The first Euro-based currency exchange-traded fund (ETF) began trading on the New York Stock Exchange on Dec. 12. The Euro Currency Trust, which trades under the symbol FXE and is sponsored by Rydex Investments, represents 100 euros plus accrued interest. According to Rydex, it will have annual expenses of 0.4 percent of assets.
The ETF’s net asset value is the price of the euro on the New York Federal Reserve Bank at noon each day. FXE closed on Dec. 21 at 118.45, a drop of 1 percent from the Dec. 12 opening price.
Average volume for the ETF for the first eight days of trading was 468,800 shares.
Bob McSweeney, senior vice president of competitive position at the NYSE, says the exchange plans to introduce more currency products in the future.
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