Like many people I find the mental gymnastics required when talking currencies often to be quite taxing so bear with me. 

?The currency denomination of the Autonomies fund is GBP but the actual currency exposure depends entirely upon the currency denomination of the underlying holdings. Let's assume that all the underlying shares were US equities i.e. dollar denominated then your currency exposure would be 100% USD. The mechanics work like this. You convert EUR to GBP and buy units in the fund. The fund manager buys US equities which are settled in USD so he has to convert the GBP you have paid to USD. When you want to sell your units he sells US equities for USD which he then converts back to GBP and you then convert back to EUR. 

Yes there is a "small" cost in converting these currencies but the net effect is determined by the USD/EUR rate at the time of purchase and sale. Looking at the Autonomies portfolio it is truly international so you will have USD YEN GBP and EUR exposure. Even if the fund were denominated in EUR you would still have some USD GBP and YEN exposure. Only if the fund were hedged into EUR would you avoid FX risk.

Hope this helps

Eoin Treacy's view

Thank you for this valuable perspective contributed in the spirit of Empowerment Through Knowledge which refers to an email posted yesterday.