Should Euro Investors Hedge U.S. Index Funds?

The costliest mistake: ignoring the currency, not the fees

So, here’s the thing: for euro-based investors buying U.S. index funds, the real budget-buster isn’t the 0.05% vs. 0.10% expense ratio debate. It’s the euro-dollar moving 10-20% while you’re arguing over 5 basis points. That sounds dramatic, I know, but it’s not theory, it’s the historical tape. From January 2021 (around EUR/USD ~1.23) to late September 2022 (~0.95), the euro dropped roughly 22% against the dollar. Then it rebounded to ~1.12 by July 2023, about a 17% swing the other way. Even earlier, from March 2020 (~1.06) to January 2021 (~1.23), you had a roughly 16% move. As of September 2025, EUR/USD is hovering near ~1.08. Currency doesn’t whisper; it shouts.

Now contrast that with fees. Typical UCITS S&P 500 unhedged share classes charge about 0.05-0.10% per year, while the EUR-hedged versions often come in around 0.15-0.30% (fee tables this year look similar to last year). We’re talking a difference of maybe 10-20 bps. Meanwhile, a single year’s euro-dollar swing can add or subtract multiple percentage points from your return, sometimes double-digits. I’ve seen clients brag about shaving 3 bps, then watch FX take 8% off their performance. Painful. And avoidable, or at least manageable.

If you own the S&P 500 unhedged, you don’t just own U.S. stocks, you own U.S. stocks plus USD risk whether you like it or not. Hedged share class? You’re basically choosing equity-only risk in euro terms. Unhedged? You’re choosing equity + FX. That decision framing matters because it determines what’s really driving your outcome. Speaking of which, I should admit I might be oversimplifying, hedging has a cost, basis differences, and it can lag in fast markets, but the core point stands: FX can overwhelm fees.

What you’ll get from this section of the piece: a clean framework to decide when hedging makes sense, what it costs in practice, and how past EUR/USD swings have swamped expense ratios, again and again.

• Evidence that the euro-dollar move can add/subtract several percentage points a year, far exceeding TER differences. Example: ~22% euro drop from Jan 2021 to Sep 2022; ~17% rebound to Jul 2023.
• Clear reminder that unhedged S&P 500 exposure = embedded USD risk. You may not want it, but you’ve got it.
• Simple choice architecture: hedged (equity-only in EUR) vs. unhedged (equity + FX). Same index, different risk stack.
• Fee reality check in 2025: unhedged UCITS S&P 500 ~0.05-0.10% vs. EUR-hedged ~0.15-0.30%. Small potatoes compared with a 5-10% currency swing, never mind 15-20% years.

Anyway, I’ve spent 20 years watching investors obsess over the wrong decimal places. I’ve done it myself, honestly. Actually, let me rephrase that: I’ve done it more than once. The point isn’t that fees don’t matter, they do, but when you’re a euro investor in U.S. equities in 2025, the bigger question is whether you want to carry USD exposure through this cycle, not whether your TER is 0.07% or 0.05%. That’s the real cost center we need to talk about next.

First principles: how EUR/USD shows up in your returns

Here’s the thing: when you buy the S&P 500 unhedged from the eurozone, you’re holding two things at once, U.S. equities and the dollar. Your euro return is basically the equity piece plus the currency piece. Actually, wait, let me clarify that because quote conventions trip people up. If you think in EUR per USD (USD/EUR), your EUR return ≈ U.S. equity return + the USD vs. EUR move. If you think in USD per EUR (EUR/USD), your EUR return ≈ U.S. equity return − the EUR/USD move. Same idea, different signage. The intuition is what matters: a stronger dollar helps an unhedged euro investor; a weaker dollar hurts.

So:

• Dollar up vs. euro (EUR/USD falls): tailwind. Your U.S. gains expand when translated back into EUR, and losses get cushioned.
• Dollar down vs. euro (EUR/USD rises): headwind. Your U.S. gains shrink in EUR terms, and losses get amplified. Not fun.

Real-world reminder from the last cycle: the euro fell about 22% from Jan 2021 to Sep 2022, then rebounded roughly 17% into Jul 2023. If you were unhedged, that 2021-2022 dollar strength propped up your EUR returns on U.S. stocks during a rough equity tape, and the 2023 euro rebound did the opposite, nice for tourists, annoying for U.S.-equity holders. This isn’t theoretical; you could literally see it on your statement.

