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Shelter from currency shocks draws record cash to hedged ETFs

Flows have more than quadrupled as exchange rates swing in the face of central bank surprises

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Employees work on the trading floor of the Tokyo Stock Exchange, operated by Japan Exchange Group Inc., in Tokyo on June 16.

New York

ON a recent flight, Susanne Alexandor saw an advertisement for currency-hedged exchange-traded funds (ETFs). The promotion on the seat in front of her highlighted just how aggressively these strategies are being marketed to the masses.

"They are incredibly appealing for