The Bank Of New York Appointed Trustee For Rydex Investments' Euro Currency Trust

The Bank of New York has been appointed trustee for Rydex Investments' exchange traded trust, named the Euro Currency Trust. Euro Currency Trust is the first US exchange traded product backed solely with Euro currency and represents an innovative process

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The Bank of New York has been appointed trustee for Rydex Investments’ exchange traded trust, named the Euro Currency Trust. Euro Currency Trust is the first US exchange-traded product backed solely with Euro currency and represents an innovative process for equitizing commodities. The shares trade on the New York Stock Exchange under the symbol “FXE.”

The investment objective of the trust is for the shares to reflect the performance of the price of Euros, less the expenses of the trust’s operations.

“This appointment strengthens our position as the leading trustee for commodity-based trust products in the US,” said Christopher Sturdy, managing director and head of the depositary receipt division at The Bank of New York. “We hope to service similar commodity-based trust products in the future as part of our ongoing effort to support the development of innovative investment choices for investors worldwide.”

The Bank’s Global Fund Services group will manage the day-to-day administration of the trust, including calculating the trust’s net asset value and the net asset value per share, converting Euros to dollars as needed to pay trust expenses, receiving and processing orders to create Euro Currency Trust shares, and monitoring the trust’s custodian.

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