EX-4.8



 Exhibit 4.8 

CURRENCYSHARES® JAPANESE YEN TRUST 

PARTICIPANT AGREEMENT 
 This Participant
Agreement (this “Agreement”), dated as of             , 2015, is entered into by and between
                         (with respect to this Agreement, the “Authorized Participant”, and with respect
to the Trust Agreement referred to below, an “Authorized Participant”), 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® Japanese Yen Trust (the “Trust”), and Guggenheim Specialized Products LLC, d/b/a Guggenheim Investments, as sponsor (the “Sponsor”) of the
Trust. 
 SUMMARY 
 The Trustee serves
as the trustee of the Trust pursuant to the Depositary Trust Agreement dated as of February 9, 2007 among the Sponsor, the Trustee, the registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors
(the “Trust Agreement”). As provided in the Trust Agreement and described in the Prospectus (defined below), units of fractional undivided beneficial interests in and ownership of the Trust (the “Shares”) may be
created or redeemed by the Trustee for an Authorized Participant in aggregations of fifty thousand (50,000) Shares (each aggregation, a “Basket”). Baskets are offered only pursuant to the registration statement of the Trust on
Form S-3, as amended (Registration No: 333-193514), as declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter (collectively, the “Registration
Statement”) together with the prospectus of the Trust in the form first filed with the SEC pursuant to Rule 424 (the “Prospectus”) adopted under the Securities Act of 1933, as amended (the “1933 Act”).
Under the Trust Agreement, the Trustee is authorized to issue Baskets to, and redeem Baskets from, Authorized Participants under the Trust Agreement, only through the facilities of The Depository Trust Company (“DTC”) or a successor
depository, and only in exchange for an amount of Japanese Yen that is transferred between such Authorized Participant and the Trust. Under the Trust Agreement, the Trustee issues Baskets in exchange for Japanese Yen which are transferred by an
Authorized Participant to the London Branch of JPMorgan Chase Bank, N.A. (the “Depository”), and when the Trustee redeems Baskets tendered for redemption by an Authorized Participant in exchange for Japanese Yen, the Japanese Yen
held in the Trust Account are transferred to the Authorized Participant by the Depository. The foregoing Japanese Yen transfers are also governed by the Deposit Account Agreement the Trust has entered into with the Depository (the “Deposit
Account Agreement”). This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. 
 Because
new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a “distribution,” as such term is used in the 1933 Act, may be occurring. The Authorized Participant is cautioned that some of its
activities may result in its being deemed a participant in a distribution in a manner that would render it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized Participant should
review the “Plan of Distribution” portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order (defined below). 

Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement. To the extent there is a
conflict between any provision of this Agreement and the provisions of the Trust Agreement, the provisions of the Trust Agreement shall control. 
 To give
effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth below, the parties hereto agree as follows: 

Section 1. Order Placement. To place orders for the Trustee to create or redeem one or more Baskets, Authorized Participants must follow the
procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Attachment A hereto (the “Procedures”), as each may be amended, modified or supplemented from time to time. 







 Section 2. Status, Representations and Warranties of the Parties. 

(a) The Authorized Participant represents and warrants and covenants the following on the date hereof and at each time of purchase by the
Authorized Participant of a Basket from the Trust (each such time, the “Time of Purchase”), that: 
 (i) The Authorized
Participant is a participant of DTC (as such a participant, a “DTC Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give immediate notice to the Trustee of such event, and
this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant. 
 (ii) Unless
Section 2(a)(iii) applies, the Authorized Participant either (A) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of Financial Industry
Regulatory Authority, Inc. (“FINRA”), or (B) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states
or other jurisdictions where the nature of its business so requires. In connection with the purchase or redemption of Baskets and any related offers or sales of Shares, the Authorized Participant will maintain any such registrations, qualifications
and membership in good standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions concerned, and the rules and
regulations promulgated thereunder, and with FINRA’s rules (if it is a FINRA member), including the NASD Conduct Rules, and will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold. 

