Alpha-Beta Series: Currency ETFs. November 10, 2011, 2pm EDT
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1 Alpha-Beta Series: Currency ETFs November 10, 2011, 2pm EDT
2 Speakers: Ugo Egbunike ETF Analyst IndexUniverse Dave Nadig Director of Research IndexUniverse Tony Davidow Managing Director Guggenheim Investments Eric Biegelesien Director of Research Windhaven Investment Management
3 Currency Trading $4 Trillion A Day (It s a big deal)
4 Why Currencies Matter
5 Why Currencies Matter
6 FX Strategies: UUP vs. UDN Dollar Plays
7 FX Strategies: The Carry Trade
8 Why Currencies Matter: Brazil
9 The Essentials of Currency Investment Exposure to spot exchange rate EUR/USD Sell USD to buy EUR Paired trade: long vs. short position Access to the local interest rate Under your mattress vs. bank Access to a risk-free rate/ carry
10 The Essentials of Currency Investment Overnight Lending Rates Euro 1.25% United States 0.25% Japanese Yen 0.10% British Pound 0.50% Canadian Dollar 1.00% Swedish Krona 2.00% Swiss Franc 0.00% Australian Dollar 4.50% Norwegian Krone 2.25% Chilean Peso 5.25% NZ Dollar 2.50% Russian Ruble 8.25% Brazil Real 11.50% South African Rand 5.50% Turkish Lira 5.75% South Korea Won 3.25% Indian Rupee 8.50% Mexican Peso 4.50% Chinese Renmibi 6.56% Malaysian Ringgit 3.00% Indonesian Rupiah 6.50% Polish Zloty 4.50%
11 Currency: Sources of Return
12 Currency Vehicles Derivatives Futures, swaps, & NDFs Physical (brokerage account) Bank Account ETFs
13 Currency ETFs & ETNs Single Currency Funds # Basket Currency Funds # Australian Dollar 1 Emerging Markets 4 Brazilian Real 1 Short U.S. Dollar Index* (Long Basket) 1 Canadian Dollar 1 Commodity Currencies 1 Chinese Renminbi 3 Inverse/Leverage Currency Funds # Euro 2 U.S. Dollar Index 3X* (Inverse Basket) 1 Indian Rupee 2 U.S. Dollar Index* (Inverse Basket) 1 Japanese Yen 3 Inverse Euro 2X 2 Mexican Peso 1 Inverse Yen 2X 1 Pound Sterling 2 Inverse U.S. Dollar Index 3X* (Long Basket) 1 Russian Ruble 1 Leveraged Euro 2 South African Rand 1 Leveraged Japanese Yen 1 Swedish Krona 1 Swiss Franc 1
14 Single Currency ETFs: How To Choose The One That s Right For You?
15 Currency ETFs: Structure, Strategy,& Risks Structure Open-Ended Fund Grantor Trust Limited Partnership ETN Legal Governance 1940 Act 1933 Act 1933 Act 1933 Act Issuers Barclays, VanEck, Wisdom Tree Rydex Proshares, PowerShares PowerShares Popular ETFs JYF, CYB, BZF FXA, FXE, FXF UUP, UDN, YCS ERO, CNY, JYN Investment Strategy Invests in short-term securities and nondeliverable forward contracts on the currency. Can hold futures, swaps, options, or forward agreements. Holds the physical currency in a foreign bank account. Deposit earns a local interest rate. Deposit is also uninsured. Acts as a structured note that simply promises to pay out an amount based on the value of the currency relative to USD + interest rate at a certain date. Income Distribution Annual Monthly Annual None- Embedded Counterparty Exposure Counterparties not disclosed JP Morgan* Undisclosed if any. Futures are broken by the exchange. Morgan Stanley, Barclays Bank
16 Exchange Traded Notes Structure Legal Governance Issuers Popular ETFs Investment Strategy Income Distribution Counterparty Exposure ETN 1933 Act Barclays, VanEck, PowerShares ERO, CNY, JYN Acts as a structured note that simply promises to pay out an amount based on the value of the currency relative to USD + interest rate at a certain date. None- Embedded Morgan Stanley, Barclays Bank
17 33 Act Grantor Trust ETFs Structure Legal Governance Issuers Popular ETFs Investment Strategy Grantor Trust 1933 Act Rydex FXA, FXE, FXF Holds the physical currency in a foreign bank account. Deposit earns a local interest rate. Deposit is also uninsured. Income Distribution Counterparty Exposure Monthly JP Morgan*
18 40 Act ETFs Structure Legal Governance Issuers Popular ETFs Investment Strategy Open-Ended Fund 1940 Act Wisdom Tree JYF, CYB, BZF Invests in short-term securities and nondeliverable forward contracts on the currency. Income Distribution Counterparty Exposure Annual Counterparties not disclosed
19 33 Act Limited Partnership ETFs Structure Legal Governance Issuers Popular ETFs Investment Strategy Limited Partnership 1933 Act Proshares, PowerShares UUP, UDN, YCS Can hold futures, swaps, options, or forward agreements. Income Distribution Counterparty Exposure Annual Undisclosed if any.
