S&P500/SPXP -- better returns, but exchange-rate risk

My main holding on IE is in an S&P500 tracker, SPXP. I thought it was clever: the S&P500 has good long-term average returns.

Lately I’ve noticed an ostensible contradiction: the S&P500 is back to an all-time high, but the value in SPXP hasn’t recovered nearly as much.

I think I’ve got it figured out. While the index fund has surely recovered in line with the S&P500 itself, the value of the fund in ££ most certainly has not, because of the big fall in the dollar vs. the pound.

Does that sound right?

There’s a risk I didn’t anticipate, associated with the election of a fat orange moron…

@dbartram
Hi :wave: :grinning:,

This video is a good explanation, methinks: