Currency as an Asset Class
This presentation is provided for informational purposes only. The contents are neither designed nor intended and should not be considered as, or relied
upon as, investment, legal, tax or accounting advice or as a recommendation of any specific security or strategy. Investors should have a thorough
understanding of the risks, as well as potential benefits, of the products and strategies referenced throughout this presentation and
consult their financial advisor before deciding what, if any, course of action to take for their own particular situation.
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Registration Nos. 333-163068, 333-164343,
333-173145, 333-171714, 333-173158,
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with numerous industry firsts
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Currency in the News
An Overview of Currency
The currency market is the worlds largest and most liquid market, with average
daily turn-over of roughly $4 trillion*.
Many hedge funds and institutions have used currency investing as a means of
hedging certain portfolio exposures against currency risks and opportunistically
trading across currencies.
Many foreign currencies have historically shown a low correlation to U.S. equity
and fixed income markets.
Currency investing offers a variety of trading strategies.
* Source: Bank of International Settlements, April 2010
Inflation / deflation,
Factors that Impact Currency
Currency Fluctuates Significantly Over Time
Past performance is no guarantee of future results.
Currency performance shown is based on the Bank of NY noon buying rate and is not mean to represent the performance of the CurrencyShares Trusts.
The performance shown does not reflect fees, expenses or transaction costs.
Source data: FactSet.
Past performance is no guarantee of future results.
Index returns do not reflect fees, expenses or transaction costs. You cannot invest directly in an index.
See important definitions on slide 19
(4/1/2006 through 3/31/2011)
US Dollar Index
Barclays Capital U.S. Aggregate
Many currencies have historically offered a low correlation to other asset classes like stocks and
bonds, which in turn helps lower portfolio risk and boost overall returns.
Performance displayed is past performance and no guarantee of future results.
For the examples above, stocks are represented by the S&P 500 Index, bonds are represented by Barclays Capital Aggregated Bond Index, international
developed equities are represented by the MSCI EAFE Index, Emerging Market Equities are represented by MSCI EM Index and currency is represented
international developed equities, 5% emerging market equities and 40% U.S bonds. The international with currency portfolio is comprised of 40% U.S
stocks, 10% international developed, 5% emerging market equities, 10% euro and 35% U.S bonds.
Potential Impact of Adding Currency to A Portfolio
Portfolio Basket Cumulative Return: 5 Years Ending 3/31/2011
Int. With Currency
A Convenient Way to Access Currencies: CurrencyShares®
For many years, hedge funds and institutions have used currencies as a way of
market, which could be challenging for advisors and individuals to utilize. Now,
advisors and investors have a potentially efficient way of hedging dollar
exposure, and taking advantage of investment opportunities in the currency
offer a convenient, cost-effective way to gain
exposure to nine currencies.
Provide an efficient means of gaining exposure to a currency
Can be used as a tool for currency hedging
Can be used as part of a tactical trading strategy, individually
Currency trading is used by hedge funds and institutions to hedge foreign
exchange, and to take positions, long and short, in currencies based on
Investors can be long the highest yielding currency, and short the lowest yielding
currency (i.e., the Carry-Trade).
The Role of Currencies
Just as investors diversify their international stock and bond portfolios to reduce risk,
investors can also diversify their cash allocations.
between two currencies. A simple version of the trade can be achieved by purchasing
a high-yielding currency and shorting a low-yielding one.
Investors can make calls on the future value of any given pair of currencies. For
example, an investor who believes the U.S. dollar will weaken compared to the euro
may choose to go long the Euro, while an investor who thinks the euro is relatively
overvalued may choose to short the trust instead.
fluctuating currency values, which can significantly impact returns for U.S. investors.
which an investor is attempting to reduce risk.
Currency investing is subject to several risks. Several factors may affect the price of foreign currency relative to the U.S. dollar including: National debt
investors' expectations concerning interest rates, Investment and trading activities of mutual funds, hedge funds and currency funds; and , Global or regional
increased risk and costs, including paying more for a security than it received from its sale and the risk of unlimited losses.
offers investors nine ETPs. These ETPs offer a convenient, cost-
effective way to gain exposure to foreign currencies. Rydex
grantor trusts, and they hold actual foreign currency deposits as their sole asset. Each
ETP has a deposit account denominated in each of the nine currencies.
Interest earned*, if any, accrues daily. Any interest, after trust expenses are paid; distributed
to shareholders monthly.
CurrencyShares Australian Dollar Trust
CurrencyShares British Pound Sterling Trust
CurrencyShares Canadian Dollar Trust
CurrencyShares Euro Trust
CurrencyShares Japanese Yen Trust
CurrencyShares Mexican Peso Trust
CurrencyShares Russian Ruble Trust
CurrencyShares Swedish Krona Trust
CurrencyShares Swiss Franc Trust
Benefits of Currency in an ETP Format
Access the currency markets through a traditional brokerage account. Shares are bought and
sold on the NYSE Arca just like other exchange listed securities.
The foreign currencies are deposited in segregated depository accounts at JP Morgan
CurrencyShares are bought and sold on the NYSE Arca, providing an efficient means of
incorporating tactical strategies or hedging exposures. CurrencyShares are eligible for margin.
