UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number:
811-22524
Precidian
ETFs Trust
(Exact name of registrant
as specified in charter)
350 Main Street
Suite 9
Bedminster,
New Jersey 07921
(Address of principal
executive offices) (Zip code)
Mark Criscitello
Precidian Funds LLC
350 Main Street
Suite 9
Bedminster,
NJ 07921
(Name and Address of
Agent for Service)
Registrant’s telephone number, including area code:
(908)
781-0560
Date of fiscal year end: March 31
Date of reporting period: June 30, 2013
Item 1. Schedule of Investments.
The Trust’s Schedule of Investments
as of the close of the reporting period prepared pursuant to Rule 12-12 Regulation S-X is as follows:
|
Precidian ETFs Trust
|
|
MAXIS
®
Nikkei 225 Index Fund
|
|
Schedule of Investments
|
|
June 30, 2013 (Unaudited)
|
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Shares
|
|
|
Value
|
|
|
Common Stocks -
100.1%
|
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|
|
|
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Air Freight & Logistics - 0.6%
|
|
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|
|
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Yamato Holdings Co., Ltd.
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31,200
|
|
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$
|
657,786
|
|
|
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|
|
|
|
|
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|
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Airlines - 0.1%
|
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ANA Holdings, Inc.
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39,000
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81,004
|
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|
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|
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Auto Components - 2.6%
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Bridgestone Corp.(a)
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31,200
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|
|
|
1,063,279
|
|
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Denso Corp.
|
|
|
31,200
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|
|
|
1,467,514
|
|
|
Yokohama Rubber Co., Ltd./The(a)
|
|
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26,000
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|
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261,363
|
|
|
|
|
|
|
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2,792,156
|
|
|
Automobiles - 5.9%
|
|
|
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Fuji Heavy Industries Ltd.
|
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26,000
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|
|
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640,956
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|
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Honda Motor Co., Ltd.
|
|
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61,100
|
|
|
|
2,270,150
|
|
|
Isuzu Motors Ltd.
|
|
|
39,000
|
|
|
|
266,999
|
|
|
Mazda Motor Corp.*
|
|
|
39,000
|
|
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|
153,751
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|
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Mitsubishi Motors Corp.*
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|
39,000
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|
|
|
53,479
|
|
|
Nissan Motor Co., Ltd.
|
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31,200
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316,152
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|
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Suzuki Motor Corp.
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|
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31,200
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719,443
|
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Toyota Motor Corp.
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|
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31,200
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|
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|
1,884,332
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|
|
|
|
|
|
|
|
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6,305,262
|
|
|
Beverages - 1.4%
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|
|
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|
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Asahi Group Holdings Ltd.
|
|
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31,200
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|
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|
774,180
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|
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Kirin Holdings Co., Ltd.(a)
|
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26,000
|
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|
407,381
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|
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Sapporo Holdings Ltd.
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|
|
26,000
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|
|
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95,423
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|
Takara Holdings, Inc.
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26,000
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|
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|
226,759
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|
|
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|
|
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1,503,743
|
|
|
Building Products - 1.7%
|
|
|
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Asahi Glass Co., Ltd.(a)
|
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26,000
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169,349
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|
|
Daikin Industries Ltd.
|
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|
31,200
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|
|
|
1,261,464
|
|
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Nippon Sheet Glass Co., Ltd.*
|
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|
39,000
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|
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|
36,570
|
|
|
Nitto Boseki Co., Ltd.(a)
|
|
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39,000
|
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121,506
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|
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TOTO Ltd.
|
|
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26,000
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|
|
|
264,509
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|
|
|
|
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|
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1,853,398
|
|
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Capital Markets - 0.7%
|
|
|
|
|
|
|
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|
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Daiwa Securities Group, Inc.
|
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26,000
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|
218,371
|
|
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Matsui Securities Co., Ltd.
|
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31,200
|
|
|
|
276,515
|
|
|
Nomura Holdings, Inc.
|
|
|
31,200
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|
229,958
|
|
|
|
|
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724,844
|
|
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Chemicals - 4.4%
|
|
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|
|
|
|
|
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Asahi Kasei Corp.
|
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|
26,000
|
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171,970
|
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Denki Kagaku Kogyo KK
|
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|
39,000
|
|
|
|
141,561
|
|
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Kuraray Co., Ltd.
|
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|
31,200
|
|
|
|
437,895
|
|
|
Mitsubishi Chemical Holdings Corp.
|
|
|
19,500
|
|
|
|
91,621
|
|
|
Mitsui Chemicals, Inc.
|
|
|
39,000
|
|
|
|
88,082
|
|
|
Nippon Kayaku Co., Ltd.
|
|
|
26,000
|
|
|
|
324,017
|
|
|
Nippon Soda Co., Ltd.
|
|
|
26,000
|
|
|
|
129,764
|
|
|
Nissan Chemical Industries Ltd.
|
|
|
31,200
|
|
|
|
420,278
|
|
|
Shin-Etsu Chemical Co., Ltd.
|
|
|
31,200
|
|
|
|
2,069,934
|
|
|
Showa Denko KK(a)
|
|
|
39,000
|
|
|
|
51,513
|
|
|
Sumitomo Chemical Co., Ltd.
|
|
|
26,000
|
|
|
|
81,791
|
|
|
Teijin Ltd.
|
|
|
39,000
|
|
|
|
85,723
|
|
|
Tokai Carbon Co., Ltd.(a)
|
|
|
26,000
|
|
|
|
68,945
|
|
|
Tokuyama Corp.
|
|
|
26,000
|
|
|
|
82,839
|
|
|
Toray Industries, Inc.
|
|
|
26,000
|
|
|
|
168,300
|
|
|
Tosoh Corp.
|
|
|
39,000
|
|
|
|
135,269
|
|
|
Toyobo Co., Ltd.
|
|
|
39,000
|
|
|
|
59,377
|
|
|
Ube Industries Ltd.(a)
|
|
|
39,000
|
|
|
|
72,353
|
|
|
|
|
|
|
|
|
|
4,681,232
|
|
|
Commercial Banks - 1.4%
|
|
|
|
|
|
|
|
|
|
Aozora Bank Ltd.
|
|
|
26,000
|
|
|
|
81,266
|
|
|
Bank of Yokohama Ltd./The
|
|
|
26,000
|
|
|
|
134,221
|
|
|
Chiba Bank Ltd./The
|
|
|
26,000
|
|
|
|
177,213
|
|
|
Fukuoka Financial Group, Inc.
|
|
|
26,000
|
|
|
|
110,627
|
|
|
Mitsubishi UFJ Financial Group, Inc.
|
|
|
31,200
|
|
|
|
192,523
|
|
|
Mizuho Financial Group, Inc.
