The UK’s ongoing political turmoil over Brexit is driving investors into exchange traded funds designed to limit the impact of extreme fluctuations in the value of the British pound.

According to figures from Lipper, the data provider, net inflows into Europe-based ETFs that are hedged to sterling reached record levels during the first three months of 2019. These funds pulled in close to €1.7bn during the period, as investors looked to protect themselves against currency risks linked to a no-deal Brexit.