Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is entered into effective as of January 1, 2012 the “Effective Date”, by and between Piper Jaffray Companies, a Delaware corporation (the “Company”), and Brien M. O’Brien, a resident of the State
of Illinois (“Employee”). 
 RECITALS 

 

	 	A.	The Company is a leading, international investment bank and institutional securities firm providing a broad set of products and services, including, among other things,
asset management services. 

  

	 	B.	Employee currently serves as the head of the Company’s asset management business, and is responsible for performance of the Company’s affiliates Advisory
Research, Inc. (“ARI”) and Fiduciary Asset Management, Inc. (“FAMCO”), but not Piper Jaffray Investment Management, Inc. or other investment management or similar activities currently conducted outside of ARI or FAMCO (ARI and
FAMCO together, the “Business”). 

  

	 	C.	The Company desires to align Employee’s incentives with the interests of Company shareholders to drive growth in the Company’s Business.

 NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows: 
 AGREEMENT

  

	1.	Employment. 

  

	 	1.1.	Continued Employment. 

 The Company agrees to continue to employ Employee as Chairman and Chief Executive Officer of ARI and Head of Asset Management of the Company, and Employee agrees to continue in the employ of the Company,
all in accordance with the terms and conditions of this Agreement. 
  

	 	1.2.	Duties of Employee. 

Subject to this Agreement, the Employee shall be the senior most executive associated with the Business and, in such capacity, shall be
responsible for managing the day-to-day operations of the Business and shall report directly and exclusively to the Chief Executive Officer. Employee shall perform those additional duties from time to time designated by the Company’s chief
executive officer and additional duties shall be generally consistent with the duties customarily performed by individuals acting in a like capacity. 
 Employee agrees that during the term hereof, his “full-time” employment hereunder shall be his sole employment, that he will serve the Company diligently and faithfully and shall devote such of
his time, skill, effort and energy as may reasonably be required to fulfill his responsibilities hereunder during business hours customary for individuals employed at the level and in the capacity of Employee. Employee shall act in a professional
manner at all times during his employment by the Company. During the Term (as defined below), the Employee shall be entitled to serve as a member of the board of directors of a reasonable number of companies (including, without limitation those
boards on which Employee serves on the date hereof); to serve on civic, charitable, educational, religious, public interest or public service boards; and to manage the Employee’s personal and family investments, in each case, to the extent such
activities do not materially interfere with the performance of the Employee’s duties and responsibilities hereunder. 

	2.	Term of Agreement. 

  

	 	2.1.	Term; Notice of Early Termination. 

 This Agreement is effective as of the date first above written (the “Effective Date”) and will continue in effect until the third anniversary of the Effective Date (the “Expiration
Date”), unless earlier terminated pursuant to the terms and conditions of this Agreement. In circumstances that do not involve a termination of Employee for Cause (as defined in Section 2.3 below), a resignation by Employee with Good
Reason (as defined in Section 2.4 below), or a resignation by Employee in order to retire and do something other than participate in any actitivity that is directly competitive with the Business and Employee does in fact retire and do something
other than participate in an activity that is directly competitive with the Business for no less than five months, either party may terminate this Agreement before the Expiration Date by providing written notice (“Termination Notice”) to
the other party of an earlier termination date that is five (5) calendar months from the date the Termination Notice is provided to the other party. In circumstances where the Company terminates Employee for Cause, then the termination shall be
effective immediately, except as limited by the opportunity to cure which must be provided as set forth in subdivision (ii) of Paragraph 2.3 below. In circumstances where the Employee resigns with Good Reason, then the five month notice period
is not required but the Employee must give the Company written notice of his intention to resign for Good Reason and an opportunity to cure as set forth in Paragraph 2.4 below . In a circumstance where the Employee is resigning without Good Reason
in order to retire to do something other than participate in any activity that is directly competitive with the Business for a period of no less than five months, then the five months notice period is not required but Employee agrees to provide the
Company with written notice of his intention to retire (which may be effective immediately) and refrain from engaging in any activity that is directly competitive with the Business for a period of no less than five months. The period from the
Effective Date to the expiration or termination of this Agreement shall be referred to as the “Term.” This Agreement may be extended beyond the Expiration Date only by a writing signed by both the Company and Employee. From and after the
date this Agreement is terminated, all obligations of the parties under this Agreement, including but not limited to any payments due to Employee with respect to any quarterly or annual fiscal period ending after the date of termination, shall
cease, except for the obligations set forth in Sections 2.3, 2.5, 3 (only with respect to quarterly or annual fiscal periods ended on or before the date of termination, except as specifically provided in Section 3.3) and 4 of this Agreement. If
Employee remains employed by the Company after this Agreement has terminated, then his employment will be according to such terms and conditions as the Company may establish from time to time. Notwithstanding anything to the contrary in this
Agreement, the Company may terminate Employee’s employment with the Company at any time and for any reason, with or without Cause (as defined in Section 2.3 below), so long as the Company complies with the provisions of this Section 2
with respect to termination of this Agreement. Likewise, the Employee may terminate his employment with the Company at any time and for any reason, with or without Good Reason (as defined in Section 2.4), so long as Employee complies with the
provisions of this Section 2 with respect to termination of this Agreement. 
  

