Blackrock Foreign Index ETFs (IEU, IAA etc), page-5

Thanks for that, appreciate the clarification.

Sounds pretty confusing once you factor in the three way relationship, not even quite sure which currency (or currencies) I should be 'cheering' on.

Looking at overnight as an example, USD lost about 0.7% to GBP and EUR, European markets were down by a similar amount, and AUD also lost a similar amount to USD...IEU down about 0.4%.