(iii) If the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions of
the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(a)(ii) above, the Authorized Participant will, in connection with such offers and sales, (A) observe the applicable
laws of the jurisdiction in which such offer and/or sale is made, (B) comply with the prospectus delivery and other requirements of the 1933 Act, and the regulations promulgated thereunder, and (C) conduct its business in accordance with
FINRA’s rules, including the NASD Conduct Rules. 
 (iv) The Authorized Participant is in compliance with the money laundering and
related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and the regulations promulgated thereunder (“USA PATRIOT Act”), if
the Authorized Participant is subject to the requirements of the USA PATRIOT Act. 
 (v) The Authorized Participant has the capability to
send and receive communications via authenticated telecommunication facility to and from the Trustee. The Authorized Participant shall confirm such capability to the satisfaction of the Trustee by the end of the Business Day before placing its first
order with the Trustee (whether such order is to create or to redeem Baskets). 







 (b) The Sponsor represents and warrants that: 

(i) on the effective date of the Registration Statement and at each Time of Purchase, the Trust’s Registration Statement shall be
effective and no stop order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted or, to the Sponsor’s knowledge, will then be contemplated by the SEC; the Registration Statement
complies in all material respects with the requirements of the 1933 Act, and the Prospectus complied as of its date, and complies at the Time of Purchase, in all material respects with the requirements of the 1933 Act; and the conditions to the use
of Form S-1 have been satisfied; the Registration Statement does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, the
Prospectus will not, as of its date and at the Time of Purchase, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading and, as of 4:00 p.m. on the date of this Agreement (the “Time of Sale”), the documents comprising the Disclosure Package (as defined below) did not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Sponsor
makes no warranty or representation with respect to any statement contained in the Registration Statement, the Prospectus or the Disclosure Package in reliance upon and in conformity with information concerning the Authorized Participant and
furnished in writing by or on behalf of the Authorized Participant to the Sponsor expressly for use therein. The “Disclosure Package” is the Prospectus and any amendments and supplements thereto at the Time of Sale and any free
writing prospectus as defined in Rule 405 of the 1933 Act (a “FWP”) prepared by, for or on behalf of the Sponsor before the Time of Sale and intended for general distribution; 

(ii) the Shares, when issued and delivered against payment of consideration therefor, as provided in this Agreement, will be duly and validly
authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; 

(iii) the Sponsor has been duly organized and, on the effective date of the Registration Statement and at each Time of Purchase, will be
validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to act as the sponsor of the Trust as described in the Registration Statement and the Prospectus, and has all
requisite power and authority to execute and deliver this Agreement; and 
 (iv) at the time the Sponsor makes an offer of Shares following
the filing of the Registration Statement, neither the Trust nor the Sponsor will be an “ineligible issuer” as defined in Rule 405 of the 1933 Act. 







 Section 3. Orders. 

(a) All orders to create or redeem Baskets shall be made in accordance with the terms of the Trust Agreement, the Deposit Account Agreement,
this Agreement and the Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected
in the Procedures. The Trustee and Sponsor may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets which are not related to the Procedures, and the Authorized Participant will comply with
such procedures of which it has received notice in accordance with Section 18(c). 
 (b) The Authorized Participant acknowledges and
agrees that each order to create a Basket (a “Purchase Order”) and each order to redeem a Basket (a “Redemption Order”, and each Purchase Order and Redemption Order, an “Order”) may not be revoked
by the Authorized Participant upon its delivery to the Trustee. A form of Purchase Order is attached hereto as Exhibit B and a form of Redemption Order is attached hereto as Exhibit C. 

(c) The delivery of the Shares against deposits of Japanese Yen may be suspended generally, or refused with respect to particular requested
deliveries, during any period when the transfer books of the Trustee are closed or if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. Except as otherwise provided in the
Trust Agreement, the surrender of Shares for purposes of withdrawing Japanese Yen may not be suspended. 
 Section 4. Japanese Yen Transfers.
Any Japanese Yen to be transferred in connection with any Order shall be transferred between the Authorized Participant’s account and the Trust’s deposit accounts established for such transfers pursuant to the Deposit Account Agreement
(the “Deposit Accounts”) in accordance with the Procedures. The Authorized Participant shall be responsible for all costs and expenses relating to or connected with any transfer of Japanese Yen between its account and the Deposit
Accounts, including any late fees and other charges, if any, for which the Trustee becomes responsible in the event that Japanese Yen are not transferred from the Authorized Participant’s account in accordance with the Procedures. 

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. 

(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. 

