It seems like it won’t be long before there’s an exchange traded fund (ETF) for the most far-flung currency you can think of.
Rydex is bringing us a step closer to that with the creation of four more currency-focused funds to join their growing CurrencyShares family.
These funds will track the:
- Russian ruble
- South African rand
- Hong Kong dollar
- Singapore dollar
During the next several weeks these ETFs will become available, joining the other eight CurrencyShares funds, reports Joanne Von Alroth for Investor’s Business Daily.
Currency-based ETFs hold 65% of Rydex’s total assets. Their other currency-based funds track the Australian dollar, British pound, Canadian dollar, Mexican peso, Swedish Krona, Swiss franc and Japanese yen.
If you’re viewing these funds as an anti-dollar play, Next Investment CEO Dan McCabe says investors shouldn’t. Funds of this type can be a way to get global diversification.
Among the other currency-related ETFs launched this year include:
Read the disclosure, as Tom Lydon is a board member of Rydex Funds.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.