|
|
|
31,200
|
|
|
|
64,803
|
|
|
Resona Holdings, Inc.
|
|
|
3,900
|
|
|
|
18,993
|
|
|
Shinsei Bank Ltd.
|
|
|
39,000
|
|
|
|
88,476
|
|
|
Shizuoka Bank Ltd./The
|
|
|
26,000
|
|
|
|
280,238
|
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
|
3,900
|
|
|
|
178,917
|
|
|
Sumitomo Mitsui Trust Holdings, Inc.
|
|
|
39,000
|
|
|
|
182,063
|
|
|
|
|
|
|
|
|
|
1,509,340
|
|
|
Commercial Services & Supplies - 2.0%
|
|
|
|
|
|
|
|
|
|
Dai Nippon Printing Co., Ltd.
|
|
|
26,000
|
|
|
|
237,770
|
|
|
Secom Co., Ltd.
|
|
|
31,200
|
|
|
|
1,698,729
|
|
|
Toppan Printing Co., Ltd.
|
|
|
26,000
|
|
|
|
180,621
|
|
|
|
|
|
|
|
|
|
2,117,120
|
|
|
Computers & Peripherals - 0.4%
|
|
|
|
|
|
|
|
|
|
Fujitsu Ltd.
|
|
|
26,000
|
|
|
|
107,481
|
|
|
NEC Corp.
|
|
|
39,000
|
|
|
|
85,330
|
|
See accompanying notes to the schedule
of investments.
|
Precidian ETFs Trust
|
|
MAXIS
®
Nikkei 225 Index Fund
|
|
Schedule of Investments (continued)
|
|
June 30, 2013 (Unaudited)
|
|
|
|
Shares
|
|
|
Value
|
|
|
Common Stocks (continued)
|
|
|
|
|
|
|
|
Toshiba Corp.
|
|
|
39,000
|
|
|
$
|
187,568
|
|
|
|
|
|
|
|
|
|
380,379
|
|
|
Construction & Engineering - 2.4%
|
|
|
|
|
|
|
|
|
|
Chiyoda Corp.(a)
|
|
|
26,000
|
|
|
|
305,929
|
|
|
COMSYS Holdings Corp.
|
|
|
31,200
|
|
|
|
398,572
|
|
|
JGC Corp.
|
|
|
35,000
|
|
|
|
1,259,831
|
|
|
Kajima Corp.(a)
|
|
|
39,000
|
|
|
|
129,371
|
|
|
Obayashi Corp.
|
|
|
26,000
|
|
|
|
135,007
|
|
|
Shimizu Corp.(a)
|
|
|
39,000
|
|
|
|
156,896
|
|
|
Taisei Corp.
|
|
|
39,000
|
|
|
|
141,167
|
|
|
|
|
|
|
|
|
|
2,526,773
|
|
|
Construction Materials - 0.2%
|
|
|
|
|
|
|
|
|
|
Sumitomo Osaka Cement Co., Ltd.
|
|
|
39,000
|
|
|
|
124,259
|
|
|
Taiheiyo Cement Corp.
|
|
|
39,000
|
|
|
|
124,652
|
|
|
|
|
|
|
|
|
|
248,911
|
|
|
Consumer Finance - 0.7%
|
|
|
|
|
|
|
|
|
|
Credit Saison Co., Ltd.
|
|
|
31,200
|
|
|
|
782,988
|
|
|
|
|
|
|
|
|
|
|
|
|
Containers & Packaging - 0.4%
|
|
|
|
|
|
|
|
|
|
Toyo Seikan Group Holdings Ltd.
|
|
|
31,200
|
|
|
|
480,363
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services -
0.2%
|
|
|
|
|
|
|
|
|
|
Nippon Telegraph & Telephone Corp.
|
|
|
3,900
|
|
|
|
202,117
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities - 0.1%
|
|
|
|
|
|
|
|
|
|
Chubu Electric Power Co., Inc.
|
|
|
3,900
|
|
|
|
55,287
|
|
|
Kansai Electric Power Co., Inc./The*
|
|
|
3,900
|
|
|
|
53,439
|
|
|
Tokyo Electric Power Co., Inc.*
|
|
|
3,900
|
|
|
|
20,173
|
|
|
|
|
|
|
|
|
|
128,899
|
|
|
Electrical Equipment - 1.0%
|
|
|
|
|
|
|
|
|
|
Fuji Electric Co., Ltd.
|
|
|
39,000
|
|
|
|
137,629
|
|
|
Fujikura Ltd.
|
|
|
26,000
|
|
|
|
92,277
|
|
|
Furukawa Electric Co., Ltd.
|
|
|
26,000
|
|
|
|
60,294
|
|
|
GS Yuasa Corp.(a)
|
|
|
26,000
|
|
|
|
108,006
|
|
|
Mitsubishi Electric Corp.
|
|
|
26,000
|
|
|
|
243,537
|
|
|
Sumitomo Electric Industries Ltd.
|
|
|
31,200
|
|
|
|
373,091
|
|
|
|
|
|
|
|
|
|
1,014,834
|
|
|
Electronic Equipment, Instruments & Components -
6.9%
|
|
|
|
|
|
|
|
|
|
Alps Electric Co., Ltd.
|
|
|
31,200
|
|
|
|
233,418
|
|
|
Citizen Holdings Co., Ltd.(a)
|
|
|
31,200
|
|
|
|
174,277
|
|
|
FUJIFILM Holdings Corp.
|
|
|
31,200
|
|
|
|
687,356
|
|
|
Hitachi Ltd.
|
|
|
39,000
|
|
|
|
250,484
|
|
|
Kyocera Corp.
|
|
|
31,200
|
|
|
|
3,177,254
|
|
|
Mitsumi Electric Co., Ltd.*
|
|
|
31,200
|
|
|
|
217,374
|
|
|
Nippon Electric Glass Co., Ltd.
|
|
|
52,000
|
|
|
|
253,237
|
|
|
Oki Electric Industry Co., Ltd.*
|
|
|
39,000
|
|
|
|
75,499
|
|
|
Taiyo Yuden Co., Ltd.
|
|
|
29,900
|
|
|
|
455,524
|
|
|
TDK Corp.
|
|
|
31,200
|
|
|
|
1,077,435
|
|
|
Yaskawa Electric Corp.(a)
|
|
|
26,000
|
|
|
|
316,415
|
|
|
Yokogawa Electric Corp.
|
|
|
31,200
|
|
|
|
373,406
|
|
|
|
|
|
|
|
|
|
7,291,679
|
|
|
Food & Staples Retailing - 1.7%
|
|
|
|
|
|
|
|
|
|
Aeon Co., Ltd.(a)
|
|
|
31,200
|
|
|
|
409,583
|
|
|
Seven & I Holdings Co., Ltd.
|
|
|
31,200
|
|
|
|
1,140,351
|
|
|
UNY Group Holdings Co., Ltd.(a)
|
|
|
31,200
|
|
|
|
210,139
|
|
|
|
|
|
|
|
|
|
1,760,073
|
|
|
Food Products - 2.2%
|
|
|
|
|
|
|
|
|
|
Ajinomoto Co., Inc.
|
|
|
26,000
|
|
|
|
381,690
|
|
|
Kikkoman Corp.
|
|
|
26,000
|
|
|
|
432,547
|
|
|
Maruha Nichiro Holdings, Inc.
|
|
|
39,000
|
|
|
|
78,252
|
|
|
MEIJI Holdings Co., Ltd.
|
|
|
3,900
|
|
|
|
187,371
|
|
|
Nichirei Corp.
|
|
|
39,000
|
|
|
|
202,117
|
|
|
Nippon Meat Packers, Inc.(a)
|
|
|
39,000
|
|
|
|
596,522
|
|
|
Nippon Suisan Kaisha Ltd.
|
|
|
31,200
|
|
|
|
61,343
|
|
|
Nisshin Seifun Group, Inc.
|
|
|
32,500
|
|
|
|
389,292
|
|
|
|
|
|
|
|
|
|
2,329,134
|
|
|
Gas Utilities - 0.4%
|
|
|
|
|
|
|
|
|
|
Osaka Gas Co., Ltd.
|
|
|
39,000
|
|
|
|
164,761
|
|
|
Tokyo Gas Co., Ltd.
|
|
|
39,000
|
|
|
|
215,487
|
|
|
|
|
|
|
|
|
|
380,248
|
|
|
Health Care Equipment & Supplies - 2.4%
|
|
|
|
|
|
|
|
|
|
Olympus Corp.*
|
|
|
31,200
|
|
|
|
948,457
|
|
|
Terumo Corp.
|
|
|
31,200
|
|
|
|
1,552,450
|
|
|
|
|
|
|
|
|
|
2,500,907
|
|
|
Hotels, Restaurants & Leisure - 0.2%
|
|
|
|
|
|
|
|
|
|
Tokyo Dome Corp.
|
|
|
39,000
|
|
|
|
241,440
|
|
|
|
|
|
|
|
|
|
|
|
|
Household Durables - 1.6%
|
|
|
|
|
|
|
|
|
|
Casio Computer Co., Ltd.(a)
|
|
|
31,200
|
|
|
|
274,942
|
|
|
Panasonic Corp.*
|
|
|
31,200
|
|
|
|
250,720
|
|
|
Pioneer Corp.*(a)
|
|
|
31,200
|
|
|
|
60,714
|
|
See accompanying notes to the schedule of investments.
|
Precidian ETFs Trust
|
|
MAXIS
®
Nikkei 225 Index Fund
|
|
Schedule of Investments (continued)
|
|
June 30, 2013 (Unaudited)
|
|
|
|
Shares
|
|
|
Value
|
|
|
Common Stocks (continued)
|
|
|
|
|
|
|
|
|
|
Sekisui House Ltd.
|
|
|
26,000
|
|
|
$
|
375,923
|
|
|
Sharp Corp.*
|
|
|
26,000
|
|
|
|
104,860
|
|
|
Sony Corp.(a)
|
|
|
31,200
|
|
|
|
653,696
|
|
|
|
|
|
|
|
|
|
1,720,855
|
|
|
Industrial Conglomerates -
0.2%
|
|
|
|
|
|
|
|
|
|
Nisshinbo Holdings, Inc.(a)
|
|
|
26,000
|
|
|
|
185,340
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance -
1.1%
|
|
|
|
|
|
|
|
|
|
Dai-ichi Life Insurance Co., Ltd./The
|
|
|
39
|
|
|
|
56,310
|
|
|
MS&AD Insurance Group Holdings
|
|
|
9,100
|
|
|
|
231,399
|
|
|
NKSJ Holdings, Inc.
|
|
|
6,500
|
|
|
|
154,996
|
|
|
Sony Financial Holdings, Inc.
|
|
|
7,800
|
|
|
|
123,237
|
|
|
T&D Holdings, Inc.
|
|
|
6,500
|
|
|
|
87,427
|
|
|
Tokio Marine Holdings, Inc.
|
|
|
15,600
|
|
|
|
494,676
|
|
|
|
|
|
|
|
|
|
1,148,045
|
|
|
Internet Software & Services -
0.1%
|
|
|
|
|
|
|
|
|
|
Yahoo Japan Corp.
|
|
|
130
|
|
|
|
64,096
|
|
|
|
|
|
|
|
|
|
|
|
|
IT Services -
1.0%
|
|
|
|
|
|
|
|
|
|
NTT Data Corp.
|
|
|
312
|
|
|
|
1,107,320
|
|
|
|
|
|
|
|
|
|
|
|
|
Leisure Equipment & Products -
1.0%
|
|
|
|
|
|
|
|
|
|
Nikon Corp.
|
|
|
31,200
|
|
|
|
727,937
|
|
|
Yamaha Corp.
|
|
|
31,200
|
|
|
|
357,677
|
|
|
|
|
|
|
|
|
|
1,085,614
|
|
|
Machinery -
8.8%
|
|
|
|
|
|
|
|
|
|
Amada Co., Ltd.
|
|
|
26,000
|
|
|
|
171,708
|
|
|
Ebara Corp.
|
|
|
26,000
|
|
|
|
139,202
|
|
|
FANUC Corp.
|
|
|
31,200
|
|
|
|
4,523,654
|
|
|
Furukawa Co., Ltd.
|
|
|
39,000
|
|
|
|
66,062
|
|
|
Hino Motors Ltd.
|
|
|
26,000
|
|
|
|
381,690
|
|
|
Hitachi Construction Machinery Co., Ltd.(a)
|
|
|
31,200
|
|
|
|
630,732
|
|
|
Hitachi Zosen Corp.
|
|
|
32,500
|
|
|
|
45,876
|
|
|
IHI Corp.(a)
|
|
|
39,000
|
|
|
|
147,852
|
|
|
Japan Steel Works Ltd./The
|
|
|
39,000
|
|
|
|
214,700
|
|
|
JTEKT Corp.
|
|
|
31,200
|
|
|
|
351,071
|
|
|
Kawasaki Heavy Industries Ltd.
|
|
|
39,000
|
|
|
|
119,933
|
|
|
Komatsu Ltd.
|
|
|
31,200
|
|
|
|
721,331
|
|
|
Kubota Corp.
|
|
|
26,000
|
|
|
|
379,593
|
|
|
Meidensha Corp.
|
|
|
26,000
|
|
|
|
88,344
|
|
|
Minebea Co., Ltd.
|
|
|
26,000
|
|
|
|
94,898
|
|
|
Mitsubishi Heavy Industries Ltd.
