FXY Fund Description

The CurrencyShares Japanese Yen Trust tracks the changes in value of the Japanese yen relative to the US dollar.

FXY ETF.com Insight

FXY is a clear favorite among investors for exposure to the Japanese yen (both long and short), which has seen a massive sell-off in the wake of Prime Minister Abe’s election in lateFXY is the clear favorite among investors 2012 and the implementation of "Abenomics." The fund offers a simple strategy for 40 bps—it holds Japanese yen in a deposit account. Still, it’s not without its kinks. For one, the fund’s deposits are uninsured, leaving it exposed to the default risk of JPMorgan. Secondly, tax efficiency is a concern, as gains are always taxed as ordinary income (as opposed to capital gains). Still, FXY is one of the most liquid currency ETFs on the market. Its volume is far greater than one might expect from its modest AUM, likely due to trading activity on the short side. Overall, FXY is a solid choice that both large and small investors can use, earning our Analyst Pick for the space. (Insight updated 06/24/2014)

1 Year

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

FXY
-1.63% -8.55% -11.71% -12.77% -13.52% -5.72% --

FXY (NAV)
-1.89% -8.68% -11.90% -13.50% -13.57% -5.63% --

No Underlying Index
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FXY Top 10 Holdings

FXY Summary Data

Issuer Guggenheim

A company that produces and manages ETFs.

Inception Date 02/12/07

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 $102.35 M

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

Average Daily $ Volume $17.57 M

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) 0.03%

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.

FXY 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 FXY

Top Competing ETFs JYN

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

FXY Commentary & News

26 August 2014
Currency ETFs | ETF.com

FXY ETF.com Efficiency Insight

FXY’s modest asset base and heavy trading volume signal the fund is likely to stay around for some time. Still, investors should be aware that the fund’s physical deposits of Japanese yen are uninsured, leaving shareholders directly exposed to the default risk of JPMorgan. With interest rates in Japan being close to 0%, the fund hasn’t made any distributions since its inception. Note that gains on share sales are always taxed at ordinary income rates. (Insight updated 06/24/2014)

Total Return - 12/18/2014

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

FXY
-1.63% -8.55% -11.71% -12.77% -13.52% -5.72% --

FXY (NAV)
-1.89% -8.68% -11.90% -13.50% -13.57% -5.63% --

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

IU Japanese Yen Index
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

FXY Portfolio Management

Expense Ratio 0.40%

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

FXY 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.

FXY 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 Low

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.

FXY ETF.com Tradability Insight

FXY is the most liquid Japanese yen ETF on the market, with millions of dollars changing hands daily at tight spreads. On average, about a creation unit worth of the fund trade per day, which helps FXY’s perfect block liquidity score. Liquidity providers are more than willing to offer up size at tight spreads due to the ease of hedging the fund. Smaller investors should still use limit orders. (Insight updated 06/24/2014)

Average Spread

Premium/Discount

Volume

FXY 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 FXY. FXY is rated a 5 out of 5.

FXY Tradability

Avg. Daily Share Volume 208,776

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

Average Daily $ Volume $17.57 M

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

Median Daily Share Volume 185,690

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 (%) 0.03%

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.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.03

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) 0.67% / -1.12%

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) 3.71

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 228,022

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.

FXY ETF.com Fit Insight

FXY does an excellent job providing exposure to the Japanese yen, which is no surprise given that the fund holds physical deposits. FXY doesn’t deliver the 0.10% overnight lending rate like our benchmark, but with interest rates in Japan near 0%, that’s not much of a drawback. In fact, its 0% yield is a boon for those looking to short shares in the fund. Overall, the fund’s simple and straightforward strategy is as good as it gets with regard to Fit. (Insight updated 06/24/2014)

FXY Top 10 Holdings

FXY Top 5 Collateral Investments

FXY Performance Statistics

Beta 1.00

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 1.00

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 1.00

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.

FXY Currency Exposure

FXY Segment Benchmark
Japanese Yen 100.00% 100.00%

FXY Portfolio Tilts Comparison

FXY 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 0.00% 0.00%

The annualized current overnight yield of the portfolio.