20 Currency ETFs: Taxes Structure Open-Ended Fund Grantor Trust ETN Limited Partnership Legal Governance 1940 Act 1933 Act 1933 Act 1933 Act Issuers Barclays, VanEck, Wisdom Tree Rydex PowerShares Proshares, PowerShares Popular ETFs JYF, CYB, BZF FXA, FXE, FXF ERO, CNY, JYN UUP, UDN, YCS Tax on Sale (Max LT/ST Rate %) 15/35 35/35 35/35 23/23* Tax on Distributions (%) 35/23* 35 35** 23* Tax Reporting K-1 * 60% of gains taxed as LT gains/ 40% taxed as ST gains - 23% is max blended rate. ** Distributions not actually paid out, but you are responsible for embedded gains.
21 Currency ETFs: Strategy & Performance
22 Currency ETFs: Strategy & Performance
23 Currency ETFs: Strategy & Performance
24 Basket Currency ETFs
25 Basket Currencies: Most Popular UUP UDN CCX CEW Euro % 57.60% Japanese Yen % 13.60% British Pound % 11.90% Canadian Dollar -9.10% 9.10% 12.61% Swedish Krona -4.20% 4.20% Swiss Franc -3.60% 3.60% Australian Dollar 13.07% Norwegian Krone 12.62% Chilean Peso 12.49% 8.48% New Zealand Dollar 12.48% Russian Ruble 12.47% 8.29% Brazil Real 12.15% 8.34% South African Rand 12.11% 8.32% Turkish Lira 8.44% South Korea Won 8.44% Indian Rupee 8.39% Mexican Peso 8.31% Chinese Renmibi 8.28% Malaysian Ringgit 8.28% Indonesian Rupiah 8.23% Polish Zloty 8.19%
26 Poorly Understood Indices: The USDX U.S. Dollar Index EUR (57.6 %) JPY (13.6 %) GBP (11.9 %) CAD (9.1 %) SEK (4.2 %) CHF (3.6 %)
27 Trade Weighted Indices Country or Region Currency Index Weights Euro area EUR 16.36% Canada CAD 13.23% Japan JPY 7.80% Korea KRW 3.86% United Kingdom GBP 3.54% Taiwan TWD 2.60% Singapore SGD 2.04% Switzerland CHF 1.68% Australia AUD 1.31% Hong Kong HKD 1.31% Israel ILS 1.09% Sweden SEK 0.84% China CNY 19.76% Mexico MXN 11.45% Brazil BRL 2.07% Malaysia MYR 1.84% India INR 1.78% Thailand THB 1.45% Russia RUB 1.12% Indonesia IDR 1.11% Saudi Arabia SAR 0.81% Chile CLP 0.78% Colombia COP 0.62% Philippines PHP 0.60% Argentina ARS 0.57% Venezuela VEF 0.40%
28 Currency ETFs: Room for Growth International Equity 25% U.S. Fixed Income 16% U.S. Equity 44% Commodities 11% Inverse 2% Leveraged 1% International Fixed Income 1% Alternatives 0.30 % Asset Allocation 0.09 % Currency 0.44 %
29 Structured Q&A: Ugo Egbunike ETF Analyst IndexUniverse Dave Nadig Director of Research IndexUniverse Tony Davidow Managing Director Guggenheim Investments Eric Biegelesien Director of Research Windhaven Investment Management
30 Thank you. For More Information: Indexuniverse.com CurrencyShares.com
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