|
|
|
39,000
|
|
|
|
216,667
|
|
|
Mitsui Engineering & Shipbuilding Co., Ltd.
|
|
|
39,000
|
|
|
|
57,018
|
|
|
NGK Insulators Ltd.
|
|
|
26,000
|
|
|
|
322,444
|
|
|
NSK Ltd.
|
|
|
26,000
|
|
|
|
248,780
|
|
|
NTN Corp.
|
|
|
26,000
|
|
|
|
80,218
|
|
|
OKUMA Corp.
|
|
|
26,000
|
|
|
|
196,350
|
|
|
Sumitomo Heavy Industries Ltd.
|
|
|
26,000
|
|
|
|
109,579
|
|
|
|
|
|
|
|
|
|
9,307,702
|
|
|
Marine -
0.2%
|
|
|
|
|
|
|
|
|
|
Kawasaki Kisen Kaisha Ltd.
|
|
|
26,000
|
|
|
|
52,954
|
|
|
Mitsui OSK Lines Ltd.*
|
|
|
26,000
|
|
|
|
101,452
|
|
|
Nippon Yusen KK
|
|
|
39,000
|
|
|
|
103,418
|
|
|
|
|
|
|
|
|
|
257,824
|
|
|
Media -
1.1%
|
|
|
|
|
|
|
|
|
|
Dentsu, Inc.
|
|
|
31,200
|
|
|
|
1,079,008
|
|
|
SKY Perfect JSAT Holdings, Inc.
|
|
|
26
|
|
|
|
11,875
|
|
|
Toho Co., Ltd.
|
|
|
3,900
|
|
|
|
80,297
|
|
|
|
|
|
|
|
|
|
1,171,180
|
|
|
Metals & Mining -
1.2%
|
|
|
|
|
|
|
|
|
|
Dowa Holdings Co., Ltd.
|
|
|
26,000
|
|
|
|
232,002
|
|
|
JFE Holdings, Inc.
|
|
|
3,900
|
|
|
|
85,605
|
|
|
Kobe Steel Ltd.*
|
|
|
39,000
|
|
|
|
48,367
|
|
|
Mitsubishi Materials Corp.
|
|
|
39,000
|
|
|
|
137,235
|
|
|
Mitsui Mining & Smelting Co., Ltd.
|
|
|
39,000
|
|
|
|
82,970
|
|
|
Nippon Light Metal Holdings Co., Ltd.
|
|
|
39,000
|
|
|
|
47,187
|
|
|
Nippon Steel & Sumitomo Metal Corp.
|
|
|
39,000
|
|
|
|
105,384
|
|
|
Nisshin Steel Holdings Co., Ltd.(a)
|
|
|
3,900
|
|
|
|
30,239
|
|
|
Pacific Metals Co., Ltd.(a)
|
|
|
26,000
|
|
|
|
107,481
|
|
|
Sumitomo Metal Mining Co., Ltd.
|
|
|
26,000
|
|
|
|
289,938
|
|
|
Toho Zinc Co., Ltd.
|
|
|
26,000
|
|
|
|
74,713
|
|
|
|
|
|
|
|
|
|
1,241,121
|
|
|
Multiline Retail -
1.1%
|
|
|
|
|
|
|
|
|
|
Isetan Mitsukoshi Holdings Ltd.
|
|
|
31,200
|
|
|
|
414,301
|
|
|
J Front Retailing Co., Ltd.
|
|
|
26,000
|
|
|
|
207,360
|
|
|
Marui Group Co., Ltd.
|
|
|
31,200
|
|
|
|
311,119
|
|
|
Takashimaya Co., Ltd.(a)
|
|
|
26,000
|
|
|
|
263,461
|
|
|
|
|
|
|
|
|
|
1,196,241
|
|
|
Office Electronics -
1.9%
|
|
|
|
|
|
|
|
|
|
Canon, Inc.(a)
|
|
|
45,500
|
|
|
|
1,484,095
|
|
See accompanying notes to the schedule
of investments.
|
Precidian ETFs Trust
|
|
MAXIS
®
Nikkei 225 Index Fund
|
|
Schedule of Investments (continued)
|
|
June 30, 2013 (Unaudited)
|
|
|
|
Shares
|
|
|
Value
|
|
|
Common Stocks (continued)
|
|
|
|
|
|
|
|
|
|
Konica Minolta, Inc.
|
|
|
32,500
|
|
|
$
|
245,438
|
|
|
Ricoh Co., Ltd.(a)
|
|
|
26,000
|
|
|
|
309,336
|
|
|
|
|
|
|
|
|
|
2,038,869
|
|
|
Oil, Gas & Consumable Fuels -
0.5%
|
|
|
|
|
|
|
|
|
|
Inpex Corp.
|
|
|
26
|
|
|
|
108,530
|
|
|
JX Holdings, Inc.
|
|
|
31,200
|
|
|
|
151,313
|
|
|
Showa Shell Sekiyu KK(a)
|
|
|
31,200
|
|
|
|
256,697
|
|
|
|
|
|
|
|
|
|
516,540
|
|
|
Paper & Forest Products -
0.3%
|
|
|
|
|
|
|
|
|
|
Hokuetsu Kishu Paper Co., Ltd.(a)
|
|
|
32,500
|
|
|
|
138,611
|
|
|
Mitsubishi Paper Mills Ltd.*
|
|
|
39,000
|
|
|
|
36,177
|
|
|
Nippon Paper Industries Co., Ltd.
|
|
|
3,900
|
|
|
|
55,602
|
|
|
Oji Holdings Corp.(a)
|
|
|
26,000
|
|
|
|
104,860
|
|
|
|
|
|
|
|
|
|
335,250
|
|
|
Personal Products -
1.4%
|
|
|
|
|
|
|
|
|
|
Kao Corp.
|
|
|
31,200
|
|
|
|
1,061,706
|
|
|
Shiseido Co., Ltd.(a)
|
|
|
31,200
|
|
|
|
464,634
|
|
|
|
|
|
|
|
|
|
1,526,340
|
|
|
Pharmaceuticals -
6.5%
|
|
|
|
|
|
|
|
|
|
Astellas Pharma, Inc.
|
|
|
31,200
|
|
|
|
1,695,584
|
|
|
Chugai Pharmaceutical Co., Ltd.(a)
|
|
|
31,200
|
|
|
|
646,775
|
|
|
Daiichi Sankyo Co., Ltd.
|
|
|
31,200
|
|
|
|
520,944
|
|
|
Dainippon Sumitomo Pharma Co., Ltd.(a)
|
|
|
31,200
|
|
|
|
412,414
|
|
|
Eisai Co., Ltd.
