NEW YORK, Feb. 20 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) announced today that it has launched trading in shares of two currency-based exchange traded funds by Deutsche Bank and PowerShares Capital Management LLC. PowerShares DB US Dollar Index Bullish Fund (Ticker:UUP) and PowerShares DB US Dollar Index Bearish Fund (Ticker:UDN) offer investors exposure to the Deutsche Bank Long US Dollar Index(TM) and the Deutsche Bank Short US Dollar Index(TM), respectively.
The Indexes, which are owned by Deutsche Bank AG London, are rules-based indexes composed solely of long (in the case of the Dollar Bullish Fund) or short (in the case of the Dollar Bearish Fund) USDX(R) futures contracts. The USDX(R) futures contract is designed to replicate the performance of being long or short the US Dollar against the following currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc.
"The Amex is proud to partner with Deutsche Bank and PowerShares to bring their 10th and 11th ETF to the marketplace," said Cliff Weber, Senior Vice President of the Amex ETF Marketplace. "These products reflect growing investor demand for exposure to alternative asset classes, like currencies."
"These exchange-traded US Dollar funds offer securities investors unprecedented intraday access to the performance of the United States Dollar against a basket of global currencies," said Kevin Rich, Chief Executive Officer of DB Commodity Services LLC, the managing owner of the new funds as well the PowerShares DB Commodity Index Tracking Fund (AMEX:DBC), the PowerShares DB G10 Currency Harvest Fund (AMEX:DBV), and seven commodity sector exchange-traded funds.
"PowerShares continues leading the Intelligent ETF Revolution listing two convenient ETF portfolios which provide investors intelligent access to the US dollar performance," said Bruce Bond, Chief Executive Officer of PowerShares Capital Management LLC. We are pleased to continue our collaboration with the Deutsche Bank team and expect to list new portfolios that enable professional money managers, advisors, and individuals alike cost-effective access to non-equity correlated assets classes, many of which have previously been difficult to invest in."
Susquehanna Investment Group is the specialist for UUP and UDN.
About the American Stock Exchange
The American Stock Exchange(R) (Amex(R)) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 245 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit http://www.amex.com.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,128 billion in assets and 68,849 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people. http://www.db.com
About PowerShares Capital Management LLC
PowerShares Capital Management LLC is passionate about its goal of efficiently delivering the highest quality institutional investment management services available. PowerShares is Leading the Intelligent ETF Revolution(R) providing investment advisors with institutional caliber asset management that seeks to replicate enhanced indexes in one of the more benefit rich investment vehicles available in the marketplace today, the exchange-traded fund. The firm is committed to theoretically sound portfolio construction and empirically verifiable investment management approaches. PowerShares' asset management philosophy and investment discipline are deeply rooted in the application of intuitive factor analysis and model implementation to enhance investment decisions. http://www.powershares.com
PowerShares(R) and Leading the Intelligent ETF Revolution(R) are registered marks of PowerShares Capital Management, LLC.
Source: American Stock Exchange