March 19, 2008 at 3:00 pm by Tom Lydon
Two new exchange traded notes (ETNs) will give access to the Chinese and Indian currency, the first of their kind.
The funds, Market Vectors Indian Rupee (INR) and Market Vectors Chinese Renminbi (CNY), are issued by Morgan Stanley, reports Business Wire.
Both funds track the performance of rolling investments in short-term forward contracts for their respective currencies.
Up until now, the main path for investors who wanted currency exposure was through Rydex’s line of CurrencyShares. The advent of these new ETNs are adding to the convenience of currency investing.
Read the disclosure, as Tom Lydon is a board member of Rydex funds.
Tags: Asia, China, Currency ETFs, Emerging Markets, ETNs, India
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