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Products May 8, 2008
Morgan Stanley Launches Two Euro ETNs
May 8, 2008 (PLANSPONSOR.com) - Morgan Stanley
announced it will issue two exchange-traded notes (ETNs)
which seek to provide leveraged directional exposure to the
euro/U.S. dollar exchange rate.
Reported by Rebecca Moore
The Double Long Euro ETN (URR) is designed to offer an investable alternative to a two-times leveraged, long investment in the euro, meaning for every 1% strengthening of the euro relative to the U.S. dollar, the level of the Index will generally increase by 2%, while for every 1% weakening of the euro relative to the U.S. dollar, the Index will generally decrease by 2%.
The underlying index is the Double Long Euro Index (ticker: DLONGEUR), which was developed by Morgan Stanley and is maintained by Standard & Poor’s, according to the announcement.
The Double Short Euro ETN (DRR) is designed to offer an investable alternative to a two-times leveraged, short investment in the euro, meaning for every 1% weakening of the euro relative to the U.S. dollar, the level of the Index will generally increase by 2%, while for every 1% strengthening of the euro relative to the U.S. dollar, the Index will generally decrease by 2%. The underlying index is the Double Short Euro Index (ticker: DSHRTEUR), the announcement said.
The two ETNs will be traded on the NYSE Arca.
For more information, go to www.marketvectorsETNs.com .