholder, as described above. In addition, corporate Non-U.S. Shareholders may be subject to a 30% branch profits tax on their "effectively connected" earnings and profits attributable to such income or gain (subject to adjustments). If a Non-U.S. Shareholder is eligible for the benefits of a tax treaty between the United States and its country of residence, the tax treatment of any such income or gain may be modified in the manner specified by the treaty.

Under the U.S. federal tax law, individuals who are neither citizens nor residents (as determined for federal estate and gift tax purposes) of the United States are subject to estate tax on all property that has a U.S. "situs." Shares may well be considered to have a U.S. situs for these purposes. If they are, then Shares would be includible in the U.S. gross estate of a non-resident alien shareholder. Currently, U.S. estate tax is imposed at rates of up to 40% of the fair market value of the taxable estate. The U.S. estate tax rate is subject to change in future years. In addition, the U.S. federal "generation-skipping transfer tax" may apply in certain circumstances. The estate of a non-resident alien shareholder who was resident in a country that has an estate tax treaty with the United States may be entitled to benefit from such treaty. For non-citizens and non-residents of the United States, the U.S. federal gift tax generally applies only to gifts of tangible personal property or real property having a U.S. situs. Tangible personal property (has a U.S. situs if it is physically located in the United States. Although the matter is not settled, Shares should be considered intangible property, and therefore they should not be subject to U.S. gift tax if transferred during the holder's lifetime. Such Shareholders are urged to consult their tax advisors regarding the possible application of U.S. estate, gift and generation-skipping transfer taxes in their particular circumstances.

Prospective purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their tax advisors as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the United States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing.

This discussion of "Federal Income Taxes" is for general information only and not tax advice. All investors should consult their own tax advisers as to the federal, state, local and foreign tax provisions applicable to them.

TRANSACTION FEES

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 $[__]. 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

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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.

CODE OF ETHICS

The Trust, the Advisor, and the [Distributor] each have adopted a code of ethics under Rule 17j-1 of the Investment Company Act which is designed to prevent affiliated persons of the Trust and the Advisor from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Funds (which may also be held by persons subject to a code). There can be no assurance that the codes will be effective in preventing such activities. The codes permit personnel subject to them to invest in securities, including securities that may be held or purchased by the Funds. The codes are on file with the SEC and are available to the public.

FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS

The Advisor maintains a website for the Funds at www.precidianfunds.com. The website for the Funds contain the following information, on a per-Share basis, for each Fund: (1) the prior business day's NAV; (2) the market closing price or the reported midpoint of the bid-ask spread at the time of NAV calculation ("Bid-Ask Price"); and (3) a calculation of the premium or discount of the market closing price or the Bid-Ask Price against such NAV. In addition, on each business day, before the commencement of trading in Shares on the Exchange, each Fund will disclose on its website (www.precidianfunds.com) the identities and quantities of the portfolio securities and other assets held by the Fund that will form the basis for the calculation of NAV at the end of the business day.

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the SAI.

OTHER INFORMATION

The Trust was organized as a Delaware statutory trust on August 27, 2010. Its Declaration of Trust currently permits the Trust to issue an unlimited number of Shares of beneficial interest. If shareholders are required to vote on any matters, each Share outstanding would be entitled to one vote. Annual meetings of shareholders will not be held except as required by the Investment Company Act and other applicable law. See the Funds' SAI for more information concerning the Trust's form of organization.

For purposes of the Investment Company Act, the Funds are registered investment companies, and the acquisition of Shares by other registered investment companies and companies relying on exemption from registration as investment companies under Section 3(c)(1) or 3(c)(7) of the Investment Company Act is subject to the restrictions of Section 12(d)(1) of the Investment Company Act, except as permitted by an exemptive order that permits registered investment companies to invest in the Funds beyond those limitations.

Precidian^SM is a service mark of Precidian Funds LLC.

FINANCIAL HIGHLIGHTS

The Funds are newly organized and therefore have not yet had any operations as of the date of this Prospectus.

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Precidian ETFs Trust

FOR MORE INFORMATION

If you would like more information about the Trust, the Funds and the Shares, the following documents are available free upon request:

Annual/Semi-Annual Report

Additional information about the Funds' investments will be available in the Funds' annual and semi-annual reports to shareholders. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during its last fiscal year.

