Rydex Investments has finally introduced its much-anticipated currency ETF, which is the first of its kind. Exchange Traded Funds (ETF), while very similar to trusts and mutual funds, trade on an exchange like shares of stock. One ‘share’ of this particular ETF is equivalent to 100 Euros, currently valued around $120. The ETF will rise and fall in synch with the Euro currency, so investors can buy or sell shares much like they would go long or short actual Euros. The downside to the ETF is that investors will be charged an annual management fee of .4%, assessed monthly. After adjusting for interest, however, this fee will likely be closer to .1-2%. Marketwatch reports:

The Euro Currency Trust, with annual expenses of 0.4% of assets, allows investors to gain exposure to the euro currency, and could also be used as a hedging instrument. According to Rydex, the fund’s sponsor….the fund is eligible for short sale and margin purchases.

Read More: Euro ETF begins trading