	 	2.2.	Transition. 

 If
either party provides a Termination Notice to the other party that complies with Section 2.1, then the Company shall have the right to require Employee to continue as an employee of the Company during the applicable notice period beginning on
the date such Termination Notice is provided by either party (the “Transition Period”). During the Transition Period, the Company may require Employee to continue to perform and/or transition the duties and responsibilities of his
position, or the Company may 

 
limit Employee’s presence on Company premises and contact with personnel, clients and affiliates. Given that he will remain a Company employee, Employee will not perform any services for any
other employer during the Transition Period. During the Transition Period, Employee will continue to receive payments in accordance with Section 3 of this Agreement for quarterly and annual fiscal periods completed during the Transition Period,
and to participate in all Company benefit plans in which he was participating as of the date of the Termination Notice. The parties may mutually agree to shorten the Transition Period. 

 

	 	2.3.	Termination by Company for Cause. 

 Notwithstanding anything to the contrary in this Agreement, the Company may terminate both this Agreement and Employee’s employment immediately if he engages in conduct that constitutes
“Cause.” For purpose of this Agreement, “Cause” means (i) Employee’s continued failure to substantially perform his duties with the Company or an affiliate after a written demand for substantial performance is delivered
to Employee; (ii) Employee’s conviction of a felony or guilty or nolo contendere plea with respect thereto; (iii) Employee’s material violation of any material Company policy, or material industry rule or regulation which,
if capable of cure, is not cured within 15 days written notice from the Company; (iv) Employee’s engagement in wilfull conduct or gross negligence that exposes the firm to civil or regulatory liability or significant injury to its
repulation; (v) Employee’s engagement in conduct that causes Employee to be Statutorily Disqualified pursuant to Section 15(b) of the Securities Exchange Act of 1934 and the regulations promulgated thereunder;
(vi) Employee’s gross or willful misconduct in the performance of his duties hereunder; or (vii) Employee’s failure to abide by any other matieral obligation set forth in this Agreement. If the Company terminates Employee’s
employment and this Agreement pursuant to this Section 2.3, then, in addition to any payments due to Employee pursuant to Section 3 with respect to quarterly fiscal periods that have ended on or before the date of termination, Employee
will receive a final pro-rated cash payment from the Company equal to the product of (x) the amount that would be payable to Employee pursuant to Section 3.2 if Employee had remained employed through the last day of the Company fiscal
quarter during which Employee’s employment was terminated multiplied by (y) a quotient of the number of calendar days Employee was employed during such fiscal quarter divided by the total number of calendar days in such fiscal quarter. The
Company will remit such final cash payment to Employee within 45 calendar days after the last day of the corresponding fiscal quarter, or within the first payroll period after the first meeting of the Compensation Committee of the Board of Directors
following the fiscal quarter if such meeting occurs on or after the 45th day after the last day of the corresponding fiscal quarter. In any event, such final cash payment will be made to Employee by no later than March 15th of the following calendar year. Employee will not, however, be
entitled to any payments under Section 3.3 for the fiscal year in which the Company terminates Employee’s employment pursuant to this Section 2.3, or to any payments under Section 3 for any future fiscal periods. 

2.4. Termination by Employee for Good Reason. 
 Good Reason means (i) any material adverse and actual change during the Term to Employee’s job title, primary job duties, base salary compensation or the methodology used to determine the
Quarterly Performance-Based Compensation Opportunity and Annual Performance Based Compensation Opportunity as set forth in Sections 3.2 and 3.3; (ii) any material actions taken by the Company that directly and adversely impact Employee’s
ability to generate EBITDA as defined in Section 3.3 (including without limitation any material actions taken by the Company, without Employee’s consent, to move any asset management business outside of the Business, that directly reduces
the size of the Business), (iii) any relocation of the Employee’s assigned workplace more than fifteen (15) miles from the Company’s current workplace, or (iv) any material breach of Sections 3 or 6. Employee must provide
written notice of his intention to resign for Good Reason, the basis of his decision and not less than a 15- day opportunity for the Company to cure what Employee perceives trigger his right to resign with Good Reason. 

