10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2017

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 001-33298

CurrencyShares^® Japanese Yen Trust

Sponsored by Guggenheim Specialized Products, LLC,

d/b/a Guggenheim Investments

(Exact name of registrant as specified in its charter)

New York	No. 37-6416176
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

805 King Farm Boulevard, Suite 600

Rockville, Maryland 20850

(Address of principal executive offices) (Zip Code)

(301) 296-5100

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (d232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐    No  ☒

CURRENCYSHARES^® JAPANESE YEN TRUST

INDEX

Caption	Page
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Statements of Financial Condition at July 31, 2017 and October  31, 2016		2
Statements of Comprehensive Income for the three months ended July  31, 2017, the three months ended July 31, 2016, the nine months ended July 31, 2017 and the nine months ended July 31, 2016		3
Statements of Changes in Shareholders’ Equity for the nine months ended July 31, 2017 and the year ended October 31, 2016		4
Statements of Cash Flows for the nine months ended July  31, 2017 and the nine months ended July 31, 2016		5
Notes to Financial Statements		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		10
Item 3. Quantitative and Qualitative Disclosures about Market Risk		14
Item 4. Controls and Procedures		14
Part II — OTHER INFORMATION
Item 1. Legal Proceedings		15
Item 1A. Risk Factors		15
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		15
Item 3. Defaults Upon Senior Securities		15
Item 4. Mine Safety Disclosures		15
Item 5. Other Information		15
Item 6. Exhibits		16
SIGNATURES		18

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CurrencyShares^® Japanese Yen Trust

Statements of Financial Condition

	July 31, 2017 (Unaudited)		October 31, 2016
Assets
Current Assets:
Japanese Yen deposits, interest bearing	$	113,192,617	$	110,280,686
Japanese Yen deposits, non-interest bearing		—		—
Total Current Assets	$	113,192,617	$	110,280,686
Liabilities, Redeemable Capital Shares and Shareholders’ Equity
Current Liabilities:
Accrued Sponsor’s fee	$	38,876	$	40,116
Accrued interest expense		10,002		10,377
Total Current Liabilities		48,878		50,493
Commitments and Contingent Liabilities (note 8)		—		—
Redeemable Capital Shares, at redemption value, no par value, 64,000,000 authorized – 1,300,000 and 1,200,000 issued and outstanding, respectively		113,143,739		110,230,193
Shareholders’ Equity:
Retained Earnings		—		—
Cumulative Translation Adjustment		—		—
Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity	$	113,192,617	$	110,280,686

See Notes to Financial Statements.

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CurrencyShares^® Japanese Yen Trust

Statements of Comprehensive Income

(Unaudited)

	Three months ended July 31, 2017			Three months ended July 31, 2016			Nine months ended July 31, 2017			Nine months ended July 31, 2016
Income
Interest Income	$	—		$	—		$	—		$	—
Total Income		—			—			—			—
Expenses
Sponsor’s fee		(121,337	)		(146,405	)		(356,614	)		(607,063	)
Interest Expense		(30,822	)		(37,499	)		(90,502	)		(39,977	)
Total Expenses		(152,159	)		(183,904	)		(447,116	)		(647,040	)
Net Loss	$	(152,159	)	$	(183,904	)	$	(447,116	)	$	(647,040	)
Basic and Diluted Earnings per Share	$	(0.11	)	$	(0.12	)	$	(0.32	)	$	(0.27	)
Weighted-average Shares Outstanding		1,398,370			1,597,283			1,390,842			2,389,051
Cash Dividends per Share	$	—		$	—		$	—		$	—
Other Comprehensive Loss:
Currency translation adjustment		(1,816	)		(6,344	)		(3,536	)		(18,296	)
Total Comprehensive Loss	$	(153,975	)	$	(190,248	)	$	(450,652	)	$	(665,336	)

See Notes to Financial Statements.

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CurrencyShares^® Japanese Yen Trust

Statements of Changes in Shareholders’ Equity

	Nine months ended July 31, 2017 (Unaudited)			Year ended October 31, 2016
Retained Earnings, Beginning of Period	$	—		$	—
Net Loss		(447,116	)		(826,488	)
Adjustment of redeemable capital shares to redemption value		447,116			826,488
Retained Earnings, End of Period	$	—		$	—
Cumulative Translation Adjustment, Beginning of Period	$	—		$	—
Currency translation adjustment		(3,536	)		(13,594	)
Adjustment of redeemable capital shares to redemption value		3,536			13,594
Cumulative Translation Adjustment, End of Period	$	—		$	—

See Notes to Financial Statements.

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CurrencyShares^® Japanese Yen Trust

Statements of Cash Flows

(Unaudited)

	Nine months ended July 31, 2017			Nine months ended July 31, 2016
Cash flows from operating activities
Cash received for accrued income	$	—		$	—
Cash paid for expenses		(446,276	)		(638,279	)
Net cash used in operating activities		(446,276	)		(638,279	)
Cash flows from financing activities
Cash received to purchase redeemable shares		274,407,976			389,839,219
Cash paid to redeem redeemable shares		(265,790,488	)		(393,911,854	)
Net cash provided by/(used in) financing activities		8,617,488			(4,072,635	)
Adjustment to period cash flows due to currency movement		(5,259,281	)		22,340,520
Increase in cash		2,911,931			17,629,606
Cash at beginning of period		110,280,686			128,613,360
Cash at end of period	$	113,192,617		$	146,242,966
Reconciliation of net loss to net cash used in operating activities
Net Loss	$	(447,116	)	$	(647,040	)
Adjustments to reconcile net loss to net cash used in operating activities:
Currency translation adjustment		2,455			(10,930	)
Accrued sponsor fee		38,876			51,701
Accrued interest expense		10,002			13,393
Prior period accrued sponsor fee		(40,116	)		(45,403	)
Prior period accrued interest expense		(10,377	)		—
Net cash used in operating activities	$	(446,276	)	$	(638,279	)

See Notes to Financial Statements.

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CurrencyShares^® Japanese Yen Trust

Notes to Financial Statements

(Unaudited)

1. Organization and Description of the Trust

The CurrencyShares^® Japanese Yen Trust (the “Trust”) was formed under the laws of the State of New York on February 1, 2007 when Guggenheim Specialized Products, LLC d/b/a “Guggenheim Investments” (the “Sponsor”) deposited 10,000 Japanese Yen in the Trust’s primary deposit account held by JPMorgan Chase Bank, N.A., London Branch (the “Depository”). The Sponsor is a Delaware limited liability company whose sole member is Security Investors, LLC (also d/b/a “Guggenheim Investments”). The Sponsor is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.

The investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price in U.S. Dollars (“USD”) of the Japanese Yen plus accrued interest, if any, less the Trust’s expenses and liabilities. The Shares are intended to provide investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Japanese Yen. The Trust’s assets primarily consist of Japanese Yen on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account which may earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of blocks of 50,000 Shares (“Baskets”). The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q. In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in the Form 10-K as filed on January 12, 2017.

2. Significant Accounting Policies

A. Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosures of contingent liabilities at the date of the financial statements, the reported amounts of revenue and expenses during the period and the evaluation of subsequent events through the issuance date of the financial statements. Actual results could differ from those estimates.

B. Foreign Currency Translation

The Trustee calculates the Trust’s net asset value (“NAV”) each business day, as described in Note 4. For NAV calculation purposes, Japanese Yen deposits (cash) are translated at the Closing Spot Rate, which is the Japanese Yen/USD exchange rate as determined and published by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading.

The functional currency of the Trust is the Japanese Yen in accordance with generally accepted accounting standards. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from Japanese Yen to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows. Any currency translation adjustment is included in comprehensive income.

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C. Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders.

Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder.

The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes.

The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Japanese Yen. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Japanese Yen by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

D. Revenue Recognition

Interest on the primary deposit account, if any, accrues daily as earned and is received or paid on a monthly basis. Any interest below zero for the period is reflected as interest expense.

E. Dividends

To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Japanese Yen effective on the first business day of the subsequent month. The Trustee will direct that the excess Japanese Yen be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).

3. Japanese Yen Deposits

Japanese Yen principal deposits are held in a Japanese Yen-denominated, interest-bearing demand account. The interest rate in effect as of July 31, 2017 was an annual nominal rate of -0.10%. For the nine months July 31, 2017, there were Japanese Yen principal deposits of 30,841,041,732, Japanese Yen principal redemptions of 29,872,511,883 and Japanese Yen withdrawals (to pay expenses) of 50,157,508, resulting in an ending Japanese Yen principal balance of 12,507,218,194. This equates to 113,192,617 USD. For the year ended October 31, 2016, there were Japanese Yen principal deposits of 48,913,044,314, Japanese Yen principal redemptions of 52,752,711,224 and Japanese Yen withdrawals (to pay expenses) of 91,904,462 resulting in an ending Japanese Yen principal balance of 11,588,845,853. This equates to 110,280,686 USD.

Net interest, if any, associated with creation and redemption activity is held in a Japanese Yen-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.

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4. Redeemable Capital Shares

Shares are classified as “redeemable” for financial statement purposes, since they are subject to redemption. Shares are issued and redeemed continuously in Baskets in exchange for Japanese Yen. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of the DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations and redemptions of Baskets and the three-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at a redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital Shares at redemption value are recorded against retained earnings or, in the absence of retained earnings, by charges against the cumulative translation adjustment.

Activity in redeemable capital Shares is as follows:

	Nine months ended July 31, 2017 (Unaudited)						Year ended October 31, 2016
	Shares			U.S. Dollar Amount			Shares			U.S. Dollar Amount
Opening Balance		1,200,000		$	110,230,193			1,600,000		$	128,567,957
Shares Issued		3,200,000			274,407,976			5,050,000			443,142,449
Shares Redeemed		(3,100,000	)		(265,790,488	)		(5,450,000	)		(477,929,067	)
Adjustment to period Shares due to currency movement and other		—			(5,703,942	)		—			16,448,854
Ending Balance		1,300,000		$	113,143,739			1,200,000		$	110,230,193

The Trustee calculates the Trust’s NAV each business day. To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the Japanese Yen held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates the value of the Japanese Yen in USD based upon the Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation. If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s Japanese Yen, they will determine an alternative basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares. Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share; Shares deliverable under a redemption order are not considered outstanding for this purpose.

5. Sponsor’s Fee

The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Japanese Yen in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly.

The Sponsor assumes and pays the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee, NYSE Arca listing fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, and applicable license fees.

In certain exceptional cases the Trust will pay for some expenses in addition to the Sponsor’s fee. These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), expenses resulting from a negative interest rate, taxes and governmental charges, expenses and costs of any

8

extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, audit fees and legal expenses in excess of $100,000 per year.

6. Related Parties

The Sponsor is a related party of the Trust. The Sponsor oversees the performance of the Trustee and the Trust’s principal service providers, including the preparation of financial statements, but does not exercise day-to-day oversight over the Trustee or the Trust’s service providers.

7. Concentration Risk

All of the Trust’s assets are Japanese Yen, which creates a concentration risk associated with fluctuations in the price of the Japanese Yen. Accordingly, a decline in the Japanese Yen to USD exchange rate will have an adverse effect on the value of the Shares. Factors that may have the effect of causing a decline in the price of the Japanese Yen include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Substantial sales of Japanese Yen by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold Japanese Yen as part of their reserve assets) could adversely affect an investment in the Shares.

All of the Trust’s Japanese Yen are held by the Depository. Accordingly, a risk associated with the concentration of the Trust’s assets in accounts held by a single financial institution exists and increases the potential for loss by the Trust and the Trust’s beneficiaries in the event that the Depository becomes insolvent.

8. Commitments and Contingencies

Under the Trust’s organizational documents, the Sponsor is indemnified against any liability or expense it incurs without negligence, bad faith or willful misconduct on its part. The Trust’s maximum exposure under this arrangement is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Regarding Forward-Looking Information

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” and other similar words. Forward-looking statements are based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These factors include fluctuations in the price of the Japanese Yen, as the value of the Shares relates directly to the value of the Japanese Yen held by the Trust and price fluctuations could materially adversely affect an investment in the Shares. Readers are urged to review the “Risk Factors” section contained in the Trust’s most recent annual report on Form 10-K for a description of other risks and uncertainties that may affect an investment in the Shares.

Neither Guggenheim Specialized Products, LLC d/b/a Guggenheim Investments (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. The forward-looking statements are made as of the date of this report, and will not be revised or updated to reflect actual results or changes in the Sponsor’s expectations or predictions.

Trust Overview

The CurrencyShares^® Japanese Yen Trust (the “Trust”) is a grantor trust that was formed on February 1, 2007. The Trust issues shares (the “Shares”) in blocks of 50,000 (a “Basket”) in exchange for deposits of Japanese Yen and distributes Japanese Yen in connection with the redemption of Baskets. The Shares began trading on the New York Stock Exchange under the ticker symbol “FXY” on February 13, 2007. The primary listing of the Shares was transferred to NYSE Arca on October 30, 2007.

The investment objective of the Trust is for the Shares to reflect the price of the Japanese Yen 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 Japanese Yen 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 Japanese Yen. 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 Japanese Yen. Investing in the Shares does not insulate the investor from certain risks, including price volatility.

Definition of Net Asset Value

The Trustee calculates, and the Sponsor publishes, the Trust’s Net Asset Value (“NAV”) each business day. To calculate the NAV, the Trustee adds to the amount of Japanese Yen in the Trust at the end of the preceding day accrued but unpaid interest, if any, Japanese Yen receivable under pending purchase orders and the value of other Trust assets, and subtracts the accrued but unpaid Sponsor’s fee, Japanese Yen payable under pending redemption orders and other Trust expenses and liabilities, if any. The NAV is expressed in USD based on the Japanese Yen/USD exchange rate as determined by The WM Company at 4:00 PM (London time / London fixing) (the “Closing Spot Rate”) on each day that NYSE Arca is open for regular trading. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate is used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation.

The Trustee also determines the NAV per Share, which equals the NAV of the Trust divided by the number of outstanding Shares. The NAV of the Trust and NAV per Share are published by the Sponsor on each day that NYSE Arca is open for regular trading and are posted on the Trust’s website, www.currencyshares.com.

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Movements in the Price of Japanese Yen

The investment objective of the Trust is for the Shares to reflect the price in USD of the Japanese Yen plus accrued interest, if any, less the expenses of the Trust’s operations. 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 Japanese Yen. Each outstanding Share represents a proportional interest in the Japanese Yen held by the Trust. The following chart provides recent trends on the price of Japanese Yen. The chart illustrates movements in the price of Japanese Yen in USD and is based on the Closing Spot Rate:

11

NAV per Share; Valuation of the Japanese Yen

The following chart illustrates the movement in the price of the Shares based on (1) NAV per Share, (2) the “bid” and “ask” midpoint offered on NYSE Arca and (3) the Closing Spot Rate, expressed as a multiple of 10,000 Japanese Yen:

12

Liquidity

The Sponsor is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust’s liquidity needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of July 31, 2017 was an annual nominal rate of -0.10%. The following chart provides the daily rate paid by the Depository since July 31, 2012:

In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. Each month the Depository deposits into the secondary deposit account accrued but unpaid interest, if any, and the Trustee withdraws Japanese Yen from the secondary deposit account to pay the accrued Sponsor’s fee for the previous month plus other Trust expenses, if any. When the interest deposited, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trustee converts the excess into USD at the prevailing market rate and distributes the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own). The Trust did not make any distributions during the quarter ended July 31, 2017.

Critical Accounting Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Sponsor’s management to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period covered by this report.

In addition to the description below, please refer to Note 2 to the financial statements for further discussion of our accounting policies.

The functional currency of the Trust is the Japanese Yen in accordance with ASC 830, Foreign Currency Translation.

13

Results of Operations

As of October 31, 2016, the number of Japanese Yen owned by the Trust was 11,588,845,853, resulting in a redeemable capital share value of $110,230,193. During the nine months ended July 31, 2017, an additional 3,200,000 Shares were created in exchange for 30,841,041,732 Japanese Yen and 3,100,000 Shares were redeemed in exchange for 29,872,511,883 Japanese Yen. In addition, 50,157,508 Japanese Yen were withdrawn to pay the portion of the Sponsor’s fee that exceeded the interest earned. As of July 31, 2017, the number of Japanese Yen owned by the Trust was 12,507,218,194, resulting in a redeemable capital Share value of $113,143,739.

An increase in the Trust’s redeemable capital Share value from $110,230,193 at October 31, 2016 to $113,143,739 at July 31, 2017, was primarily the result of an increase in the number of Shares outstanding from 1,200,000 at October 31, 2016 to 1,300,000 at July 31, 2017. This increase was partially offset by a decrease in the Closing Spot Rate from 0.00952 at October 31, 2016 to 0.00905 at July 31, 2017.

No interest income was earned during the three months ended July 31, 2016, the three months ended July 31, 2017, the nine months ended July 31, 2016 and the nine months ended July 31, 2017 due to an annual nominal interest rate which remained at or below 0% through those periods, as set forth in the chart above.

The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Japanese Yen in the Trust. Due primarily to a decrease in the weighted-average Japanese Yen in the Trust, the Sponsor’s fee decreased from $146,405 for the three months ended July 31, 2016 to $121,337 for the three months ended July 31, 2017, and decreased from $607,063 for the nine months ended July 31, 2016 to $356,614 for the nine months ended July 31, 2017. Because the annual interest rate paid by the depository fell below 0% (as set forth in the chart above), the Trust incurred interest expense. Due primarily to a decrease in the weighted-average Japanese Yen in the Trust, interest expense decreased from $37,499 for the three months ended July 31, 2016 to $30,822 for the three months ended July 31, 2017. This decrease was partially offset by a further decline in the interest rate. Due primarily to a further decline in the interest rate, interest expense increased from $39,977 for the nine months ended July 31, 2016 to $90,502 for the nine months ended July 31, 2017. This increase in interest expense was partially offset by a decrease in the weighted-average Japanese Yen in the Trust. The only expenses of the Trust during the three months and nine months ended July 31, 2017 were the Sponsor’s fee and interest expense.

The Trust’s net loss for the three months ended July 31, 2017 was $152,159 due to the Sponsor’s fee of $121,337 and interest expense of $30,822 exceeding interest income of $0. The Trust’s net loss for the nine months ended July 31, 2017 was $447,116, due to the Sponsor’s fee of $356,614 and interest expense of $90,502 exceeding the Trust’s interest income of $0.

Cash dividends were not paid by the Trust during the three months ended July 31, 2016, the three months ended July 31, 2017, the nine months ended July 31, 2016 and the nine months ended July 31, 2017 as the Trust’s interest income did not exceed the Trust’s expenses during those periods.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Except as described above with respect to fluctuations in the Japanese Yen/USD exchange rate and changes in the nominal annual interest rate paid by the Depository on Japanese Yen held by the Trust, the Trust is not subject to market risk. The Trust does not hold securities and does not invest in derivative products.

Item 4. Controls and Procedures

The Trust maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) designed to ensure that material information relating to the Trust is recorded, processed and disclosed on a timely basis. The Trust’s disclosure controls and procedures are designed by or under the supervision of the Sponsor’s chief executive officer and chief financial officer, who exercise oversight over the Trust as the Trust has no officers. The chief executive officer and chief financial officer of the Sponsor have evaluated the effectiveness of the Trust’s disclosure controls and procedures as of July 31, 2017. Based on that evaluation, the chief executive officer and chief financial officer of the Sponsor have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report.

There were no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

14

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in the “Risk Factors” section of the Trust’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on January 12, 2017.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) None.

(b) Not applicable.

(c) During the quarter ended July 31, 2017, 9 Baskets (450,000 Shares registered pursuant to Section 12 of the Securities Exchange Act of 1934) were redeemed by the Trust, as follows:

Period	Total Number of Registered Shares Redeemed	Average Price Per Share
05/01/2017 – 05/31/2017	50,000	$	86.49
06/01/2017 – 06/30/2017	300,000	$	86.13
07/01/2017 – 07/31/2017	100,000	$	84.39

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

15

Item 6. Exhibits

Exhibit No.	Description
3.1	Certificate of Formation of Guggenheim Specialized Products, LLC dated September 14, 2005, incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-1 (File number 333-138881) filed by the Trust on November 21, 2006.
3.2	Amendment to Certificate of Formation of Guggenheim Specialized Products, LLC dated March 27, 2012, incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K filed by the Trust on January 14, 2013.
3.3	Limited Liability Company Agreement of Guggenheim Specialized Products, LLC, incorporated herein by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (File number 333-138881) filed by the Trust on November 21, 2006.
4.1	Depositary Trust Agreement dated as of February 1, 2007 among Guggenheim Specialized Products, LLC, The Bank of New  York Mellon, all registered owners and beneficial owners of Japanese Yen Shares issued thereunder and all depositors, incorporated herein by reference to Exhibit 4.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
4.2	Amendment to Depositary Trust Agreement dated as of November 13, 2008 between Guggenheim Specialized Products, LLC and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q filed by the Trust on September 9, 2010.
4.3	Global Amendment to Depositary Trust Agreements dated as of March 6, 2012 between Guggenheim Specialized Products, LLC and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q filed by the Trust on March 12, 2012.
4.4	Global Amendment to Certain Depositary Trust Agreements dated as of April 8, 2013, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Trust on April 9, 2013.
4.5	Participant Agreement dated as of March 25, 2010 among Knight Clearing Services, LLC, The Bank of New York Mellon, and Guggenheim Specialized Products, LLC (together with Schedule pursuant to Instruction 2 to Item 601 of Regulation S-K), incorporated herein by reference to Exhibit 4.5 to the Annual Report on Form 10-K filed by the Trust on January 14, 2014.
4.6	Amendment to Participant Agreements dated as of December 9, 2010 among The Bank of New York Mellon, the trusts set forth on Schedule A thereto and Guggenheim Specialized Products, LLC, incorporated herein by reference to Exhibit 4.4 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
4.7	Amendment to Participant Agreements dated as of January 15, 2011 among The Bank of New York Mellon, the trusts set forth on Schedule A thereto and Guggenheim Specialized Products, LLC, incorporated herein by reference to Exhibit 4.5 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
4.8	Form of Participant Agreement among The Bank of New York Mellon, Guggenheim Specialized Products, LLC, and the Authorized Participants listed in the Schedule attached thereto pursuant to Instruction 2 to Item 601 of Regulation S-K, incorporated herein by reference to Exhibit 4.8 to the Annual Report on Form 10-Q filed by the Trust on March 11, 2016.
4.9	Global Amendment to Depositary Trust Agreements dated as of September 5, 2017 between Guggenheim Specialized Products, LLC and The Bank of New York Mellon.
4.10	Global Amendment to Participant Agreements dated as of September 5, 2017 between Guggenheim Specialized Products, LLC and The Bank of New York Mellon.

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10.1	Deposit Account Agreement dated as of January  7, 2007 between The Bank of New York Mellon and the London Branch of JPMorgan Chase Bank, N.A., incorporated herein by reference to Exhibit 10.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
10.2	Amendment to Deposit Account Agreement dated as of November 13, 2008 between The Bank of New York Mellon and the London Branch of JPMorgan Chase Bank, N.A., incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by the Trust on September 9, 2010.
10.3	Sublicense Agreement dated as of February 7, 2007 between PADCO Advisors II, Inc. and Guggenheim Specialized Products, LLC, incorporated herein by reference to Exhibit 10.3 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
31.1	Certification by Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
31.2	Certification by Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
32.1	Certification by Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

17

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CURRENCYSHARES® JAPANESE YEN TRUST
	By:	Guggenheim Specialized Products, LLC
		Sponsor of the CurrencyShares® Japanese Yen Trust
Date: September 11, 2017		By:	/s/ KEITH D. KEMP
			Keith D. Kemp
			Chief Financial Officer
			(principal financial officer)

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EX-4.9

EXHIBIT 4.9

GLOBAL AMENDMENT

to

DEPOSITARY TRUST AGREEMENTS

This Global Amendment to Depositary Trust Agreements (this “Amendment”) dated as of September 5, 2017 is between Guggenheim Specialized Products, LLC, a Delaware limited liability company d/b/a Guggenheim Investments, as sponsor of the Trusts identified below (the “Sponsor”), and The Bank of New York Mellon, a New York banking corporation, in its capacity as the trustee for each such Trust (the “Trustee”).

WHEREAS, the Sponsor and the Trustee have entered into the following Depositary Trust Agreements (each an “Agreement” and collectively the “Agreements”) establishing the trusts indicated (each a “Trust” and collectively the “Trusts”):

a) Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® Australian Dollar Trust, as such agreement has been amended to the date hereof (the “FXA Agreement”);

b) Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® British Pound Sterling Trust, as such agreement has been amended to the date hereof (the “FXB Agreement”);

c) Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® Canadian Dollar Trust, as such agreement has been amended to the date hereof (the “FXC Agreement”);

d) Depositary Trust Agreement dated August 16, 2011, establishing the CurrencyShares® Chinese Renminbi Trust, as such agreement has been amended to the date hereof (the “FXCH Agreement”);

e) Depositary Trust Agreement dated December 2, 2005, establishing the CurrencyShares® Euro Trust, as such agreement has been amended to the date hereof (the “FXE Agreement”);

f) Depositary Trust Agreement dated February 1, 2007, establishing the CurrencyShares® Japanese Yen Trust, as such agreement has been amended to the date hereof (the “FXY Agreement”);

g) Depositary Trust Agreement dated August 7, 2008, establishing the CurrencyShares® Singapore Dollar Trust, as such agreement has been amended to the date hereof (the “FXSG Agreement”);

h) Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® Swedish Krona Trust, as such agreement has been amended to the date hereof (the “FXS Agreement”); and

i) Depositary Trust Agreement dated June 8, 2006, establishing the CurrencyShares® Swiss Franc Trust, as such agreement has been amended to the date hereof (the “FXF Agreement”).

WHEREAS, Section 8.1 of each Agreement provides substantially as follows with respect to the amendment of such Agreement:

The Trustee and the Sponsor may amend any provisions of this Agreement without the consent of any Registered Owner; provided, however, that the provisions of Section 2.6, Section 2.7, Section 2.10, Section 4.2 through Section 4.7, this Section 8.1 and Section 8.2 may not be amended unless (i) the provision relates solely to procedural or logistical matters (as distinguished from core economic rights), or (ii) prior to the amendment, (a) the Sponsor obtains and delivers to the Trustee a written opinion of counsel to the effect that after such amendment the Trust will continue to be classified as a “grantor trust” under the Code, and (b) in the event that such opinion of counsel assumes that certain actions are taken by the Sponsor or the Trustee in connection with such amendment, such actions shall be taken by the Sponsor or the Trustee, as the case may be. Any amendment that imposes or increases any fees or charges (other than taxes and other governmental charges, registration fees or other such expenses), or that otherwise prejudices any substantial existing right of the Registered Owners, will not become effective as to outstanding Shares until 30 days after notice of such amendment is given to the Registered Owners. Every Registered Owner and Beneficial Owner, at the time any amendment so becomes effective, shall be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by this

19

Agreement as amended thereby. In no event shall any amendment impair the right of the Registered Owner of Shares to Surrender Baskets of Shares and receive therefor the amount of Trust Property represented thereby, except in order to comply with mandatory provisions of applicable law.

WHEREAS, in accordance with the provisions set forth in Section 8.1 of each Agreement, the amendments contemplated herein shall be effective upon the execution of this Amendment by the Sponsor and Trustee, and no further action shall be required;

WHEREAS, the Securities and Exchange Commission (the “SEC”) has adopted an amendment to Rule 15c6-1(a) to shorten by one business day the standard settlement cycle for most broker-dealer transactions; and

WHEREAS, the Sponsor and the Trustee desire to amend each of the Agreements so as to comply with the SEC’s amendment to Rule 15c6-1(a);

NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereby agree as follows:

I. Amendments to the FXA Agreement.

1. Amendment of Section 1.1 of the FXA Agreement. The following text is hereby added to Section 1.1 of the FXA Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London Business Day:”

“Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Australia.

2. Amendment of Section 1.1 of the FXA Agreement. The defined term “London Business Day” in Section 1.1 of the FXA Agreement is hereby deleted in its entirety.

3. Amendment of Section 1.1 of the FXA Agreement. The defined term “Sponsor’s Fee” in Section 1.1 of the FXA Agreement is hereby deleted and replaced with the following:

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the number of days in the year) multiplied by (the Australian Dollars in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately preceding day).

4. Amendment of Section 2.4(a) of the FXA Agreement. The fifth sentence of Section 2.4(a) of the FXA Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Purchase Order shall be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless the Trustee has not received confirmation of the receipt of the Basket Australian Dollar Amount from the Depository on such next New York Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

5. Amendment of Section 2.7 of the FXA Agreement. The fifth sentence of Section 2.7 of the FXA Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Redemption Order shall be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

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6. Amendment of Section 4.1(a) of the FXA Agreement. Section 4.1(a) of the FXA Agreement is hereby deleted and replaced with the following:

(a) take the sum of Australian Dollars in the Interest Account and Non-Interest Account as of the close of business on the preceding Local Business Day, as reported by the Depository;

7. Amendment of Section 4.4 of the FXA Agreement. The first and second sentences of Section 4.4 of the FXA Agreement are hereby deleted and replaced with the following:

On the first Local Business Day of each month, the Depository will deposit into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses.

8. Amendment of Section 4.7(b) of the FXA Agreement. The first sentence of Section 4.7(b) of the FXA Agreement is hereby deleted and replaced with the following:

On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder.

II. Amendments to the FXB Agreement.

1. Amendment of Section 2.4(a) of the FXB Agreement. The fifth sentence of Section 2.4(a) of the FXB Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Purchase Order shall be the second New York Business Day following the Order Date unless that day is not a London Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a London Business Day.

2. Amendment of Section 2.7 of the FXB Agreement. The fifth sentence of Section 2.7 of the FXB Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Redemption Order shall be the second New York Business Day following the Order Date unless that day is not a London Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a London Business Day.

III. Amendments to the FXC Agreement.

1. Amendment of Section 1.1 of the FXC Agreement. The following text is hereby added to Section 1.1 of the FXC Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London Business Day:”

“Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Toronto.

2. Amendment of Section 1.1 of the FXC Agreement. The defined term “London Business Day” in Section 1.1 of the FXC Agreement is hereby deleted in its entirety.

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3. Amendment of Section 1.1 of the FXC Agreement. The defined term “Sponsor’s Fee” in Section 1.1 of the FXC Agreement is hereby deleted and replaced with the following:

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the number of days in the year) multiplied by (the Canadian Dollars in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately preceding day).

4. Amendment of Section 2.4(a) of the FXC Agreement. The fifth sentence of Section 2.4(a) of the FXC Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Purchase Order shall be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

5. Amendment of Section 2.7 of the FXC Agreement. The fifth sentence of Section 2.7 of the FXC Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Redemption Order shall be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

6. Amendment of Section 4.1(a) of the FXC Agreement. Section 4.1(a) of the FXC Agreement is hereby deleted and replaced with the following:

(a) take the sum of Canadian Dollars in the Interest Account and Non-Interest Account as of the close of business on the preceding Local Business Day, as reported by the Depository;

7. Amendment of Section 4.4 of the FXC Agreement. The first and second sentences of Section 4.4 of the FXC Agreement are hereby deleted and replaced with the following:

On the first Local Business Day of each month, the Depository will deposit into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses.

8. Amendment of Section 4.7(b) of the FXC Agreement. The first sentence of Section 4.7(b) of the FXC Agreement is hereby deleted and replaced with the following:

On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder.

IV. Amendments to the FXCH Agreement.

1. Amendment of Section 2.4(a) of the FXCH Agreement. The fifth sentence of Section 2.4(a) of the FXCH Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Purchase Order shall be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

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2. Amendment of Section 2.7(a) of the FXCH Agreement. The fifth sentence of Section 2.7(a) of the FXCH Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Redemption Order shall be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

V. Amendments to the FXE Agreement.

1. Amendment of Section 1.1 of the FXE Agreement. The following text is hereby added to Section 1.1 of the FXE Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London Business Day:”

“Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Frankfurt.

2. Amendment of Section 1.1 of the FXE Agreement. The defined term “London Business Day” in Section 1.1 of the FXE Agreement is hereby deleted in its entirety.

3. Amendment of Section 1.1 of the FXE Agreement. The defined term “Sponsor’s Fee” in Section 1.1 of the FXE Agreement is hereby deleted and replaced with the following:

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the number of days in the year) multiplied by (the Euro in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately preceding day).

4. Amendment of Section 2.3(a) of the FXE Agreement. The fifth sentence of Section 2.3(a) of the FXE Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Purchase Order shall be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

5. Amendment of Section 2.6 of the FXE Agreement. The fifth sentence of Section 2.6 of the FXE Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Redemption Order shall be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

6. Amendment of Section 4.1(a) of the FXE Agreement. Section 4.1(a) of the FXE Agreement is hereby deleted and replaced with the following:

(a) take the sum of Euro in the Interest Account and Non-Interest Account as of the close of business on the preceding Local Business Day, as reported by the Depository;

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7. Amendment of Section 4.4 of the FXE Agreement. The first and second sentences of Section 4.4 of the FXE Agreement are hereby deleted and replaced with the following:

On the first Local Business Day of each month, the Depository will deposit into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses.

8. Amendment of Section 4.7(b) of the FXE Agreement. The first sentence of Section 4.7(b) of the FXE Agreement is hereby deleted and replaced with the following:

On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder.

VI. Amendments to the FXY Agreement.

1. Amendment of Section 2.4(a) of the FXY Agreement. The fifth sentence of Section 2.4(a) of the FXY Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Purchase Order shall be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless the Trustee has not received confirmation of the receipt of the Basket Japanese Yen Amount from the Depository on such next New York Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

2. Amendment of Section 2.7 of the FXY Agreement. The fifth sentence of Section 2.7 of the FXY Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Redemption Order shall be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

VII. Amendments to the FXSG Agreement.

1. Amendment of Section 2.4(a) of the FXSG Agreement. The fifth sentence of Section 2.4(a) of the FXSG Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Purchase Order shall be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless the Trustee has not received confirmation of the receipt of the Basket Singapore Dollar Amount from the Depository on such next New York Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

2. Amendment of Section 2.7 of the FXSG Agreement. The fifth sentence of Section 2.7 of the FXSG Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Redemption Order shall be the next New York Business Day following the first New York Business Day that is also a Local Business Day following the Order Date, unless such next New York Business Day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

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VIII. Amendments to the FXS Agreement.

1. Amendment of Section 1.1 of the FXS Agreement. The following text is hereby added to Section 1.1 of the FXS Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London Business Day:”

“Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Stockholm.

2. Amendment of Section 1.1 of the FXS Agreement. The defined term “London Business Day” in Section 1.1 of the FXS Agreement is hereby deleted in its entirety.

3. Amendment of Section 1.1 of the FXS Agreement. The defined term “Sponsor’s Fee” in Section 1.1 of the FXS Agreement is hereby deleted and replaced with the following:

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the number of days in the year) multiplied by (the Swedish Kronor in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately preceding day).

4. Amendment of Section 2.4(a) of the FXS Agreement. The fifth sentence of Section 2.4(a) of the FXS Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Purchase Order shall be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

5. Amendment of Section 2.7 of the FXS Agreement. The fifth sentence of Section 2.7 of the FXS Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Redemption Order shall be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

6. Amendment of Section 4.1(a) of the FXS Agreement. Section 4.1(a) of the FXS Agreement is hereby deleted and replaced with the following:

(a) take the sum of Swedish Kronor in the Interest Account and Non-Interest Account as of the close of business on the preceding Local Business Day, as reported by the Depository;

7. Amendment of Section 4.4 of the FXS Agreement. The first and second sentences of Section 4.4 of the FXS Agreement are hereby deleted and replaced with the following:

On the first Local Business Day of each month, the Depository will deposit into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses.

8. Amendment of Section 4.7(b) of the FXS Agreement. The first sentence of Section 4.7(b) of the FXS Agreement is hereby deleted and replaced with the following:

On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder.

25

IX. Amendments to the FXF Agreement.

1. Amendment of Section 1.1 of the FXF Agreement. The following text is hereby added to Section 1.1 of the FXF Agreement immediately after the defined term “Interest Account” and immediately before the defined term “London Business Day:”

“Local Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Zurich.

2. Amendment of Section 1.1 of the FXF Agreement. The defined term “London Business Day” in Section 1.1 of the FXF Agreement is hereby deleted in its entirety.

3. Amendment of Section 1.1 of the FXF Agreement. The defined term “Sponsor’s Fee” in Section 1.1 of the FXF Agreement is hereby deleted and replaced with the following:

“Sponsor’s Fee” means the fee to be paid to the Sponsor, which for each day shall be equal to (.004/365 or 366, depending on the number of days in the year) multiplied by (the Swiss Francs in the Trust as of the close of business on the preceding Local Business Day, which shall include all unpaid interest but exclude unpaid fees, each as accrued through the immediately preceding day).

4. Amendment of Section 2.4(a) of the FXF Agreement. The fifth sentence of Section 2.4(a) of the FXF Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Purchase Order shall be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

5. Amendment of Section 2.7 of the FXF Agreement. The fifth sentence of Section 2.7 of the FXF Agreement is hereby deleted and replaced with the following:

The “Settlement Date” for a Redemption Order shall be the second New York Business Day following the Order Date unless that day is not a Local Business Day, in which case the Settlement Date shall be the next following day that is both a New York Business Day and a Local Business Day.

6. Amendment of Section 4.1(a) of the FXF Agreement. Section 4.1(a) of the FXF Agreement is hereby deleted and replaced with the following:

(a) take the sum of Swiss Francs in the Interest Account and Non-Interest Account as of the close of business on the preceding Local Business Day, as reported by the Depository;

7. Amendment of Section 4.4 of the FXF Agreement. The first and second sentences of Section 4.4 of the FXF Agreement are hereby deleted and replaced with the following:

On the first Local Business Day of each month, the Depository will deposit into the Non-Interest Account the accrued but unpaid interest for the previous month. On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee will make withdrawals from the Non-Interest Account to pay the accrued Sponsor’s Fee for the previous month plus any other Trust expenses.

26

8. Amendment of Section 4.7(b) of the FXF Agreement. The first sentence of Section 4.7(b) of the FXF Agreement is hereby deleted and replaced with the following:

On the first day of each month that is both a Local Business Day and a New York Business Day, the Trustee shall withdraw from the Non-Interest Account amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and any otherwise unpaid expenses hereunder.

X. General.

1. This Amendment may be executed in counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same Amendment. Each of the parties hereto acknowledges having received an executed counterpart of this Amendment.

2. Capitalized terms used not defined herein are used herein as defined in the Agreements.

3. This Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, the laws of the State of New York.

[Signature Page Follows]

27

IN WITNESS WHEREOF, the undersigned have each caused this Amendment to be executed as of the day and year first written above.

GUGGENHEIM SPECIALIZED PRODUCTS, LLC,
as Sponsor
By:	/s/ Amy J Lee
Name:	Amy J. Lee
Title:	Secretary
THE BANK OF NEW YORK MELLON, as Trustee
By:	/s/ Phyllis A. Cietek
Name:	Phyllis A. Cietek
Title:	Vice-President

28

EX-4.10

EXHIBIT 4.10

GLOBAL AMENDMENT

to

PARTICIPANT AGREEMENTS

This Global Amendment to Participant Agreements (this “Amendment”), dated as of September 5, 2017, is entered into by Guggenheim Specialized Products, LLC, a Delaware limited liability company d/b/a Guggenheim Investments, as sponsor of the below listed Trusts (the “Sponsor”), and The Bank of New York Mellon, a New York banking corporation, in its capacity as the trustee for the below listed Trusts (the “Trustee”).

WHEREAS, various authorized participants (the “Authorized Participants”), the Trustee, and the Sponsor are parties to those certain Participant Agreements set forth on Schedule A hereto, as the same have been previously amended (collectively the “Agreements” and each individually an “Agreement”), which were entered into in connection with each of the following CurrencyShares^® trusts (collectively the “Trusts”):

i. CurrencyShares^® Australian Dollar Trust (the “FXA Trust”);

ii. CurrencyShares^® British Pound Sterling Trust (the “FXB Trust”);

iii. CurrencyShares^® Canadian Dollar Trust (the “FXC Trust”);

iv. CurrencyShares^® Euro Trust (the “FXE Trust”);

v. CurrencyShares^® Japanese Yen Trust (the “FXY Trust”);

vi. CurrencyShares^® Singapore Dollar Trust (the “FXSG Trust”);

vii. CurrencyShares^® Swedish Krona Trust (the “FXS Trust”); and

viii. CurrencyShares^® Swiss Franc Trust (the “FXF Trust”).

WHEREAS, the Trustee and the Sponsor desire to amend each of the Agreements as set forth herein;

WHEREAS, Section 18(a) of each Agreement provides substantially as follows with respect to the amendment of such Agreement:

Amendment and Modification. This Agreement, the Procedures attached as Attachment A and the Exhibits hereto may be amended, modified or supplemented by the Trustee and the Sponsor, without consent of any Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement has been agreed to, the Trustee will mail a copy of the proposed amendment, modification or supplement to the Authorized Participant. For the purposes of this Agreement, mail will be deemed received by the recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within ten (10) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material amendment, modification or supplement of any Participant Agreement (other than this Agreement), the Trustee will promptly mail a copy of such amendment, modification or supplement to the Authorized Participant.

29

WHEREAS, the Securities and Exchange Commission (the “SEC”) has adopted an amendment to Rule 15c6-1(a) to shorten by one business day the standard settlement cycle for most broker-dealer transactions; and

WHEREAS, the Sponsor and the Trustee desire to enter into this Amendment so as to comply with the SEC’s amendment to Rule 15c6-1(a);

NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereby agree as follows:

1. Amendment of Section 3(b). The second sentence of Section 3(b) of each Agreement is hereby deleted and replaced with the following:

A form of Purchase Order and Redemption Order is attached hereto as Exhibit B.

2. Amendment of Section 7. Section 7 of each Agreement is hereby deleted in its entirety and replaced with the following:

Section 7. Redemption. The Authorized Participant represents and warrants that it will not obtain an Order Number (as described in the Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to another party, borrowed or temporarily obtained from another party and are not the subject of any repurchase agreement, reverse repurchase agreement or securities lending agreement, or any other arrangement which would preclude the delivery of such Baskets to the Trustee on the second Business Day following the date of the Redemption Order.

3. Amendment of Attachment A.

a. Attachment A of each FXA Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXA hereto.

b. Attachment A of each FXB Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXB hereto.

c. Attachment A of each FXC Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXC hereto.

d. Attachment A of each FXE Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXE hereto.

e. Attachment A of each FXY Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXY hereto.

f. Attachment A of each FXSG Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXSG hereto.

g. Attachment A of each FXS Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXS hereto.

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h. Attachment A of each FXF Trust Agreement is hereby deleted in its entirety and replaced with Attachment A – FXF hereto.

4. Amendment of Exhibit B.

a. Exhibit B of each FXA Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXA hereto.

b. Exhibit B of each FXB Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXB hereto.

c. Exhibit B of each FXC Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXC hereto.

d. Exhibit B of each FXE Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXE hereto.

e. Exhibit B of each FXY Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXY hereto.

f. Exhibit B of each FXSG Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXSG hereto.

g. Exhibit B of each FXS Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXS hereto.

h. Exhibit B of each FXF Trust Agreement is hereby deleted in its entirety and replaced with Exhibit B – FXF hereto.

5. Amendment of Exhibit C. Exhibit C of each Agreement is hereby deleted in its entirety.

6. Miscellaneous.

a. This Amendment may be executed in counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same Amendment. Each of the parties hereto acknowledges having received an executed counterpart of this Amendment.

b. Capitalized terms not defined herein shall have the meaning set forth in the Agreements.

c. This Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, the laws of the State of New York.

[Signature Page Follows]

31

IN WITNESS WHEREOF, the undersigned have each caused this Amendment to be executed as of the day and year above written.

GUGGENHEIM SPECIALIZED PRODUCTS, LLC,
as Sponsor
By:	/s/ Amy J Lee
Name:	Amy J. Lee
Title:	Secretary
THE BANK OF NEW YORK MELLON, as Trustee
By:	/s/ Phyllis A. Cietek
Name:	Phyllis A. Cietek
Title:	Vice-President

32

SCHEDULE A

to

GLOBAL AMENDMENT

Name of Trust	Name of Authorized Participant	Agreement Date
CurrencyShares® Australian Dollar Trust	BNP Paribas Prime Brokerage, Inc.	8/5/2015
CurrencyShares® Australian Dollar Trust	Citadel Securities, LLC	11/13/2009
CurrencyShares® Australian Dollar Trust	Citigroup Global Markets, Inc.	8/26/2011
CurrencyShares® Australian Dollar Trust	Credit Suisse Securities (USA), LLC	5/15/2012
CurrencyShares® Australian Dollar Trust	Deutsche Bank Securities, Inc.	3/9/2012
CurrencyShares® Australian Dollar Trust	EWT, LLC	7/14/2008
CurrencyShares® Australian Dollar Trust	Goldman Sachs & Co.	6/22/2006
CurrencyShares® Australian Dollar Trust	Goldman Sachs Execution & Clearing LP	10/24/2008
CurrencyShares® Australian Dollar Trust	JP Morgan Securities, Inc.	8/16/2010
CurrencyShares® Australian Dollar Trust	Merrill Lynch Professional Clearing Corp.	6/26/2006
CurrencyShares® Australian Dollar Trust	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	8/26/2010
CurrencyShares® Australian Dollar Trust	Newedge USA, LLC	8/26/2008
CurrencyShares® Australian Dollar Trust	Nomura Securities International, Inc.	6/14/2010
CurrencyShares® Australian Dollar Trust	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	4/15/2011
CurrencyShares® Australian Dollar Trust	SG Americas Securities, LLC	11/30/2012
CurrencyShares® Australian Dollar Trust	Timber Hill, LLC	5/16/2007
CurrencyShares® Australian Dollar Trust	Virtue Americas LLC (formerly, KCG Americas LLC)	3/25/2010
CurrencyShares® Australian Dollar Trust	Virtu Financial BD LLC	12/3/2010
CurrencyShares® British Pound Sterling Trust	BNP Paribas Prime Brokerage, Inc.	8/5/2015
CurrencyShares® British Pound Sterling Trust	BNP Paribas Securities Corp.	8/5/2015
CurrencyShares® British Pound Sterling Trust	Citadel Securities, LLC	11/13/2009
CurrencyShares® British Pound Sterling Trust	Citigroup Global Markets, Inc.	8/26/2011
CurrencyShares® British Pound Sterling Trust	Credit Suisse Securities (USA), LLC	1/19/2007
CurrencyShares® British Pound Sterling Trust	Deutsche Bank Securities, Inc.	3/9/2012
CurrencyShares® British Pound Sterling Trust	EWT, LLC	7/14/2008
CurrencyShares® British Pound Sterling Trust	Goldman Sachs & Co.	6/22/2006
CurrencyShares® British Pound Sterling Trust	Goldman Sachs Execution & Clearing LP	6/19/2006
CurrencyShares® British Pound Sterling Trust	JP Morgan Securities, Inc.	8/16/2010
CurrencyShares® British Pound Sterling Trust	Merrill Lynch Professional Clearing Corp.	6/26/2006
CurrencyShares® British Pound Sterling Trust	Morgan Stanley & Co. LLC (formerly, Morgan Stanley & Co Incorporated)	8/26/2010
CurrencyShares® British Pound Sterling Trust	Newedge USA, LLC	8/26/2008
CurrencyShares® British Pound Sterling Trust	Nomura Securities International, Inc.	6/14/2010
CurrencyShares® British Pound Sterling Trust	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	4/15/2011
CurrencyShares® British Pound Sterling Trust	SG Americas Securities, LLC	11/30/2012
CurrencyShares® British Pound Sterling Trust	Timber Hill, LLC	5/16/2007
CurrencyShares® British Pound Sterling Trust	Virtu Americas LLC (formerly, KCG Americas LLC)	3/25/2010
CurrencyShares® British Pound Sterling Trust	Virtu Financial BD, LLC	12/3/2010

33

Name of Trust	Name of Authorized Participant	Agreement Date
CurrencyShares® Canadian Dollar Trust	BNP Paribas Prime Brokerage, Inc.	8/5/2015
CurrencyShares® Canadian Dollar Trust	BNP Paribas Securities Corp.	8/5/2015
CurrencyShares® Canadian Dollar Trust	Citadel Securities LLC	11/13/2009
CurrencyShares® Canadian Dollar Trust	Citigroup Global Markets, Inc.	8/26/2011
CurrencyShares® Canadian Dollar Trust	Credit Suisse Securities (USA) LLC	1/19/2007
CurrencyShares® Canadian Dollar Trust	Deutsche Bank Securities, Inc.	3/9/2012
CurrencyShares® Canadian Dollar Trust	EWT, LLC	7/14/2008
CurrencyShares® Canadian Dollar Trust	Goldman Sachs & Co.	6/22/2006
CurrencyShares® Canadian Dollar Trust	Goldman Sachs Execution & Clearing LP	6/19/2006
CurrencyShares® Canadian Dollar Trust	JP Morgan Securities, Inc.	8/16/2010
CurrencyShares® Canadian Dollar Trust	Merrill Lynch Professional Clearing Corp.	6/26/2006
CurrencyShares® Canadian Dollar Trust	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	8/26/2010
CurrencyShares® Canadian Dollar Trust	Newedge USA, LLC	8/26/2008
CurrencyShares® Canadian Dollar Trust	Nomura Securities International, Inc.	6/14/2010
CurrencyShares® Canadian Dollar Trust	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	4/15/2011
CurrencyShares® Canadian Dollar Trust	SG Americas Securities LLC	11/30/2012
CurrencyShares® Canadian Dollar Trust	Timber Hill, LLC	5/16/2007
CurrencyShares® Canadian Dollar Trust	Virtu Americas LLC (formerly, KCG Americas LLC)	3/25/2010
CurrencyShares® Canadian Dollar Trust	Virtu Financial BD LLC	12/3/2010
CurrencyShares® Euro Trust	BNP Paribas Prime Brokerage, Inc.	6/18/2015
CurrencyShares® Euro Trust	BNP Paribas Securities Corp.	6/18/2015
CurrencyShares® Euro Trust	Citadel Securities LLC	11/13/2009
CurrencyShares® Euro Trust	Citigroup Global Markets, Inc.	8/26/2011
CurrencyShares® Euro Trust	Credit Suisse Securities (USA) LLC	1/19/2007
CurrencyShares® Euro Trust	Deutsche Bank Securities, Inc.	3/9/2012
CurrencyShares® Euro Trust	EWT, LLC	4/24/2008
CurrencyShares® Euro Trust	Goldman Sachs & Co.	6/22/2006
CurrencyShares® Euro Trust	Goldman Sachs Execution & Clearing LP	5/5/2006
CurrencyShares® Euro Trust	JP Morgan Securities, Inc.	8/16/2010
CurrencyShares® Euro Trust	Merrill Lynch Professional Clearing Corp.	5/9/2006
CurrencyShares® Euro Trust	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	8/24/2010
CurrencyShares® Euro Trust	Newedge USA, LLC	5/22/2008
CurrencyShares® Euro Trust	Nomura Securities International, Inc.	6/14/2010
CurrencyShares® Euro Trust	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	4/15/2011
CurrencyShares® Euro Trust	SG Americas Securities LLC	11/30/2012
CurrencyShares® Euro Trust	Timber Hill, LLC	5/16/2007
CurrencyShares® Euro Trust	Virtu Americas LLC (formerly, KCG Americas LLC)	3/25/2010
CurrencyShares® Euro Trust	Virtu Financial BD LLC	12/3/2010
CurrencyShares® Swiss Franc Trust	BNP Paribas Prime Brokerage, Inc.	8/5//2015
CurrencyShares® Swiss Franc Trust	BNP Paribas Securities Corp.	8/5/2015
CurrencyShares® Swiss Franc Trust	Citadel Securities LLC	11/13/2009
CurrencyShares® Swiss Franc Trust	Citigroup Global Markets, Inc.	8/26/2011
CurrencyShares® Swiss Franc Trust	Deutsche Bank Securities, Inc.	3/9/2012
CurrencyShares® Swiss Franc Trust	EWT, LLC	7/14/2008

34

Name of Trust	Name of Authorized Participant	Agreement Date
CurrencyShares® Swiss Franc Trust	Goldman Sachs & Co.	6/22/2006
CurrencyShares® Swiss Franc Trust	Goldman Sachs Execution & Clearing LP	10/24/2008
CurrencyShares® Swiss Franc Trust	JP Morgan Securities, Inc.	8/16/2010
CurrencyShares® Swiss Franc Trust	Merrill Lynch Professional Clearing Corp.	6/26/2006
CurrencyShares® Swiss Franc Trust	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	8/26/2010
CurrencyShares® Swiss Franc Trust	Newedge USA, LLC	8/26/2008
CurrencyShares® Swiss Franc Trust	Nomura Securities International, Inc.	6/14/2010
CurrencyShares® Swiss Franc Trust	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	4/15/2011
CurrencyShares® Swiss Franc Trust	SG Americas Securities LLC	11/30/2012
CurrencyShares® Swiss Franc Trust	Timber Hill, LLC	5/16/2007
CurrencyShares® Swiss Franc Trust	Virtu Americas LLC (formerly, KCG Americas LLC)	3/25/2010
CurrencyShares® Swiss Franc Trust	Virtu Financial BD LLC	12/3/2010
CurrencyShares® Swedish Krona Trust	BNP Paribas Prime Brokerage, Inc.	8/5/2015
CurrencyShares® Swedish Krona Trust	BNP Paribas Securities Corp.	8/5/2015
CurrencyShares® Swedish Krona Trust	Citadel Securities LLC	11/13/2009
CurrencyShares® Swedish Krona Trust	Citigroup Global Markets, Inc.	8/26/2011
CurrencyShares® Swedish Krona Trust	Credit Suisse Securities (USA), LLC	5/15/2012
CurrencyShares® Swedish Krona Trust	Deutsche Bank Securities, Inc.	3/9/2012
CurrencyShares® Swedish Krona Trust	EWT, LLC	7/14/2008
CurrencyShares® Swedish Krona Trust	Goldman Sachs & Co.	6/22/2006
CurrencyShares® Swedish Krona Trust	Goldman Sachs Execution & Clearing LP	1/29/2008
CurrencyShares® Swedish Krona Trust	JP Morgan Securities, Inc.	8/16/2010
CurrencyShares® Swedish Krona Trust	Merrill Lynch Professional Clearing Corp.	6/26/2006
CurrencyShares® Swedish Krona Trust	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	8/26/2010
CurrencyShares® Swedish Krona Trust	Newedge USA, LLC	8/26/2008
CurrencyShares® Swedish Krona Trust	Nomura Securities International, Inc.	6/14/2010
CurrencyShares® Swedish Krona Trust	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	4/15/2011
CurrencyShares® Swedish Krona Trust	SG Americas Securities LLC	11/30/2012
CurrencyShares® Swedish Krona Trust	Timber Hill, LLC	5/16/2007
CurrencyShares® Swedish Krona Trust	Virtu Americas LLC (formerly, KCG Americas LLC)	3/25/2010
CurrencyShares® Swedish Krona Trust	Virtu Financial BD LLC	12/3/2010
CurrencyShares® Singapore Dollar Trust	BNP Paribas Prime Brokerage, Inc.	8/5/2015
CurrencyShares® Singapore Dollar Trust	BNP Paribas Securities Corp.	8/5/2015
CurrencyShares® Singapore Dollar Trust	Credit Suisse Securities (USA), LLC	3/12/2013
CurrencyShares® Singapore Dollar Trust	Merrill Lynch Professional Clearing Corp.	1/11/2013
CurrencyShares® Singapore Dollar Trust	Virtu Americas LLC (formerly, KCG Americas LLC)	10/31/2011
CurrencyShares® Japanese Yen Trust	BNP Paribas Prime Brokerage, Inc.	8/5/2015
CurrencyShares® Japanese Yen Trust	BNP Paribas Securities Corp.	8/5/2015
CurrencyShares® Japanese Yen Trust	Citadel Securities LLC	11/13/2009
CurrencyShares® Japanese Yen Trust	Citigroup Global Markets, Inc.	8/26/2011
CurrencyShares® Japanese Yen Trust	Credit Suisse Securities (USA) LLC	5/15/2012

35

Name of Trust	Name of Authorized Participant	Agreement Date
CurrencyShares® Japanese Yen Trust	Deutsche Bank Securities, Inc.	3/12/2007
CurrencyShares® Japanese Yen Trust	EWT, LLC	7/14/2008
CurrencyShares® Japanese Yen Trust	Goldman Sachs & Co.	2/12/2007
CurrencyShares® Japanese Yen Trust	Goldman Sachs Execution & Clearing LP	2/9/2007
CurrencyShares® Japanese Yen Trust	JP Morgan Securities, Inc.	8/16/2010
CurrencyShares® Japanese Yen Trust	Merrill Lynch Professional Clearing Corp.	3/5/2007
CurrencyShares® Japanese Yen Trust	Morgan Stanley & Co LLC (formerly, Morgan Stanley & Co. Incorporated)	8/26/2010
CurrencyShares® Japanese Yen Trust	Newedge USA, LLC	8/26/2008
CurrencyShares® Japanese Yen Trust	Nomura Securities International, Inc.	6/14/2010
CurrencyShares® Japanese Yen Trust	RBC Capital Markets, LLC (formerly, RBC Capital Markets Corp.)	4/15/2011
CurrencyShares® Japanese Yen Trust	SG Americas Securities LLC	11/30/2012
CurrencyShares® Japanese Yen Trust	Timber Hill, LLC	5/16/2007
CurrencyShares® Japanese Yen Trust	Virtu Americas LLC (formerly, KCG Americas LLC)	3/25/2010
CurrencyShares® Japanese Yen Trust	Virtu Financial BD LLC	12/3/2010

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ATTACHMENT A – FXA

CREATION AND REDEMPTION OF AUSTRALIAN DOLLAR SHARES AND

RELATED AUSTRALIAN DOLLAR TRANSACTIONS

Scope of Procedures and Overview

These procedures (the “Procedures”) describe the processes by which one or more Baskets of Australian Dollar Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Australian Dollar Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Australian Dollars between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Australian Dollars also are described.

Under these Procedures, Baskets may be issued only in consideration for Australian Dollars transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee.

For purposes of these Procedures, a “NY Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which NYSE Arca is not open for regular trading at noon New York City time; a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Australia.

Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for Australian Dollars, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows:

Baskets Created or Redeemed Per Order	Additional Transaction Fee
2	$	500
3	$	1,000
4	$	1,500
5 or more	$	2,000

The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”.

Authorized Participants and the Trust Transfer Australian Dollars and Baskets

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together, “Orders”) for Baskets.

37

Important Notes:

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement.

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions.

38

CREATION PROCESS

OVERVIEW

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is the Order Date under the Trust Agreement (“CREATION T”), on the next NY Business Day following CREATION T that is also a Local Business Day (“CREATION T+1”), the Trustee notifies the Authorized Participant and the Depository of the amount of Australian Dollars to be transferred to the Trust and the Authorized Participant transfers such amount to the Depository, and a Basket is created on the next NY Business Day following CREATION T+1, unless the Trustee has not received confirmation of the receipt of the Basket Australian Dollar Amount (as defined herein) on such day, in which case creation of the Basket shall be the next following day that is both a New York Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Australian Dollars and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Baskets corresponding to the Australian Dollars the Participant has transferred to the Trust.

C1 CREATION T (PURCHASE ORDER TRADE DATE)

C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process.

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below.

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, will be rejected.

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order.

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement.

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2.

C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the

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Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Australian Dollars the Authorized Participant must transfer in exchange for the Basket(s).

C1.3 The Authorized Participant ensures that by 3:30 p.m. NYC time on CREATION T+1 (usually 5:30 a.m. the following day Melbourne time), sufficient Australian Dollars are wire transferred to the Depository.

C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T)

C1.4.1 The Authorized Participant must be a participating member of DTC.

C1.4.2 The Authorized Participant must be able to transfer Australian Dollars via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants.

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Australian Dollars transfers with its sending financial institution.

C1.4.5 By 3:30 p.m. NYC time on CREATION T+1 (usually 5:30 a.m. the following day Melbourne time) on CREATION T+2, Australian Dollars in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+2.

C1.4.6 An Authorized Participant may only deliver Australian Dollars for credit to the Depository via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees.

C1.5 NOTES FOR TRUSTEE (CREATION T)

C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Australian Dollars that must be deposited in the Deposit Account no later than 3:30 p.m. NYC time on CREATION T+1 (usually 5:30 a.m. the following day Melbourne time).

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C2 CREATION T+1

C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of Australian Dollars that must be deposited in the Deposit Account (the “Basket Australian Dollar Amount”) not later than 3:30 p.m. NY time on CREATION T+1 (usually 5:30 a.m. the following day Melbourne time), for the creation of the Baskets on CREATION T+2.

C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total amount of Australian Dollars that the Depository will receive from the Authorized Participant on CREATION T+1.

C2.3 By 3:30 p.m. NYC time (usually 5:30 a.m. the following day Melbourne time), the Depository has received each Authorized Participant’s wire transfer of the Basket Australian Dollar Amount in the Deposit Account.

C3 CREATION T+2

C3.1 As of 9:00 a.m. NYC time, the Depository notifies the Trustee that the Basket Australian Dollar Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

C3.2 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

C3.3 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Australian Dollar Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Australian Dollar Amount.

C3.4 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Australian Dollar Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions.

C3.5 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom the Trustee has received confirmation from the Depository that the Basket Australian Dollar Amount has been received into the Deposit Account.

C3.6 Following the close of business (usually 4:00 p.m. Melbourne time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets.

C3.7 Following the close of business (usually 4:00 p.m. Melbourne time) on CREATION T+2, the Depository Australian Dollar system updates account records, recording the movements of Australian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Melbourne time) on CREATION T+2.

C3.8 Following the close of business (usually 4:00 p.m. Melbourne time) on CREATION T+2, the Depository Australian Dollar system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

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C3.9 If the Authorized Participant fails to deliver Australian Dollars by 3:30 p.m. NYC time on CREATION T+1, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant.

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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REDEMPTION PROCESS

OVERVIEW

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), Baskets to be redeemed are delivered to the Trustee by 3:00 p.m. NYC time (usually 5:00 a.m. the following day Melbourne time) on the first NY Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case Baskets shall be delivered the next following day that is both a New York Business Day and a Local Business Day (“REDEMPTION T+1”) and the Authorized Participant receives the corresponding Australian Dollars on the next NY Business Day that is also a Local Business Day following REDEMPTION T+1 (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Australian Dollars corresponding to the Baskets delivered for redemption.

R1 REDEMPTION T (REDEMPTION ORDER TRADE DATE)

R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets (a “Redemption Order”) in accordance with the following process.

R1.1.1 The Authorized Participant submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below.

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected.

R1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order.

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement.

R1.1.7 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge on REDEMPTION T+2 prior to the delivery of the Australian Dollars to the Authorized Participant.

R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fees on REDEMPTION T+2 prior to delivery of the Australian Dollars” and indicating, on a preliminary basis subject to confirmation, the number of Australian Dollars the Participant will receive upon redemption of the indicated Basket(s) of Shares.

R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T)

R1.3.1 The Trustee will deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+1 only after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC.

R1.3.2 If an Authorized Participant has placed its Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Australian Dollars to be delivered to the Authorized Participant on REDEMPTION T+2.

R2 REDEMPTION T+1

R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of Australian Dollars that will be delivered to the Authorized Participant on REDEMPTION T+2 (the “Basket Australian Dollar Amount”).

R2.2 Prior to the delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket Australian Dollar Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

R2.3 By 3:00 p.m. NYC time (usually 5:00 a.m. the following day Melbourne time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk (718) 315-7500 to expect the Authorized Participant’s Shares through DTC.

R2.3.1 By 3:00 p.m. NYC time (usually 5:00 a.m. the following day Melbourne time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC.

R2.3.2 By 3:00 p.m. NYC time (usually 5:00 a.m. the following day Melbourne time), if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received.

R2.3.3 By 3:00 p.m. NYC time (usually 5:00 a.m. the following day Melbourne time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received.

R2.4 By 3:30 p.m. NYC time (usually 5:30 a.m. the following day Melbourne time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Australian Dollar Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares.

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R3 REDEMPTION T+2

R3.1 On REDEMPTION T+2, the Depository executes the instructions from the Trustee to wire the Basket Australian Dollar Amount from the Trust Account and to transfer the Basket Australian Dollar Amount to the Authorized Participant’s designated account. The Australian Dollars will be sent to the designated accounts by wire SWIFT BIC – CHASGB2L, or another funds transfer method acceptable to the Depository.

R3.1.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption.

R3.1.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding.

R3.2 Following the close of business (usually 4:00 p.m. Melbourne time) on REDEMPTION T+2, the Depository makes the appropriate entries in its books and records to reflect the redemptions.

R3.3 Following the close of business (usually 4:00 p.m. Melbourne time) on REDEMPTION T+2, the Depository Australian Dollars system updates its account records, recording the movements of Australian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Melbourne time) on REDEMPTION T+2.

R3.4 Following the close of business (usually 4:00 p.m. Melbourne time) on REDEMPTION T+2, the Depository Australian Dollar system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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ATTACHMENT A – FXB

CREATION AND REDEMPTION OF BRITISH POUND STERLING SHARES AND

RELATED BRITISH POUND STERLING TRANSACTIONS

Scope of Procedures and Overview

These procedures (the “Procedures”) describe the processes by which one or more Baskets of British Pound Sterling Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares^® British Pound Sterling Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of British Pounds between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of British Pounds also are described.

Under these Procedures, Baskets may be issued only in consideration for British Pounds transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee.

For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in London.

Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for British Pounds, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows:

Baskets Created or Redeemed Per Order	Additional Transaction Fee
2	$	500
3	$	1,000
4	$	1,500
5 or more	$	2,000

The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”.

Authorized Participants and the Trust Transfer British Pounds and Baskets

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together, “Orders”) for Baskets.

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Important Notes:

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement.

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions.

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CREATION PROCESS

OVERVIEW

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC time (usually 4:00 p.m. London time) on the second Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust British Pounds and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the British Pounds the Participant has transferred to the Trust.

C1 CREATION T (PURCHASE ORDER TRADE DATE)

C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”).

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions ; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below.

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, will be rejected.

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order.

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement.

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2.

C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of British Pounds the Participant must transfer in exchange for the Basket(s).

C1.3 The Participant ensures that by 2:30 p.m. London time (usually 9:30 a.m. NYC time) on CREATION T+2, sufficient British Pounds are wire transferred to the Depository.

C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T)

C1.4.1 The Authorized Participant must be a participating member of DTC.

C1.4.2 The Authorized Participant must be able to transfer British Pounds via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants.

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for British Pounds transfers with its sending financial institution.

C1.4.5 By 2:30 p.m. London time on CREATION T+2, British Pounds in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2.

C1.4.6 An Authorized Participant may only deliver British Pounds for credit to the Depository via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees.

C1.5 NOTES FOR TRUSTEE (CREATION T)

C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds that must be deposited in the Deposit Account no later than 2:30 p.m. London time on CREATION T+2.

C2 CREATION T+1

C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds that must be deposited in the Deposit Account (the “Basket British Pounds Amount”) no later than 2:30 p.m. London time on CREATION T+2 for creation of the Baskets on that day.

C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total British Pounds amount that the Depository will receive from the Authorized Participant on CREATION T+2.

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C3 CREATION T+2

C3.1 By 2:30 p.m. London time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket British Pounds Amount in the Deposit Account.

C3.2 As of 2:30 p.m. London time, the Depository notifies the Trustee that the Basket British Pounds Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket British Pounds Amount.

C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket British Pounds Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions.

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom the Trustee has received confirmation from the Depository that the Basket British Pounds Amount has been received into the Deposit Account.

C3.7 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets.

C3.8 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository British Pounds system updates account records, recording the movements of British Pounds in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. London time) on CREATION T+2.

C3.9 Following the close of business (usually 4:00 p.m. London time) on CREATION T+2, the Depository British Pounds system automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee).

C3.10 If the Authorized Participant fails to deliver British Pounds by 2:30 p.m. London time on CREATION T+2, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant.

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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REDEMPTION PROCESS

OVERVIEW

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 2:30 p.m. London time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant British Pounds corresponding to the Shares delivered for redemption.

R1 REDEMPTION T (REDEMPTION ORDER TRADE DATE)

R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets (a “Redemption Order”) in accordance with the following process.

R1.1.1 The Authorized Participant submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below.

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected.

R1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order.

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement.

R1.1.7 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge prior to the delivery of the British Pounds to the Authorized Participant on REDEMPTION T+2.

R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fees prior to delivery of the British Pounds on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of British Pounds the Participant will receive upon redemption of the indicated Basket(s).

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository indicating the amount of British Pounds to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 2:30 p.m. London time (usually 9:30 a.m. NYC time) on REDEMPTION T+2.

R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T)

R1.4.1 The Trustee will only deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC.

R1.4.2 If an Authorized Participant has placed its Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of British Pounds to be delivered to the Authorized Participant on REDEMPTION T+2.

R2 REDEMPTION T+1

R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of British Pounds the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket British Pounds Amount”).

R3 REDEMPTION T+2

R3.1 Prior to the delivery of the Basket British Pounds Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

R3.2 By 9:00 a.m. NYC time (usually 2:00 p.m. London time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315- 7500) to expect the Authorized Participant’s Shares through DTC.

R3.2.1 By 9:00 a.m. NYC time (usually 2:00 p.m. London time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC.

R3.2.2 By 9:00 a.m. NYC time (usually 2:00 p.m. London time), if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received.

R3.2.3 By 9:00 a.m. NYC time (usually 2:00 p.m. London time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received.

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R3.3 By 9:30 a.m. NYC time (usually 2:30 p.m. London time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket British Pounds Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The British Pounds will be sent to the designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository).

R3.4 As of 9:30 a.m. NYC time (usually 2:30 p.m. London time), following the receipt of the authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket British Pounds Amount from the Trust Account and to transfer the Basket British Pounds Amount to the Authorized Participant’s designated account.

R3.4.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption.

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding.

R3.5 Following the close of business (usually 4:00 p.m. London time) on REDEMPTION T+2, the Depository makes the appropriate entries in its books and records to reflect the redemptions.

R3.6 Following the close of business (usually 4:00 p.m. London time) on REDEMPTION T+2, the Depository British Pounds system updates its account records, recording the movements of British Pounds in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 3:30 p.m. London time) on REDEMPTION T+2.

R3.7 Following the close of business (usually 4:00 p.m. London time) on REDEMPTION T+2, the Depository British Pounds system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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ATTACHMENT A – FXC

CREATION AND REDEMPTION OF CANADIAN DOLLAR SHARES AND RELATED

CANADIAN DOLLAR TRANSACTIONS

Scope of Procedures and Overview

These procedures (the “Procedures”) describe the processes by which one or more Baskets of Canadian Dollar Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Canadian Dollar Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Canadian Dollars between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Canadian Dollars also are described.

Under these Procedures, Baskets may be issued only in consideration for Canadian Dollars transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee.

For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Toronto.

Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for Canadian Dollars, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows:

Baskets Created or Redeemed Per Order	Additional Transaction Fee
2	$	500
3	$	1,000
4	$	1,500
5 or more	$	2,000

The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”.

Authorized Participants and the Trust Transfer Canadian Dollars and Baskets

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together, “Orders”) for Baskets.

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Important Notes:

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement.

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions.

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CREATION PROCESS

OVERVIEW

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC and Toronto time on the second Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Canadian Dollars and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Canadian Dollars the Participant has transferred to the Trust.

C1 CREATION T (PURCHASE ORDER TRADE DATE)

C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”) or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process.

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below.

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500 notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time , as applicable will be rejected.

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order.

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement.

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2.

C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Canadian Dollars the Authorized Participant must transfer in exchange for the Basket(s).

C1.3 The Participant ensures that by 9:30 a.m. NYC and Toronto time on CREATION T+2, sufficient Canadian Dollars are wire transferred to the Depository.

C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T)

C1.4.1 The Authorized Participant must be a participating member of DTC.

C1.4.2 The Authorized Participant must be able to transfer Canadian Dollars via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants.

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Canadian Dollars transfers with its sending financial institution.

C1.4.5 By 9:30 a.m. NYC and Toronto time on CREATION T+2 Canadian Dollars in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2.

C1.4.6 An Authorized Participant may only deliver Canadian Dollars for credit to the Depository via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees.

C1.5 NOTES FOR TRUSTEE (CREATION T)

C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Canadian Dollars that must be deposited in the Deposit Account no later than 9:30 a.m. NYC time on CREATION T+2.

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C2 CREATION T+1

C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of Canadian Dollars that must be deposited in the Deposit Account (the “Basket Canadian Dollars Amount”) no later than 9:30 a.m. NYC and Toronto time on CREATION T+2 for creation of the Baskets on that day.

C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total Canadian Dollar amount that the Depository will receive from the Authorized Participant on CREATION T+2.

C3 CREATION T+2

C3.1 By 9:30 a.m. NYC and Toronto time, the Depository has received each Authorized Participant’s wire transfer of the Basket Canadian Dollars Amount in the Deposit Account.

C3.2 As of 9:30 a.m. NYC and Toronto time, the Depository notifies the Trustee that the Basket Canadian Dollars Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Canadian Dollars Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Canadian Dollars Amount.

C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Canadian Dollars Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions.

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom the Trustee has received confirmation from the Depository that the Basket Canadian Dollars Amount has been received into the Deposit Account.

C3.7 Following the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets.

C3.8 Following the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2, the Depository Canadian Dollars system updates account records, recording the movements of Canadian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2.

C3.9 Following the close of business (usually 4:00 p.m. Toronto time) on CREATION T+2, the Depository Canadian Dollars system automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee).

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C3.10 If the Authorized Participant fails to deliver Canadian Dollars by 9:30 a.m. Toronto time on CREATION T+2, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant.

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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REDEMPTION PROCESS

OVERVIEW

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 9:30 a.m. NYC and Toronto time on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Canadian Dollars corresponding to the Shares delivered for redemption.

R1 REDEMPTION T (REDEMPTION ORDER TRADE DATE)

R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets (a “Redemption Order”) in accordance with the following process.

R1.1.1 The Authorized Participant submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below.

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500 notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected.

R1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order.

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement.

R1.1.7 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge prior to the delivery of the Canadian Dollars to the Authorized Participant on REDEMPTION T+2.

R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fees prior to delivery of the Canadian Dollars on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Canadian Dollars the Participant will receive upon redemption of the indicated Basket(s).

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository indicating the amount of Canadian Dollars to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 9:00 a.m. NYC and Toronto time on REDEMPTION T+2.

R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T)

R1.4.1 The Trustee will only deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC.

R1.4.2 If an Authorized Participant has placed its Redemption Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Canadian Dollars to be delivered to the Authorized Participant on REDEMPTION T+2.

R2 REDEMPTION T+1

R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of Canadian Dollars the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket Canadian Dollars Amount”).

R3 REDEMPTION T+2

R3.1 Prior to the delivery of the Basket Canadian Dollars Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

R3.2 By 9:00 a.m. NYC and Toronto time, the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized Participant’s Shares through DTC.

R3.2.1 By 9:00 a.m. NYC and Toronto time, the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC.

R3.2.2 By 9:00 a.m. NYC and Toronto time, if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received.

R3.2.3 By 9:00 a.m. NYC and Toronto time, if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received.

R3.3 By 9:30 a.m. NYC and Toronto time, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Canadian Dollars Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The Canadian Dollars will be sent to the designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository).

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R3.4 As of 9:30 a.m. NYC and Toronto time, following the receipt of the authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Canadian Dollars Amount from the Trust Account and to transfer the Basket Canadian Dollars Amount to the Authorized Participant’s designated account.

R3.4.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption.

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding.

R3.5 Following the close of business (usually 4:00 p.m. Toronto time) on REDEMPTION T+2, the Depository makes the appropriate entries in its books and records to reflect the redemptions.

R3.6 Following the close of business (usually 4:00 p.m. Toronto time) on REDEMPTION T+2, the Depository Canadian Dollars system updates its account records, recording the movements of Canadian Dollars in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Toronto time) on REDEMPTION T+2.

R3.7 Following the close of business (usually 4:00 p.m. Toronto time) on REDEMPTION T+2, the Depository Canadian Dollars system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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ATTACHMENT A – FXE

CREATION AND REDEMPTION OF EURO SHARES AND RELATED EURO

TRANSACTIONS

Scope of Procedures and Overview

These procedures (the “Procedures”) describe the processes by which one or more Baskets of Euro Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Euro Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Euro between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Euro also are described.

Under these Procedures, Baskets may be issued only in consideration for Euro transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of December 2, 2005, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee.

For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Frankfurt.

Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for Euro, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows:

Baskets Created or Redeemed Per Order	Additional Transaction Fee
2	$	500
3	$	1,000
4	$	1,500
5 or more	$	2,000

The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”.

Authorized Participants and the Trust Transfer Euro and Baskets

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together, “Orders”) for Baskets.

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Important Notes:

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement.

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions.

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CREATION PROCESS

OVERVIEW

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC time (usually 5:00 p.m. Frankfurt time) on the second Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Euro and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Euro the Participant has transferred to the Trust.

C1 CREATION T (PURCHASE ORDER TRADE DATE)

C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”) or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process.

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below.

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected.

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order.

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement.

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2.

C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Euro the Participant must transfer in exchange for the Basket(s).

C1.3 The Participant ensures that by 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time) on CREATION T+2, sufficient Euro are wire transferred to the Depository.

C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T)

C1.4.1 The Authorized Participant must be a participating member of DTC.

C1.4.2 The Authorized Participant must be able to transfer Euro via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants.

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Euro transfers with its sending financial institution.

C1.4.5 By 3:30 p.m. Frankfurt time on CREATION T+2, Euro in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2.

C1.4.6 An Authorized Participant may only deliver Euro for credit to the Depository via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees.

C1.5 NOTES FOR TRUSTEE (CREATION T)

C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Euro that must be deposited in the Deposit Account no later than 3:30 p.m. Frankfurt time on CREATION T+2.

C2 CREATION T+1

C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of Euro that must be deposited in the Deposit Account (the “Basket Euro Amount”) no later than 3:30 p.m. Frankfurt time on CREATION T+2 for creation of the Baskets on that day.

C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total Euro amount that the Depository will receive from the Authorized Participant on CREATION T+2.

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C3 CREATION T+2

C3.1 By 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket Euro Amount in the Deposit Account.

C3.2 As of 3:30 p.m. Frankfurt time, the Depository notifies the Trustee that the Basket Euro Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO DTC Charge).

C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Euro Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Euro Amount.

C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Euro Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions.

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom the Trustee has received confirmation from the Depository that the Basket Euro Amount has been received into the Deposit Account.

C3.7 Following the close of business (usually 4:00 p.m. Frankfurt time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets.

C3.8 Following the close of business (usually 4:00 p.m. Frankfurt time) on CREATION T+2, the Depository Euro system updates account records, recording the movements of Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Frankfurt time) on CREATION T+2.

C3.9 Following the close of business (usually 4:00 p.m. Frankfurt time) on CREATION T+2, the Depository Euro system automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee).

C3.10 If the Authorized Participant fails to deliver Euro by 3:30 p.m. Frankfurt time on CREATION T+2, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant.

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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REDEMPTION PROCESS

OVERVIEW

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Euro corresponding to the Shares delivered for redemption.

R1 REDEMPTION T (REDEMPTION ORDER TRADE DATE)

R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets (a “Redemption Order”) in accordance with the following process.

R1.1.1 The Authorized Participant submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below.

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected.

R1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order.

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement.

R1.1.7 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO DTC Charge prior to the delivery of the Euro to the Authorized Participant on REDEMPTION T+2.

R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then, by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fees prior to delivery of the Euro on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Euro the Participant will receive upon redemption of the indicated Basket(s).

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository indicating the amount of Euro to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time) on REDEMPTION T+2.

R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T)

R1.4.1 The Trustee will only deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC.

R1.4.2 If an Authorized Participant has placed its Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Euro to be delivered to the Authorized Participant on REDEMPTION T+2.

R2 REDEMPTION T+1

R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of Euro the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket Euro Amount”).

R3 REDEMPTION T+2

R3.1 Prior to the delivery of the Basket Euro Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO DTC Charge).

R3.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Frankfurt time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized Participant’s Shares through DTC.

R3.2.1 By 9:00 a.m. NYC time (usually 3:00 p.m. Frankfurt time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC.

R3.2.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Frankfurt time), if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received.

R3.2.3 By 9:00 a.m. NYC time (usually 3:00 p.m. Frankfurt time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received.

R3.3 By 9:30 a.m. NYC time (usually 3:30 p.m. Frankfurt time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Euro Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The Euro will be sent to the designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository).

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R3.4 As of 3:30 p.m. Frankfurt time (usually 9:30 a.m. NYC time), following the receipt of the authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Euro Amount from the Trust Account and to transfer the Basket Euro Amount to the Authorized Participant’s designated account.

R3.4.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption.

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding.

R3.5 Following the close of business (usually 4:00 p.m. Frankfurt time) on REDEMPTION T+2, the Depository makes the appropriate entries in its books and records to reflect the redemptions.

R3.6 Following the close of business (usually 4:00 p.m. Frankfurt time) on REDEMPTION T+2, the Depository Euro system updates its account records, recording the movements of Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Frankfurt time) on REDEMPTION T+2.

R3.7 Following the close of business (usually 4:00 p.m. Frankfurt time) on REDEMPTION T+2, the Depository Euro system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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ATTACHMENT A – FXY

CREATION AND REDEMPTION OF JAPANESE YEN SHARES AND RELATED

JAPANESE YEN TRANSACTIONS

Scope of Procedures and Overview

These procedures (the “Procedures”) describe the processes by which one or more Baskets of Japanese Yen Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Japanese Yen Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Japanese Yen between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Japanese Yen also are described.

Under these Procedures, Baskets may be issued only in consideration for Japanese Yen transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of February 1, 2007, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee.

For purposes of these Procedures, a “NY Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Japan.

Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for Japanese Yen, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows:

Baskets Created or Redeemed Per Order	Additional Transaction Fee
2	$	500
3	$	1,000
4	$	1,500
5 or more	$	2,000

The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”.

Authorized Participants and the Trust Transfer Japanese Yen and Baskets

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together, “Orders”) for Baskets.

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Important Notes:

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement.

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions.

72

CREATION PROCESS

OVERVIEW

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is the Order Date under the Trust Agreement (“CREATION T”), on the next NY Business Day following CREATION T that is also a Local Business Day (“CREATION T+1”), the Trustee notifies the Authorized Participant and the Depository of the amount of Japanese Yen to be transferred to the Trust and the Authorized Participant transfers such amount to the Depository and a Basket is created on the next NY Business Day following CREATION T+1, unless the Trustee has not received confirmation of the receipt of the Basket Japanese Yen Amount (as defined herein) on such day, in which case creation of the Basket shall be the next following day that is both a New York Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Japanese Yen and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Baskets corresponding to the Japanese Yen the Participant has transferred to the Trust.

C1 CREATION T (PURCHASE ORDER TRADE DATE)

C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process.

C1.1.1 The Authorized Participant (“AP”) submitting an order to create shall submit such orders containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below.

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected.

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order.

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement.

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2.

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C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Japanese Yen the Authorized Participant must transfer in exchange for the Basket(s).

C1.3 The Authorized Participant ensures that by 3:30 p.m. NYC time on CREATION T+1 (usually 4:30 a.m. the following day Tokyo time), sufficient Japanese Yen are wire transferred to the Depository.

C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T)

C1.4.1 The Authorized Participant must be a participating member of DTC.

C1.4.2 The Authorized Participant must be able to transfer Japanese Yen via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants.

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Japanese Yen transfers with its sending financial institution.

C1.4.5 By 3:30 p.m. NYC time on CREATION T+1 (usually 4:30 a.m. the following day Tokyo time), Japanese Yen in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+2.

C1.4.6 An Authorized Participant may only deliver Japanese Yen for credit to the Depository via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees.

C1.5 NOTES FOR TRUSTEE (CREATION T)

C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Japanese Yen that must be deposited in the Deposit Account no later than 3:30 p.m. NYC time on CREATION T+1 (usually 4:30 a.m. the following day Tokyo time).

C2 CREATION T+1

C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of Japanese Yen that must be deposited in the Deposit Account (the “Basket Japanese Yen Amount”) not later than 3:30 p.m. NYC time on CREATION T+1 (usually 4:30 a.m. the following day Tokyo time) for the creation of Baskets on CREATION T+2.

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C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total amount of Japanese Yen that the Depository will receive from the Authorized Participant on CREATION T+1.

C2.3 By 3:30 p.m. NYC time (usually 4:30 a.m. the following day Tokyo time), the Depository has received each Authorized Participant’s wire transfer of the Basket Japanese Yen Amount in the Deposit Account.

C3 CREATION T+2

C3.1 As of 9:00 a.m. NYC time, the Depository notifies the Trustee that the Basket Japanese Yen Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

C3.2 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

C3.3 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Japanese Yen Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Japanese Yen Amount.

C3.4 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Japanese Yen Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions.

C3.5 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom the Trustee has received confirmation from the Depository that the Basket Japanese Yen Amount has been received into the Deposit Account.

C3.6 Following the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets.

C3.7 Following the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+2, the Depository Japanese Yen system updates account records, recording the movements of Japanese Yen in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+2.

C3.8 Following the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+2, the Depository Japanese Yen system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

C3.9 If the Authorized Participant fails to deliver Japanese Yen by 3:30 p.m. NYC time on CREATION T+1, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant.

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In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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REDEMPTION PROCESS

OVERVIEW

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), Baskets to be redeemed are delivered to the Trustee by 3:00 p.m. NYC time (usually 4:00 a.m. the following day Tokyo time) on the first NY Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case Baskets shall be delivered the next following day that is both a New York Business Day and a Local Business Day (“REDEMPTION T+1”) and the Authorized Participant receives the corresponding Japanese Yen on the next NY Business Day that is also a Local Business Day following REDEMPTION T+1 (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Japanese Yen corresponding to the Baskets delivered for redemption.

R1 REDEMPTION T (REDEMPTION ORDER TRADE DATE)

R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets (a “Redemption Order”) in accordance with the following process.

R1.1.1 The Authorized Participant submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below.

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500 notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected.

R1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order.

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement.

R1.1.7 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge on REDEMPTION T+2 prior to the delivery of the Japanese Yen to the Authorized Participant.

R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fees on REDEMPTION T+2 prior to delivery of the Japanese Yen” and indicating, on a preliminary basis subject to confirmation, the number of Japanese Yen the Participant will receive upon redemption of the indicated Basket(s) of Shares.

R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T)

R1.3.1 The Trustee will deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+1 only after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC.

R1.3.2 If an Authorized Participant has placed its Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Japanese Yen to be delivered to the Authorized Participant on REDEMPTION T+2.

R2 REDEMPTION T+1

R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of Japanese Yen that will be delivered to the Authorized Participant on REDEMPTION T+2 (the “Basket Japanese Yen Amount”).

R2.2 Prior to the delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket Japanese Yen Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

R2.3 By 3:00 p.m. NYC time (usually 4:00 a.m. the following day Tokyo time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk (718) 315-7500 to expect the Authorized Participant’s Shares through DTC.

R2.3.1 By 3:00 p.m. NYC time (usually 4:00 a.m. the following day Tokyo time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC.

R2.3.2 By 3:00 p.m. NYC time (usually 4:00 a.m. the following day Tokyo time), if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received.

R2.3.3 By 3:00 p.m. NYC time (usually 4:00 a.m. the following day Tokyo time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received.

R2.4 By 3:30 p.m. NYC time (usually 4:30 a.m. the following day Tokyo time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Japanese Yen Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares.

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R3 REDEMPTION T+2

R3.1 On REDEMPTION T+2, the Depository executes the instructions from the Trustee to wire the Basket Japanese Yen Amount from the Trust Account and to transfer the Basket Japanese Yen Amount to the Authorized Participant’s designated account. The Japanese Yen will be sent to the designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) SWIFT BIC – CHASGB2L.

R3.1.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption.

R3.1.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding.

R3.2 Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+2, the Depository makes the appropriate entries in its books and records to reflect the redemptions.

R3.3 Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+2, the Depository Japanese Yen system updates its account records, recording the movements of Japanese Yen in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+2.

R3.4 Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+2, the Depository Japanese Yen system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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ATTACHMENT A – FXSG

CREATION AND REDEMPTION OF SINGAPORE DOLLAR SHARES AND

RELATED SINGAPORE DOLLAR TRANSACTIONS

Scope of Procedures and Overview

These procedures (the “Procedures”) describe the processes by which one or more Baskets of Singapore Dollar Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares® Singapore Dollar Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Singapore Dollars between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Singapore Dollars also are described.

Under these Procedures, Baskets may be issued only in consideration for Singapore Dollar transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of August 7, 2008, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee.

For purposes of these Procedures, a “NY Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Singapore.

Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for Singapore Dollar, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows:

Baskets Created or Redeemed Per Order	Additional Transaction Fee
2	$	500
3	$	1,000
4	$	1,500
5 or more	$	2,000

The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”.

Authorized Participants and the Trust Transfer Singapore Dollars and Baskets

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together, “Orders”) for Baskets.

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Important Notes:

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement.

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions.

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CREATION PROCESS

OVERVIEW

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the NY Business Day that is the Order Date under the Trust Agreement (“CREATION T”), on the next NY Business Day that is also a Local Business Day (“CREATION T+1”), the Trustee notifies the Authorized Participant and the Depository of the amount of Singapore Dollars to be transferred to the Trust and the Authorized Participant transfers such amount to the Depository and a Basket is created on the next NY Business Day following CREATION T+1, unless the Trustee has not received confirmation of the receipt of the Basket Singapore Dollar Amount (as defined herein) on such day, in which case creation of the Basket shall be the next following day that is both a New York Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Singapore Dollars and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Baskets corresponding to the Singapore Dollars the Participant has transferred to the Trust.

C1 CREATION T (PURCHASE ORDER TRADE DATE)

C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”), or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process.

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions ; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below.

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected.

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order.

C1.1.6-Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement.

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2.

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C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Singapore Dollars the Authorized Participant must transfer in exchange for the Basket(s).

C1.3 The Authorized Participant ensures that by 3:30 p.m. NYC time on CREATION T+1 (usually 3:30 a.m. the following day Singapore time) that sufficient Singapore Dollars are wire transferred to the Depository.

C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T)

C1.4.1 The Authorized Participant must be a participating member of DTC.

C1.4.2 The Authorized Participant must be able to transfer Singapore Dollars via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants.

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Singapore Dollar transfers with its sending financial institution.

C1.4.5 By 3.30 p.m NYC time on CREATION T+1 (usually 3:30 a.m. the following day Singapore time), Singapore Dollars in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Baskets on CREATION T+2.

C1.4.6 An Authorized Participant may only deliver Singapore Dollars for credit to the Depository via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees.

C1.5 NOTES FOR TRUSTEE (CREATION T)

C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Singapore Dollars that must be deposited in the Deposit Account no later than 3:30 p.m. NYC time on CREATION T+1 (usually 3:30 a.m. the following day Singapore time).

C2 CREATION T+1

C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of Singapore Dollars that must be deposited in the Deposit Account (the “Basket Singapore Dollar Amount”) not later than 3:30 p.m. NYC time on CREATION T+1 (usually 3:30 a.m. the following day Singapore time) for the creation of Baskets on T+2.

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C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total amount of Singapore Dollars that the Depository will receive from the Authorized Participant on CREATION T+1.

C2.3 By 3:30 p.m. NYC time (usually 3:30 a.m. the following day Singapore time), the Depository has received each Authorized Participant’s wire transfer of the Basket Singapore Dollar Amount in the Deposit Account.

C3 CREATION T+2

C3.1 As of 9:00 a.m. NYC time, the Depository notifies the Trustee that the Basket Singapore Dollar Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

C3.2 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

C3.3 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Singapore Dollar Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Singapore Dollar Amount.

C3.4 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Singapore Dollar Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions.

C3.5 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom the Trustee has received confirmation from the Depository that the Basket Singapore Dollar Amount has been received into the Deposit Account.

C3.6 Following the close of business (usually 4:00 p.m. Singapore time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets.

C3.7 Following the close of business (usually 4:00 p.m. Singapore time) on CREATION T+2, the Depository Singapore Dollar system updates account records, recording the movements of Singapore Dollars in the Deposit Account and providing updated balances in the affected accounts as of 8:30 a.m. NYC time on the first NY Business Day following the date that is the Settlement Date under the Trust Agreement.

C3.8 Following the close of business (usually 4:00 p.m. Singapore time) on CREATION T+2, the Depository Singapore Dollar system automatically generates authenticated electronic messages (SWIFT MT940 or SWIFT MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

C3.9 If the Authorized Participant fails to deliver Singapore Dollars by 3:30 p.m. NYC time on CREATION T+1, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant.

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In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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REDEMPTION PROCESS

OVERVIEW

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the NY Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), Baskets to be redeemed are delivered to the Trustee by 3:00 p.m. NYC time (usually 3:00 a.m. the following day Singapore time) on the first NY Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case Baskets shall be delivered the next following day that is both a New York Business Day and a Local Business Day (“REDEMPTION T+1”) and the Authorized Participant receives the corresponding Singapore Dollars on the next NY Business Day that is also a Local Business Day following REDEMPTION T+1 (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Singapore Dollars corresponding to the Baskets delivered for redemption.

R1 REDEMPTION T (REDEMPTION ORDER TRADE DATE)

R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets (a “Redemption Order”) in accordance with the following process.

R1.1.1 The Authorized Participant submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below.

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected.

R1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order.

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement.

R1.1.7 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge on REDEMPTION T+2 prior to the delivery of the Singapore Dollars to the Authorized Participant.

R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the

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Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fees on REDEMPTION T+2 prior to delivery of the Singapore Dollars” and indicating, on a preliminary basis subject to confirmation, the number of Singapore Dollars the Participant will receive upon redemption of the indicated Basket(s) of Shares.

R1.3 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T)

R1.3.1 The Trustee will deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+1 only after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC.

R1.3.2 If an Authorized Participant has placed its Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Singapore Dollars to be delivered to the Authorized Participant on REDEMPTION T+2.

R2 REDEMPTION T+1

R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of Singapore Dollars that will be delivered to the Authorized Participant on REDEMPTION T+2 (the “Basket Singapore Dollar Amount”).

R2.2 Prior to the delivery of instructions from the Trustee to the Depository directing the Depository to transfer the Basket Singapore Dollar Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

R2.3 By 3:00 p.m NYC time (usually 3:00 a.m. the following day Singapore time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk (718) 315-7500 to expect the Authorized Participant’s Shares through DTC.

R2.3.1 By 3:00 p.m. NYC time (usually 3:00 a.m. the following day Singapore time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC.

R2.3.2 By 3:00 p.m. NYC time (usually 3:00 a.m. the following day Singapore time), if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received.

R 2.3.3 By 3:00 p.m. NYC time (usually 3:00 a.m. the following day Singapore time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received.

R2.4 By 3:30 p.m. NYC time (usually 3:30 a.m. the following day Singapore time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Singapore Dollar Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares.

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R3 REDEMPTION T+2

R3.1 On REDEMPTION T+2, the Depository executes the instructions from the Trustee to wire the Basket Singapore Dollar Amount from the Trust Account and to transfer the Basket Singapore Dollar Amount to the Authorized Participant’s designated account. The Singapore Dollars will be sent to the designated accounts by wire SWIFT BIC – CHASGB2L, or another funds transfer method acceptable to the Depository.

R3.1.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption.

R3.1.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding.

R3.2 Following the close of business (usually 4:00 p.m. Singapore time), the Depository makes the appropriate entries in its books and records to reflect the redemptions.

R3.3 Following the close of business (usually 4:00 p.m. Singapore time), the Depository Singapore Dollars system updates its account records, recording the movements of Singapore Dollars in the Deposit Account and providing updated balances in the affected accounts as of 8:30 a.m. NYC time on the first NY Business Day following the date that is the Settlement Date under the Trust Agreement.

R3.4 Following the close of business (usually 4:00 p.m. Singapore time) on REDEMPTION T+2, the Depository Singapore Dollar system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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ATTACHMENT A – FXS

CREATION AND REDEMPTION OF SWEDISH KRONA SHARES AND RELATED

SWEDISH KRONOR TRANSACTIONS

Scope of Procedures and Overview

These procedures (the “Procedures”) describe the processes by which one or more Baskets of Swedish Krona Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares^® Swedish Krona Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Swedish Kronor between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Swedish Kronor also are described.

Under these Procedures, Baskets may be issued only in consideration for Swedish Kronor transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee.

For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Stockholm.

Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for Swedish Krona, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows:

Baskets Created or Redeemed Per Order	Additional Transaction Fee
2	$	500
3	$	1,000
4	$	1,500
5 or more	$	2,000

The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”.

Authorized Participants and the Trust Transfer Swedish Kronor and Baskets

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together, “Orders”) for Baskets.

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Important Notes:

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement.

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions.

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CREATION PROCESS

OVERVIEW

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC time (usually 5:00 p.m. Stockholm time) on the second Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Swedish Kronor and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Swedish Kronor the Participant has transferred to the Trust.

C1 CREATION T (PURCHASE ORDER TRADE DATE)

C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”) or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process.

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions ; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below.

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time , as applicable will be rejected.

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order.

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement.

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2.

C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Swedish Krona the Participant must transfer in exchange for the Basket(s).

C1.3 The Participant ensures that by 3:30 p.m. Stockholm time (usually 9:30 a.m. NYC time) on CREATION T+2, sufficient Swedish Krona are wire transferred to the Depository.

C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T)

C1.4.1 The Authorized Participant must be a participating member of DTC.

C1.4.2 The Authorized Participant must be able to transfer Swedish Krona via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants.

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Swedish Krona transfers with its sending financial institution.

C1.4.5 By 3:30 p.m. Stockholm time on CREATION T+2, Swedish Krona in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2.

C1.4.6 An Authorized Participant may only deliver Swedish Krona for credit to the Depository via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees.

C1.5 NOTES FOR TRUSTEE (CREATION T)

C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Swedish Krona that must be deposited in the Deposit Account no later than 3:30 p.m. Stockholm time on CREATION T+2.

C2 CREATION T+1

C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of Swedish Krona that must be deposited in the Deposit Account (the “Basket Swedish Krona Amount”) no later than 3:30 p.m. Stockholm time on CREATION T+2 for creation of the Baskets on that day.

C 2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total Swedish Krona amount that the Depository will receive from the Authorized Participant on CREATION T+2.

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C3 CREATION T+2

C3.1 By 3:30 p.m. Stockholm time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket Swedish Krona Amount in the Deposit Account.

C3.2 As of 3:30 p.m. Stockholm time, the Depository notifies the Trustee that the Basket Swedish Krona Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Swedish Krona Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Swedish Krona Amount.

C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Swedish Krona Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions.

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom the Trustee has received confirmation from the Depository that the Basket Swedish Krona Amount has been received into the Deposit Account.

C3.7 Following the close of business (usually 4:00 p.m. Stockholm time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets.

C3.8 Following the close of business (usually 4:00 p.m. Stockholm time) on CREATION T+2, the Depository Swedish Krona system updates account records, recording the movements of Swedish Krona in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Stockholm time) on CREATION T+2.

C3.9 Following the close of business (usually 4:00 p.m. Stockholm time) on CREATION T+2, the Depository Swedish Krona system automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee).

C3.10 If the Authorized Participant fails to deliver Swedish Krona by 3:30 p.m. Stockholm time on CREATION T+2, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant.

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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REDEMPTION PROCESS

OVERVIEW

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. Stockholm time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Swedish Krona corresponding to the Shares delivered for redemption.

R1 REDEMPTION T (REDEMPTION ORDER TRADE DATE)

R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets (a “Redemption Order”) in accordance with the following process.

R1.1.1 The Authorized Participant submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below.

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected.

R1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order.

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement.

R1.1.7 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge prior to the delivery of the Swedish Krona to the Authorized Participant on REDEMPTION T+2.

R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fees prior to delivery of the Swedish Krona on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Swedish Krona the Participant will receive upon redemption of the indicated Basket(s).

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository indicating the amount of Swedish Krona to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 3:30 p.m. Stockholm time (usually 9:30 a.m. NYC time) on REDEMPTION T+2.

R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T)

R1.4.1 The Trustee will only deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC.

R1.4.2 If an Authorized Participant has placed its Redemption Order with the Trustee on REDEMPTION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Swedish Krona to be delivered to the Authorized Participant on REDEMPTION T+2.

R2 REDEMPTION T+1

R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of Swedish Krona the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket Swedish Krona Amount”).

R3 REDEMPTION T+2

R3.1 Prior to the delivery of the Basket Swedish Krona Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

R3.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Stockholm time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized Participant’s Shares through DTC.

R3.2.1 By 9:00 a.m. NYC time (usually 3:00 p.m. Stockholm time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC.

R3.2.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Stockholm time), if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received.

R3.2.3 By 9:00 a.m. NYC time (usually 3:00 p.m. Stockholm time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received.

R3.3 By 9:30 a.m. NYC time (usually 3:30 p.m. Stockholm time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Swedish

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Krona Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The Swedish Krona will be sent to the designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to Depository).

R3.4 As of 3:30 p.m. Stockholm time (usually 9:30 a.m. NYC time), following the receipt of the authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Swedish Krona Amount from the Trust Account and to transfer the Basket Swedish Krona Amount to the Authorized Participant’s designated account.

R3.4.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption.

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding.

R3.5 Following the close of business (usually 4:00 p.m. Stockholm time) on REDEMPTION T+2, the Depository makes the appropriate entries in its books and records to reflect the redemptions.

R3.6 Following the close of business (usually 4:00 p.m. Stockholm time) on REDEMPTION T+2, the Depository Swedish Krona system updates its account records, recording the movements of Swedish Krona in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Stockholm time) on REDEMPTION T+2.

R3.7 Following the close of business (usually 4:00 p.m. Stockholm time) on REDEMPTION T+2, the Depository Swedish Krona system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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ATTACHMENT A – FXF

CREATION AND REDEMPTION OF SWISS FRANC SHARES AND RELATED SWISS

FRANC TRANSACTIONS

Scope of Procedures and Overview

These procedures (the “Procedures”) describe the processes by which one or more Baskets of Swiss Franc Trust shares (the “Shares”) issuable by The Bank of New York Mellon, as trustee (the “Trustee”) of the CurrencyShares^® Swiss Franc Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Swiss Francs between the Authorized Participant and the Trust, certain processes relating to the underlying transfers of Swiss Francs also are described.

Under these Procedures, Baskets may be issued only in consideration for Swiss Francs transferred to and held in the Trust’s accounts maintained in London, England by the London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of June 8, 2006, between Rydex Specialized Products LLC, succeeded by Guggenheim Specialized Products, LLC (the “Sponsor”), the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the Trustee.

For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time; and a “Local Business Day” is defined as any day other than (i) a a Saturday or Sunday or (ii) a day which has been designated a bank holiday in Zurich.

Baskets are issued pursuant to the Prospectus, which will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement, and are issued and redeemed in accordance with the Trust Agreement and the Participant Agreement. Baskets may be issued and redeemed on any Business Day by the Trustee in exchange for Swiss Francs, which the Trustee receives from Authorized Participants or transfers to Authorized Participants, in each case on behalf of the Trust. Authorized Participants will be required to pay a nonrefundable per order transaction fee of $500 to the Trustee. Also, in connection with each Purchase Order and Redemption Order (each as defined below) for two or more Baskets, the Authorized Participant shall pay an additional transaction fee, as follows:

Baskets Created or Redeemed Per Order	Additional Transaction Fee
2	$	500
3	$	1,000
4	$	1,500
5 or more	$	2,000

The additional transaction fee described above shall be remitted to the Authorized Participant to the Trustee in accordance with these Procedures. The Trustee shall then remit payment of the additional transaction fee to the Sponsor. The fees described above shall collectively be referred to herein as “Transaction Fees”.

Authorized Participants and the Trust Transfer Swiss Francs and Baskets

Upon acceptance of the Participant Agreement by the Sponsor and the Trustee, the Trustee will assign a personal identification number (a “PIN”) to each person authorized to act for the Authorized Participant (an “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption Order(s) (each as defined herein and, together, “Orders”) for Baskets.

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Important Notes:

Any Order is subject to rejection by the Trustee for the reasons set forth in the Trust Agreement.

All Orders are subject to the provisions of the Participant Agreement relating to unclear or ambiguous instructions.

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CREATION PROCESS

OVERVIEW

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. New York City (“NYC”) time on the Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 11:00 a.m. NYC time (usually 5:00 p.m. Zurich time) on the second Business Day following CREATION T, unless that day is not a Local Business Day, in which case creation of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“CREATION T+2”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Swiss Francs and the Trustee will transfer to the Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Swiss Francs the Participant has transferred to the Trust.

C1 CREATION T (PURCHASE ORDER TRADE DATE)

C1.1 By the 4:00 p.m. NYC time (the “Order Cut-Off Time”) or by 12:00 p.m. NYC time on the monthly dividend declaration date (the “Early Order Cut-Off Time”), the Authorized Participant submits to the Trustee the Authorized Participant’s order to create one or more Baskets (a “Purchase Order”) in accordance with the following process.

C1.1.1 The Authorized Participant submitting an order to create shall submit such orders containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the Order Entry System terms and conditions; or (b) by telephone to the Trustee’s Transfer Agent Representative according to the procedures set forth below.

C1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Purchase Order for the Trustee to create an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

C1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process Purchase Orders if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

C1.1.4 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable will be rejected.

C1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Purchase Order, the Trustee will give an order number for the Authorized Participant’s Purchase Order.

C1.1.6 Within 15 minutes after receiving the order number from the Trustee, the Authorized Participant will fax the Purchase Order to the Trustee using the Purchase Order Form included as part of the Participant Agreement.

C1.1.7 The Purchase Order Form provides, among other things, for the number of Baskets that the Authorized Participant is ordering and the condition that the Purchase Order is subject to the Trustee’s receipt of the Transaction Fees (by DTC SPO Charge) prior to delivery of the Baskets on CREATION T+2.

C1.1.8 If the Trustee has not received the Purchase Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Purchase Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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C1.2 If the Trustee has received the Authorized Participant’s Purchase Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on CREATION T, the Trustee will return to the Participant a copy of the Purchase Order Form submitted, marking it “Affirmed subject to receipt of the Transaction Fees prior to delivery of Baskets on CREATION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Swiss Francs the Participant must transfer in exchange for the Basket(s).

C1.3 The Participant ensures that by 3:30 p.m. Zurich time (usually 9:30 a.m. NYC time) on CREATION T+2, sufficient Swiss Francs are wire transferred to the Depository.

C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T)

C1.4.1 The Authorized Participant must be a participating member of DTC.

C1.4.2 The Authorized Participant must be able to transfer Swiss Francs via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.3 The Authorized Participant must have signed and delivered the Participant Agreement to the Trustee. The Trustee will accept an Authorized Participant based on the representations made by the Authorized Participant in the Participant Agreement. The Trustee will not perform other due diligence or investigation of Authorized Participants.

C1.4.4 The Authorized Participant must have in place, before a Purchase Order can be processed, account instructions for Swiss Francs transfers with its sending financial institution.

C1.4.5 By 3:30 p.m. Zurich time on CREATION T+2, Swiss Francs in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+2.

C1.4.6 An Authorized Participant may only deliver Swiss Francs for credit to the Depository via SWIFT BIC – CHASGB2L, or another method acceptable to the Depository.

C1.4.7 Prior to the delivery of the Baskets by the Trustee on CREATION T+2, the Authorized Participant must accept a DTC SPO Charge for the applicable Transaction Fees from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fees will be cancelled subject to handling pursuant to supplemental procedures to be issued, but in any event the Authorized Participant will remain obligated to the Trustee for the Transaction Fees.

C1.5 NOTES FOR TRUSTEE (CREATION T)

C1.5.1 If an Authorized Participant has placed its Purchase Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Swiss Francs that must be deposited in the Deposit Account no later than 3:30 p.m. Zurich time on CREATION T+2.

C2 CREATION T+1

C2.1 On CREATION T+1 the Trustee notifies the Authorized Participant of the final amount of Swiss Francs that must be deposited in the Deposit Account (the “Basket Swiss Francs Amount”) no later than 3:30 p.m. Zurich time on CREATION T+2 for creation of the Baskets on that day.

C2.2 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an authenticated electronic message (SWIFT MT210) to the Depository indicating the total Swiss Franc amount that the Depository will receive from the Authorized Participant on CREATION T+2.

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C3 CREATION T+2

C3.1 By 3:30 p.m. Zurich time (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket Swiss Francs Amount in the Deposit Account.

C3.2 As of 3:30 p.m. Zurich time, the Depository notifies the Trustee that the Basket Swiss Francs Amount has been transferred into the Deposit Account by an authenticated electronic message (SWIFT MT910).

C3.3 Prior to the delivery of the Baskets on CREATION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

C3.4 At 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Swiss Francs Amount to the Deposit Account, the Trustee authorizes the creation and issuance of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Swiss Francs Amount.

C3.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket Swiss Francs Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m. NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions.

C3.6 By 11:00 a.m. NYC time, following receipt of notice from the Trustee’s transfer agent service desk that the number of Shares now outstanding has been increased, the Trustee notifies its DTC operations desk to release the increased number of Shares through DTC to the DTC participant accounts of the Authorized Participants scheduled to receive Baskets on CREATION T+2 for whom the Trustee has received confirmation from the Depository that the Basket Swiss Francs Amount has been received into the Deposit Account.

C3.7 Following the close of business (usually 4:00 p.m. Zurich time) on CREATION T+2, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets.

C3.8 Following the close of business (usually 4:00 p.m. Zurich time) on CREATION T+2, the Depository Swiss Francs system updates account records, recording the movements of Swiss Francs in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Zurich time) on CREATION T+2.

C3.9 Following the close of business (usually 4:00 p.m. Zurich time) on CREATION T+2, the Depository Swiss Francs system automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee).

C3.10 If the Authorized Participant fails to deliver Swiss Francs by 3:30 p.m. Zurich time on CREATION T+2, (a) the Trustee will apply a late fee equal to four (4) times the creation charge; and (b) the Depository may, in its reasonable discretion, apply a late fee calculated in accordance with standard industry practices, payable by the Authorized Participant.

In the event any such late fees are assessed, the Trustee will coordinate with the Authorized Participant to arrange payment of such fees.

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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REDEMPTION PROCESS

OVERVIEW

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets is placed by an Authorized Participant with the Trustee by 4:00 p.m. NYC time on the Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. Zurich time (usually 9:30 a.m. NYC time) on the second Business Day following REDEMPTION T, unless that day is not a Local Business Day, in which case redemption of the Basket shall be the next following day that is both a Business Day and a Local Business Day (“REDEMPTION T+2”). In order for the redemption of a Basket to occur, the Authorized Participant must pay a transaction fee and the Trustee will instruct the Depository to transfer to the Authorized Participant Swiss Francs corresponding to the Shares delivered for redemption.

R1 REDEMPTION T (REDEMPTION ORDER TRADE DATE)

R1.1 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, the Authorized Participant submits to the Trustee the Authorized Participant’s order to redeem one or more Baskets (a “Redemption Order”) in accordance with the following process.

R1.1.1 The Authorized Participant submitting an order to redeem shall submit such requests containing the information required by the Trustee in the following manner: (a) through the Trustee’s electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions in the Electronic Service Agreement; or (b) by telephone to the Trustee’s Transfer Agent Representative, according to the procedures set forth below.

R1.1.2 By the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, an Authorized Person of the Authorized Participant calls the Trustee at 718-315-7500, notifying the Trustee that the Authorized Participant wishes to place a Redemption Order for the Trustee to redeem an identified number of Baskets and requesting that the Trustee provide an order number. The Authorized Person provides a PIN as identification to the Trustee.

R1.1.3 Incoming telephone calls are queued and will be handled in the sequence received. The Trustee will process the Redemption Order(s) if the phone call initiated by the Authorized Person is placed before the Order Cut-Off Time or the Early Order Cut-Off Time as applicable, even though the remainder of the order process is not completed until after the Order Cut-Off Time or the Early Order Cut-Off Time. Accordingly, do not hang up and redial.

R1.1.4 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time, as applicable, are rejected.

R1.1.5 During the phone call from the Authorized Person of the Authorized Participant to initiate a Redemption Order, the Trustee will give an order number for the Authorized Participant’s Redemption Order.

R1.1.6 Within 15 minutes after the phone call initiating the Redemption Order, the Authorized Participant will fax the Redemption Order to the Trustee using the Redemption Order Form included as part of the Participant Agreement.

R1.1.7 The Redemption Order Form provides, among other things, for the number of Baskets that the Authorized Participant is redeeming and the condition that the Redemption Order is subject to Trustee’s receipt of the Transaction Fees by SPO/DTC Charge prior to the delivery of the Swiss Francs to the Authorized Participant on REDEMPTION T+2.

R1.1.8 If the Trustee has not received the Redemption Order Form from the Authorized Participant within 15 minutes after the Authorized Person placed the phone call to the Trustee, the Trustee places a phone call to the Authorized Participant to inquire about the status of the order. If the Authorized Participant does not fax the Redemption Order Form to the Trustee within 15 minutes after the Trustee’s phone call, the Authorized Participant’s order is cancelled, but the Authorized Participant will remain liable to the Trustee for the Transaction Fees.

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R1.2 If the Trustee has received the Authorized Participant’s Redemption Order Form on time in accordance with the preceding timing rules, then by 5:00 p.m. NYC time on REDEMPTION T, the Trustee will return to the Authorized Participant a copy of the Redemption Order Form submitted, marking it “Affirmed subject to receipt of Transaction Fees prior to delivery of the Swiss Francs on REDEMPTION T+2” and indicating, on a preliminary basis subject to confirmation, the number of Swiss Francs the Participant will receive upon redemption of the indicated Basket(s).

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository indicating the amount of Swiss Francs to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository) to the Authorized Participant’s designated account by 3:30 p.m. Zurich time (usually 9:30 a.m. NYC time) on REDEMPTION T+2.

R1.4 NOTES FOR TRUSTEE AND DEPOSITORY (REDEMPTION T)

R1.4.1 The Trustee will only deliver the authenticated electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC.

R1.4.2 If an Authorized Participant has placed its Redemption Order with the Trustee on CREATION T using the Trustee’s electronic order entry system, by 6:00 p.m. NYC time the Trustee will send an email message to the Authorized Participant indicating the approximate total amount of Swiss Francs to be delivered to the Authorized Participant on REDEMPTION T+2.

R2 REDEMPTION T+1

R2.1 On REDEMPTION T+1 the Trustee notifies the Authorized Participant of the final amount of Swiss Francs the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+2 (the “Basket Swiss Francs Amount”).

R3 REDEMPTION T+2

R3.1 Prior to the delivery of the Basket Swiss Francs Amount on REDEMPTION T+2, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge).

R3.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Zurich time), the Authorized Participant delivers free to the Trustee’s participant account at DTC (#2209) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s DTC operations desk ((718) 315-7500) to expect the Authorized Participant’s Shares through DTC.

R3.2.1 By 9:00 a.m. NYC time (usually 3:00 p.m. Zurich time), the Trustee’s DTC operations desk notifies the Trustee whether the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC.

R3.2.2 By 9:00 a.m. NYC time (usually 3:00 p.m. Zurich time), if the Shares being redeemed by the Authorized Participant have been received into the Trustee’s participant account at DTC, then the Trustee’s DTC operations desk accepts the Shares to be redeemed, notifies the Trustee that the Trustee has received the Authorized Participant’s Shares and identifies the Authorized Participant from whom the Shares have been received.

R3.2.3 By 9:00 a.m. NYC time (usually 3:00 p.m. Zurich time), if the Shares of a redeeming Authorized Participant have not been received into the Trustee’s participant account at DTC, then the Trustee’s operations desk notifies the Trustee that the Trustee has not received the Shares from the Authorized Participant, and identifies the Authorized Participant from whom Shares have not been received.

R3.3 By 9:30 a.m. NYC time (usually 3:30 p.m. Zurich time), the Trustee sends an authenticated electronic message (SWIFT MT202) to the Depository directing the Depository to transfer the Basket Swiss Francs

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Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The Swiss Francs will be sent to the designated accounts by wire (RTGSplus, EBA EURO1, TARGET, or another funds transfer method acceptable to the Depository).

R3.4 As of 3:30 p.m. Zurich time (usually 9:30 a.m. NYC time), following the receipt of the authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Swiss Francs Amount from the Trust Account and to transfer the Basket Swiss Francs Amount to the Authorized Participant’s designated account.

R3.4.1 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to cancel Shares received for redemption.

R3.4.2 By DTC free delivery cut-off time (usually 3:00 p.m. NYC time), the Trustee’s transfer agent services desk cancels the Authorized Participant’s Shares received for redemption and reduces the number of Trust Shares outstanding.

R3.5 Following the close of business (usually 4:00 p.m. Zurich time) on REDEMPTION T+2, the Depository makes the appropriate entries in its books and records to reflect the redemptions.

R3.6 Following the close of business (usually 4:00 p.m. Zurich time) on REDEMPTION T+2, the Depository Swiss Francs system updates its account records, recording the movements of Swiss Francs in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 4:00 p.m. Zurich time) on REDEMPTION T+2.

R3.7 Following the close of business (usually 4:00 p.m. Zurich time) on REDEMPTION T+2, the Depository Swiss Francs system automatically generates an authenticated electronic message (SWIFT MT940 or Swift MT950) constituting a statement of the activity affecting the Deposit Account (received only by the Trustee).

Note: Both creation and redemption activities (delivery/receipts) time frames are subject to change based on depository requirements.

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EXHIBIT B – FXA

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

CURRENCYSHARES AUSTRALIAN DOLLAR TRUST ETF

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number:	(718) 315 - 7500
Fax order number:	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
Custodian Instructions	(000-000-0000) / SWIFT CHASGB2L

Participant must complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form.

I. TO BE COMPLETED BY PARTICIPANT:

Date:	Time:
Broker Name:	Firm Name:
DTC Participant Number:	Fax Number:
Telephone Number:

Type of Order (Check Creation or Redemption):

Creation of FXA                            Redemption of FXA             

Number of Creation Units (CU) Transacted (One CU = 50,000 FXA):

Number:                                          Number Written Out:                                     

Order #                                     

This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Australian Dollar Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Australian Dollar Amount disseminated the previous business day and recognizes the final Basket Australian Dollar Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket Australian Dollar Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set forth in the Participant Agreement.

                                                                   Date                                                       Authorized Person’s Signature

II. TO BE COMPLETED BY TRUSTEE:

This certifies that the above order has been:

Accepted by the Trustee
Declined by the Trustee – Reason:
Final # of Australian Dollars	Final # of FXA Shares
Final Cash Due to Trustee	Final Cash Due to AP
Date                                             Time	Authorized Signature of Trustee

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EXHIBIT B – FXB

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

CURRENCYSHARES BRITISH POUND STERLING TRUST ETF

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number:     (718) 315 - 7500

Fax order number:                (732) 667 - 9478 / Alt. Fax: (718) 315 - 3080

Custodian Instructions          (000-000-0000) / SWIFT CHASGB2L

Participant must complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form.

I. TO BE COMPLETED BY PARTICIPANT:

Date:	Time:
Broker Name:	Firm Name:
DTC Participant Number:	Fax Number:
Telephone Number:

Type of Order (Check Creation or Redemption):

Creation of FXB            Redemption of FXB           

Number of Creation Units (CU) Transacted (One CU = 50,000 FXB):

Number:                              Number Written Out:                                         

Order #                             

This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares^® British Pound Sterling Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket British Pound Amount disseminated the previous business day and recognizes the final Basket British Pound Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket British Pound Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set forth in the Participant Agreement.

                                                                  Date                                                       Authorized Person’s Signature

II. TO BE COMPLETED BY TRUSTEE:

This certifies that the above order has been:

                     Accepted by the Trustee

                     Declined by the Trustee – Reason:                                                                                           

Final # of British Pounds	Final # of FXB Shares
Final Cash Due to Trustee	Final Cash Due to AP

                                           Date     
                                                      Time                                                                                              Authorized Signature of Trustee

106

EXHIBIT B – FXC

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

CURRENCYSHARES CANADIAN DOLLAR TRUST ETF

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number:	(718) 315 - 7500
Fax order number:	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
Custodian Instructions	(000-000-0000) / SWIFT CHASGB2L

Participant must complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form.

I. TO BE COMPLETED BY PARTICIPANT:

Date:	Time:
Broker Name:	Firm Name:
DTC Participant Number:	Fax Number:
Telephone Number:

Type of Order (Check Creation or Redemption):

Creation of FXC                            Redemption of FXC             

Number of Creation Units (CU) Transacted (One CU = 50,000 FXC):

Number:                                          Number Written Out:                                     

Order #                                     

This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Canadian Dollar Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Canadian Dollar Amount disseminated the previous business day and recognizes the final Basket Canadian Dollar Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket Canadian Dollar Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set forth in the Participant Agreement.

                                                                   Date                                                       Authorized Person’s Signature

II. TO BE COMPLETED BY TRUSTEE:

This certifies that the above order has been:

Accepted by the Trustee
Declined by the Trustee – Reason:
Final # of Canadian Dollars	Final # of FXC Shares
Final Cash Due to Trustee	Final Cash Due to AP
Date                                             Time	Authorized Signature of Trustee

107

EXHIBIT B – FXE

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

CURRENCYSHARES EURO TRUST ETF

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number:	(718) 315 - 7500
Fax order number:	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
Custodian Instructions	(000-000-0000) / SWIFT CHASGB2L

Participant must complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form.

I. TO BE COMPLETED BY PARTICIPANT:

Date:	Time:
Broker Name:	Firm Name:
DTC Participant Number:	Fax Number:
Telephone Number:

Type of Order (Check Creation or Redemption):

Creation of FXE                         Redemption of FXE         

Number of Creation Units (CU) Transacted (One CU = 50,000 FXE):

Number:                                     Number Written Out:                                     

Order #                                         

This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares^® Euro Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Euro Amount disseminated the previous business day and recognizes the final Basket Euro Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket Euro Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set forth in the Participant Agreement.

                                                                   Date                                                       Authorized Person’s Signature

II. TO BE COMPLETED BY TRUSTEE:

This certifies that the above order has been:

Accepted by the Trustee
Declined by the Trustee – Reason:
Final # of Euros	Final # of FXE Shares
Final Cash Due to Trustee	Final Cash Due to AP
Date                                             Time	Authorized Signature of Trustee

108

EXHIBIT B – FXY

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

CURRENCYSHARES JAPANESE YEN TRUST ETF

CONTACT INFORMATION FOR ORDER EXECUTION:
Telephone order number:	(718) 315 - 7500
Fax order number:	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
Custodian Instructions	(000-000-0000) / SWIFT CHASGB2L

Participant must complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form.

I. TO BE COMPLETED BY PARTICIPANT:

Date:	Time:
Broker Name:	Firm Name:
DTC Participant Number:	Fax Number:
Telephone Number:

Type of Order (Check Creation or Redemption):

Creation of FXY                               Redemption of FXY               

Number of Creation Units (CU) Transacted (One CU = 50,000 FXY):

Number:                                             Number Written Out:                                         

Order #                                         

This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares^® Japanese Yen Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Japanese Yen Amount disseminated the previous business day and recognizes the final Basket Japanese Yen Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket Japanese Yen Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set forth in the Participant Agreement.

                                                                   Date                                                       Authorized Person’s Signature

II. TO BE COMPLETED BY TRUSTEE:

This certifies that the above order has been:

Accepted by the Trustee
Declined by the Trustee – Reason:
Final # of Japanese Yen	Final # of FXY Shares
Final Cash Due to Trustee	Final Cash Due to AP
Date                                             Time	Authorized Signature of Trustee

109

EXHIBIT B – FXSG

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

CURRENCYSHARES SINGAPORE DOLLAR TRUST ETF

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number:	(718) 315 - 7500
Fax order number:	(732) 667 - 9478 / Alt. Fax: (718) 315 - 3080
Custodian Instructions	(000-000-0000) / SWIFT CHASGB2L

Participant must complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form.

I. TO BE COMPLETED BY PARTICIPANT:

Date:	Time:
Broker Name:	Firm Name:
DTC Participant Number:	Fax Number:
Telephone Number:

Type of Order (Check Creation or Redemption):

Creation of FXSG                          Redemption of FXSG             

Number of Creation Units (CU) Transacted (One CU = 50,000 FXSG):

Number:                                          Number Written Out:                                     

Order #                                     

This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares® Singapore Dollar Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Singapore Dollar Amount disseminated the previous business day and recognizes the final Basket Singapore Dollar Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket Singapore Dollar Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set forth in the Participant Agreement.

                                                                   Date                                                       Authorized Person’s Signature

II. TO BE COMPLETED BY TRUSTEE:

This certifies that the above order has been:

Accepted by the Trustee
Declined by the Trustee – Reason:
Final # of Singapore Dollars	Final # of FXSG Shares
Final Cash Due to Trustee	Final Cash Due to AP
Date                                             Time	Authorized Signature of Trustee

110

EXHIBIT B – FXS

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

CURRENCYSHARES SWEDISH KRONA TRUST ETF

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number:     (718) 315 - 7500

Fax order number:                (732) 667 - 9478 / Alt. Fax: (718) 315 - 3080

Custodian Instructions          (000-000-0000) / SWIFT CHASGB2L

Participant must complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form.

I. TO BE COMPLETED BY PARTICIPANT:

Date:	Time:
Broker Name:	Firm Name:
DTC Participant Number:	Fax Number:
Telephone Number:

Type of Order (Check Creation or Redemption):

Creation of FXS            Redemption of FXS           

Number of Creation Units (CU) Transacted (One CU = 50,000 FXS):

Number:                               Number Written Out:                                         

Order #                             

This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares^® Swedish Krona Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Swedish Krona Amount disseminated the previous business day and recognizes the final Basket Swedish Krona Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket Swedish Krona Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set forth in the Participant Agreement.

                                                                  Date                                                       Authorized Person’s Signature

II. TO BE COMPLETED BY TRUSTEE:

This certifies that the above order has been:

                     Accepted by the Trustee

                     Declined by the Trustee – Reason:                                                                                                 

Final # of Swedish Kronor	Final # of FXS Shares
Final Cash Due to Trustee	Final Cash Due to AP

                                           Date     
                                                    Time                                                                             Authorized Signature of Trustee

111

EXHIBIT B – FXF

THE BANK OF NEW YORK MELLON, TRUSTEE

CREATION/REDEMPTION ORDER FORM

CURRENCYSHARES SWISS FRANC TRUST ETF

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number:     (718) 315 - 7500

Fax order number:                (732) 667 - 9478 / Alt. Fax: (718) 315 - 3080

Custodian Instructions          (000-000-0000) / SWIFT CHASGB2L

Participant must complete all items in Part I. The Trustee and/or Transfer Agent, in their discretion may reject any order not submitted in complete form.

I. TO BE COMPLETED BY PARTICIPANT:

Date:	Time:
Broker Name:	Firm Name:
DTC Participant Number:	Fax Number:
Telephone Number:

Type of Order (Check Creation or Redemption):

Creation of FXF              Redemption of FXF         

Number of Creation Units (CU) Transacted (One CU = 50,000 FXF):

Number:                              Number Written Out:                             

Order #                                     

This Order is subject to the terms and conditions of the Depositary Trust Agreement of the CurrencyShares^® Swiss Franc Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in the Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement and that he/she is authorized to deliver this Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Swiss Franc Amount disseminated the previous business day and recognizes the final Basket Swiss Franc Amount represented will be increased or decreased based on the Trust’s daily accrual. At the conclusion of the trading day a Final NAV will be disseminated to all Authorized Participants, and the Basket Swiss Franc Amount and Transaction Fee required for the creation/redemption order entered into on this day will be finalized and this Order will serve as a legally binding contract for settlement in 2 business days or as otherwise set forth in the Participant Agreement.

Date Authorized Person’s Signature

II. TO BE COMPLETED BY TRUSTEE:

This certifies that the above order has been:

Accepted by the Trustee
Declined by the Trustee – Reason:
Final # of Swiss Francs	Final # of FXF Shares
Final Cash Due to Trustee	Final Cash Due to AP
Date                                                 Time	Authorized Signature of Trustee

112

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302(A)

OF THE SARBANES-OXLEY ACT OF 2002

I, John Sullivan, certify that:

1. I have reviewed the Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2017 of CurrencyShares^® Japanese Yen Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves persons who have a significant role in the registrant’s internal control over financial reporting.

