By buying a "currency-hedged" ETF, "you're actually making two active investment decisions — one on the direction of the currency, and one on the underlying assets. Whenever you double your implied bets, you lower your odds of success, because you have to be right twice to win," said Boris Schlossberg of BK Asset Management, in a phone interview, basing his assumption on the insight that each single bet made by an inexperienced investor tends to be a poor one.