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

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 holds Hong Kong-traded offshorethe only ETF that holds physical Chinese renminbi 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. (Insight updated 06/24/2013)

1 Year

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

FXCH
-1.84% -2.32% -2.71% -2.86% 0.05% -- --

FXCH (NAV)
-1.63% -1.24% -2.84% -2.63% 0.52% -- --

Chinese Renmibi (Hong Kong - CNH)
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FXCH Top 10 Holdings

FXCH Summary Data

Issuer Guggenheim

A company that produces and manages ETFs.

Inception Date 09/29/11

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

Legal Structure Grantor Trust

The organizational structure of the fund or ETN.

Expense Ratio 0.40%

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

Assets Under Management $7.96 M

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

Average Daily $ Volume $14.56 K

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

(60-Day) | 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." href="javascript:void(0)" class="term">Average Spread (60-Day) 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

Next Distribution Date 01/02/15

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

Access In Specie

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

Related ETFs to FXCH

Top Competing ETFs CNY, CYB

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

FXCH Commentary & News

22 October 2014
China ETFs | ETF.com
26 August 2014
Currency ETFs | ETF.com

FXCH ETF.com Efficiency Insight

Although FXCH is the only fund that holds physical (offshore) Chinese renminbi, its asset base 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. (Insight updated 06/24/2013)

Total Return - 12/18/2014

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

FXCH
-1.84% -2.32% -2.71% -2.86% 0.05% -- --

FXCH (NAV)
-1.63% -1.24% -2.84% -2.63% 0.52% -- --

Chinese Renmibi (Hong Kong - CNH)
-- -- -- -- -- -- --

IU Chinese Renmibi Index
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FXCH Portfolio Management

Expense Ratio 0.40%

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

FXCH Tax exposures

Max LT/ST Capital Gains Rate 39.60% / 39.60%

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

Distributes K1 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

Legal Structure Grantor Trust

The organizational structure of the fund or ETN.

Access In Specie

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

OTC Derivative Use No

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

ETN Counterparty/Depository 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.

ETN Counterparty Risk Low

The risk of default by the ETN counterparty.

Fund Closure Risk High

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

Portfolio Disclosure None

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

FXCH ETF.com Tradability Insight

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. 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. (Insight updated 06/24/2013)

Average Spread

Premium/Discount

Volume

FXCH ETF.com/ Block LiquidityAs of 12/19/2014

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

Avg. Daily Share Volume 181

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

Average Daily $ Volume $14.56 K

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

Median Daily Share Volume 0

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

(%) | 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." href="javascript:void(0)" class="term">Average Spread (%) 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 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $1.30

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 1.62% / -1.43%

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.

Impediment to Creations 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.

Market Hours Overlap 100.00%

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

(Shares) | 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." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 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.

(45 Day Average) | 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." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 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 standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 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.

Open Interest on ETF Options --

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

ETF.com Implied Liquidity 5

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

FXCH ETF.com Fit Insight

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. (Insight updated 06/24/2013)

FXCH Top 10 Holdings

FXCH Top 5 Collateral Investments

FXCH Performance Statistics

Beta 0.70

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.

Up Beta 0.71

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.

Down Beta 0.77

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
Chinese Renmibi 100.00% 100.00%

FXCH Portfolio Tilts Comparison

FXCH Segment Benchmark
Effective Duration 0.0 0.0

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

Avg. Days to Maturity -- --

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

Currency Yield 6.00% 0.10%

The annualized current overnight yield of the portfolio.