Understanding NVOH: NOVO NORDISK A/S (B SHARES) ADRHEDGED

What this ETF is trying to do

NVOH is a single-stock ETF. This means instead of owning hundreds of different companies, this fund is designed to focus on just one. Its main exposure is to Novo Nordisk AS ADR, which makes up 93.72% of the fund's holdings.

What the numbers show

As of October 9, 2026, the current price of NVOH is $21.79. To understand how the price has changed, we can look at an estimated price from roughly one year ago, which was about $32.19.

It is important to look at two different types of returns:

• Price Return: This measures only the change in the share price. Over the last year, the one-year price return was -32.32%. Year-to-date (YTD), the price return is -20.59%.

• Total Return: This includes both the price change and any cash distributions paid out. The one-year total return was -27.79%, and the YTD total return is -16.81%.

Because the total return is higher than the price return, it shows that the cash distributions helped offset some of the share-price decline.

Income and distribution explanation

NVOH has a distribution yield of 7.16%. This represents the cash distributions relative to the ETF's price. Over the last 12 months, the fund paid out $1.56 per share in trailing distributions. These payments usually happen quarterly, with four payouts recorded in the last year.

While a 7.16% yield might seem high, it is important to remember that a high distribution yield does not guarantee that an investor will earn that much in total return. In this case, even with the distributions, the total return for the year was negative.

NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, the data does show significant price deterioration. NVOH has a "significant" erosion label and an erosion-risk score of 30. Because of the split-adjusted price trend and the erosion score, a severe erosion-risk flag has been triggered. This is a warning that the share price has dropped significantly.

Pros

• Income Potential: The fund provides regular cash distributions, which usually occur every three months.

• Specific Exposure: It allows investors to target Novo Nordisk AS ADR through a single ticker.

Cons

• Price Decline: The ETF has experienced a large share-price decline, dropping over 32% in the last year.

• High Risk Warning: A severe erosion-risk flag is active due to the significant price drop.

• Single-Stock Risk: Because it is a single-stock ETF, the fund's performance is tied almost entirely to one company.

Beginner takeaway

When looking at NVOH, it is important to distinguish between the cash you receive (distributions) and the value of your shares (price return). While this ETF provides a distribution yield of 7.16%, the share price has fallen significantly over the past year. High yields can exist even when the share price is declining.