The NYSE today launched the first two Morgan Stanley Exchange-Traded Notes (ETNs) with Van Eck Securities Corporation as the exclusive marketer. These ETN launches are under the market Vectors, which are based on local currency in China and in India on their performance against the U.S. Dollar.
- Market Vectors-Chinese Renminbi/USD ETNs (NYSE: CNY) is based on the S&P Chinese Renminbi Total Return Index, which seeks to track the performance of China’s renminbi against the U.S. dollar.
- Market Vectors-Indian Rupee/USD ETNs (NYSE: INR) is based on the S&P Indian Rupee Total Return Index, which seeks to track the performance of India’s rupee against the U.S. dollar.
These are not your typical ETN’s, nor are they your normal ETN’s. There have recently been other currency exchange traded notes launched on NYSE that have been geared to track the Euro, the Swiss Franc, the Canadian Dollar, the Australian Dollar, and the British Pound.
Jon C. Ogg
March 17, 2008