	 	2.5.	Termination As Result of Death or Disability. 

 Notwithstanding anything to the contrary in this Agreement, both this Agreement and Employee’s employment with the Company will terminate immediately upon Employee’s death or disability (within
the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended). Any sums to which Employee has become entitled to under this Agreement up to the date of his death or disability will be paid out to Employee or Employee’s
estate. 
  

	 	2.6.	Consulting Agreement. 

 If Employee’s employment with the Company is terminated by either party for any reason, other than by the Company for Cause, upon the Company’s or the Employee’s request, the other party
agrees to enter into negotiations regarding a consulting agreement between the Company and Employee after the date Employee’s employment is terminated, with terms and conditions mutually agreeable to both parties negotiating in good faith.

  

	3.	Compensation. 

  

	 	3.1.	Base Salary and Other Compensation. 

Employee will receive an annual base salary of $550,000 prorated and paid on a monthly basis. Employee will not be entitled to participate in any
incentive, equity award or other compensation plans or programs offered or available to other executives or employees of the Company, except as described in Sections 3.2, 3.3 and 6 or upon a recommendation of the Company’s chief executive
officer that is approved by the Compensation Committee of the Company’s Board of Directors. 
  

	 	3.2.	Quarterly Performance-Based Compensation Opportunity. 

Subject to the Company’s obligation to make the pro-rated payment described in Section 2.3, for each fiscal
quarter of the Company, beginning with the fiscal quarter ending March 31, 2012, that is completed before the date this Agreement is terminated, Employee will receive a cash payment from the Company equal to 11% of Asset Management EBITDA (as
hereinafter defined) for the applicable period. For each of the Company’s first, second and third fiscal quarters, the Company will remit such cash payment to Employee within 45 calendar days after the last day of the corresponding fiscal
quarter, or within the first payroll period after the first meeting of the Compensation Committee of the Board of Directors following the fiscal quarter if such meeting occurs on or after the 45th day after the last day of the corresponding fiscal
quarter. In any event, such final cash payment will be made to Employee by no later than March 15th of the following calendar year. 
  

	 	3.3.	Annual Performance-Based Compensation Opportunity. 

 For each fiscal year of the Company, beginning with the fiscal year ending December 31, 2012, that is completed before the date this Agreement is terminated, (i) if total Asset Management EBITDA
exceeds $30,000,000 but is less than or equal to $47,000,000 for the applicable fiscal year, then Employee will receive an additional cash payment equal to 7.5% of the (x) Asset Management EBITDA for the fiscal year less (y) $30,000,000;
and (ii) if total Asset Management EBITDA exceeds $47,000,000 for the applicable fiscal year, then in addition to the 7.5% payout of EBITDA between $30,000,000 and $47,000,000 described in subdivision (i), Employee will receive a cash payment
equal to 9% of the (x) Asset Management EBITDA for the fiscal year less (y) $47,000,000. If Employee is employed through 

  
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December 31st of the fiscal year, the Company will remit such cash payment to Employee within 45 calendar days after the last day of the corresponding fiscal year or within the first payroll period after the first
meeting of the Compensation Committee of the Board of Directors following the fiscal year if such meeting occurs on or after the 45th day after the last day of fiscal year. In any event, such final cash payment will be made to Employee by no later
than March 15th of the following calendar year.
Notwithstanding anything to the contrary contained herein, if Employee’s employment terminates for reasons other than “Cause” prior to December 31st of the fiscal year, then Employee will be entitled to a payment under this Section 3.3 on March 15th of the following year so long as the Asset Management EBITDA is at
or above $30,000,000 both on the date of Employee’s termination and on December 31st of that year. If the Asset Management EBITDA falls below $30,000,000, between the date of Employee’s termination date and December 31st of that year, then Employee is not entitled to a payment under this Section 3.3. If the Asset Management EBITDA
is above $30,000,000 on Employee’s termination date and falls to a number at or above $30,000,000 by
December 31st, then Employee will be entitled to a
payment based on the Asset Management EBITDA on December 31st. 
  

