Currency-HedgedS&P500Funds: TheUnsuspectedChallenges RaymondKerzérho,MBA,CFA RESEARCHDEPARTMENT September2010 Abstract Wheninvestorsoptorcurrency-hedgedoreign-equityunds,theyusuallyassumethatthiswilleliminate theimpactocurrencyfuctuationsandgetthemareturnsimilartoadomesticportolio.Thispaper documentsmanyothepitallso...