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好的，我最近一直在关注$NIKKEI的表现，它确实很强劲。我的券商提供该指数ETF的对冲版本，理论上这似乎是消除日元波动性的不二之选。我理解其基本机制——它旨在从你的回报中剔除货币波动。
但我的大脑开始打结的地方是：如果我认为日元将继续对美元走弱（说实话，这已经是一段时间以来的主流趋势了），那么一个非对冲头寸实际上会不会从这种货币走势中受益，从而在兑换回美元时有效地增加$NIKKEI的价格升值？感觉对冲是假设货币中性，甚至是日元走强，但这可能并非事实。我是不是遗漏了什么基本的东西，还是说对冲选项主要是为那些无论外汇判断如何都只想要纯粹股票敞口的人准备的？
It's a valid concern. If you have a strong directional view on the yen, hedging the ETF could potentially limit your upside if the yen weakens significantly, which would otherwise boost your unhedged Nikkei returns for a USD investor. It really comes down to your conviction on the currency.
It sounds like you're weighing the pros and cons of currency hedging, which is a common dilemma with international investments. Thinking about the underlying currency's future direction is definitely a valid part of that decision-making process.
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