介绍一个人民币相关的ETN: CNY。

happylux

Rupee and Renminbi Currency ETNs Launched By Morgan Stanley, Van Eck

Morgan Stanley has teamed up with Van Eck Global to launch currency ETNs offering exposure to the Chinese renminbi and the Indian rupee. The Market Vectors - Chinese Renminbi/USD ETN (NYSE: CNY) and Market Vectors - Indian Rupee/USD ETN (NYSE: INR) are the first exchange-traded products to offer exposure to those two currencies. They launched March 17 on NYSE Arca.

The notes are designed to go up in value when the named currency appreciates against the U.S. dollar, and down when the dollar strengthens. The ETNs are underwritten by Morgan Stanley, and Van Eck is the marketing agent. The notes charge 0.55% in annual fees.

To get around government restrictions on foreign currency holdings, the ETNs actually each track an index tied to currency futures. Those futures have historically tracked very closely with the spot price of the currency.

Unlike most currency products, the new ETNs earn interest based on the U.S. Federal Funds interest rate, not local interest rates. Further, they do not pay out interest income; instead, it is added to the share value of the note. Investors must still pay taxes each year on this notional interest, in light of the recent IRS ruling.

刚看了一下，短期而言CNY的变化同当时的汇率并不完全一样。长期而言会一致。

The prospectus for CNY mentioned:

The ETNs due March 31, 2020, based on the performance of the S&P Chinese Renminbi Total Return Index (the
“Index”), are designed to offer investors exposure to the value of the Chinese RMB relative to the U.S. dollar.

The S&P Chinese Renminbi Total Return Index is calculated, maintained and published by Standard &
Poor’s® Corporation (“S&P”). The Index is intended to be an investable alternative to the spot exchange rate
between the U.S. dollar and the Chinese RMB. The Index tracks the value of non-deliverable, three-month
currency forward contracts that are rolled at three-month intervals and includes daily accrued interest, in
each case as further described in “Information about the Underlying Index” in this pricing supplement. The
Index has a base date of January 3, 2006 and a base value of 100.

更详细的信息可以从下面的link寻找:

http://www.marketvectorsetns.com/sld/mvetns/offerings/prospectuses/CNY_Prospectus.pdf

[ 本帖最后由 happylux 于 2008-4-20 11:47 编辑 ]

老亥

great

azusa

'刚看了一下，短期而言CNY的变化同当时的汇率并不完全一样。而言会一致。' 长期是指3个月，还是更久？

Cobra

，为了表示感谢，发钻石一枚。

秋祖德

老子买了很久，已经被深度套牢了，妈的，人民币上涨它就暴跌，是反指！！！

风清扬