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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

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...

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