EX-4.4 4 dex44.htm AMENDMENT TO PARTICIPANT AGREEMENTS Amendment to Participant Agreements

Exhibit 4.4

AMENDMENT TO PARTICIPANT AGREEMENTS

THIS AMENDMENT TO PARTICIPANT AGREEMENTS (this “Amendment”) is made as of the 9th day of December, 2010 by and between The Bank of New York Mellon, a New York banking corporation, not in its individual capacity but solely as trustee (the “Trustee”) of the CurrencyShares Trusts set forth on Schedule A hereto (the “Trusts”) and Rydex Specialized Products LLC, a Delaware limited liability company d/b/a “Rydex Investments” (the “Sponsor”) as sponsor of the Trusts.

W I T N E S S E T H

WHEREAS, various authorized participants (the “Authorized Participants”), the Trustee and the Sponsor are parties to those certain Participant Agreements set forth on Schedule B hereto, as the same may have previously been amended (collectively the “Agreements” and individually, an “Agreement”); and

WHEREAS, the Trustee and the Sponsor desire to amend each of the Agreements on the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the terms and conditions contained herein, and in accordance with Section 18(a) of each Agreement, each of the Agreements is hereby amended as follows:

1. Definitions. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Agreements.

2. Amendments.

a. Section 5 of each Agreement is hereby revised in its entirety to read as follows:

“Section 5. Fees.

(a) In connection with each Order by an Authorized Participant to create or redeem one or more Baskets, the Trustee shall charge, and the Authorized Participant shall pay to the Trustee, the transaction fee prescribed in the Trust Agreement applicable to such creation or redemption. The initial transaction fee shall be five hundred dollars ($500). The transaction fee may be waived or otherwise adjusted from time to time as set forth in the Prospectus or the Procedures.

(b) In addition to the fee described in Section 5(a), in connection with each Order by an Authorized Participant to create or redeem two or more Baskets, the Sponsor shall charge, and the Authorized Participant shall pay to the Sponsor, an additional transaction fee applicable to such creation or redemption. The additional transaction fee shall range from five hundred dollars ($500) to two thousand dollars ($2,000), based on the number of Baskets created or redeemed

per Order. The additional transaction fee may be waived or otherwise adjusted from time to time as set forth in the Prospectus or the Procedures.

(c) Remittance of payment for the transaction fees set forth in Sections 5(a) and 5(b) shall be made in accordance with the Procedures.”

b. The fourth paragraph of Attachment A to each Agreement under the heading “CREATION AND REDEMPTION OF EURO CURRENCY SHARES AND RELATED EURO TRANSACTIONS - Scope of Procedures and Overview” is hereby revised in its entirety to read as follows:

“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”.

c. All references to “Transaction Fee” contained in Attachment A to each Agreement are hereby revised to read “Transaction Fees”.

3. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.

4. Other. In the event of any conflict between the terms of this Amendment and the terms of the Agreements, the terms of this Amendment shall control. All other terms and conditions of the Agreements shall remain in full force and effect.

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the undersigned have signed and delivered this Amendment as of the date first written above.

 

THE BANK OF NEW YORK MELLON

not in its individual capacity but solely as Trustee of the CurrencyShares Trusts set forth on Schedule A

By:  
/s/   Andrew Pfeifer

 

Name:           Andrew Pfeifer
Title:   Vice President

RYDEX SPECIALIZED PRODUCTS LLC

Sponsor of the CurrencyShares Trusts set forth on Schedule A

By:  
/s/   Joseph Arruda

 

Name:   Joseph Arruda
Title:   CFO

SCHEDULE A

THE TRUSTS

CurrencyShares Australian Dollar Trust

CurrencyShares British Pound Sterling Trust

CurrencyShares Canadian Dollar Trust

CurrencyShares Euro Trust

CurrencyShares Japanese Yen Trust

CurrencyShares Mexican Peso Trust

CurrencyShares Russian Ruble Trust

CurrencyShares Swedish Krona Trust

CurrencyShares Swiss Franc Trust

 

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SCHEDULE B

THE PARTICIPANT AGREEMENTS

 

Name of Trust

   

Name of Authorized Participant

   

Agreement

Date

Currency Shares Australian Dollar    ABN AMRO Clearing Chicago LLC ( FKA/Fortis Clearing Americas LLC/FKA/O’Connor & Co. LLC)    10/30/2007
Currency Shares British Pound Sterling    ABN AMRO Clearing Chicago LLC ( FKA/Fortis Clearing Americas LLC/FKA/O’Connor & Co. LLC)    11/3/2008
Currency Shares Canadian Dollars    ABN AMRO Clearing Chicago LLC ( FKA/Fortis Clearing Americas LLC/FKA/O’Connor & Co. LLC)    11/3/2008
Currency Shares Euro Trust    ABN AMRO Clearing Chicago LLC ( FKA/Fortis Clearing Americas LLC/FKA/O’Connor & Co. LLC)    4/16/2008
Currency Shares Swiss Franc    ABN AMRO Clearing Chicago LLC ( FKA/Fortis Clearing Americas LLC/FKA/O’Connor & Co. LLC)    10/30/2007
Currency Shares Mexican Peso    ABN AMRO Clearing Chicago LLC ( FKA/Fortis Clearing Americas LLC/FKA/O’Connor & Co. LLC)    11/3/2008
Currency Shares Japanese Yen    ABN AMRO Clearing Chicago LLC ( FKA/Fortis Clearing Americas LLC/FKA/O’Connor & Co. LLC)    4/21/2008
Currency Shares Australian Dollar    Citadel Securities LLC (formerly Citadel Derivatives Group, LLC and Citadel Trading Group, LLC #775)    11/13/2008
Currency Shares British Pound Sterling    Citadel Securities LLC (formerly Citadel Derivatives Group, LLC and Citadel Trading Group, LLC #775)    11/13/2008
Currency Shares Canadian Dollars    Citadel Securities LLC (formerly Citadel Derivatives Group, LLC and Citadel Trading Group, LLC #775)    11/13/2008
Currency Shares Euro Trust    Citadel Securities LLC (formerly Citadel Derivatives Group, LLC and Citadel Trading Group, LLC #775)    11/13/2008
Currency Shares Swiss Franc    Citadel Securities LLC (formerly Citadel Derivatives Group, LLC and Citadel Trading Group, LLC #775)    11/13/2008
Currency Shares Mexican Peso    Citadel Securities LLC (formerly Citadel Derivatives Group, LLC and Citadel Trading Group, LLC #775)    11/13/2008
Currency Shares Swedish Krona    Citadel Securities LLC (formerly Citadel Derivatives Group, LLC and Citadel Trading Group, LLC #775)    11/13/2008
Currency Shares Japanese Yen    Citadel Securities LLC (formerly Citadel Derivatives Group, LLC and Citadel Trading Group, LLC #775)    11/13/2008
Currency Shares British Pound Sterling    Credit Suisse Securities (USA) LLC    1/19/2007
Currency Shares Canadian Dollars    Credit Suisse Securities (USA) LLC    1/19/2007
Currency Shares Euro Trust    Credit Suisse Securities (USA) LLC    1/19/2007
Currency Shares Euro Trust    Deutsche Bank Securities Inc.    3/12/2007
Currency Shares Japanese Yen    Deutsche Bank Securities Inc.    3/12/2007
Currency Shares Australian Dollar    EWT, LLC    7/14/2008
Currency Shares British Pound Sterling    EWT, LLC    7/14/2008
Currency Shares Canadian Dollars    EWT, LLC    7/14/2008

 

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SCHEDULE B

THE PARTICIPANT AGREEMENTS

 

Name of Trust

   

Name of Authorized Participant

   

