Market Vectors Double Short Euro ETN
DRR
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- Market Vectors Double Short Euro ETN (DRR) is an exchange-traded note (ETN) that seeks to replicate, net of expenses, twice the inverse daily performance of the euro versus the U.S. dollar as measured by the Double Short Euro Index, which tracks rolling one-day forward contracts on the euro. Issued by Morgan Stanley through its structured products division and branded under the Market Vectors (later VanEck Vectors) name, the ETN provides leveraged exposure to euro currency depreciation for investors seeking short positions in the European currency markets; it features a net expense ratio of 0.65% and was listed on NYSE Arca. The product targets sophisticated investors and traders in the currency derivatives segment, with operations centered in the United States and global reach through exchange trading accessible to international markets. Launched on May 6, 2008, with an original scheduled maturity of April 30, 2020, the ETN was headquartered under Morgan Stanley's oversight in New York. In recent developments, DRR was accelerated for redemption prior to its maturity as part of Morgan Stanley's statements on select ETNs, and multiple sources indicate it became inactive or defunct, with listings noting delisting or cessation around December 2023; trading data reflects minimal activity thereafter, including a final quoted price around $65. No active new issuances, partnerships, or expansions related to DRR have occurred since, aligning with broader industry shifts away from certain legacy leveraged currency ETNs amid maturing contracts and market evolution.