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Rydex Investments launches CurrencyShares Russian Ruble Trust


Rydex Investments has announced that shares of CurrencyShares Russian Ruble Trust will begin trading on the NYSE Arca from 18 November, 2008.

Rydex Investments has announced that shares of CurrencyShares Russian Ruble Trust will begin trading on the NYSE Arca from 18 November, 2008.

Rydex’s newest exchange traded product tracks the daily price movements of the ruble, offering first-time currency exposure to the Russian economy.

Edward Lopez, director of ETF strategies at Rydex Investments, says: ‘Currency has historically shown a low correlation to stocks and bonds, which has made it an attractive asset class for financial professionals seeking portfolio diversification. In addition to potential diversification benefits, CurrencyShares Russian Ruble Trust offers pure-play access for investors who wish to participate in the growth of an emerging market economy.’

Rydex’s latest offering joins the firm’s existing line-up of eight currency-based exchange traded products that track the euro, Australian dollar, British pound, Canadian dollar, Japanese yen, Mexican peso, Swedish krona and Swiss franc.

The CurrencyShares suite has attracted approximately USD2.2bn in assets, or 45% of the industry’s total currency ETP assets.

‘CurrencyShares have been well received by investors seeking a convenient and cost-effective way to access currency markets,’ says Lopez. ‘We’re seeing financial professionals and institutional investors alike use these products to take advantage of interest rate differentials between the US dollar and foreign currencies or to reduce portfolio risk by hedging against currency swings.’

Rydex manages approximately USD12.6bn in assets via nearly 100 mutual funds and exchange traded products.

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