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Products May 6, 2009
Emerging Currency Fund ETF Launches
WisdomTree and The Dreyfus Corporation, part of BNY Mellon Asset Management, announced the listing of the WisdomTree Dreyfus Emerging Currency Fund (CEW) on the NYSE Arca.
Reported by Rebecca Moore
The exchange-traded fund (ETF) has an expense ratio of 0.55%, according to a press release. “The ETF provides investors exposure to both money market rates across 11 emerging market countries, as well as movements in these currencies relative to the U.S. dollar. Our clients asked us for a basket strategy to complement our individual country currency income funds and we are happy to deliver that today,” said Bruce Lavine, WisdomTree president and COO, in the release.
Constituent currencies at launch include the Mexican peso, Brazilian real, Chilean peso, South African rand, Polish zloty, Israeli shekel, Turkish new lira, Chinese yuan, South Korean won, Taiwanese dollar, and Indian rupee.
Although the fund invests in very short-term, investment-grade instruments, it is not a money-market fund, and it is not the objective of the fund to maintain a constant share price, the release said.