CurrencyShares are liquid. They can be purchased in the secondary market. Shares of each
Trust can be created or redeemed in baskets of 50,000 units by Authorized Participants (APs).
With nine different products covering the worlds major currencies, investors can easily
customize their trades to meet their investment objectives.
sole asset as opposed to money market debt instruments or derivatives contracts.
The assets of each Trust back the shares. The Trust does not hold or employ derivatives.
AP delivers currency to Trustee (principal plus three days of accrued interest) which, in exchange, provides for the delivery
of capital shares of the Trust to the APs DTC account
Depository account is comprised of two separate accounts: one for principal and the other for interest-in order for the
grantor trust to remain an entirely passive structure
At month end, total accrued interest is withdrawn from the interest account, trust expenses are satisfied, and any interest in
excess of the amount required to cover Trust expenses is distributed on a pro-rate basis to shareholders
All accounting takes place in native currency to nullify the FX impact
CurrencyShares Performance (as of 3/31/2011)
Partial year returns are cumulative, not
annualized. Performance results are short-term
and may not provide an adequate basis for
evaluating the performance potential of the fund
over varying market conditions or economic
Performance displayed represents past
performance, which is no guarantee of
future results. Investment returns and
principal value will fluctuate so that when
shares are redeemed, they may be worth
more or less than original cost. Total returns
reflect the reinvestment of all dividends.
Current performance may be lower or higher
than the performance data quoted. For up-
to-date performance, including performance
current to the most recent month-end, visit
our web site at www.currencyshares.com.
The NAV and Market Close Performance may
differ. A major reason for the difference is that
timing discrepancies can exist between the NAV,
which is calculated using the WM/Reuters Closing
Spot Rate, and Market Close, which is calculated
using Closing Price (last trade). The WM/Reuters
Closing Spot Rate is the exchange rate of the U.S.
dollar and the applicable foreign currency as
determined by WM/Reuters as of 4:00 PM London
CurrencyShares Trust except the
CurrecyShares Russian Ruble Trust, was
calculated using the Noon Buying Rate, as
determined by the Federal Reserve Bank of
each trust's prospectus.
CurrencyShares are subject to a number of risks and may not be suitable for all investors.
The value of the shares of each CurrencyShares Trust relates directly to the value of the foreign currency held by the
particular Trust. This creates a concentration risk associated with fluctuations in the price of the applicable foreign
currency. Accordingly, a decline in the price of that currency will have an adverse effect on the value of the shares of
the particular CurrencyShares Trust. Factors that may have the effect of causing a decline in the price of a foreign
currency include national debt levels and trade deficits, domestic and foreign interest rates, investment and trading
activities of institutions and global or regional political, economic or financial events and situations.
Shares of each CurrencyShares Trust can be bought and sold through a broker; as such, investors may be required to
pay brokerage commissions in connection with a purchase or sale.
There can be no assurance that an active trading market for the shares will develop or be maintained.
The risks associated with each of the CurrencyShares Trusts are not identical because of differences in the economies
underlying each CurrencyShares Trust, as well as other considerations.
Read the prospectus for more complete information on each risk.
between the U.S. dollar and six major world currencies: the euro, yen, British pound, Canadian dollar, Swedish krona and Swiss franc.
through changes in the aggregate market value of 500 stocks representing all major industries.
Capital/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. Total return comprises price
appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization.
from positive one (1) to negative one (-1). For example:
If the value of two assets always moves in the same direction, they are said to be "highly correlated," and they have a correlation of
positive one (1).
correlation of negative one (-1).
If there is no consistent mathematical relationship between the value of the two assets, then the correlation coefficient is 0.
The CurrencyShares Trusts are not an investment companies registered under the Investment Company
Act of 1940 or a commodity pools for purposes of the Commodity Exchange Act.
Each of the CurrencyShares
Australian Dollar Trust, CurrencyShares
British Pound Sterling Trust,
Canadian Dollar Trust, CurrencyShares
Euro Trust, CurrencyShares
Mexican Peso Trust, CurrencyShares
Russian Ruble Trust, CurrencyShares
Trusts) has filed a registration statement (including a prospectus) with the SEC for the offerings to
which this communication relates.
Before you invest in the shares of a Trust, you should read the prospectus in the registration statement
and other documents the Trust has filed with the SEC for more complete information about the Trust
Russian Ruble Trust and CurrencyShares
Swedish Krona Trust prospectus. For
the remaining CurrencyShares
Trusts, you may get these documents for free by visiting EDGAR on the
SEC web site at www.sec.gov. Alternatively, the Trusts and any offering participant will arrange to send
you any Trust prospectus if you request it by calling toll-free 800.820.0888. The prospectus for each Trust
is also available by accessing the issuers web site at www.currencyshares.com.
is a registered trademark of Rydex Holdings, LLC. Rydex Specialized Products, LLC, d/b/a Rydex|SGI,
is the sponsor of each of the CurrencyShares Trusts.
Rydex Distributors, Inc., an affiliate of Rydex|SGI, is the distributor of each of the CurrencyShares Trusts and
Contact us: 800.820.0888
or visit www.currencyshares.com