Rydex Investments launched shares of the first yen-based exchange traded fund yesterday. CurrencyShares Japanese Yen Trust tracks the daily price movement of its underlying currency, with shares of the trust representing approximately 10,000 yen.

The ETF aims to provide investors with a convenient and cost-effective way to gain exposure to the currency markets.

“Due to its historically low correlation to equities and fixed income, currency as an asset class may offer potential diversification benefits when added to a portfolio,” said Tim Meyer, Rydex ETF business manager. “As the firm’s newest currency-based ETF, CurrencyShares Japanese Yen Trust offers an additional way for investors to gain access to this non-correlating asset class.”

Rydex’s existing currency-based ETFs have collected more than $1 billion in assets in less than a year.

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