And correlation matters. The dollar tends to behave as a risk-off asset, historically, in global stress, USD often strengthens against EUR, which usually cushions unhedged losses. In calmer or risk-on periods, EUR often firms up, which can clip your equity upside. It’s not guaranteed, FX rarely reads the script perfectly, but it’s a common pattern I’ve watched play out across multiple cycles.

Back-of-the-envelope: if the S&P 500 is +12% in USD and the dollar strengthens 8% vs. the euro over your holding period, your EUR return is roughly +20% unhedged. Flip it, S&P +12%, euro strengthens 8%, and you’re more like +4% in EUR. Same index, wildly different outcomes.

Mechanically, the cleanest way to think about it (in log terms) is additivity: EUR return ≈ U.S. equity return ± FX move, sign depends on whether you quote EUR/USD or USD/EUR. I know that’s a bit nerdy, but it helps you sanity-check outcomes without a spreadsheet.

But the punchline is practical: FX can diversify or amplify pain depending on the regime. In 2022-style stress, the dollar’s strength probably helps an unhedged euro investor. In a benign, pro-cyclical year where Europe stabilizes and rate differentials narrow, EUR strength might be more likely, which takes a bite out of unhedged U.S. equity gains. I’ve seen both, sometimes in the same year, so, basically, decide whether you want that extra macro bet in the portfolio or prefer the hedged, equity-only ride, fees and all.

What hedging costs right now (and why it’s a moving target)

Look, the carry on a euro investor’s USD hedge is basically the interest-rate gap: hedge carry ≈ r_EUR − r_USD. No need for equations on a napkin, just remember that if U.S. short rates are higher than euro short rates, you typically pay to hedge dollars back to euros. That’s covered interest parity doing its thing in the forwards market.

Context matters. The Fed’s target range peaked at 5.25%-5.50% in 2023. The ECB deposit rate peaked at 4.00% in 2023, and the ECB started cutting in 2024. Earlier this year, and still now in 2025, the gap has narrowed versus 2023, but it hasn’t disappeared. So, yes, hedging USD exposure still isn’t “free.” As I mentioned earlier, that doesn’t make hedging good or bad by itself; it just means there’s a carry meter quietly running in the background.

What does that mean in practice today? If you’re a euro-based investor rolling 1-3 month forwards on a U.S. equity position, expect an annualized drag roughly in the 0.4%-1.0% range while U.S. policy rates sit above euro rates. In monthly terms that’s something like 0.03%-0.08% per month. Not catastrophic, but it adds up over a year, and over a few years it’s real money. In 2023 the gap was wider, Fed 5.25-5.50% vs ECB 4.00%, so the implied hedge cost for EUR investors was closer to the high end of that range (think ~1.0-1.5% annualized depending on tenor and basis). Earlier this year the gap compressed, pulling the cost down, but it hasn’t flipped in your favor.

Here’s the thing: it’s a moving target for three reasons you actually feel in P&L:

• Policy paths shift. The ECB has already cut after 2023’s 4.00% peak; the Fed hasn’t moved as much yet. When markets price more ECB cuts or Fed cuts, forward points move immediately, even before the meetings. You feel that in next month’s roll.
• Curve shape matters. You hedge at term money market rates, not just the target rate headline. If 3‑month EUR rates drift up relative to 3‑month USD, your cost shrinks. If the USD curve stays sticky high, it doesn’t.
• Tenor and basis. Most ETF share classes hedge monthly, some quarterly. Transaction costs and occasional cross-currency basis wiggles can add or subtract a few basis points. Small, but not zero.

Practical takeaway: while U.S. short rates remain above euro rates, EUR‑hedged U.S. equity funds face a small-to-moderate ongoing drag. If your expected equity premium is, say, 5-6% per year, giving up ~0.5-1.0% to hedging is noticeable but not thesis-breaking. It’s the cost of removing the FX swing. If you go unhedged, you skip that carry cost but you’re back to living with EUR/USD moves, sometimes they help, sometimes they hurt. I’m still figuring this out myself, but that trade-off is the real decision point.

Actually, let me rephrase that: the goal isn’t to predict next month’s ECB meeting; it’s to decide whether you want FX risk as a second source of volatility. In 2023 the carry penalty was heavier (rate gap wider). In 2025, narrower, still negative, not gone. If you’re fee-sensitive, remember hedge implementation costs sit on top of carry. Many EUR‑hedged S&P 500 share classes disclose a hedge expense that’s separate from the fund’s OCF; read the footnotes, you know the drill.

