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Monday, December 12, 2005

Rydex Plans To Launch More ETFs

by: Armie Margaret Lee

Rydex Investments, which launched an exchange-traded product tied to the euro on the New York Stock Exchange Monday, plans to roll out more ETF offerings in the coming year, a company official told the MFWire.

"We will have additional traditional ETFs going into registration before the end of the year," Tim Meyer, ETF product manager at Rydex Investments, said in an interview. He declined, however, to provide more details.

The first currency-based ETF in the market, the Euro Currency Trust trades under the ticker symbol "FXE" and is priced at 100 euro per share plus accrued interest.

The Bank of New York is the trustee of the fund, while the London branch of JP Morgan Chase Bank is the depository.

Rockville, Maryland-based Rydex oversees $14 billion in assets through 54 mutual funds, including three ETFs. 

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