The CurrencyShares Japanese Yen Trust, an exchange traded fund from Rydex Investments, is up 2.6% and has attracted $360 million since its introduction on the New York Stock Exchange a month ago, MarketWatch reports. Many traders believe that what’s boosted the yen in recent weeks is a deceleration in yen carry trades and traders buying the currency as a result. Some also believe the Japanese economy is now on solid ground.
Rydex admitted it didn’t know ahead of time that this was a particularly opportune time to launch a yen currency fund. “Timing is everything with ETF launches, but it’s not like our crystal ball was especially clear this time,” said Steve Sachs, director of trading at Rydex.
The yen currency fund is one of a number of such funds that Rydex offers, including those tied to the Euro, the British pound and the Swedish krona.