This actually reminds me of a client who hated paying hedging carry on principle. He stayed unhedged into a year when the euro strengthened and gave back half his equity gains in FX. He didn’t hate carry after that. Anyway, if your investment policy says “equity beta only,” hedge and accept the modest drag. If you’re comfortable with some macro noise for potentially lower ongoing cost, stay unhedged… but that’s just my take on it.

When hedging helped, and when it didn’t: periods worth remembering

Look, the point isn’t to cherry-pick one lucky month, it’s to anchor on full periods you can remember when markets actually felt scary or euphoric. That way your policy survives contact with reality. A few episodes stand out.

2022: Parity headlines and a “helpful” dollar. The euro briefly hit parity with the dollar in July and then sank to around 0.95 in late September 2022. On the year, EUR/USD moved from roughly 1.14 at end-2021 to about 1.07 at end-2022, call it a ~6% euro drop. The S&P 500’s total return in USD was -18.1% in 2022. An unhedged euro investor picked up that ~6% FX tailwind, so the equity drawdown felt closer to -12% in EUR terms. Hedged investors, meanwhile, got the full equity hit and paid carry on top. In a year that ugly, the unhedged “partial shock absorber” mattered.

2017: When hedged share classes quietly stole the show. The dollar was weak, really weak. EUR/USD climbed from about 1.05 to 1.20 over the year, roughly a +14% euro gain. The S&P 500 returned ~21.8% in USD in 2017. Unhedged euro investors lost much of that in FX translation, landing closer to the high single digits in EUR. Hedged euro share classes, which typically carried ~0.5-1.5% annual hedge cost back then (rate gap was smaller than 2023, bigger than 2020), kept most of the equity return. Net result: hedged outperformed unhedged by roughly 10-12 percentage points. I still remember a client emailing “why is my unhedged fund so far behind?”, speaking of which, read the factsheets; the numbers were right there.

2010-2012: Euro-area stress and the flight-to-quality dollar. During the sovereign crisis, the euro slid from about 1.45 in spring 2011 toward ~1.20 by July 2012, around a 17% drop. Global equities were choppy; unhedged euro investors in US assets got a meaningful FX cushion that offset part of the equity volatility. Hedgers stayed closer to the raw equity path and, yes, paid a modest carry. The thing is, you might be tempted to say “I’ll hedge when spreads are tight and unhedge when…”, anyway, the sequencing is harder than it sounds.

2020: The 10‑day scramble. In March 2020, the dollar index (DXY) spiked roughly 8% in about two weeks and EUR/USD briefly dipped near 1.06 before the Fed’s swap lines calmed things. Equities cratered, but unhedged euro investors got a small offset from USD strength in the worst week. Hedgers didn’t, though carry was very low in 2020, so the ongoing drag was minimal. I was on the desk that week; phones ringing off the hook, and honestly, the only consistent “win” was that the currency move softened the blow for the unhedged crowd.

What to actually learn from this, and I’m a little amped about this because it’s the behavior piece that sticks:

• Hedging tends to shine when the dollar is weak (2017-style). You keep the equity return instead of watching FX eat it.
• Staying unhedged tends to shine when the dollar is strong (2010-2012, 2020 stress, 2022). You get a built-in cushion.
• Timing that flip consistently is hard, really hard. You’re basically calling macro, carry, and risk sentiment all at once.

Rule of thumb I actually use: if you want equity beta, full stop, hedge and accept the carry. If you can stomach some macro noise and the dollar might be your friend, stay unhedged. Both can be right; being consistent is the part people trip on.

And just to tie it to 2025 reality: carry is narrower than 2023 but still negative for EUR‑hedged US equity funds, hedge expenses still sit on top of OCF, and the dollar’s path is, probably, going to keep surprising us during stress. Predicting the next shock is a fool’s errand; setting a rule you’ll actually stick with isn’t.

Pick a hedge ratio you won’t abandon in a drawdown

Look, the best hedge plan is the one you’ll actually keep when markets slap you around for a quarter. Not the “perfect” one from a spreadsheet, the one you won’t bail on in March when the euro spikes or the S&P is down 12%. So, map the choice to your goals and your cash needs, then lock it in.

