The Invesco CurrencyShares® Chinese Renminbi Trust (the "Trust") is a grantor trust that was formed on August 16, 2011. The Shares began trading on NYSE Arca, Inc. ("NYSE Arca") under the ticker symbol "FXCH" on October 4, 2011. The Trust issues shares (the "Shares") in blocks of 50,000 (a "Basket") in exchange for deposits of Chinese Renminbi and distributes Chinese Renminbi in connection with the redemption of Baskets.
The investment objective of the Trust is for the Shares to reflect the price in USD of Chinese Renminbi plus accrued interest, if any, less the expenses of the Trust's operations. The Shares are intended to offer investors an opportunity to participate in the market for the Chinese Renminbi through an investment in securities. The Shares are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding the Chinese Renminbi. The Shares are bought and sold on NYSE Arca like any other exchange-listed security. The Shares are backed by the assets of the Trust, which does not hold or use derivative products. The Trust is a passive investment vehicle and does not have any officers, directors or employees. The Trust does not engage in any activities designed to obtain profit from, or ameliorate losses caused by, changes in the price of the Chinese Renminbi. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The value of the holdings of the Trust is reported on the Trust's website, www.invesco.com/etfs, each business day.
The Trust holds Chinese Renminbi and, from time to time, issues Baskets in exchange for deposits of Chinese Renminbi and distributes Chinese Renminbi in connection with redemptions of Baskets. The Chinese Renminbi held by the Trust will be sold only (1) if needed to pay Trust expenses, (2) in the event the Trust terminates and liquidates its assets or (3) as otherwise required by law or regulation.