Statement of Additional Information

Additional information about the Funds and their policies is also available in the Funds' SAI. The SAI is incorporated by reference into this Prospectus (and is legally considered part of this Prospectus).

The Funds' annual and semi-annual reports (when available) and the SAI are available free of charge upon request by calling Precidian Funds LLC at 1-855-621-0930. You can also access and download the annual and semi-annual reports (when available) and the SAI at the Fund's website: http://www.precidianfunds.com.

To obtain other information and for shareholder inquiries:

By telephone: 1-855-621-0930

By mail: Precidian ETFs Trust

[c/o Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101]

On the Internet:

SEC Edgar database: www.sec.gov; or
The Trust:www.precidianfunds.com

You may review and obtain copies of Fund documents (including the SAI) by visiting the SEC's public reference room in Washington, D.C. You may also obtain copies of Fund documents, after paying a duplicating fee, by writing to the SEC's Public Reference Section, Washington, D.C. 20549-1520 or by electronic request to: publicinfo@sec.gov. Information on the operation of the public reference room may be obtained by calling the SEC at (202) 551-8090.

No person is authorized to give any information or to make any representations about the Funds and their Shares not contained in this Prospectus and you should not rely on any other information. Read and keep the Prospectus for future reference.

Dealers effecting transactions in the Funds' Shares, whether or not participating in this distribution, may be generally required to deliver a Prospectus. This is in addition to any obligation dealers have to deliver a Prospectus when acting as underwriters.

The Funds' investment company registration number is 811-22524.

Fund Name	Ticker Symbol	CUSIP	Exchange
Anheuser-Busch InBev SA/NV ADRPLUS Fund	[____]	[______]	[____]
AstraZeneca PLC ADRPLUS Fund	[____]	[______]	[____]
Banco Santander, S.A. ADRPLUS Fund	[____]	[______]	[____]
BP P.L.C. ADRPLUS Fund	[____]	[______]	[____]
British American Tobacco p.l.c. ADRPLUS Fund	[____]	[______]	[____]
Diageo plc ADRPLUS Fund	[____]	[______]	[____]
GlaxoSmithKline plc ADRPLUS Fund	[____]	[______]	[____]
HSBC Holdings Plc ADRPLUS Fund	[____]	[______]	[____]
Mitsubishi UFJ Financial Group, Inc. ADRPLUS Fund	[____]	[______]	[____]
Novartis AG ADRPLUS Fund	[____]	[______]	[____]
Novo Nordisk A/S (B Shares) ADRPLUS Fund	[____]	[______]	[____]
NTT DoCoMo, Inc. ADRPLUS Fund	[____]	[______]	[____]
Royal Dutch Shell plc (Class A) ADRPLUS Fund	[____]	[______]	[____]
Royal Dutch Shell plc (Class B) ADRPLUS Fund	[____]	[______]	[____]
Sanofi ADRPLUS Fund	[____]	[______]	[____]
SAP AG ADRPLUS Fund	[____]	[______]	[____]
Total S.A. ADRPLUS Fund	[____]	[______]	[____]
Toyota Motor Corporation ADRPLUS Fund	[____]	[______]	[____]
Vodafone Group Plc ADRPLUS Fund

GENERAL DESCRIPTION OF THE TRUST AND THE FUNDS	1
EXCHANGE LISTING AND TRADING	1
INVESTMENT OBJECTIVE AND POLICIES	1
INVESTMENT STRATEGIES AND RISKS	3
MANAGEMENT	8
CODE OF ETHICS	12
PROXY VOTING POLICIES AND PROCEDURES	12
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES	13
MANAGEMENT SERVICES	13
OTHER SERVICE PROVIDERS	15
PORTFOLIO TRANSACTIONS AND BROKERAGE	17
ADDITIONAL INFORMATION CONCERNING SHARES	17
BOOK ENTRY ONLY SYSTEM	18
PURCHASE AND REDEMPTION OF CREATION UNITS	19
CONTINUOUS OFFERING	24
DETERMINATION OF NET ASSET VALUE	24
INDICATIVE INTRA-DAY VALUE	25
DIVIDENDS AND DISTRIBUTIONS	25
FEDERAL INCOME TAXES	26
FINANCIAL STATEMENTS	30
OTHER INFORMATION	30