	 	3.4.	Determination of Asset Management EBITDA 

 The Company shall calculate the Asset Management EBITDA promptly for each respective period. The Company agrees to calculate Asset Management EBITDA in good faith and in accordance with generally accepted
accounting principles in the United States, as consistently applied by the Company. For purposes of this Agreement, “Asset Management EBITDA” shall mean the Business’s consolidated earnings before interest, taxes, depreciation and
intangible and acquisition related stock amortization. Notwithstanding the foregoing, Asset Management EBITDA will exclude: 
  

	 	(a)	All compensation paid or payable to the Employee. 

  

	 	(b)	All corporate overhead expenses allocated to the Business with the understanding that in-house legal services agreed upon by the parties and provided and directly
charged to the Business (including, but not limited to, legal expenses based on work performed by in-house counsel) will be separated out from the allocations. 

 

	 	(c)	All charges or costs that were incurred or recognized during the applicable period because of a restructuring of FAMCO or its business, any write downs or write offs of
good will, and any write downs or write offs or legal contingencies and expenses associated with FAMCO’s business activities for the period of time before Employee became responsible for managing FAMCO. 

 

	 	(d)	All gains and losses based on realized and unrealized investments by the Company in the funds of the Business. 

4. Confidentiality. 
 Employee will not, at any time (whether during or after the term of this Agreement, and notwithstanding any early termination hereof) or in any manner, either directly or indirectly, divulge, disclose or
communicate to any person or entity in any manner whatsoever any confidential information relating to the business of the Company and its affiliates (including any person or entity controlling, controlled by or under common control with the
Company). The term “confidential information” as used herein means all information of a business or other nature relative to the Company which information is not so generally known as to be part of the public domain, including, without
limitation, the investment advice, methodologies, strategies, business plan and client lists of the Company and its affiliates. Anything herein to the contrary notwithstanding, the provisions of this Agreement shall not apply (i) when
disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or apparent jurisdiction to order the Employee to

  
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disclose or make accessible any information, (ii) with respect to any other litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of
this Agreement, so long as a protective order is agreed to by the parties in connection with said litigation, arbitration or mediation, (iii) as to information that becomes generally known to the public or within the relevant trade or industry
other than due to the Employee’s violation of this Section or (iv) as to information that is or becomes available to the Employee on a non-confidential basis from a source which is entitled to disclose it to the Employee. 

5. Non-Disparagement. 
 During the Term and for one (1) year thereafter, Employee agrees not to make any public statement that is intended to or could reasonably be expected to disparage the Company (it being understood and
agreed that any statements made in connection with performing his duties and obligations to the Company and its affiliates will not violate this Agreement). During the Term and for one (1) year thereafter, the Company agrees that it shall not,
and it shall use its best efforts to ensure that each employee, officer and director of the Company and its subsidiaries do not make a public statement that is intended to or could reasonably be expected to disparage the Employee. Notwithstanding
the foregoing, nothing in this Section shall prevent any person from (i) responding publicly to any incorrect, disparaging or derogatory public statement to the extent reasonably necessary to correct or refute such public statement or
(ii) making any truthful statement to the extent (x) necessary with respect to any litigation, arbitration or mediation involving this Agreement or the ARI Purchase and Sale Agreement, including, but not limited to, the enforcement of this
Agreement or (y) required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or apparent jurisdiction to order such person to disclose or make accessible such
information. 
 6. Additional Benefits. 
 While Employee is employed by the Company during the term of this Agreement, (i) Employee will continue to be eligible to receive the employee benefits identified in Paragraphs 2 and 3 of that
certain letter agreement dated March 1, 2010 between the Company and Employee (the “March 2010 Letter Agreement”) and (ii) Employee’s other benefits, travel-related reimbursements and business expense reimbursements will be
allowed in a manner consistent with current standards applicable to the Employee. Employee shall be entitled to participate in any equity, phantom stock or other similar plan or program that may developed for employees of the Business, subject to
appropriate approval by the Compensation Committee of the Board of the Company as may be required based on the plan or program design or Employees’ status as an executive officer of the Company. 

7. Tax Considerations. 
 The Company may withhold from any amounts payable under this Agreement such federal, state and local income and employment taxes as Company shall determine are required to be withheld pursuant to any
applicable law or regulation. Employee shall be solely responsible for the payment of all taxes due and owing with respect to wages, benefits, and other compensation provided to him hereunder. This Agreement and the compensation payable hereunder is
intended to satisfy, or be exempt from, the requirements of Section 409A(a)(2)(3) and (4) of the Internal Revenue Code of 1986, as amended, including current and future guidance and regulations interpreting such provisions, and should be
interpreted accordingly. 
  

