The Swiss franc. Guggenheim CurrencyShares Swiss Franc Trust ETF (NYSEArca: FXF) tries to reflect the price movement of the Swiss franc to the U.S. dollar. FXF has $355.2 million in assets and an expense ratio of 0.40%. The fund is down 0.2% year-to-date.
“The franc is often seen as a safe-haven currency, but in normal times it has a 87% correlation to the euro and the country has an outsized economic exposure to the pained international finance sector,” according to Morningstar analyst Michael Rawson.
Last week, asset manager clients of UBS AG were selling euros at their largest levels since November 2011, reports 4-Traders. Sales of the euro against the franc was the third-highest on record.
“The biggest damage to the currency was done not [against the dollar]but against the [Swiss franc],” the bank said.
For more information on currency funds, visit our currency ETFs category.
Max Chen contributed to this article.
Read the disclaimer; Tom Lydon is a board member of the funds for Guggenheim Investments.