The Currency Hedged PlayMany U.S. investors have rejoiced in the euro's slide, which has both given a boost to their national pride and made a European getaway much more affordable. But it has also eroded returns on international investments denominated in the common currency, a concept not all investors have grasped. The vast majority of equity ETFs available to U.S. investors do not hedge out currency exposure, meaning that the bottom line depends on both local returns and exchange rate movements. The WisdomTree International Hedged Equity Fund (HEDJ) is an exception. This ETF offers exposure to the EAFE region, but also hedges out currency exposure. It may seem like a minor distinction, but this nuance has translated into a major return differential over the last month; HEDJ has outperformed the otherwise similar MSCI EAFE Index Fund (EFA) by a wide margin (see
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