Rydex Investments has launched the Euro Currency Trust, an ETF that will track the price of the euro. Each share of the ETF will represent 100 euros as well as accrued interest. The ETF will trade on the New York Stock Exchange, and charge an annual fee of 0.4%.

It is the industry's first currency-based ETF, although analysts expect other currency- and commodity-based ETFs to follow, TheStreet.com reports.

Shares of the ETF have recently traded at $119.61, a cent below opening price. The trust has registered 17 million shares, for a total offering price of about $2 billion.

J.P.Morgan's London branch is the depository of the fund, and the Bank of New York is the trustee. Bear Hunter is acting as the fund's specialist at the NYSE.

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