I get it now, it’s in USD no matter what, once we buy it we hold USD but effectively don’t have to pay a currency conversion fee and it’s displayed in EUR.
So if the EUR drops against the USD, our stocks are worth more in EUR and VUSA rises more than VOO. If the opposite happers, VOO rises more than VUSA.
However does the EUR fund have to buy futures contracts to protect against fluctuation? If it has to do this frequently, am I better off over 20-30 years simply changing to USD when I enter the market and back to EUR (if I retire in Europe) and then my fund won’t have to pay for futures contracts as everything is in the same currency?