• 0% hedge (fully unhedged): Cheapest, no overlay, no rolling costs, and you get some FX diversification. But your returns will swing with EUR/USD. To put numbers on it: EUR/USD annualized volatility since 2000 has sat roughly around the high single digits (call it ~9-10%), which means currency can dominate your quarterly P&L occassionally. In 2017 the euro appreciated about 14% versus the dollar (EUR/USD from ~1.05 to ~1.20), which clipped unhedged euro investors’ US equity gains by a similar order of magnitude. Flip side, in 2022 the euro fell to ~0.95 at the lows and finished the year about 6% weaker versus the dollar than where it started, so unhedged euro investors in US stocks got a cushion of roughly that size relative to the USD return. As I mentioned earlier, the dollar often helps in stress, but not always, and you can’t reliably time it.
• 100% hedge: You isolate the equity beta in euros. That’s the point. For anyone with euro-denominated liabilities, tuition next year, a mortgage reset, retirement spending, it typically lowers the volatility of your plan. The cost is the carry, which is basically the short-rate gap. In 2023 the Fed-ECB policy spread averaged roughly 250-300 bps, making EUR-hedged US equity carry meaningfully negative. This year the gap is smaller than 2023 but still negative for euro-based investors, and hedge expenses sit on top of OCF, so, yes, it’s not free. But if your spending is mostly in euros in the next few years, minimizing currency noise often beats squeezing out extra basis points.
• 50% hedge: Behavioral middle ground. You damp FX swings while keeping some USD shock-absorber benefits. Actually, wait, let me clarify that: it’s not mathematically elegant, but it’s behaviorally stable. I’ve seen clients stick with 50% through ugly quarters because it “feels fair,” and that consistency is worth more than the tiny optimization you might get from trying to be clever.

Rules of thumb (the ones I actually use):

• Match the hedge to your spending currency and time horizon. If you’ll spend euros within 1-3 years, hedge more. If spending is a decade out, you can live with more FX noise.
• The shorter the horizon, the more hedging makes sense. Cash needs next summer? 100% is perfectly reasonable.
• If you own US stocks for equity beta, full stop, hedge and accept the carry. If you want some macro ballast, 0-50% can make sense, but be consistent.

Anyway, here’s the thing: the worst outcome is switching regimes mid-drawdown. I watched a family in Madrid in 2020 yank their hedge right after a dollar surge, then the euro ripped later that year, and they wore the FX loss on top of everything else. Painful. Pick a ratio you won’t abandon, write it down, and automate it. Your future self, during the next messy quarter, will thank you, even if you don’t recieve a trophy for precision.

How to implement in 2025: funds, costs, rebalancing, taxes

Look, I get it, you want a shopping list, not a manifesto. Here’s the thing: in Europe this year, the cleanest path is UCITS ETFs with “EUR Hedged” share classes targeting broad US equity (S&P 500 or MSCI USA). Think iShares, Xtrackers, SPDR, Amundi, UBS, Vanguard. You’ll typically see the naming as “EUR Hedged (Acc)” or “Hedged EUR (Dist).” Don’t stress the exact ticker if your broker lists multiple venues; focus on the share class label and the KID (Key Information Document).

What to buy (and how to find it):

• Search your broker for: “S&P 500 EUR Hedged UCITS” or “MSCI USA EUR Hedged UCITS.”
• Pick accumulating if you want to reinvest (usually “Acc”), distributing if you want cash income (“Dist”).
• Confirm it’s a UCITS fund domiciled in Ireland or Luxembourg. That keeps things standard for EU investors.
• Open the KID: check “Hedging methodology,” “Rebalancing frequency,” and “Ongoing charges (OCF).” Many funds rebalance the FX hedge monthly; some do it daily or quarterly, KID will spell it out.

All-in costs you actually pay:

• Expense ratio/OCF (the obvious one).
• Hedge carry (the interest-rate differential embedded in the forward). When US rates sit above euro rates, the forward points usually reduce your return as a euro investor. It’s not a fee, but you feel it in your performance line.
• Tracking difference/error (how well the fund keeps up with its benchmark after fees and hedging slippage).

As a rule of thumb I keep on a sticky note: hedged share classes often add about 0.10%-0.30% per year versus unhedged. That range is still what I see quoted in current 2025 KIDs and factsheets, always check your fund’s latest figures because these do change.

