As for commissions, the cheapest way is: 1/ Convert EUR into USD Buy USD asset 2/ Buy EUR future However, CME EUR, CME E7 emini, Eurex EUR/USD have the respective multipliers: 125000, 62500, 100000. So it seems the only available hedge is the EUR/USD trade. Assume the cost is 2.66% per year. Let's say one wants to hedge this worst case scenario: EUR/USD = 1.40. It represents a maximum loss of (1.17/1.4 -1) i.e. -16.4%. So, I would hedge FX only if the USD investment objective is less than 2 years. This may change depending on the worst case scenario and one's personal aversion of risk.