RificiYou make an interesting point about exchange rates. AAQ...

Rifici

You make an interesting point about exchange rates. AAQ possibly represents an indirect play on USD/AUD futures. If you are bearish on the long term outlook for AUD versus USD, AAQ might be an interesting play. THough it might be less risky to simply buy USDs and stay in cash.

This balance makes AAQ less attractive for US investors. A reversal of the AUD USD trend would make it more profitable, but, on my reckoning, that would favour Aust investors more than US ones.

Just my observations and I am a mere plodder. I am not making any recommendations.