Rebalancing (DIY vs set-and-forget):

• If you use the fund’s hedged share class, the manager handles the FX hedge inside the fund, usually monthly. Read the KID for the exact cadence and any thresholds for rebalancing.
• If you DIY with forwards (I do this only for larger portfolios): roll monthly or quarterly, monitor basis/forward points, and line up maturities with your rebalance calendar. Simple note but I’ll say it long windedly, don’t let contracts lapse; set calendar alerts and roll a few business days ahead of expiry. You’ll thank yourself.
• Most investors should just use the hedged share class. It’s cheaper in time and fewer, you know, operational facepalms.

Taxes (the bit people ignore until March):

• Inside a UCITS EUR-hedged share class, FX gains/losses are wrapped into fund returns. You don’t usually report separate FX line items from the hedge itself.
• But local rules differ by country. Check your 2025 tax guidance (or a tax pro) for how your country treats fund distributions vs. accumulation, and whether any additional reporting applies.
• Dividends from US stocks still have withholding at the fund level; your personal reclaim options depend on domicile and treaty access. Not thrilling, but it’s reality.

Operational stuff people forget:

• If your liabilities are in euros (retirement spending, tuition), align your hedge ratio with that euro exposure. Short horizon? More hedge. Long term? You can tolerate more FX wiggle.
• Check trading venue liquidity and spreads. Same share class can list in multiple places; tighter spreads save you money.
• Match fund distribution policy to your cashflow plan; accumulating reduces admin if you don’t need income.
• Confirm your broker’s base currency and FX conversion fees. I still see investors pay 50-100 bps accidentally on conversions, death by a thousand cuts.

Anyway, last practical note: stick to your chosen hedge ratio. I watched an otherwise disciplined investor in 2020 ditch their hedge after a dollar spike and then recieve the full whiplash when the euro recovered later that year. Pain I wouldn’t wish on anyone. Pick a policy you won’t abandon in the next messy quarter, write it down, automate it. That’s the long-term edge that doesn’t show up in glossy marketing PDFs, but it works.

If you ignore this now, here’s what tends to happen

So, doing nothing basically means you’re unhedged. That sounds neutral, but it’s a choice, by default. If the euro strengthens for a multi‑year stretch, your U.S. equity fund in dollars can lag your plan even if the stocks themselves do fine. We’ve seen this movie. From 2002 to mid‑2008, EUR/USD moved from roughly 0.90 to about 1.60, an ~80% gain for the euro. An unhedged euro investor holding a U.S. index then faced a large FX headwind that overwhelmed plenty of underlying equity gains. And it cuts the other way too: in 2014-2015 the euro fell from ~1.39 to ~1.05 (about −24%), which juiced unhedged returns. Point is, currency can swamp fundamentals over your actual horizon, not just in textbooks.

But the real pain shows up when you need euros in the next 1-5 years and stay unhedged. Imagine EUR/USD climbing 10-15% over a couple years, hardly extreme given history; in 2017-2018 we saw a move from ~1.04 to ~1.25 (~20%). You’ll have to sell more fund shares to meet the same euro spending, right when markets might also be wobbly. That’s the double whammy: FX goes against you and you’re forced to liquidate more units at the worst time. I’ve watched families budgeting for a home down payment in France get squeezed exactly this way; honestly, I wasn’t sure about this either early in my career and learned the hard way sitting with a client in 2008 who did everything “right” on stocks but ignored FX.

Here’s the thing, indecision is usually the most expensive option. The cost isn’t just fees; it’s drift. You inch along, unhedged when your liabilities are in euros, and one day you realize your beautifully “diversified” portfolio was just a closet bet on dollar weakness. And if the dollar stays firm for longer than you expected (remember 2022, when EUR/USD briefly printed ~0.96?), the compounding gap widens.

What to do now, not later:

• Set a hedge policy: 0%, 50%, or 100%. Pick one you can stick with through a messy quarter. I’m still figuring this out myself for certain hybrids, but a simple 50% hedge is a decent middle ground when you’ve got medium‑term euro liabilities.
• Write down the review date: revisit annually, say every January during rebalancing, and only change the policy if your spending horizon or base currency changed. Not because EUR/USD moved 3 big figures last month.
• Match horizon to hedge: Need euros within 1-5 years? Favor a higher hedge ratio. Long term, 10+ years? You can tolerate more FX wiggle, but don’t ignore it entirely.