Section 6. Authorized Persons. Concurrently with the execution of this Agreement and from time to time thereafter, the Authorized Participant
shall deliver to the Trustee notarized and duly certified as appropriate by its secretary or other duly authorized official, a certificate in the form of Exhibit A setting forth the names and signatures of all persons authorized to give instructions
relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The Trustee may accept and rely upon such certificate as
conclusive evidence of the facts set forth therein and shall consider such certificate to be in full force and effect until the Trustee receives a superseding certificate bearing a subsequent date. Upon the termination or revocation of








 
authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate written notice of such fact to the Trustee and such notice shall be effective
upon receipt by the Trustee. The Trustee shall issue to each Authorized Person a unique personal identification number (the “PIN”) by which such Authorized Person shall be identified and by which instructions issued by the
Authorized Participant hereunder shall be authenticated. The PIN shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN is changed, the new
PIN shall become effective on a date mutually agreed upon by the Authorized Participant and the Trustee. 
 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 and are not the subject of a repurchase agreement, securities lending agreement or any other arrangement which would preclude the delivery of such Baskets to the Trustee on the third Business Day following the date of the Redemption
Order. 
 Section 8. Role of Authorized Participant. 

(a) The Authorized Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant is and
shall be deemed to be an independent contractor and has and shall have no authority to act as agent for the Trust, the Sponsor, the Trustee or the Depository, in any matter or in any respect. 

(b) The Authorized Participant will make itself and its employees available, upon request, during normal business hours to consult with the
Trustee, the Depository or their designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. 

(c) The Authorized Participant will maintain records of all sales of Shares made by or through it as required by law and will furnish copies of
such records to the Sponsor upon the reasonable request of the Sponsor, subject to any privacy or confidentiality obligations it may have to its customers arising under federal or state securities laws or the applicable rules of any self regulatory
organization. The Sponsor will not use any information provided by the Authorized Participant pursuant to this paragraph or disclose such information to others except in connection with the performance of its duties and responsibilities hereunder,
including making servicing and informational mailings related to the Trust, or except as may be required by applicable law. 
 Section 9.
Indemnification. 
 (a) The Authorized Participant hereby indemnifies and holds harmless the Trustee, the Depository, the Trust, the
Sponsor, their respective direct or indirect affiliates (as defined below) and their respective directors, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and
expenses (including attorney’s fees and the reasonable cost of investigation) incurred by such AP Indemnified Party as a result of or in connection with: (i) any breach by the Authorized Participant of any provision of this Agreement,
including any of its representations, warranties or covenants; (ii) any failure on the part of the Authorized Participant to perform any of its other obligations set forth in this Agreement; (iii) any failure by the Authorized Participant
to comply with applicable laws and the rules and regulations of any governmental entity or any self-regulatory organization; (iv) any actions of such AP Indemnified Party in reliance upon any instructions issued in accordance with the
Procedures reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other
representatives about the Shares, any AP Indemnified Party or the Trust that is not consistent with the Trust’s Prospectus as then-supplemented made in connection with the offer or the solicitation of an offer to buy or sell Shares and
(B) any untrue statement or alleged 







 
untrue statement of a material fact (1) contained in any research report, marketing material or sales literature described in Section 13(b) or in any FWP prepared by the Authorized
Participant or (2) furnished by the Authorized Participant for use in a FWP prepared by, for or on behalf of the Sponsor, or any alleged omission to state therein a material fact required to be stated therein or necessary in order to make the
statements therein not misleading to the extent that such statement or omission relates to the Shares, any AP Indemnified Party or the Trust, unless, in either case, such representation, statement or omission was made or included by the Authorized
Participant at the written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a material fact in connection with such representation, statement or omission necessary in order to make such
representation, statement or omission not misleading. 
 (b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized
Participant, its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified
Party”) from and against any losses, liabilities, damages, costs and expenses (including attorneys’ fees and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the
Sponsor of any provision of this Agreement that relates to the Sponsor, including its representations, warranties and covenants; (ii) any failure on the part of the Sponsor to perform any other obligation of the Sponsor set forth in this
Agreement; (iii) any failure by the Sponsor to comply with applicable laws; or (iv) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or in any amendment thereof, or in the
Prospectus, or in any amendment thereof or supplement thereto, or in any FWP prepared by, for or on behalf of the Sponsor, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary in order to make the statements therein not misleading, except those statements based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement, amendment
thereof, Prospectus, amendment thereof or supplement thereto, or FWP. 
 (c) (i) This Section 9 shall not apply to any AP
Indemnified Party or any Sponsor Indemnified Party (each, an “Indemnified Party”) to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of, or in connection with, any action or failure to
act that constitutes gross negligence, bad faith or willful misconduct on the part of the such Indemnified Party. (ii) The term “affiliate” in this Section 9 shall include, with respect to any person, entity or organization, any
other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization. 

(d) If the indemnification provided for in this Section 9 is unavailable to an indemnified party under Sections 9(a) or 9(b) or
insufficient to hold an indemnified party harmless in respect of any losses, liabilities, damages, costs and expenses referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, liabilities, damages, costs and expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Sponsor and the Trust, on the one hand, and by the Authorized Participant, on
the other hand, from the services provided hereunder or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i) above but also the relative fault of the Sponsor and the Trust, on the one hand, and of the Authorized Participant, on the other hand, in connection with, to the extent applicable, the statements or omissions which resulted in such
losses, liabilities, damages, costs and expenses, as well as any other relevant equitable considerations. The relative benefits received by the Sponsor and the Trust, on the one hand, and the Authorized Participant, on the other hand, shall be
deemed to be in the same respective proportions as the amount of Japanese Yen transferred to the Trust under this Agreement on the one hand (expressed in dollars) bears to the amount of economic benefit received by the Authorized Participant in
connection with this Agreement on the other hand. To the extent applicable, the relative fault of the Sponsor on the one hand and of the Authorized 







 
Participant on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission
relates to information supplied by the Sponsor or by the Authorized Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a
party as a result of the losses, liabilities, damages, costs and expenses referred to in this Section 9(d) shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating,
preparing to defend or defending any action, suit or proceeding (each a “Proceeding”) related to such losses, liabilities, damages, costs and expenses. 

(e) The Sponsor and the Authorized Participant agree that it would not be just and equitable if contribution pursuant to this Section 9
were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 9(d) above. The Authorized Participant shall not be required to contribute any amount
in excess of the amount by which the total price at which the Shares created by the Authorized Participant and distributed to the public were offered to the public exceeds the amount of any damage which the Authorized Participant has otherwise been
required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. 
 (f) The indemnity and contribution agreements
contained in this Section 9 shall remain in full force and effect regardless of any investigation made by or on behalf of the Authorized Participant, its partners, stockholders, members, directors, officers, employees and or any person
(including each partner, stockholder, member, director, officer or employee of such person) who controls the Authorized Participant within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of the
Sponsor, its partners, stockholders, members, directors, officers, employees or any person who controls the Sponsor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and shall survive any termination of this
Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Sponsor, against any of the Sponsor’s officers or directors, in connection with
the issuance and sale of the Shares or in connection with the Registration Statement or the Prospectus. 
 Section 10. Liability. 

(a) Limitation of Liability. None of the Sponsor, the Trustee, the Authorized Participant, and the Depository shall be liable to each other or
to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided to any of
them by each other or any other person, which results from any interruption or delay in the electronic means of communications used by them. 

(b) Tax Liability. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp tax, recording
tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Basket made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on the Authorized
Participant. To the extent the Trustee, the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties,
additions to tax or interest thereon. 
 (c) In no event shall an undersigned party be liable for any special, indirect, incidental,
punitive, exemplary or consequential damages of any kind whatsoever in connection with this Agreement, even if previously informed of or advised of the likelihood of such damages and regardless of the form of action or theory under which such
damages are sought. 







 Section 11. Acknowledgment. The Authorized Participant acknowledges receipt of (i) a copy of the
Trust Agreement and (ii) the current Prospectus of the Trust, and represents that it has reviewed and understands such documents. 

Section 12. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective in
this form as of the Time of Sale, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a)(i); (ii) upon notice
to the Authorized Participant by the Trustee in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) immediately in the circumstances described in Section 18(j); or
(iv) at such time as the Trust is terminated pursuant to the Trust Agreement. 
 Section 13. Marketing Materials; Representations Regarding
Shares; Identification in Registration Statement. 
 (a) The Authorized Participant represents, warrants and covenants that (i), without
the written consent of the Sponsor, the Authorized Participant will not (A) make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations contained
(1) in the Prospectus of the Trust, as then amended and supplemented, (2) in printed information approved by the Sponsor as information supplemental to such Prospectus or (3) in any promotional materials or sales literature furnished
to the Authorized Participant by the Sponsor, or (B) issue any FWP pursuant to Rules 164 and 433 of the 1933 Act and (ii) the Authorized Participant will not furnish or cause to be furnished to any person or display or publish any
information or material relating to the Shares, any AP Indemnified Person or the Trust that are not consistent with the Prospectus, as then amended and supplemented. Copies of the Prospectus of the Trust, as then amended and supplemented, and any
such printed supplemental information will be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request. 

(b) Notwithstanding the foregoing, the Authorized Participant may without the written approval of the Sponsor prepare and circulate in the
regular course of its business research reports, marketing material and sales literature, but in no event FWPs, that include information, opinions or recommendations relating to the Shares (i) for public dissemination, provided that such
research reports, marketing material or sales literature is prepared in accordance with applicable rules and regulations of the 1933 Act, any applicable state securities laws and FINRA rules; or (ii) for internal use by the Authorized
Participant. The Authorized Participant will file all such research reports, marketing material and sales literature related to the Shares with FINRA to the extent required by FINRA’s rules, including the NASD Conduct Rules. 

(c) The Authorized Participant and its affiliates may prepare and circulate in the regular course of their businesses, without having to refer
to the Shares or the Prospectus, as then amended and supplemented, data and information relating to the price of Japanese Yen. 
 (d) The
Authorized Participant hereby agrees that for the term of this Agreement the Sponsor may deliver the Prospectus, and any supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format
(“PDF”) via electronic mail in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written notice to the Sponsor and, whether or not such agreement
is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any supplements or amendments thereto or recirculation thereof, in paper form from the Sponsor. The Authorized Participant acknowledges
that it has the capability to access, view, save and print material provided to it in PDF and that it will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The Sponsor will, when requested by the
Authorized Participant, make available at no cost the software and technical assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus. 







 (e) For as long as this Agreement is effective, the Authorized Participant agrees
to be identified as an authorized participant of the Trust (i) in the section of the Prospectus included within the Registration Statement entitled “Creation and Redemption of Shares” (including identifying the Authorized Participant
in such section by a supplement to the Prospectus) and in any other section as may be required by the SEC and (ii) on the Trust’s website. Upon the termination of this Agreement, (i) during the period prior to when the Sponsor
qualifies and elects to file on Form S-3, the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and, during the period after
when the Sponsor qualifies and elects to file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized participant of the Trust and (ii) the Sponsor will
promptly update the Trust’s website to remove any identification of the Authorized Participant as an authorized participant of the Trust. 

Section 14. Title To Japanese Yen. The Authorized Participant represents and warrants that upon delivery of the Basket Japanese Yen Amount (as
defined in the Trust Agreement) to the Trustee in accordance with the terms of the Trust Agreement and this Agreement, the Trust will acquire good and unencumbered title to the Japanese Yen which are the subject of such Basket Japanese Yen Amount,
free and clear of all pledges, security interests, liens, charges, taxes, assessments, encumbrances, equities, claims, options or limitations of any kind or nature, fixed or contingent, and not subject to any adverse claims, including any
restriction upon the sale or transfer of all or any part of such Japanese Yen which is imposed by any agreement or arrangement entered into by the Authorized Participant or any party for which it is acting in connection with a Purchase Order. 

Section 15. Third Party Beneficiaries. Each AP Indemnified Party, to the extent it is not a party to this Agreement, is a third-party beneficiary
of this Agreement (each, a “Third Party Beneficiary”) and may proceed directly against the Authorized Participant (including by bringing proceedings against the Authorized Participant in its own name) to enforce any obligation of
the Authorized Participant under this Agreement which directly or indirectly benefits such Third Party Beneficiary. 
 Section 16. Force
Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by reason of any act of God or war or terrorism, acts and regulations and
rules of any governmental or supra national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations, or any cause beyond its reasonable
control, including, without limitation, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities, any transport, port or airport disruption, or any industrial
action. 
 Section 17. Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form otherwise in good form contains order terms
that differ from the information provided in the telephone call at the time of issuance of the applicable order number, the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the
terms of the Order. If an Authorized Person confirms the terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order
must be received by the Trustee. If the Trustee is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information.
In the event that an Order contains terms that are not complete or are illegible, the Order will be deemed invalid and the Trustee will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the
Order. 







 Section 18. Miscellaneous. 

(a) 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. 

(b) Waiver of Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be
waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation, covenant, agreement or
condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 
 (c) Notices. Except as
otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery, by postage prepaid registered or certified United States first
class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation received) or by telex, telegram or telephonic facsimile or similar means of same day delivery (transmission confirmation received), with a
confirming copy regular mailed, postage prepaid. For avoidance of doubt, notices may not be given or transmitted by electronic mail. Unless otherwise notified in writing, all notices to the Trust shall be given or sent to the Trustee. All notices
shall be directed to the address or telephone or facsimile numbers indicated below the signature line of the parties on the signature page hereof. 

(d) Successors and Assigns. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and
their respective successors and permitted assigns. 
 (e) Assignment. Neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned by any party without the prior written consent of the other parties, except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any
merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement. The party resulting
from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement
shall be automatically assigned to any successor Trustee or Sponsor at such time such successor qualifies as a successor Trustee or Sponsor under the terms of the Trust Agreement. 

(f) Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party hereto irrevocably consents
to the jurisdiction of the courts of the State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding arising out of or relating to this Agreement or any action
taken or omitted hereunder, and waives any claim of forum non convenient and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by
certified or registered mail directed to such party at such party’s address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of any claim arising under or in connection with this Agreement. 







 (g) Counterparts. This Agreement may be executed in one or more counterparts, each of which will
be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to any party hereto to produce or
account for more than one such counterpart executed and delivered by such party. 
 (h) Interpretation. The article and section headings
contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 

(i) Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant to this Agreement
and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to be a party to the
Trust Agreement. 
 (j) Severance. If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any
other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not
affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal, or unenforceable provision had never been contained herein, unless the Sponsor determines in
its discretion, after consulting with the Trustee, that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this Agreement, and that
this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Sponsor’s notification of the Trustee of such a determination, this Agreement shall immediately terminate
and the Trustee will so notify the Authorized Participant immediately. 
 (k) No Strict Construction. The language used in this Agreement
will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 

(l) Survival. Sections 9 (Indemnification) and 15 (Third Party Beneficiaries) hereof shall survive the termination of this Agreement. 

(m) Other Usages. The following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental
agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including” means “including, but not limited to.” 

* * * * * * * 







 IN WITNESS WHEREOF, the Authorized Participant, the Sponsor and the Trustee, on behalf of the Trust, have
caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

													
	 THE BANK OF NEW YORK MELLON,
 not in its individual capacity,
 but solely as Trustee of the CurrencyShares® Japanese Yen Trust
	 	 [AUTHORIZED PARTICIPANT]

					
	By:        	 	  
	 		 	By:        	 	  

		 	Name:	 		 		 		 	Name:	 	
		 	Title	 		 		 	Title	 	

  

									
	Address:	 		 		 	Address:
	Telephone:	 		 		 	Telephone:	 	
					
	Facsimile:	 		 		 	Facsimile:	 	

  

					
	GUGGENHEIM SPECIALIZED PRODUCTS LLC,
	Sponsor of the 
CurrencyShares® Japanese Yen Trust
		
	  
	 	
	Name:	 	
	Title:	 	

  

			
	Address:	 	
		 	

  

			
	Telephone:	 	

  

			
	Facsimile:	 	








 EXHIBIT A 

CURRENCYSHARES® JAPANESE YEN TRUST 
 FORM OF CERTIFIED
AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
 The following are the names, titles and signatures of all persons (each an
“Authorized Person”) authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the
CurrencyShares® Japanese Yen Trust Participant Agreement. 

 

							
	Authorized Participant: 	  		 	  
	  	

  

									
					
	Name:	 		 		 	Name:	 	
					
	Title:	 		 		 	Title:	 	

  

									
	Signature:	 		 		 	Signature:	 	

  

									
	Name:	 		 		 	Name:	 	
					
	Title:	 		 		 	Title:	 	

  

									
	Signature:	 		 		 	Signature:	 	

 The undersigned, [name], [title] of [company], does hereby certify that the persons listed above
have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the CurrencyShares® Japanese Yen Trust Participant Agreement by and between [Authorized Participant] and the Trustee and the Sponsor of
the CurrencyShares® Japanese Yen Trust, dated
[            ], and that their signatures set forth above are their own true and genuine signatures. 
 In Witness Whereof, the undersigned has hereby set his/her hand on the date set forth below. 
  

							
				
	 Subscribed and sworn to before me
 this         day of             , 20    
	 		 	By:	 	
				
		 		 	Name:	 	
				
		 		 	Title:	 	
				
		 		 	Date:	 	
				
		 		 		 	
	Notary Public	 		 		 	
		 		 		 	

 Note: Print on Company Letterhead prior to executing 







 EXHIBIT C 
 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

  
 Participant must
complete all items in Part 1. 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:	 	  



			
	Broker Name:	 	  



			
	DTC Participant Number:	 	  



			
	 Telephone Number:
	 	  






					
		 	Time:	 	  



					
		 	Firm Name:	 	  



					
		 	Fax Number:	 	  


 
 


 

 Type of order (Check Creation or Redemption please)



 (One CU = 50,000 FXY)


 


 


			
	Creation of FXY’s	  	 


			
		
	# Of Creation Units (CU) Transacted:	  	


			
		
	Order #	  	 

 


					
		 	Redemption of FXY’s	  	 


					
			
		 	Number:	  	 


					
			
		 	Number written out:	  	 

 
 

  
 This Purchase Order is subject to the
terms and conditions of the Depositary Trust Agreement of the Japanese Yen Currency Trust as currently in effect and the Authorized Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All
representations and warranties of the Authorized Participant set Forth in such Depositary Trust Agreement and the Authorized 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 Representative under the Authorized Participant Agreement
and that he/she is authorized to deliver this Purchase 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 ounces of Japanese Yen represented will be decreased based on the Trusts 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 required for the creation/redemption order entered into on this day will be finalized and this Order Form will serve as a legally binding contract for settlement in 3 business days. 

 

					
	  
	 		 	  

	 Date
	 		 	Authorized Person’s Signature        

  

	II.	TO BE COMPLETED BY TRUSTEE: 

 This
certifies that the above order has been: 

                     Accepted by the Trustee

                     
Declined-Reason:                                      
                                         
                                         

  

									
	Final # of Japanese Yen	 	  
	 		 	Final # of FXY Shares	 	  

	Final Cash Due to BNY	 	  
	 		 	Final Cash Due to AP	 	  


  

									
	  
	 		 	  
	 		 	  

	Date	 		 	Time	 		 	Authorized Signature of Trustee








 ATTACHMENT A 
 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 [            ], 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, 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 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 of Shares 
 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. 
 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. 









 CREATION PROCESS 

OVERVIEW 

The following describes the process by which Baskets are created. In summary, an order to purchase one or more Baskets of Shares 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”), and a Basket is created on the
third NY 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 New York Business Day and a Local Business Day (“CREATION
T+3”). 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 of Shares (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 of Shares 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+3. 

  
 A-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. 

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+3” and indicating, on a preliminary basis subject to confirmation, the number of Japanese Yen the Participant must transfer in exchange for the Basket(s). 
 C1.3 The Participant ensures that by 3:30 p.m. EST. (Tokyo time usually 4:30 a.m.) prior day T+2 for CREATION T+3, 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 viaSWIFT BIC – CHASGB2L. 
 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. EST T+2. (Tokyo time 4:30 am on CREATION T+3), 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+3. 
 C1.4.6 An Authorized Participant may only deliver Japanese Yen
for credit to the Depository in the following ways, SWIFT BIC – CHASGB2L. 
 C1.4.7 Prior to the delivery of the
Baskets by the Trustee on CREATION T+3, 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 Based on the Purchase Orders placed with it on CREATION T, the Trustee sends an email message to the Depository (by CREATION T+1) indicating the approximate total amount of Japanese Yen that
the Depository will receive from the Authorized Participant on CREATION T+3. 

  
 A-3










	C2	CREATION T+1 

 C2.1 The
Purchase Orders and instructions given on CREATION T are all pending with the Trustee. 
 C2.2 The Depository receives the
Trustee’s email message about the approximate total amount of Japanese Yen the Authorized Participant is required to transfer no later than 3:30 p.m. EST T+2. ( Tokyo time 4:30 a.m. on CREATION T+3). 

 

	C3	CREATION T+2 

 C3.1 On
CREATION T+2 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”) no later than 3:30 p.m. EST. T+2 ( Tokyo time 4:30
a.m. on CREATION T+3). 
 C3.2 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+3. 

 

	C4	CREATION T+3 

 C4.1 By 3:30
p.m. EST. T+2 ( Tokyo time usually 4:30 a.m), the Depository has received each Authorized Participant’s wire transfer of the Basket Japanese Yen Amount in the Deposit Account. 

C4.2 As of 3:30 p.m. EST T+2. (Tokyo time 4:30 a.m), 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). 
 C4.3 Prior to the delivery of the
Baskets on CREATION T+3, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 
 C4.4 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. 

C4.5 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. 

C4.6 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+3
for whom the Trustee has received confirmation from the Depository that the Basket Japanese Yen Amount has been received into the Deposit Account. 
 C4.7 Following the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+3, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. 

  
 A-4









 C4.8 Following the close of business (usually 4:00 p.m. Tokyo time) on CREATION T+3, 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+3. 
 C4.9 Following the close of business (usually 4 p.m. Tokyo time) on CREATION T+3, 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). 

C4.10 If the Authorized Participant fails to deliver Japanese Yen by 3:30 p.m T+2 (. EST and Tokyo time 4:30 a.m. on CREATION
T+3), (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. 
 REDEMPTION PROCESS 

OVERVIEW 

The following describes the process by which Baskets are redeemed. In summary, an order to redeem one or more Baskets of Shares 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 4:30 a.m. Tokyo
time (usually 3:30 p.m. NYC time) on the second 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+2”) and the Authorized Participant receives the corresponding Japanese Yen on the third NY Business Day following REDEMPTION T (“REDEMPTION T+3”). 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 of
Shares (a “Redemption Order”) in accordance with the following process. 
 R1.1.1 The Authorized Participant
(“AP”) 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 of Shares and requesting that the Trustee
provide an order number. The Authorized Person provides a PIN as identification to the Trustee. 

  
 A-5









 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 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. 
 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 On REDEMPTION T, the Trustee will prepare an authenticated electronic message (SWIFT MT202) containing instructions specifying
REDEMPTION T+3 as the date on which the instructions will be executed. 
 R1.3.2 The Trustee will deliver the authenticated
electronic message (SWIFT MT202) to the Depository on REDEMPTION T+2 only after confirming the Trustee’s receipt of Shares from the Authorized Participant through DTC. 

 

	R2	REDEMPTION T+1 

 R2.1
Redemption Orders and related instructions are in process. 

  
 A-6









 R2.2 The Depository receives e-mail from the Trustee notifying the Depository of the
approximate amount of Japanese Yen needed to be remitted on REDEMPTION T+3 to each Authorized Participant that has placed a Redemption Order 
  

	R3	REDEMPTION T+2 

 R3.1 On
REDEMPTION T+2, the Trustee notifies the Authorized Participant of the final amount of Japanese Yen that will be delivered to the Authorized Participant on REDEMPTION T+3 (the “Basket Japanese Yen Amount”). 

R3.2 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+3, the Trustee must have received the Transaction Fees from the Authorized Participant (SPO/DTC Charge). 
 R3.3 By 4:00 a.m. Tokyo time (usually 3 pm p.m. NYC 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. 
 R3.3.1 By 4:00 a.m. Tokyo time (usually 3 p.m. NYC 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. 
 R3.3.2 By 4:00 a.m. Tokyo time (usually 3 p.m. NYC 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. 

R3.3.3 By 4:00 a.m. Tokyo time (usually 3 pm p.m. NYC 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. 
 R3.4 By 4:30 a.m. Tokyo time (usually prior 3:30 p.m. NYC 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. 

 

	R4	REDEMPTION T+3 

 R4.1 On
REDEMPTION T+3, 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 or TARGET). 
 R4.1.1 By DTC free delivery
cut-off time (usually 2:00 p.m. NYC time), the Trustee’s DTC operations desk instructs the Trustee’s transfer agent services desk to eliminate Shares received for redemption. 

R4.1.2 By DTC free delivery cut-off time (usually 2:00 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. 

  
 A-7









 R4.2 Following the close of business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+3,
the Depository makes the appropriate entries in its books and records to reflect the redemptions. 
 R4.3 Following the close of
business (usually 4:00 p.m. Tokyo time) on REDEMPTION T+3, 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+3. 
 R4.4 Following the close of business (usually
4:00 p.m. Tokyo time) on REDEMPTION T+3, 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. 

  
 A-8









 Schedule to Exhibit 4.8 
 The following parties have each executed a separate Participation Agreement with The Bank of New York, as trustee, and Guggenheim Specialized Products, LLC, as sponsor, which is substantially identical in
all material respects to the Participation Agreement filed herewith as Exhibit 4.8 and is dated as of the date listed opposite its name below. 
  

			
	 Name of Party
	  	 Date of Agreement

		
	 BNP Paribas Securities Corp.
	  	November 10, 2015
		
	 BNP Paribas Prime Brokerage, Inc.
	  	November 10, 2015

 Except as noted above, there are no material details in which the above Participation Agreements differ from the
Participation Agreement filed herewith as Exhibit 4.8. 

  
 A-9