Yes, you are - you would never invest in a U.S.-based fund with this expense ratio. This is part of the price of going the GV route. BPI looks more attractive, but I believe it’s not open for U.S. citizens.
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I applied for the GV with an IMGA position. As a US investor, I just treat this as a portion of my international allocation.
I feel really grateful to this community for finding this option. IMGA has actually performed quite well over the last 1+ year and I feel fairly well-diversified and take solace in the fact that should I really need the money, I can sell my position at any time.
Yes, the fees suck and I now have a concentrated position in the Portuguese economy, but all else being equal, I prefer this to being tied up in a hotel project or commercial real estate as I had been previously considering.
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If your funds were already in € then I can understand the statement ‘not incur any currency exchange fees’. In which case this is not attributable to the fund or its features.
If, however, the funds are in US$ then how can one avoid conversion cost ?