|
|
|
31,200
|
|
|
|
1,272,474
|
|
|
Kyowa Hakko Kirin Co., Ltd.(a)
|
|
|
26,000
|
|
|
|
294,132
|
|
|
Shionogi & Co., Ltd.
|
|
|
31,200
|
|
|
|
651,180
|
|
|
Takeda Pharmaceutical Co., Ltd.
|
|
|
31,200
|
|
|
|
1,409,316
|
|
|
|
|
|
|
|
|
|
6,902,819
|
|
|
Real Estate Management & Development -
4.2%
|
|
|
|
|
|
|
|
|
|
Daiwa House Industry Co., Ltd.
|
|
|
26,000
|
|
|
|
485,239
|
|
|
Heiwa Real Estate Co., Ltd.
|
|
|
6,500
|
|
|
|
108,399
|
|
|
Mitsubishi Estate Co., Ltd.
|
|
|
26,000
|
|
|
|
692,337
|
|
|
Mitsui Fudosan Co., Ltd.
|
|
|
39,000
|
|
|
|
1,147,036
|
|
|
Sumitomo Realty & Development Co., Ltd.
|
|
|
39,000
|
|
|
|
1,555,203
|
|
|
Tokyo Tatemono Co., Ltd.(a)
|
|
|
26,000
|
|
|
|
216,535
|
|
|
Tokyu Land Corp.
|
|
|
26,000
|
|
|
|
238,556
|
|
|
|
|
|
|
|
|
|
4,443,305
|
|
|
Road & Rail -
1.8%
|
|
|
|
|
|
|
|
|
|
Central Japan Railway Co.
|
|
|
2,600
|
|
|
|
317,988
|
|
|
East Japan Railway Co.
|
|
|
2,600
|
|
|
|
202,117
|
|
|
Keio Corp.
|
|
|
26,000
|
|
|
|
178,786
|
|
|
Keisei Electric Railway Co., Ltd.
|
|
|
26,000
|
|
|
|
243,537
|
|
|
Nippon Express Co., Ltd.
|
|
|
39,000
|
|
|
|
185,209
|
|
|
Odakyu Electric Railway Co., Ltd.
|
|
|
26,000
|
|
|
|
253,761
|
|
|
Tobu Railway Co., Ltd.
|
|
|
26,000
|
|
|
|
133,958
|
|
|
Tokyu Corp.
|
|
|
39,000
|
|
|
|
255,203
|
|
|
West Japan Railway Co.
|
|
|
3,900
|
|
|
|
165,547
|
|
|
|
|
|
|
|
|
|
1,936,106
|
|
|
Semiconductors & Semiconductor Equipment -
2.6%
|
|
|
|
|
|
|
|
|
|
Advantest Corp.(a)
|
|
|
61,100
|
|
|
|
1,005,396
|
|
|
Dainippon Screen Manufacturing Co., Ltd.*(a)
|
|
|
26,000
|
|
|
|
137,367
|
|
|
Sumco Corp.
|
|
|
3,900
|
|
|
|
42,901
|
|
|
Tokyo Electron Ltd.
|
|
|
31,200
|
|
|
|
1,579,189
|
|
|
|
|
|
|
|
|
|
2,764,853
|
|
|
Software -
1.6%
|
|
|
|
|
|
|
|
|
|
Konami Corp.(a)
|
|
|
31,200
|
|
|
|
662,190
|
|
|
Trend Micro, Inc.(a)
|
|
|
31,200
|
|
|
|
990,925
|
|
|
|
|
|
|
|
|
|
1,653,115
|
|
|
Specialty Retail -
9.9%
|
|
|
|
|
|
|
|
|
|
Fast Retailing Co., Ltd.
|
|
|
31,200
|
|
|
|
10,522,686
|
|
|
|
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods -
0.0%†
|
|
|
|
|
|
|
|
|
|
Unitika Ltd.*
|
|
|
39,000
|
|
|
|
19,661
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco -
1.0%
|
|
|
|
|
|
|
|
|
|
Japan Tobacco, Inc.
|
|
|
31,200
|
|
|
|
1,102,601
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors -
2.5%
|
|
|
|
|
|
|
|
|
|
ITOCHU Corp.
|
|
|
31,200
|
|
|
|
360,194
|
|
|
Marubeni Corp.
|
|
|
26,000
|
|
|
|
173,805
|
|
|
Mitsubishi Corp.
|
|
|
31,200
|
|
|
|
534,471
|
|
|
Mitsui & Co., Ltd.
|
|
|
31,200
|
|
|
|
391,966
|
|
|
Sojitz Corp.
|
|
|
2,600
|
|
|
|
4,325
|
|
|
Sumitomo Corp.
|
|
|
31,200
|
|
|
|
389,135
|
|
|
Toyota Tsusho Corp.
|
|
|
31,200
|
|
|
|
804,380
|
|
|
|
|
|
|
|
|
|
2,658,276
|
|
|
Transportation Infrastructure -
0.3%
|
|
|
|
|
|
|
|
|
|
Mitsubishi Logistics Corp.
|
|
|
26,000
|
|
|
|
363,077
|
|
See accompanying notes to the schedule
of investments.
|
Precidian ETFs Trust
|
|
MAXIS
®
Nikkei 225 Index Fund
|
|
Schedule of Investments (continued)
|
|
June 30, 2013 (Unaudited)
|
|
|
|
Shares
|
|
|
Value
|
|
|
Common Stocks (continued)
|
|
|
|
|
Wireless Telecommunication Services -
8.2%
|
|
|
|
|
|
|
|
|
|
KDDI Corp.(a)
|
|
|
62,400
|
|
|
$
|
3,246,461
|
|
|
NTT DoCoMo, Inc.
|
|
|
39
|
|
|
|
60,596
|
|
|
Softbank Corp.
|
|
|
92,300
|
|
|
|
5,388,354
|
|
|
|
|
|
|
|
|
|
8,695,411
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $115,889,403)
|
|
|
|
|
|
|
106,458,877
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
Repurchase Agreements - 6.4%
|
|
|
|
|
|
|
|
|
Nomura Securities Co., Ltd.,
0.16%, dated 06/28/13, due
07/01/13, repurchased price
$5,000,067, collateralized by
U.S. Government Agency
Mortgages Securities and
U.S. Government Treasury
Securities, ranging from 1.88% -
5.00%, maturing 08/31/17 - 07/01/42;
total market value $5,100,000(b)
|
|
$
|
5,000,000
|
|
|
|
5,000,000
|
|
UBS Securities LLC,
0.05%, dated 06/28/13, due
07/01/13, repurchased price
$1,764,670 collateralized by
U.S. Government Treasury
Securities, ranging from 0.75% -
4.50%, maturing 09/30/13 - 05/15/38;
total market value $1,799,956(b)
|
|
|
1,764,663
|
|
|
|
1,764,663
|
|
|
Total Repurchase
Agreements
|
|
|
|
|
|
|
|
|
|
(Cost
$6,764,663)
|
|
|
|
|
|
|
6,764,663
|
|
|
Total Investment Securities
|
|
|
|
|
|
|
|
|
|
(Cost $122,654,066) — 106.5%
|
|
|
|
|
|
|
113,223,540
|
|
|
Liabilities in excess of other assets — (6.5%)
|
|
|
|
|
|
|
(6,901,902
|
)
|
|
Net Assets — 100.0%
|
|
|
|
|
|
$
|
106,321,638
|
|
|
|
*
|
Non-income producing security.
