Morgan Stanley offers new currency ETNs
Morgan Stanley has issued two new exchange traded notes (ETNs) linked to the Chinese Renminbi and the Indian Rupee. Each note will be listed on the Arca platform of the New York Stock Exchange (NYSE), and investment manager Van Eck Global will market the products exclusively.
The Chinese note offers exposure to the S&P Chinese Renminbi Total Return Index, giving exposure to the exchange rate between the currency and the US dollar. The index tracks the performance of rolling investments in short-term futures contracts in the Renminbi. The rupee note is linked to the S&P Indian Rupee Total Return Index, which is calculated using the same methodology.
“To date, accessing these currencies has been cumbersome and costly,” says Jan Van Eck, principal of Van Eck Global
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