CEW Fund Description

The WisdomTree Emerging Currency ETF tracks the change of money market rates and value of currencies of select emerging market countries relative to the US dollar.

CEW ETF.com Insight

[As of 11/18/13] For those seeking the cheapest exposure to a basket of broad emerging market currencies, CEW is your fund. For 55 bps, it equally weights its exposure to 15 emerging marketthe cheapest exposure to a basket of broad emerging market currencies currencies. The equal-weighting scheme underweights the currencies of major trading partners like China in favor of increased exposure to the Colombian and Philippine pesos. CEW invests in nondeliverable forward contracts and holds collateral in US Treasury bills and repos. As a result, the fund can deviate from what investors might expect by simply looking at the spot prices of the basket of currencies. Still, with $190M in assets, it’s clear that the fund is an investor favorite.

1 Year

Performance [as of 11/18/13] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

CEW (Mkt)
-1.89% 1.15% -3.93% -1.79% -1.32% -- --

CEW (NAV)

-2.74% -3.55% -3.65% -1.59% -1.21% -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

CEW Top 10 Holdings

CEW Summary Data

WisdomTree

A company that produces and manages ETFs.

05/06/09

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.55%

The net total annual fee a fund holder pays to the issuer.

$100.68 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$1.56 M

Average dollar value of shares traded over 60 calendar days.

0.18%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

CEW Portfolio Data

4.63%

The fund’s trailing twelve month yield, displayed as a percentage.

12/19/14

The upcoming date on which the fund trades without its upcoming dividend

Derivative

Discloses the strategy behind how the fund gains exposure to the underlying currency (In Specie or Derivative).

Related ETFs to CEW

AYT, JEM, PGD

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

CEW ETF.com Efficiency Insight

[As of 11/18/13] CEW is one of the more efficient basket ETFs in the currency space. At 55 bps, it’s also one of the cheapest. By virtue of its legal structure as a traditional open-ended fund, CEW benefits from preferential tax treatment compared with most currency ETF products, if shares are held over one year. Its current asset base of $190M confirms that it’s an investor favorite and won't be closing anytime soon.

Total Return

Performance [as of 11/18/13] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

CEW (Mkt)
-1.89% 1.15% -3.93% -1.79% -1.32% -- --

CEW (NAV)
-2.74% -3.55% -3.65% -1.59% -1.21% -- --

IndexUniverse Solactive Emerging Markets Currencies TW Index
-0.32% 1.77% 1.93% 3.27% 3.56% 4.91% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

CEW Portfolio Management

0.55%

The net total annual fee a fund holder pays to the issuer.

CEW Tax exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

2.15%

The average annualized short–term capital gains distributions from the fund over a 3 year period, displayed as a percentage.

0.38%

The average annualized long–term capital gains distributions from the fund over a 3 year period, displayed as a percentage.

--

The average annualized ordinary income distributions from the fund over a 3 year period, displayed as a percentage.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

CEW Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

Derivative

Discloses the strategy behind how the fund gains exposure to the underlying currency (In Specie or Derivative).

Yes

An indicator of whether the fund uses over-the–counter derivatives such as swaps or forwards to achieve its objectives.

N/A

The institution responsible for providing the return of the stated index or holding the deposits of physical currrency, whose credit is the sole backing of the product.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

CEW ETF.com Tradability Insight

[As of 11/18/13] Liquidity is fairly decent for CEW, with median trading volume just north of $500K. However, spreads are still relatively wide at 25 bps, increasing the cost of entering and exiting the fund for short-term investors. For those looking to make smaller trades, using limit orders will be your best bet. Larger investors will find liquidity providers to be a great resource when trading in size.

Average Spread

Premium/Discount

Volume

CEW ETF.com/ Block LiquidityAs of 07/31/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of CEW. CEW is rated a 5 out of 5.

CEW Tradability

75,837

The average number of shares traded during a 60 day period.

$1.56 M

Average dollar value of shares traded over 60 calendar days.

16,864

Median number of shares traded over the past 45 trading days.

$345.39 K

Median dollar value of shares traded over the past 45 trading days.

0.18%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.04

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

--

The middle value in the ranked set of all premium/discount values over a 12-month period.

-- / --

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.17

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

--

The total number of net outstanding options contracts for an ETF.

N/A

Indicates whether or not there's a futures contract traded on the fund's underlying index.

--

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

CEW ETF.com Fit Insight

[As of 11/18/13] CEW differs from our benchmark in a number of ways. The fund equally weights its basket of 15 emerging market currencies in contrast to our trade-weighted benchmark. The biggest difference is an underweighting to currencies such as the Chinese renminbi and Mexican peso, and overweighting to the Philippine peso. CEW uses nondeliverable forward contracts and invests collateral in US Treasury bills and repos. As a result, it can deviate from spot prices in the actual currencies.

CEW Performance Statistics

0.31

The degree to which the fund and its segment benchmark move up and down in unison.

0.87

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.64

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.29

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

CEW Currency Exposure

CEW Segment Benchmark
45.11% 6.82%
0.00% 6.81%
24.95% 6.78%
1.21% 6.71%
1.38% 6.69%
3.45% 6.69%
2.61% 6.69%
3.13% 6.69%
0.00% 6.66%
0.00% 6.66%

CEW Portfolio Tilts Comparison

CEW Segment Benchmark
0.0 0.1

Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

0.0 87.1

The average remaining days until maturity for all currency contracts in the portfolio.

-- 4.63%

The annualized current overnight yield of the portfolio.