|
|
|
†
|
Amount represents less than 0.05%.
|
|
|
(a)
|
All or portion of this security was on loan at June 30, 2013. The total value of securities
on loan was $12,848,545, which was collateralized by a repurchase agreement with a value of
$6,764,663 and $7,060,981 of
collateral in the form of securities such as obligations of other foreign countries.
|
|
|
(b)
|
The security was purchased with cash collateral held from securities on loan at June 30, 2013. The total value of securities
purchased was $6,764,663.
|
As of June 30, 2013, the gross unrealized appreciation (depreciation)
of investments based on the approximate aggregate cost of investments for federal income tax purposes was as follows:
|
Aggregate gross unrealized appreciation
|
|
$
|
1,725,406
|
|
|
Aggregate gross unrealized depreciation
|
|
|
(11,167,440
|
)
|
|
Net unrealized depreciation
|
|
$
|
(9,442,034
|
)
|
|
Federal income tax cost of investments
|
|
$
|
122,665,574
|
|
Futures Contracts Purchased
MAXIS
®
Nikkei 225 Index Fund had the following open long futures contracts as of June 30, 2013:
|
|
|
Number of
Contracts
|
|
Expiration
Date
|
|
Notional Amount
at Value
|
|
|
Unrealized
Appreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGX Mini Nikkei 225 Futures Contracts
|
|
17
|
|
09/12/13
|
|
$
|
1,167,700
|
|
|
$
|
17,032
|
|
|
Yen Denominated Nikkei 225 Futures Contracts
|
|
2
|
|
09/12/13
|
|
|
138,234
|
|
|
|
1,330
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,362
|
|
Cash collateral in the amount of
$326,201
was pledged to cover margin requirements for open futures contracts as of June 30, 2013.
See accompanying notes to the schedule
of investments.
|
Precidian ETFs Trust
|
|
MAXIS
®
Nikkei 225 Index Fund
|
|
Schedule of Investments (continued)
|
|
June 30, 2013 (Unaudited)
|
Forward Foreign Currency Contracts
MAXIS
®
Nikkei 225 Index Fund had the following outstanding contracts as of June 30, 2013:
Buy Contracts*
|
Buy Contracts
|
|
Counterparty
|
|
Settlement Date
|
|
Units of Currency
|
|
|
Value
|
|
|
Unrealized
Depreciation
|
|
|
Japanese Yen
|
|
Morgan Stanley & Co., Inc.
|
|
09/18/13
|
|
|
57,435,404
|
|
|
$
|
579,318
|
|
|
$
|
(30,682
|
)
|
* Fund buys Japanese Yen, sells U.S. Dollar
Sell Contracts*
|
Sell Contracts
|
|
Counterparty
|
|
Settlement Date
|
|
Units of Currency
|
|
|
Value
|
|
|
Unrealized
Appreciation
|
|
|
Japanese Yen
|
|
UBS AG
|
|
09/18/13
|
|
|
47,993,950
|
|
|
$
|
484,087
|
|
|
$
|
15,913
|
|
* Fund buys U.S. Dollar, sells Japanese Yen
See accompanying notes to the schedule
of investments.
|
Precidian ETFs Trust
|
|
Notes to Quarterly Schedule of Investments
|
|
June 30, 2013 (Unaudited)
|
Precidian ETFs Trust
(the ‘‘Trust’’) was organized as a Delaware statutory trust on August 27, 2010 as NEXT ETFs Trust and
is authorized to have multiple segregated series or portfolios. The name of the Trust was changed on May 16, 2011 to
Precidian ETFs Trust. The Trust is registered as an open-end management investment company under the Investment Company Act
of 1940 (‘‘1940 Act’’), as amended. The Trust currently consists of one diversified investment
portfolio, the MAXIS
®
Nikkei 225 Index Fund (the
‘‘Fund’’).The Fund is managed by Precidian Funds LLC (‘‘Advisor’’). Northern
Trust Investments, Inc. (‘‘NTI’’) acts as sub-advisor Sub(‘‘-Advisor’’) to
the Fund.
The Fund had no operations from
May 12, 2011 (initial seeding date) until July 8, 2011 (commencement of operations) other than matters relating to its organization
and sale and issuance of 6,666 shares of beneficial interest in the Fund to the Fund’s Advisor at the net asset value of
$15.00 per share.
The investment objective of the Fund is to provide
investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of the Nikkei
225 Index (‘‘Underlying Index’’) created by Nikkei Inc. (the ‘‘Index
Provider’’). The Underlying Index measures the performance of 225 highly liquid stocks traded on the large cap or
‘‘first’’ section of the Tokyo Stock Exchange. The components of the Underlying Index are given an
equal weighting based on a par value of 50 Japanese Yen per share, whereby the prices of stocks with other par values are
adjusted to also reflect a par value of 50 Japanese Yen per share.
There can be no assurance that the Fund’s objective will
be achieved.
The preparation of the Schedule
of Investments is in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Schedule of Investments
during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results
may differ from those estimates, and the security valuations reflected in the Schedule of Investments may differ from the value
the Funds ultimately realize upon sale of the securities.
Investment Valuation
The value of the Fund’s
portfolio securities is based on such securities’ closing price on local markets when available. Futures contracts are
valued at the quoted daily settlement prices established by the exchange on which they trade. Foreign securities and
currencies, including forward currency contracts, are valued in U.S. dollars, based on foreign currency exchange rates
supplied by an independent pricing source. If a portfolio security’s market price is not readily available or does not
otherwise accurately reflect the fair value of such security, the portfolio security will be valued by another method that
the Advisor believes will better reflect fair value in accordance with the Trust’s valuation policies and procedures
approved by the Board of Trustees (the ‘‘Board’’). The Fund may use fair value pricing in a variety
of circumstances, including, but not limited to, situations when the value of the Fund’s portfolio security has been
materially affected by events occurring after the close of the market on which such security is principally traded (such as a
corporate action or other news that may materially affect the price of such security) or trading in such security has been
suspended or halted. In addition, the Fund may fair value foreign equity portfolio securities each day the Fund calculates
its net asset value. Accordingly, the Fund’s net asset value may reflect certain portfolio securities’ fair
values rather than their market prices. Fair value pricing involves subjective judgments and it is possible that a fair
value determination for a portfolio security is materially different than the value that could be realized upon the sale of
such security. In addition, fair value pricing could result in a difference between the prices used to calculate the
Fund’s net asset value (‘‘NAV’’) and the prices used by the Fund’s Underlying Index. This
may adversely affect the Fund’s ability to track its Underlying Index. With respect to securities that are primarily
listed on foreign exchanges, the value of the Fund’s portfolio securities may change on days when an investor will not
be able to purchase or sell shares of the Fund. Investments in other open-end investment companies are valued at their net
asset value.
|
Precidian ETFs Trust
|
|
Notes to Quarterly Schedule of Investments (continued)
|
|
June 30, 2013 (Unaudited)
|
Forward foreign currency contracts are valued by interpolating
between spot and forward currency rates as quoted by an independent pricing service. Exchange traded financial futures are manually
valued at the settlement price as established by the exchange on which they are traded. This valuation of futures are typically
categorized as Level 1 in the fair value hierarchy. For forward foreign currency contracts they are typically classified as Level
2 in the fair value hierarchy. If there was no sale on that day, the contract is valued at fair value pursuant to the Trust’s
fair value procedures.
Short-term debt securities having
a maturity date of more than sixty days at time of purchase are valued on a mark-to-market basis until sixty days prior to maturity
and thereafter at amortized cost, which approximates fair market value, based on their value on the 61st day, when such securities
are of the highest credit quality. Amortized cost shall not be used if the use of amortized cost would be inappropriate due to
credit or other impairments of the issuer.
The Fund discloses the fair value
of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data
obtained from sources independent of the Fund (observable inputs) and (2) the Fund’s own assumptions about market participant
assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined
by the hierarchy are as follows:
•
Level 1
— Quoted prices in active markets for identical assets.
•
Level 2
— Other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.).
•
Level
3
— Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of
investments).
The inputs or methodology used for valuing securities
are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of
June 30, 2013, for the Fund based upon the three levels defined above:
|
|
|
|
|
|
|
|
|
Level 2 - Other Significant
|
|
|
|
|
|
|
|
|
|
|
Level 1 - Quoted Prices
|
|
|
Observable Inputs
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instruments including
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign
|
|
|
|
|
|
Futures Contracts and
|
|
|
|
Common
|
|
|
Futures
|
|
|
Repurchase
|
|
Currency
|
|
|
Investment
|
|
|
Forward Foreign Currency
|
|
|
|
Stocks
|
|
|
Contracts
|
|
|
Agreement
|
|
Contracts
|
|
|
Securities
|
|
|
Contracts
|
|
MAXIS
®
Nikkei 225 Index Fund
|
|
$
|
106,458,877
|
|
|
$
|
18,362
|
|
|
$
|
6,764,663
|
|
$
|
(14,769
|
)
|
|
$
|
113,223,540
|
|
|
$
|
3,593
|
For the period ended June 30, 2013,
there were no Level 3 portfolio investments for which significant unobservable inputs were used to determine fair value. Please
refer to the Schedule of Investments to view equity securities segregated by industry type. There were no transfers between Level
1 and Level 2 for the period ending June 30, 2013.
Foreign Currency Transactions
The books and records of the Fund
are maintained in U.S. Dollars. The values of securities, currencies and other assets and liabilities denominated in currencies
other than U.S. Dollars are translated into U.S. Dollars based upon foreign exchange rates prevailing at the end of the period.
Purchases and sales of investment securities and income are translated on the respective dates of such transactions.
Since the values of investment
securities are presented at the foreign exchange rates prevailing at the end of the period, it is not practical to isolate that
portion of results of operations arising from changes in exchange rates from fluctuations which arise due to changes in market
prices of investment securities. Such changes are included with the net realized and unrealized gain or loss on foreign currency
and foreign currency translation.
|
Precidian ETFs Trust
|
|
Notes to Quarterly Schedule of Investments (continued)
|
|
June 30, 2013 (Unaudited)
|
Net realized foreign exchange gains and
losses arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities
transactions and the difference in the amounts of dividends and foreign withholding taxes recorded on the Fund’s books and
the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from
changes in the value of assets and liabilities, other than investment securities, at the end of the fiscal period, resulting in
changes in exchange rates.
Securities Lending
The Fund may lend portfolio securities
constituting up to 33 1/3% of its total assets (as permitted by the 1940 Act) to unaffiliated broker-dealers, banks or other recognized
institutional borrowers of securities, provided that the borrower, at all times, maintains with the Fund’s cash, U.S. government
securities or equivalent collateral or provides an irrevocable letter of credit in favor of the Fund equal in value to at least
102% of the value of the securities loaned.
Although the Fund will receive collateral
in connection with all loans of its securities holdings, the Fund would be exposed to a risk of loss should a borrower default
on its obligation to return the borrowed securities (e.g., the loaned securities may have appreciated beyond the value of the collateral
held by the Fund). In addition, the Fund will bear the risk of loss of any cash collateral that it invests.
Loans are subject to termination at the
option of the Fund or the borrower. During the time portfolio securities are on loan, the borrower pays the Fund an amount equivalent
to any dividends or interest paid on such securities, and the Fund may receive an agreed-upon amount of interest income (to be
retained by the Fund) from a borrower who delivered equivalent collateral or provided a letter of credit. Additionally, the Fund
may invest any cash collateral and earn additional income, or it may receive an agreed-upon amount of income from the borrower
who has delivered equivalent collateral or a letter of credit. The Fund may pay reasonable administrative and custodial fees in
connection with a loan and may pay a negotiated portion of the income earned on the cash to the borrower or placing broker, which
is netted against securities lending income on the Statement of Operations. The Fund does not have the right to vote securities
on loan, but could terminate the loan and regain the right to vote if that were considered important for the Fund with respect
to the investment.
Repurchase Agreements
The Fund may enter into repurchase agreements.
A repurchase agreement is an instrument under which the purchaser (
i.e.
, the Fund) acquires the security and the seller
agrees, at the time of the sale, to repurchase the security at a mutually agreed upon time and price, thereby determining the yield
during the purchaser’s holding period. Repurchase agreements may be construed to be collateralized loans, by the purchaser,
to the seller secured by the securities transferred to the purchaser. If a repurchase agreement is construed to be a collateralized
loan, the underlying securities will not be considered to be owned by the Fund but only to constitute collateral for the seller’s
obligation to pay the repurchase price, and, in the event of a default by the seller, the Fund may suffer time delays and incur
costs or losses in connection with the disposition of the collateral.
Forward Foreign Currency Contracts
The Fund may enter into forward foreign
currency contracts in connection with settling planned purchases or sales of securities, to hedge currency exposure associated
with some or all of the Fund’s securities or as a part of an investment strategy.
