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Admittedly , cyb should capture any sudden rise in the yuan .

诚然，cyb应当能够把握人民币骤然升值带来的机遇。

Another headwind is the 0.45 % fee paid to cyb 's manager .

另一个不利方面是要向cyb经理支付0.45%的费用。

The reason : cyb doesn 't invest in the chinese currency itself , but in forward contracts with various maturities .

原因在于cyb本身并不投资人民币，只投资各种期限的远期合约。

For cyb to profit on its forward positions , the market needs to be underestimating the pace at which the yuan strengthens against the dollar .

如果cyb希望在远期头寸中获利，市场需要低估人民币兑美元的升值步伐。

Such a condition , known as contango , would erode the etf 's returns , because cyb invests exclusively in one-month forwards .

这种期货溢价的状况可能会损害cyb的回报，因为这只etf只投资1个月远期产品。