Investors looking to take advantage of the movement of six international currencies relative to the U.S. dollar can now do so on the New York Stock Exchange. Rydex Investments has launched six new currency-based exchange traded products which will track the price movements of the Australian Dollar, British Pound Sterling, Canadian Dollar, Mexican Peso, Swedish Krona and Swiss Franc.
Shares of the trusts, called CurrencyShares, will track the price movements of their associated underlying currencies–the Australian Dollar, British Pound Sterling, Canadian Dollar, Swiss Franc, Mexican Peso, and the Swedish Krona. Shares of each currency trust will equal approximately 100 units of the underlying currency in the case of the first four and approximately 1,000 of the Mexican and Swedish currencies.
Although each share will represent ownership of a block of overseas currency, shares are expected to be purchased and redeemed in U.S. dollars.
