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Do USD-denominated ETFs offer the same/similar protection than EUR-denominated ETFs against a weakening USD->EUR exchange rate? Assume that these ETFs solely contains European holdings (e.g., firms mostly operating in Europe).

For example, if Bob owns 50kUSD of USD-denominated ETFs that solely contain European holdings. If the USD->EUR currency exchange rate decreases, will Bob's valuation expressed in EUR decrease?

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Provided the USD-denominated ETFs are not currency-hedged, their performance will be tied to the actual value of the holdings (converted to USD at the dynamic exchange rate). So they do offer the same protection. That is, aside from expenses and tracking error, an investor would be indifferent to converting dollars to euros and buying a EUR-denominated ETF, versus buying an equivalent USD-denominated ETF and then converting the future sale proceeds to euros.

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