@veilmenacex Denomination only says in which currency the price tag on the label of a fund is. Denomination has zero effect on the shares in the fund, they are dictated by the index. And two funds containing the same shares have the same currency risk. Denomination has zero bearing on currency risk.
Apple trades on NASDAQ, not NYSE.
Apple trades on virtually all markets. It's registered on NASDAQ.
if US stocks appreciate in value lets say 10% and the USD depriciates against EUR by 10%, you haven't made profit
I agree with that. I'm saying in the scenario where fund/usd rises by 10% and eur/usd falls 10%, you will end up at 99% no matter if you buy a USD or an EUR fund. Because you need the money in EUR. That's why denomination doesn't matter. It's just a price tag.
Also, when you say "US stocks appreciate in value lets say 10%", you are talking about the fund rising compared to USD, because that's what people give you as a number. But the USD is not special in that regard. You simply cannot quantify the value of an asset in isolation. You need to compare it to another asset, usually currency. For obvious reasons, people choose USD for US stocks. But the fund/USD rate isn't the "true value" or anything like that. In fact, for an EU investor who needs the money in EUR, it's largely irrelevant: You need the fund/EUR price.
If you want an example, if the FED now announced that they won't increase rates at all and high inflation is OK for them, the dollar would fall. all fund/USD would rise, because the dollar falls. In this case, I would consider fund/EUR a better indicator of the value of the fund, because it's the dollar that moved, not the fund value.