European ETF provider Source has rolled out a euro-hedged version of its UCITS exchange traded funds on the Xetra platform.

Known as Source S&P 500 UCITS ETF, the new fund aims to target return of the S&P 500 Euro Hedged Total Return (Net) Index, after fees.

It is a euro-hedged version of the Source S&P 500 UCITS ETF, which currently has $1.7bn of assets under management.

The ETF will provide investors low cost exposure to the US stock market with lower risk of currency volatility.

Michael John Lytle, chief development officer at Source, said: "Over the past year, we have seen a tremendous amount of interest in ETFs tracking the S&P 500. This fund could be attractive for some investors given the appreciation seen in the US dollar versus the euro this year."

Source said that the ETF’s currency exposure will be hedged on a monthly basis, which reduces currency volatility without incurring prohibitive costs.

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