Do nothing, really, means you’re long the dollar. If the euro rallies for years, your plan doesn’t care that the S&P 500 was “fine”; your euro outcome is what funds your life.

Anyway, pick a policy you won’t abandon mid‑storm, automate it, and move on. I started to run through the mechanics of forwards vs. hedged share classes, but the point is simpler: make the decision once, document it, and schedule the next check‑in. The market won’t wait for your indecision; it just keeps ticking.

Frequently Asked Questions

Q: Should I worry more about fees or FX when I buy a U.S. index fund in euros?

A: FX, by a mile. A 10-20% euro-dollar move can swamp a 0.10% fee difference. If you want euro-stable returns, use a EUR-hedged share class. If you’re fine with USD bouncing your results, go unhedged. Decide first on currency risk; then pick the cheapest fund in that bucket.

Q: What’s the difference between EUR-hedged and unhedged S&P 500 UCITS funds?

A: Unhedged = S&P 500 + USD exposure. Your euro return moves with both U.S. stocks and the dollar. Hedged = mainly equity risk in euro terms; the fund uses forwards to offset USD swings. Costs differ: unhedged UCITS S&P 500 share classes often run ~0.05-0.10% TER, while EUR-hedged versions are ~0.15-0.30%. Hedging isn’t perfect, there’s roll/forward pricing and small tracking wiggles, especially in fast markets, but it drastically cuts FX noise. Quick gut-check: if your liabilities and spending are in euros and your horizon is medium (say, under 5-7 years), hedged reduces the chance FX blindsides you. If you have long term dollars to spend someday or you’re comfortable with currency volatility, unhedged keeps it simple and cheaper. I’ve seen both work; the mistake is not choosing deliberately.

Q: Is it better to hedge now with EUR/USD around 1.08?

A: Start with purpose, not a prediction. If you’ll spend in euros within 3-5 years, hedge most (50-100%) to stabilize outcomes. If you’re investing for 10+ years and can stomach currency swings, a 0-50% hedge is reasonable. Costs exist: hedged share classes carry higher TER and forward pricing shows up in results, but we’re talking basis points, while EUR/USD has swung double-digits, e.g., ~1.23 in Jan 2021 to ~0.95 by late Sep 2022, then around ~1.12 by Jul 2023. As of September 2025, it’s near ~1.08. Don’t try to outguess FX with one big bet; use a policy. My go-to: set a target hedge ratio, rebalance annually or when EUR/USD moves ~5-10% from your reference level. That way you manage risk without playing currency hero. And yes, keep fees low inside whichever bucket you choose.

Q: How do I build a practical hedging plan for my U.S. equity allocation?

A: Here’s the thing, make it boring and rules-based so you don’t improvise at the worst moment. 1) Define your goal currency: If you’ll retire and spend in euros, aim to neutralize USD. If you expect future USD expenses (say, kids at a U.S. university), keep some unhedged. 2) Pick a baseline hedge ratio: Examples: • Euro spenders, 3-7 year horizon: 80-100% hedged (use EUR-hedged UCITS share classes). • Long term, 10+ years with euro spending but high risk tolerance: 30-60% hedged. • Dollar-linked goals: 0-30% hedged. 3) Implement simply: Split between a low-cost EUR-hedged S&P 500 UCITS and the unhedged twin. Automate contributions. 4) Rebalance on rails: Annually, or if EUR/USD moves ~5-10% from your last rebalance level. Example: You set 50% hedged at EUR/USD 1.08. If the euro drops toward 0.98, you add to hedged to restore 50%. If it rises to 1.18, you trim hedged. 5) Keep perspective: From Mar 2020 (~1.06) to Jan 2021 (~1.23), euro strength cut unhedged EUR returns; from Jan 2021 (~1.23) to late Sep 2022 (~0.95), euro weakness boosted them, big time. A policy helps you avoid chasing. And, yeah, still minimize fees within each share class, but don’t let 10 bps distract you from 10-20% FX swings.

@article{should-euro-investors-hedge-u-s-index-funds,
    title   = {Should Euro Investors Hedge U.S. Index Funds?},
    author  = {Beeri Sparks},
    year    = {2025},
    journal = {Bankpointe},
    url     = {https://bankpointe.com/articles/euro-investors-hedge-us-funds/}
}