Date: September 11, 2017

/s/ JOHN SULLIVAN

John Sullivan

Chief Executive Officer

(principal executive officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO SECTION 302(A)

OF THE SARBANES-OXLEY ACT OF 2002

I, Keith D. Kemp, certify that:

1. I have reviewed the Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2017 of CurrencyShares^® Japanese Yen Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves persons who have a significant role in the registrant’s internal control over financial reporting.

Date: September 11, 2017

/s/ KEITH D. KEMP

Keith D. Kemp

Chief Financial Officer

(principal financial officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CurrencyShares^® Japanese Yen Trust (the “Trust”) on Form 10-Q for the quarterly period ended July 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John Sullivan, Chief Executive Officer of Guggenheim Specialized Products, LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: September 11, 2017

/s/ JOHN SULLIVAN

John Sullivan*

Chief Executive Officer

(principal executive officer)

^* The Registrant is a trust and John Sullivan is signing in his capacity as the principal executive officer of Guggenheim Specialized Products, LLC, the Sponsor of the Registrant.

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CurrencyShares^® Japanese Yen Trust (the “Trust”) on Form 10-Q for the quarterly period ended July 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Keith Kemp, Chief Financial Officer of Guggenheim Specialized Products, LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: September 11, 2017

/s/ KEITH D. KEMP

Keith D. Kemp*

Chief Financial Officer

(principal financial officer)

^* The Registrant is a trust and Keith Kemp is signing in his capacity as the principal financial officer of Guggenheim Specialized Products, LLC, the Sponsor of the Registrant.

XML

Document and Entity Information	9 Months Ended
	Jul. 31, 2017 shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	FXY
Entity Registrant Name	CURRENCYSHARES JAPANESE YEN TRUST
Entity Central Index Key	0001353613
Current Fiscal Year End Date	--10-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	0

XML

Statements of Financial Condition - USD ($)	Jul. 31, 2017	Oct. 31, 2016
Current Assets:
Japanese Yen deposits, interest bearing	$ 113,192,617	$ 110,280,686
Japanese Yen deposits, non-interest bearing	0	0
Total Current Assets	113,192,617	110,280,686
Current Liabilities:
Accrued Sponsor's fee	38,876	40,116
Accrued interest expense	10,002	10,377
Total Current Liabilities	48,878	50,493
Commitments and Contingent Liabilities (note 8)
Redeemable Capital Shares, at redemption value, no par value, 64,000,000 authorized - 1,300,000 and 1,200,000 issued and outstanding, respectively	113,143,739	110,230,193
Shareholders' Equity:
Retained Earnings	0	0
Cumulative Translation Adjustment	0	0
Total Liabilities, Redeemable Capital Shares and Shareholders' Equity	$ 113,192,617	$ 110,280,686

XML

Statements of Financial Condition (Parenthetical) - $ / shares	Jul. 31, 2017	Oct. 31, 2016
Statement of Financial Position [Abstract]
Redeemable Capital Shares, no par value	$ 0	$ 0
Redeemable Capital Shares, shares authorized	64,000,000	64,000,000
Redeemable Capital Shares, shares issued	1,300,000	1,200,000
Redeemable Capital Shares, shares outstanding	1,300,000	1,200,000

XML

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Income
Interest Income	$ 0	$ 0	$ 0	$ 0
Total Income	0	0	0	0
Expenses
Sponsor's fee	(121,337)	(146,405)	(356,614)	(607,063)
Interest Expense	(30,822)	(37,499)	(90,502)	(39,977)
Total Expenses	(152,159)	(183,904)	(447,116)	(647,040)
Net Loss	$ (152,159)	$ (183,904)	$ (447,116)	$ (647,040)
Basic and Diluted Earnings per Share	$ (0.11)	$ (0.12)	$ (0.32)	$ (0.27)
Weighted-average Shares Outstanding	1,398,370	1,597,283	1,390,842	2,389,051
Cash Dividends per Share	$ 0	$ 0	$ 0	$ 0
Other Comprehensive Loss:
Currency translation adjustment	$ (1,816)	$ (6,344)	$ (3,536)	$ (18,296)
Total Comprehensive Loss	$ (153,975)	$ (190,248)	$ (450,652)	$ (665,336)

XML

Statements of Changes in Shareholders' Equity - USD ($)		Total	Retained Earnings [Member]		Accumulated Other Comprehensive Income (Loss) [Member]
Beginning of Period at Oct. 31, 2015			$ 0		$ 0
Net Loss			(826,488)
Currency translation adjustment					(13,594)
Adjustment of redeemable capital shares to redemption value			826,488		13,594
End of Period at Oct. 31, 2016	[1]		0		0
Net Loss		$ (447,116)	(447,116)	[1]
Currency translation adjustment		$ (3,536)			(3,536)	[1]
Adjustment of redeemable capital shares to redemption value	[1]		447,116		3,536
End of Period at Jul. 31, 2017	[1]		$ 0		$ 0

[1] (Unaudited)

XML

Statements of Cash Flows (Unaudited)	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2017 USD ($)	Jul. 31, 2016 USD ($)	Jul. 31, 2017 USD ($)	Jul. 31, 2016 USD ($)	Oct. 31, 2016 USD ($)
Cash flows from operating activities
Cash received for accrued income			$ 0	$ 0
Cash paid for expenses			(446,276)	(638,279)
Net cash used in operating activities			(446,276)	(638,279)
Cash flows from financing activities
Cash received to purchase redeemable shares			274,407,976	389,839,219
Cash paid to redeem redeemable shares			(265,790,488)	(393,911,854)
Net cash provided by/(used in) financing activities			8,617,488	(4,072,635)
Adjustment to period cash flows due to currency movement			(5,259,281)	22,340,520
Increase in cash			2,911,931	17,629,606
Cash at beginning of period			110,280,686	128,613,360	$ 128,613,360
Cash at end of period	$ 113,192,617	$ 146,242,966	113,192,617	146,242,966	$ 110,280,686
Reconciliation of net loss to net cash used in operating activities
Net Loss	$ (152,159)	$ (183,904)	(447,116)	(647,040)
Adjustments to reconcile net loss to net cash used in operating activities:
Currency translation adjustment			2,455	(10,930)
Accrued sponsor fee			38,876	51,701
Accrued interest expense			10,002	13,393
Prior period accrued sponsor fee			(40,116)	(45,403)
Prior period accrued interest expense			(10,377)
Net cash used in operating activities			$ (446,276)	$ (638,279)

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Organization and Description of the Trust

9 Months Ended

Jul. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of the Trust

1. Organization and Description of the Trust

The CurrencyShares^® Japanese Yen Trust (the “Trust”) was formed under the laws of the State of New York on February 1, 2007 when Guggenheim Specialized Products, LLC d/b/a “Guggenheim Investments” (the “Sponsor”) deposited 10,000 Japanese Yen in the Trust’s primary deposit account held by JPMorgan Chase Bank, N.A., London Branch (the “Depository”). The Sponsor is a Delaware limited liability company whose sole member is Security Investors, LLC (also d/b/a “Guggenheim Investments”). The Sponsor is responsible for, among other things, overseeing the performance of The Bank of New York Mellon (the “Trustee”) and the Trust’s principal service providers, including the preparation of financial statements. The Trustee is responsible for the day-to-day administration of the Trust.

The investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price in U.S. Dollars (“USD”) of the Japanese Yen plus accrued interest, if any, less the Trust’s expenses and liabilities. The Shares are intended to provide investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Japanese Yen. The Trust’s assets primarily consist of Japanese Yen on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account which may earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of blocks of 50,000 Shares (“Baskets”). The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for Form 10-Q. In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in the Form 10-K as filed on January 12, 2017.

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Significant Accounting Policies

9 Months Ended

Jul. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

A. Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosures of contingent liabilities at the date of the financial statements, the reported amounts of revenue and expenses during the period and the evaluation of subsequent events through the issuance date of the financial statements. Actual results could differ from those estimates.

B. Foreign Currency Translation

The Trustee calculates the Trust’s net asset value (“NAV”) each business day, as described in Note 4. For NAV calculation purposes, Japanese Yen deposits (cash) are translated at the Closing Spot Rate, which is the Japanese Yen/USD exchange rate as determined and published by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading.

The functional currency of the Trust is the Japanese Yen in accordance with generally accepted accounting standards. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from Japanese Yen to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows. Any currency translation adjustment is included in comprehensive income.

C. Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders.

Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder.

The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes.

The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Japanese Yen. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Japanese Yen by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

D. Revenue Recognition

Interest on the primary deposit account, if any, accrues daily as earned and is received or paid on a monthly basis. Any interest below zero for the period is reflected as interest expense.

E. Dividends

To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Japanese Yen effective on the first business day of the subsequent month. The Trustee will direct that the excess Japanese Yen be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).

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Japanese Yen Deposits

9 Months Ended

Jul. 31, 2017

Cash and Cash Equivalents [Abstract]

Japanese Yen Deposits

3. Japanese Yen Deposits

Japanese Yen principal deposits are held in a Japanese Yen-denominated, interest-bearing demand account. The interest rate in effect as of July 31, 2017 was an annual nominal rate of -0.10%. For the nine months July 31, 2017, there were Japanese Yen principal deposits of 30,841,041,732, Japanese Yen principal redemptions of 29,872,511,883 and Japanese Yen withdrawals (to pay expenses) of 50,157,508, resulting in an ending Japanese Yen principal balance of 12,507,218,194. This equates to 113,192,617 USD. For the year ended October 31, 2016, there were Japanese Yen principal deposits of 48,913,044,314, Japanese Yen principal redemptions of 52,752,711,224 and Japanese Yen withdrawals (to pay expenses) of 91,904,462 resulting in an ending Japanese Yen principal balance of 11,588,845,853. This equates to 110,280,686 USD.

Net interest, if any, associated with creation and redemption activity is held in a Japanese Yen-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.

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Redeemable Capital Shares

9 Months Ended

Jul. 31, 2017

Equity [Abstract]

Redeemable Capital Shares

4. Redeemable Capital Shares

Shares are classified as “redeemable” for financial statement purposes, since they are subject to redemption. Shares are issued and redeemed continuously in Baskets in exchange for Japanese Yen. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of the DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations and redemptions of Baskets and the three-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at a redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital Shares at redemption value are recorded against retained earnings or, in the absence of retained earnings, by charges against the cumulative translation adjustment.

Activity in redeemable capital Shares is as follows:

	Nine months ended July 31, 2017 (Unaudited)						Year ended October 31, 2016
	Shares			U.S. Dollar Amount			Shares			U.S. Dollar Amount
Opening Balance		1,200,000		$	110,230,193			1,600,000		$	128,567,957
Shares Issued		3,200,000			274,407,976			5,050,000			443,142,449
Shares Redeemed		(3,100,000	)		(265,790,488	)		(5,450,000	)		(477,929,067	)
Adjustment to period Shares due to currency movement and other		—			(5,703,942	)		—			16,448,854
Ending Balance		1,300,000		$	113,143,739			1,200,000		$	110,230,193

The Trustee calculates the Trust’s NAV each business day. To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the Japanese Yen held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates the value of the Japanese Yen in USD based upon the Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation. If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s Japanese Yen, they will determine an alternative basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares. Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share; Shares deliverable under a redemption order are not considered outstanding for this purpose.

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Sponsor's Fee

9 Months Ended

Jul. 31, 2017

Payables and Accruals [Abstract]

Sponsor's Fee

5. Sponsor’s Fee

The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Japanese Yen in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly.

The Sponsor assumes and pays the following administrative and marketing expenses incurred by the Trust: the Trustee’s monthly fee, NYSE Arca listing fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, and applicable license fees.

In certain exceptional cases the Trust will pay for some expenses in addition to the Sponsor’s fee. These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), expenses resulting from a negative interest rate, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, audit fees and legal expenses in excess of $100,000 per year.

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Related Parties

9 Months Ended

Jul. 31, 2017

Related Party Transactions [Abstract]

Related Parties

6. Related Parties

The Sponsor is a related party of the Trust. The Sponsor oversees the performance of the Trustee and the Trust’s principal service providers, including the preparation of financial statements, but does not exercise day-to-day oversight over the Trustee or the Trust’s service providers.

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Concentration Risk

9 Months Ended

Jul. 31, 2017

Risks and Uncertainties [Abstract]

Concentration Risk

7. Concentration Risk

All of the Trust’s assets are Japanese Yen, which creates a concentration risk associated with fluctuations in the price of the Japanese Yen. Accordingly, a decline in the Japanese Yen to USD exchange rate will have an adverse effect on the value of the Shares. Factors that may have the effect of causing a decline in the price of the Japanese Yen include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Substantial sales of Japanese Yen by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold Japanese Yen as part of their reserve assets) could adversely affect an investment in the Shares.

All of the Trust’s Japanese Yen are held by the Depository. Accordingly, a risk associated with the concentration of the Trust’s assets in accounts held by a single financial institution exists and increases the potential for loss by the Trust and the Trust’s beneficiaries in the event that the Depository becomes insolvent.

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Commitments and Contingencies

9 Months Ended

Jul. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Under the Trust’s organizational documents, the Sponsor is indemnified against any liability or expense it incurs without negligence, bad faith or willful misconduct on its part. The Trust’s maximum exposure under this arrangement is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

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Significant Accounting Policies (Policies)

9 Months Ended

Jul. 31, 2017

Accounting Policies [Abstract]

Use of Estimates

A. Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of the assets, liabilities and disclosures of contingent liabilities at the date of the financial statements, the reported amounts of revenue and expenses during the period and the evaluation of subsequent events through the issuance date of the financial statements. Actual results could differ from those estimates.

Foreign Currency Translation

B. Foreign Currency Translation

The Trustee calculates the Trust’s net asset value (“NAV”) each business day, as described in Note 4. For NAV calculation purposes, Japanese Yen deposits (cash) are translated at the Closing Spot Rate, which is the Japanese Yen/USD exchange rate as determined and published by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading.

The functional currency of the Trust is the Japanese Yen in accordance with generally accepted accounting standards. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from Japanese Yen to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows. Any currency translation adjustment is included in comprehensive income.

Federal Income Taxes

C. Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders.

Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder.

The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes.

The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Japanese Yen. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Japanese Yen by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

Revenue Recognition

D. Revenue Recognition

Interest on the primary deposit account, if any, accrues daily as earned and is received or paid on a monthly basis. Any interest below zero for the period is reflected as interest expense.

Dividends

E. Dividends

To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Japanese Yen effective on the first business day of the subsequent month. The Trustee will direct that the excess Japanese Yen be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).

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Redeemable Capital Shares (Tables)

9 Months Ended

Jul. 31, 2017

Equity [Abstract]

Schedule for Redeemable Capital Shares Activity

Activity in redeemable capital Shares is as follows:

	Nine months ended July 31, 2017 (Unaudited)						Year ended October 31, 2016
	Shares			U.S. Dollar Amount			Shares			U.S. Dollar Amount
Opening Balance		1,200,000		$	110,230,193			1,600,000		$	128,567,957
Shares Issued		3,200,000			274,407,976			5,050,000			443,142,449
Shares Redeemed		(3,100,000	)		(265,790,488	)		(5,450,000	)		(477,929,067	)
Adjustment to period Shares due to currency movement and other		—			(5,703,942	)		—			16,448,854
Ending Balance		1,300,000		$	113,143,739			1,200,000		$	110,230,193

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Organization and Description of the Trust - Additional Information (Detail)	9 Months Ended
	Jul. 31, 2017 JPY (¥) Depositor shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of Incorporation	Feb. 01, 2007
Initial deposits by sponsor, primary deposit account | ¥	¥ 10,000
Number of deposits accounts in which trust's assets primarily consist of Japanese Yen | Depositor	2
Redemptions capital shares, number of shares in each block | shares	50,000

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Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Jul. 31, 2017 USD ($)
Accounting Policies [Abstract]
Provision for federal income taxes	$ 0
Number of days in United States for tax purposes	183 days

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Japanese Yen Deposits - Additional Information (Detail)	9 Months Ended			12 Months Ended
	Jul. 31, 2017 USD ($)	Jul. 31, 2017 JPY (¥)	Jul. 31, 2016 USD ($)	Oct. 31, 2016 JPY (¥)	Jul. 31, 2017 JPY (¥)	Oct. 31, 2016 USD ($)	Oct. 31, 2016 JPY (¥)
Cash and Cash Equivalents [Abstract]
Annual nominal rate	(0.10%)	(0.10%)
Principal deposits	$ 274,407,976	¥ 30,841,041,732	$ 389,839,219	¥ 48,913,044,314
Principal redemptions	265,790,488	29,872,511,883	393,911,854	52,752,711,224
Withdrawals (to pay expenses)	446,276	¥ 50,157,508	$ 638,279	¥ 91,904,462
Deposits, interest bearing	$ 113,192,617				¥ 12,507,218,194	$ 110,280,686	¥ 11,588,845,853

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Redeemable Capital Shares - Additional Information (Detail)	9 Months Ended
	Jul. 31, 2017
Temporary Equity Disclosure [Abstract]
Redeemable capital shares, settlement of each creation or redemption period	3 days

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Redeemable Capital Shares - Schedule for Redeemable Capital Shares Activity (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Jul. 31, 2017	Oct. 31, 2016
Temporary Equity Disclosure [Abstract]
Opening Balance, Shares	1,200,000	1,600,000
Shares Issued, Shares	3,200,000	5,050,000
Shares Redeemed, Shares	(3,100,000)	(5,450,000)
Adjustment to period Shares due to currency movement and other, Shares	0	0
Ending Balance, Shares	1,300,000	1,200,000
Opening Balance, Amount	$ 110,230,193	$ 128,567,957
Shares Issued, Amount	274,407,976	443,142,449
Shares Redeemed, Amount	(265,790,488)	(477,929,067)
Adjustment to period Shares due to currency movement and other, Amount	(5,703,942)	16,448,854
Ending Balance, Amount	$ 113,143,739	$ 110,230,193

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Sponsor's Fee - Additional Information (Detail) - Sponsor [Member]	9 Months Ended
	Jul. 31, 2017 USD ($)
Accrued Professional Fees [Member]
Related Party Transaction [Line Items]
Sponsor's fee accrues daily and paid monthly, annual nominal Rate	0.40%
Professional Fees Liability [Member]
Related Party Transaction [Line Items]
Legal fees and expenses assumed	$ 100,000
Excess amount of assumed audit fees and legal expenses	$ 100,000