A forward foreign currency contract is
an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward
contract calls for delivery of the currency on a future date that is specified in the contract.
The market value of a forward foreign currency
contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily
and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses, equal to the difference
between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery
or receipt of the currency or settlement with the counterparty.
|
Precidian ETFs Trust
|
|
Notes to Quarterly Schedule of Investments (continued)
|
|
June 30, 2013 (Unaudited)
|
Futures Contracts
The Fund may enter into futures
contract to manage its portfolio, obtain exposure to securities or to manage currency risk. Risks involved in the use of futures
include that the secondary market for a futures contract may not be liquid, preventing the Fund from closing out a position. Additionally,
the index tracked by a futures contract may differ from and even have a negative correlation to the Fund’s Underlying Index,
resulting in the returns from such a contract not matching the performance of the Underlying Index and the possible risk of loss.
There also exists a risk of loss by the Fund of margin deposits in the event of the bankruptcy of a broker with whom the Fund has
an open position.
Futures contracts generally provide
for the future sale by one party and purchase by another party of a specified instrument, index or commodity at a specified future
time and at a specified price. Stock index futures contracts are settled daily with a payment by one party to the other of a cash
amount based on the difference between the level of the stock index specified in the contract from one day to the next. Futures
contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges. The Fund may use
futures contracts, and options on futures contracts based on other indexes or combinations of indexes that the Advisor or Sub-Advisor
believes to be representative of the Underlying Index.
Although futures contracts (other
than cash settled futures contracts including most stock index futures contracts), by their terms, call for actual delivery or
acceptance of the underlying instrument or commodity, in most cases the contracts are closed out before the maturity date without
the making or taking of delivery. Closing out an open futures position is done by taking an opposite position (‘‘buying’’
a contract which has previously been ‘‘sold’’ or ‘‘selling” contract previously ‘‘purchased’’)
in an identical contract to terminate the position. Brokerage commissions are incurred when a futures contract position is opened
or closed.
Futures traders are required to
make a good faith margin deposit in cash or government securities with a broker or custodian to initiate and maintain open positions
in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying
instrument or commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date.
Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased
and sold on margin deposits based on the value of the contract being traded.
After a futures contract position is opened, the value of the
contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy
margin requirements, payment of additional ‘‘variation’’ margin will be required. Conversely, a change
in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation
margin payments are made to and from the futures broker for as long as the contract remains open. The Fund expects to earn interest
income on its margin deposits.
As with any investment, an
investor could lose all or part of an 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. A more complete description of principal
risks is included in the Fund’s Prospectus under the heading ‘‘Additional Description of the Principal Risk
Factors of the Fund.’’
Index Risk
. The performance
of the Underlying Index and the Fund may deviate from that of the market the Underlying
Index seeks to track due to changes
that are reflected in the market more quickly than the Underlying Index, which will rebalance its component securities only on
a quarterly basis.
Market Risk
. The prices
of the securities in the Fund are subject to the risks associated with investing in the stock market,
including sudden and
unpredictable drops in value. An investment in the Fund may lose money.
Risks Related to Investing in Japan
.
The Underlying Index is comprised of securities of companies that are traded on the
Tokyo Stock Exchange and domiciled in
Japan. The risks of investing in the Japanese market include risks of natural disasters, lack of natural resources, reliance on
trading partners (including the U.S. 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.
|
Precidian ETFs Trust
|
|
Notes to Quarterly Schedule of Investments (continued)
|
|
June 30, 2013 (Unaudited)
|
Nikkei 225 Sector Concentration Risk
.
The three largest sector concentrations of the Underlying Index are the consumer
discretionary, industrials and information
technology sectors. Consumer product companies are affected by interest rates, exchange rates, competition, and consumer confidence
and preferences. Manufacturing companies may face supply and demand constraints and product obsolescence issues and can experience
losses due to government regulations, environmental damage and product liability claims, and changes in exchange rates and commodity
prices. Information technology companies are subject to risks of limited financing, competition, technological obsolescence and
patent rights or regulatory approval delays.
Currency Risk
. Because the Fund’s
NAV is determined on the basis of the U.S. dollar, investors may lose money if the
Japanese Yen depreciates against the
U.S. dollar, even if the local currency value of the Fund’s holdings in that market increases.
Derivatives Risk.
A derivative is a financial
contract, the value of which depends on, or is derived from, the value of an
underlying asset such as a security or an index.
As a non-principal investment strategy, the Fund may utilize futures, options, swaps and forward foreign currency contacts to track
its Underlying Index or individual components of an Underlying Index. The Fund will have exposure to derivative risks, which include
a number of risks based on the structure of the underlying instrument and the counterparty to the derivatives transaction. These
risks include leveraging risk where losses may be magnified if the derivative contains an element of leverage, liquidity risk if
the Fund is unable to sell a derivative or is otherwise required to reserve its assets against its exposure under the derivative,
interest rate risk if the derivative is interest-rate sensitive, market risk associated with the market in which the derivative
trades (if any), credit risk of the counterparty to the derivative contract that may impair the value of the Fund’s derivative,
currency risk if fluctuations in exchange rates adversely affect the value of the Fund’s derivative and the risk that the
Advisor or Sub-Advisor fail to utilize derivatives in a manner to achieve the Fund’s investment goal. To the extent the Fund
utilizes derivatives that are entered into over-the-counter (i.e., futures, options, swaps or forward foreign currency contracts
that are not traded on an exchange), the Fund may also have exposure to the risk of a counterparty’s default, and the risk
that the Fund may improperly value a derivative for which market quotations are unavailable.
Item 2. Controls and Procedures.
|
|
(a)
|
The Registrant's principal executive officer and principal financial officers have concluded, based
on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date
of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information
required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time
periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is
accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers,
as appropriate to allow timely decisions regarding required disclosure.
|
|
|
(b)
|
There were no changes in the Registrant’s internal control over financial reporting that
occurred during the Registrant’s most recent fiscal quarter covered by this report that have materially affected, or are
reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
Item 3. Exhibits.
Certifications
pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Precidian ETFs Trust
|
By:
|
/s/ Daniel J. McCabe
|
|
|
|
Daniel J. McCabe
|
|
|
|
President and Principal Executive Officer
|
|
|
|
August 21, 2013
|
|
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.
|
By:
|
/s/ Daniel J. McCabe
|
|
|
|
Daniel J. McCabe
|
|
|
|
President and Principal Executive Officer
|
|
|
|
August 21, 2013
|
|
|
By:
|
/s/ William C. Cox
|
|
|
|
William C. Cox
|
|
|
|
Treasurer and Principal Financial Officer
|
|
|
|
August 21, 2013
|
|
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