The NYSE Group today announced that the first yen-based exchange traded fund, the CurrencySharesSM Japanese Yen Trust (NYSE: FXY) began trading on the NYSE. One of eight currency-based ETFs sponsored by Rydex, CurrencyShares Japanese Yen Trust tracks the daily price movement of the yen.
The yen-based ETF joins the family of NYSE-listed CurrencySharesSM, providing investors with a convenient and cost-effective way to gain exposure to the international currency markets. When paired with the U.S. dollar, the Japanese yen accounts for approximately 17% of global foreign exchange transactions with an average daily turnover of approximately $296 billion.
“Due to its historically low correlation to equities and fixed income, currency as an asset class may offer potential diversification benefits when added to a portfolio,” said Tim Meyer, ETF business manager at Rydex Investments. “As the firm’s newest currency-based ETF, CurrencyShares Japanese Yen Trust offers an additional way for investors to gain access to this non-correlating asset class.”
“Today’s listing represents NYSE Group’s vision for global growth and our dedication to creating a diversified and innovative market place for investors,” said Catherine R. Kinney, NYSE Group President and co-COO. We welcome the CurrencySharesSM Japanese Yen Trust to the highly successful suite of CurrencySharesSM products presently trading on the Exchange.”
The addition of CurrencyShares Japanese Yen Trust brings the NYSE Group’s primary ETF listings to 149, of which 8 are Rydex products. In 2006, NYSE Group handled over 43% of all ETF shares traded in the U.S. market. As the largest exchange for ETF trading, NYSE Group is committed to offering investors the most innovative new investment options with superior pricing and market quality.
About NYSE Group, Inc
NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange LLC (the “NYSE”) and NYSE Arca, Inc. (formerly known as the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. In 2006, on an average trading day, 2.3 billion shares, valued at $86.8 billion, were traded on the exchanges of the NYSE Group.
The NYSE is the world’s largest and most liquid cash equities exchange. The NYSE provides a reliable, orderly, liquid and efficient marketplace where investors buy and sell listed companies’ common stock and other securities. On December 31, 2006, the operating companies listed on the NYSE represented a total global market capitalization of $25.0 trillion.
NYSE Arca, Inc. operates the former ArcaEx®, the first open, all-electronic stock exchange in the United States, which has a leading position in trading exchange-traded funds and exchange-listed securities. NYSE Arca, Inc. is also an exchange for trading equity options. NYSE Arca, Inc.’s trading platforms provide customers with fast electronic execution and open, direct and anonymous market access.
NYSE Regulation, an independent not-for-profit subsidiary, regulates member organizations through the enforcement of marketplace rules and federal securities laws. NYSE Regulation also ensures that companies listed on the NYSE and NYSE Arca meet their financial and corporate governance listing standards.
For more information on NYSE Group, go to: www.nyse.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on NYSE Group’s current expectations and involve risks and uncertainties that could cause NYSE Group’s actual results to differ materially from those set forth in the statements. There can be no assurance that such expectations will prove to be correct. Actual results may differ materially from those expressed or implied in the forward-looking statements. Factors that could cause NYSE Group’s results to differ materially from current expectations include, but are not limited to: NYSE Group’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Group’s Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Group that the projections will prove to be correct. NYSE Group undertakes no obligation to release any revisions to any forward-looking statements.
About Rydex Investments
Rydex Investments continues to drive change in the financial industry by introducing investment products and services that challenge conventional thinking, empower investors and provide essential new options for uncertain market conditions. Rydex manages $15 billion in assets via more than 80 mutual funds and exchange traded products.