FXCH Fund Description

The CurrencyShares Chinese Renminbi Trust tracks the changes in value of the Chinese renminbi relative to the US dollar.

FXCH ETF.com Insight

[As of 11/18/13] At 40 bps, FXCH is the only ETF that holds physical Chinese renminbi—no small feat considering the heavy restrictions on the Chinese currency. The fund holdsthe only ETF that holds physical Chinese renminbi Hong Kong-traded offshore renminbi deposits in a J.P. Morgan account. It does a great job providing exposure to the renminbi despite its low Fit score. Our benchmark values the currency based on the mainland renminbi spot rate and includes the currency's hefty overnight rate, while FXCH uses the offshore Hong Kong renminbi spot rate—a key difference. Unfortunately, FXCH falls short in Tradability. Although it holds cash in a bank unlike some other funds that use derivatives, these deposits are uninsured. Worse, it often goes days without a single trade execution. FXCH is a great option for investors interested in the currency, but use a liquidity provider or a solid “best execution” strategy for access.

1 Year

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

FXCH (Mkt)
-0.22% -1.78% 2.78% 2.72% -- -- --

FXCH (NAV)

0.75% 1.99% 2.27% 2.53% -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FXCH Top 10 Holdings

FXCH Summary Data

Guggenheim

A company that produces and manages ETFs.

09/29/11

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

Grantor Trust

The organizational structure of the fund or ETN.

0.40%

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

$8.02 M

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

$58.68 K

Average dollar value of shares traded over 60 calendar days.

1.60%

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.

FXCH Portfolio Data

0.10%

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

09/01/14

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

In Specie

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

Related ETFs to FXCH

CNY, CYB

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

FXCH ETF.com Efficiency Insight

[As of 11/18/13] Although FXCH is the only fund that holds physical (offshore) Chinese renminbi, its asset base of $8M is paltry. Not only does the fund carry a high risk of fund closure, but its deposits are uninsured—leaving investors exposed to the credit risk of its depository, J.P. Morgan. The fund has yet to issue any distributions, but investors should note that gains on sales of shares are always taxed at ordinary income rates.

Total Return

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

FXCH (Mkt)
-0.22% -1.78% 2.78% 2.72% -- -- --

FXCH (NAV)
0.75% 1.99% 2.27% 2.53% -- -- --

IU Chinese Renmibi Index
0.41% 1.53% 6.07% 6.65% 7.33% 6.48% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FXCH Portfolio Management

0.40%

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

FXCH Tax exposures

39.60% / 39.60%

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

--

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

--

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.

FXCH Fund Structure

Grantor Trust

The organizational structure of the fund or ETN.

In Specie

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

No

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.

Low

The risk of default by the ETN counterparty.

Low

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

None

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.

FXCH ETF.com Tradability Insight

[As of 11/18/13] FXCH is nothing close to liquid, especially in retail quantities. The fund’s median daily dollar volume of $0 means it often goes days without a single trade, while bid/ask spreads are milewide—212 bps. Still, FXCH gets high marks for block liquidity. Large investors that utilize liquidity providers can likely get a better deal than what on-screen liquidity suggests. Regardless, use extreme caution when trading.

Average Spread

Premium/Discount

Volume

FXCH ETF.com/ Block LiquidityAs of 07/29/2014

5
4
3
2
1

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

FXCH Tradability

734

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

$58.68 K

Average dollar value of shares traded over 60 calendar days.

0

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

$0.0

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

1.60%

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.

$1.28

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.

50,000

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.

0.00

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.

FXCH ETF.com Fit Insight

[As of 11/18/13] Don’t be quick to write off FXCH due to its low Fit score. Although it holds physical Chinese renminbi, the fund values its holdings based on the offshore renminbi traded in Hong Kong (CNH), which can have a different value to the heavily restricted renminbi traded in mainland China (CNY)—they're the same currency valued by two different markets. The fund falls short in Fit mainly because FXCH fails to capture the currency's 6.00% yield.

FXCH Top 10 Holdings

FXCH Top 5 Collateral Investments

FXCH Performance Statistics

0.21

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.

0.55

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.

0.56

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.

FXCH Currency Exposure

FXCH Segment Benchmark
100.00% 100.00%

FXCH Portfolio Tilts Comparison

FXCH Segment Benchmark
0.0 0.0

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

0.0 --

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

6.00% 0.10%

The annualized current overnight yield of the portfolio.