Based on the S&P 500 EUR Daily Hdg strategy index, it combines exposure to the index with daily euro and dollar currency hedging. It is offered with a total expense ratio of 0.28 per cent.

The ETF is managed and adjusted on a daily basis within the strategy index, through the use of forward contracts expiring at the end of the month, which reduces the influence of exchange rate volatility by optimising the currency hedge, the firm said.

“This new ETF provides an innovative packaged solution for investors interested in the US market, who do not have the capacity or do not wish to manage euro or dollar currency risk themselves,” said Valérie Baudson, managing director at Amundi.

The Amundi group is jointly owned by French giants Credit Agricole and Societe Generale.