Agreement

Date

Currency Shares Euro Trust    EWT, LLC    4/24/2008
Currency Shares Swiss Franc    EWT, LLC    7/14/2008
Currency Shares Mexican Peso    EWT, LLC    7/14/2008
Currency Shares Swedish Krona    EWT, LLC    7/14/2008
Currency Shares Japanese Yen    EWT, LLC    7/14/2008
Currency Shares Australian Dollar    Goldman Sachs & Co.    6/22/2006
Currency Shares British Pound Sterling    Goldman Sachs & Co.    6/22/2006
Currency Shares Canadian Dollars    Goldman Sachs & Co.    6/22/2006
Currency Shares Euro Trust    Goldman Sachs & Co.    1/13/2006
Currency Shares Swiss Franc    Goldman Sachs & Co.    6/22/2006
Currency Shares Mexican Peso    Goldman Sachs & Co.    6/22/2006
Currency Shares Swedish Krona    Goldman Sachs & Co.    6/22/2006
Currency Shares Japanese Yen    Goldman Sachs & Co.    2/12/2007
Currency Shares Russian Ruble    Goldman Sachs & Co.    8/7/2008
Currency Shares Australian Dollar    Goldman Sachs Execution & Clearing LP    10/24/2008
Currency Shares British Pound Sterling    Goldman Sachs Execution & Clearing LP    6/19/2006
Currency Shares Canadian Dollars    Goldman Sachs Execution & Clearing LP    6/19/2006
Currency Shares Euro Trust    Goldman Sachs Execution & Clearing LP    5/5/2006
Currency Shares Swiss Franc    Goldman Sachs Execution & Clearing LP    10/24/2008
Currency Shares Mexican Peso    Goldman Sachs Execution & Clearing LP    2/15/2007
Currency Shares Swedish Krona    Goldman Sachs Execution & Clearing LP    1/29/2008
Currency Shares Japanese Yen    Goldman Sachs Execution & Clearing LP    2/9/2007
Currency Shares Russian Ruble    Goldman Sachs Execution & Clearing LP    2/27/2011
Currency Shares Australian Dollar    JP Morgan Securities, Inc. 060 & 0352 (Agreement assigned to JPMS by Bear, Stearns & Co. Inc.)    11/7/2007
Currency Shares British Pound Sterling    JP Morgan Securities, Inc. 060 & 0352 (Agreement assigned to JPMS by Bear, Stearns & Co. Inc.)    12/12/2007
Currency Shares Canadian Dollars    JP Morgan Securities, Inc. 060 & 0352 (Agreement assigned to JPMS by Bear, Stearns & Co. Inc.)    12/12/2007
Currency Shares Euro Trust    JP Morgan Securities, Inc. 060 & 0352 (Agreement assigned to JPMS by Bear, Stearns & Co. Inc.)    2/11/2008
Currency Shares Swiss Franc    JP Morgan Securities, Inc. 060 & 0352 (Agreement assigned to JPMS by Bear, Stearns & Co. Inc.)    12/12/2007
Currency Shares Mexican Peso    JP Morgan Securities, Inc. 060 & 0352 (Agreement assigned to JPMS by Bear, Stearns & Co. Inc.)    12/12/2007
Currency Shares Swedish Krona    JP Morgan Securities, Inc. 060 & 0352 (Agreement assigned to JPMS by Bear, Stearns & Co. Inc.)    11/7/2007
Currency Shares Japanese Yen    JP Morgan Securities, Inc. 060 & 0352 (Agreement assigned to JPMS by Bear, Stearns & Co. Inc.)    5/11/2007

 

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SCHEDULE B

THE PARTICIPANT AGREEMENTS

 

Name of Trust

   

Name of Authorized Participant

   

