HSCZ

HSCZ targets developed-market small-cap stocks outside the U.S. and Canada, while trying to strip out most currency swings versus the U.S. dollar.

It does this by holding an underlying equity ETF (SCZ) for the stock exposure, then layering on a systematic FX hedge using rolling 1‑month currency forward contracts.

Expect equity-like volatility from international small caps, with currency effects muted but not eliminated.