PowerShares Launches Dollar ETFs

Includes: UDN, UUP
by: Tom Lydon

Deutsche Bank and PowerShares announced the PowerShares DB U.S. Dollar Bullish (NYSEARCA:UUP) and the PowerShares U.S. Dollar Bearish (NYSEARCA:UDN) exchange traded funds which will list on the American Stock Exchange today.

David Hoffman of InvestmentNews reports these funds offer investors access to the Deutsche Bank Long U.S. Dollar Index and the Deutsche Bank Short U.S. Dollar Index, respectively. These indexes are managed by DB Commodity Services and are rules-based indexes composed of long or short U.S. dollar futures contracts. These futures contracts aim to replicate the performance of being long or short on the U.S. dollar against the following currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc.