Amendment to Depositary Trust Agreement



 EXHIBIT 4.1 

AMENDMENT TO DEPOSITARY TRUST AGREEMENT 

THIS AMENDMENT TO DEPOSITARY TRUST AGREEMENT (this “Amendment”) is made as of the
13th day of November, 2008 by and between Rydex
Specialized Products LLC, a Delaware limited liability company d/b/a “Rydex Investments” (the “Sponsor”) in its capacity as sponsor of the CurrencyShares Japanese Yen Trust, a trust formed under New York law (the
“Trust”) and The Bank of New York Mellon, a New York banking corporation (the “Trustee”) in its capacity as trustee of the Trust. 

W I T N E S S E T H 

WHEREAS, The Sponsor and the Trustee are parties to that certain Depositary Trust Agreement dated February 1, 2007 (the
“Agreement”); and 
 WHEREAS, the parties desire to amend the Agreement on the terms and conditions set
forth below. 
 NOW, THEREFORE, in consideration of the terms and conditions contained herein, the parties hereto agree
as follows: 
 1. Definitions. All capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Agreement. 
 2. Amendment. 

a. Section 1.1 of the Agreement is hereby amended by deleting the defined term “Noon Buying Rate.”

 b. Section 1.1 of the Agreement is hereby amended by adding the following defined terms: 

“Closing Spot Rate” means the Japanese Yen/Dollar exchange rate, as determined by WM/Reuters each New York
Business Day at approximately 4:00 PM (London time). 
 “WM/Reuters” means the joint venture of The WM
Company PLC and Thomson Reuters. 
 c. Section 1.1 of the Agreement is hereby amended by deleting the
defined term “Relevant Price” and substituting the following in lieu thereof: 
 “Relevant
Price” means the Closing Spot Rate, except as provided below. If, on a particular evaluation date, WM/Reuters does not announce a Closing Spot Rate by 6:00 PM (London time), then the most recent WM/Reuters determination of the Closing Spot Rate
will be the “Relevant Price” and be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, 







 
determines that such price is inappropriate to use as the basis for such valuation. In the event that the Trustee and the Sponsor determine that the most recent WM/Reuters determination of the
Closing Spot Rate is not an appropriate basis for valuation of the Trust’s Japanese Yen, the Trustee and the Sponsor shall determine an alternative basis for such evaluation to be employed by the Trustee, which will be the “Relevant
Price.” 
 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 Agreement, the terms of this Amendment shall control. All other terms and conditions of the Agreement 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
hereof. 
  

			
	 RYDEX SPECIALIZED PRODUCTS LLC,

as Sponsor

		
	By:	 	/s/ Kevin Farragher
	Name:	 	Kevin Farragher
	Title:	 	CEO
	
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	By:	 	/s/ Andrew Pfeifer
	Name:	 	Andrew Pfeifer
	Title:	 	Vice President