PowerShares and Deutsche Bank Team Up on Two Currency-Based ETFs

Deutsche Bank and PowerShares Capital Management LLC today announced their collaboration on two currency-based exchange-traded funds (ETFs).

According to a press release, the PowerShares DB US Dollar Bullish Fund and the PowerShares DB US Dollar Bearish Fund will list on the American Stock Exchange on February 20, 2007.

The funds offer investors access to the Deutsche Bank Long US Dollar Index and the Deutsche Bank Short US Dollar Index, respectively.

The indices are managed by DB Commodity Services LLC and are rules-based indices composed solely long or short futures contracts, which are designed to replicate the performance of being long or short the US Dollar against the Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc.

“These exchange-traded US Dollar funds offer securities investors unprecedented intraday access to the performance of the United States Dollar against a basket of global currencies,” said Kevin Rich, Chief Executive Officer of DB Commodity Services LLC, the managing owner of the new funds as well the PowerShares DB Commodity Index Tracking Fund, the PowerShares DB G10 Currency Harvest Fund, and seven commodity sector exchange-traded funds.