Rydex debuts yen ETF on NYSE

Rydex Investments began trading shares of its CurrencyShares Japanese Yen Trust exchange traded fund on the New York Stock Exchange today.
The fund, which trades under the FXY ticker symbol, tracks the daily price movement of the yen with shares of the trust representing 10,000 yen held in an account in JPMorgan in London.
The yen, when paired with the dollar accounts for approximately 17% of global foreign exchange transactions with an average daily turnover of approximately $296 billion.
The fund is one of eight currency-based ETFs sponsored by Rydex.
Each of the funds carries a 0.40% expense ratio.
“International exposure in standard asset allocation is extremely important from a diversification standpoint,” said Stephen Sachs, director of trading at Rydex. “We feel investment advisers have a better choice.”
Since Rydex began launching its currency-based ETF last year, its currency ETFs have garnered more than $1 billion in assets.
Bethesda, Md.-based Rydex manages $15 billion in assets via more than 80 mutual funds and exchange traded products.