Agreement

Date

Currency Shares Russian Ruble    JP Morgan Securities, Inc.    8/16/2010
Currency Shares Australian Dollar    Knight Clearing Services, LLC    3/25/2010
Currency Shares British Pound Sterling    Knight Clearing Services, LLC    3/25/2010
Currency Shares Canadian Dollars    Knight Clearing Services, LLC    3/25/2010
Currency Shares Euro Trust    Knight Clearing Services, LLC    3/25/2010
Currency Shares Swiss Franc    Knight Clearing Services, LLC    3/25/2010
Currency Shares Mexican Peso    Knight Clearing Services, LLC    3/25/2010
Currency Shares Swedish Krona    Knight Clearing Services, LLC    3/25/2010
Currency Shares Japanese Yen    Knight Clearing Services, LLC    3/25/2010
Currency Shares Russian Ruble    Knight Clearing Services, LLC    3/25/2010
Currency Shares Australian Dollar    Merrill Lynch Professional Clearing Corp    6/26/2006
Currency Shares British Pound Sterling    Merrill Lynch Professional Clearing Corp    6/26/2006
Currency Shares Canadian Dollars    Merrill Lynch Professional Clearing Corp    6/26/2006
Currency Shares Euro Trust    Merrill Lynch Professional Clearing Corp    5/9/2006
Currency Shares Swiss Franc    Merrill Lynch Professional Clearing Corp    6/26/2006
Currency Shares Mexican Peso    Merrill Lynch Professional Clearing Corp    6/26/2006
Currency Shares Swedish Krona    Merrill Lynch Professional Clearing Corp    6/26/2006
Currency Shares Japanese Yen    Merrill Lynch Professional Clearing Corp    5/5/2007
Currency Shares Australian Dollar    Morgan Stanley & Co. Inc.    8/26/2010
Currency Shares British Pound Sterling    Morgan Stanley & Co. Inc.    8/26/2010
Currency Shares Canadian Dollars    Morgan Stanley & Co. Inc.    8/26/2010
Currency Shares Euro Trust    Morgan Stanley & Co. Inc.    8/24/2010
Currency Shares Swiss Franc    Morgan Stanley & Co. Inc.    8/26/2010
Currency Shares Mexican Peso    Morgan Stanley & Co. Inc.    8/26/2010
Currency Shares Swedish Krona    Morgan Stanley & Co. Inc.    8/26/2010
Currency Shares Japanese Yen    Morgan Stanley & Co. Inc.    8/26/2010
Currency Shares Australian Dollar    Newedge USA, LLC    8/26/2008
Currency Shares British Pound Sterling    Newedge USA, LLC    8/26/2008
Currency Shares Canadian Dollars    Newedge USA, LLC    8/26/2008
Currency Shares Euro Trust    Newedge USA, LLC    5/22/2008
Currency Shares Swiss Franc    Newedge USA, LLC    8/26/2008
Currency Shares Mexican Peso    Newedge USA, LLC    8/26/2008
Currency Shares Swedish Krona    Newedge USA, LLC    8/26/2008
Currency Shares Japanese Yen    Newedge USA, LLC    8/26/2008

 

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SCHEDULE B

THE PARTICIPANT AGREEMENTS

 

Name of Trust

   

Name of Authorized Participant

   

Agreement

Date

Currency Shares Australian Dollar    Nomura Securities International Inc.    6/14/2010
Currency Shares British Pound Sterling    Nomura Securities International Inc.    6/14/2010
Currency Shares Canadian Dollars    Nomura Securities International Inc.    6/14/2010
Currency Shares Euro Trust    Nomura Securities International Inc.    6/14/2010
Currency Shares Swiss Franc    Nomura Securities International Inc.    6/14/2010
Currency Shares Mexican Peso    Nomura Securities International Inc.    6/14/2010
Currency Shares Swedish Krona    Nomura Securities International Inc.    6/14/2010
Currency Shares Japanese Yen    Nomura Securities International Inc.    6/14/2010
Currency Shares Russian Ruble    Nomura Securities International Inc.    6/14/2010
Currency Shares Australian Dollar    Timber Hill LLC    5/21/2007
Currency Shares British Pound Sterling    Timber Hill LLC    5/21/2007
Currency Shares Canadian Dollars    Timber Hill LLC    5/21/2007
Currency Shares Euro Trust    Timber Hill LLC    5/21/2007
Currency Shares Swiss Franc    Timber Hill LLC    5/21/2007
Currency Shares Mexican Peso    Timber Hill LLC    5/21/2007
Currency Shares Swedish Krona    Timber Hill LLC    5/21/2007
Currency Shares Japanese Yen    Timber Hill LLC    5/21/2007

 

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