CYB Fund Description

The WisdomTree Chinese Yuan ETF delivers exposure to the value of the Chinese renminbi relative to the US dollar as well as Chinese money market rates.

CYB ETF.com Insight

CYB is not your run-of-the-mill currency ETF, thanks both to the autonomy of the issuer in managing the exposure and the intricacies of getting exposure to the yuan. For 45 bps, you getThe fund manager uses both short and long forward currency contracts access to China’s local currency, which individual investors can’t buy on the open market. Still, it is far from a perfect gauge of the currency. The fund manager uses both short and long forward currency contracts for both HK-traded yuan (CNH) and mainland-traded yuan (CNY), to manage its expectations of the currency moving forward. Much of the collateral is invested in both US Treasurys and HK-based yuan time deposits that struggle to capture the overnight rate for the currency. That said, the fund is as good a choice for yuan exposure as you can get in the ETF wrapper, and it's our Analyst Pick for the segment. (Insight updated 06/24/2014)

1 Year

Performance [as of 08/28/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

CYB
0.40% 1.65% -0.69% 0.40% 1.72% 1.49% 1.65%

CYB (NAV)
0.57% 1.73% -0.59% 0.68% 1.81% 1.56% 1.73%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

CYB Top 10 Holdings

CYB Summary Data

WisdomTree

A company that produces and manages ETFs.

05/14/08

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

Open-Ended Fund

The organizational structure of the fund or ETN.

0.45%

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

$157.22 M

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

$416.29 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.10%

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.

CYB Portfolio Data

2.85%

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 CYB

CNY, FXCH

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

CYB ETF.com Efficiency Insight

CYB has a deep asset base, helped by the yuan's strong performance over the past year against the dollar. The fund is structured in a way that makes it efficient for taxable investors: It is a traditional open-ended fund, as opposed to a grantor trust, meaning similar capital gains tax rates as equities. (Insight updated 06/24/2014)

Total Return

Performance [as of 06/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

CYB
0.36% -0.24% -1.71% 0.46% 1.84% 1.25% -0.24%

CYB (NAV)
0.21% -0.11% -1.74% 0.37% 1.82% 1.28% -0.11%

No Underlying Index
-- -- -- -- -- -- --

IU Chinese Renmibi Index
0.61% 0.51% -0.86% 2.77% 5.66% 6.08% 0.51%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

CYB Portfolio Management

0.45%

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

CYB Tax exposures

20.00% / 39.60%

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

0.82%

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

1.24%

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

0.28%

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.

CYB 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.

CYB ETF.com Tradability Insight

CYB has gained quite a following in the four years since its launch, and the liquidity that comes with it makes it one of the easier currency ETFs to trade. Still, it's spreads are a little wide, so limit orders are recommended. Institutional investors can also trade CYB with ease with the aid of a market maker, regardless of the size of their trades. (Insight updated 06/24/2014)

Average Spread

Premium/Discount

Volume

CYB ETF.com/ Block LiquidityAs of 08/29/2014

5
4
3
2
1

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

CYB Tradability

16,530

It is the daily number of shares traded, averaged over the past 45 trading days.

$416.29 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

12,831

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

$324.46 K

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

0.10%

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 45 days, as a percent.

$0.03

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.11%

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

0.22% / -0.33%

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

0.13

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.

0.01%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

619

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

$25.36

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.

CYB ETF.com Fit Insight

CYB is an imperfect measure of a market that is extremely difficult to access: the Chinese yuan overnight market. Complicating matters, CYB takes both long and short positions in both HK- and mainland-traded yuan forward contracts to reflect its view of the currency moving forward, moving the fund further away from neutral. Unfortunately, its bets haven’t paid off: The fund has tended to lag our benchmark by a significant amount over the past few years. (Insight updated 06/24/2014)

CYB Performance Statistics

0.04

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

0.51

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.

0.53

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.

0.15

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.

CYB Currency Exposure

CYB Segment Benchmark
100.00% 100.00%

CYB Portfolio Tilts Comparison

CYB Segment Benchmark
0.0 0.0

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

-- 161.5

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

6.00% 2.85%

The annualized current overnight yield of the portfolio.