	8.	Notices. 

 Any
notice required or permitted under this Agreement shall be personally delivered or sent by recognized overnight courier or by certified mail, return receipt requested, postage prepaid, and shall be effective when received (if personally delivered or
sent by recognized overnight courier) or on the third 

  
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day after mailing (if sent by certified mail, return receipt requested, postage prepaid) to Employee at the address reflected in the Company’s records and to the Company at its headquarters
or principal place of business addressed to the attention of the Company’s chief executive officer. Either party may designate a different person to whom notices should be sent at any time by notifying the other party in writing in accordance
with this Agreement. 
  

	9.	Severability. 

Each provision of this Agreement shall be considered severable such that if any one provision or clause conflicts with existing or future
applicable law, or may not be given full effect because of such law, this shall not affect any other provision which can be given effect without the conflicting provision or clause. 

 

	10.	Other Agreements. 

This Agreement contains the entire agreement and understanding between the parties, and supersedes all prior agreements and understandings
relating to the subject matter hereof, excluding those portions of the March 2010 Letter Agreement incorporated by reference herein pursuant to Section 6. There are no other understandings, conditions, representations or warranties of any kind
between the parties except as expressly set forth herein. 
  

	11.	Assignment. 

Employee may not assign this Agreement to any third party for whatever purpose without the express written consent of the Company. The
Company may not assign this Agreement to any third party without the express written consent of Employee except by operation of law, or through merger, liquidation, recapitalization or sale of all or substantially all of the assets of the Company,
any successor to the business or assets of the Company shall be required to assume this Agreement. The provisions of this Agreement shall inure to the benefit of and be binding upon the parties and their respective representatives, successors, and
assigns. 
  

	12.	Headings. 

 The
headings of the paragraphs and sections of this Agreement are inserted solely for the convenience of reference. They shall in no way define, limit, extend, or aid in the construction of the scope, extent, or intent of this Agreement. 

 

	13.	Amendment and Waiver. 

 Except as otherwise provided herein, this Agreement may be amended, waived, modified, or canceled only by a written instrument executed by the parties or, in the case of a waiver, by the party waiving
compliance. 
  

	14.	Survival of Provisions. Sections 3,4 and 5 of this Agreement shall survive the termination or expiration of this Agreement and the Employee’s
employment with the Company to the extent necessary to give effect to their terms.  

  

	15.	Specific Performance. 

 Each party acknowledges and agrees that the other party would be damaged irreparably in the event any term of this Agreement is not performed in accordance with its specific terms or otherwise is
breached, so that either party will be entitled to injunctive relief to prevent breaches of this Agreement and to enforce specifically this Agreement and the terms hereof in addition to any other remedy to which

  
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such party may be entitled under this Agreement or applicable law. In particular, each party recognizes and affirms that in the event Employee breaches this Agreement, money damages may be
inadequate and the Company would have no adequate remedy at law, so that the Company will have the right, in addition to any other rights and remedies existing in its favor, to seek enforcement of its rights and Employee’s obligations hereunder
not only by action for damages but also by action for specific performance, injunctive or other equitable relief. 
  

	16.	Waiver of Right to Jury Trial; Governing Law. 

 The Company and Employee waive all right to trial by jury in any action, proceeding, or counterclaim (whether based upon contract, tort or otherwise) in connection with any dispute arising out of this
Agreement or any matters contemplated by this Agreement. This Agreement is entered into under and the relationship between the parties shall be governed by the laws of the State of Delaware and shall be construed and interpreted thereunder, without
giving effect to choice-of-law principles. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, Employee and the Company have caused this Agreement to be executed and
delivered as of the date specified at the beginning of this Agreement. 
  

			
	EMPLOYEE
	
	 /s/    Brien M.
O’Brien        

	
	PIPER JAFFRAY COMPANIES
		
	By	 	/s/ Andrew S. Duff
	      Its Chairman and Chief Executive OfficerParticipant Agreement

 Exhibit 4.3 
 EURO CURRENCY TRUST 
 PARTICIPANT AGREEMENT 

This Participant Agreement (this “Agreement”), dated as of March 25, 2010, is entered into by and between Knight
Clearing Services, LLC (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, a New York banking
corporation, not in its individual capacity but solely as trustee (the “Trustee”) of the Euro Currency Trust (the “Trust”), and Rydex Specialized Products LLC, d/b/a Rydex 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 December 5, 2005, among the
Sponsor, the Trustee, the registered owners and beneficial owners from time to time of Euro CurrencyShares 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-1, as amended (Registration No: 333-125581), 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 Euro that is transferred between such Authorized
Participant and the Trust. Under the Trust Agreement, the Trustee issues Baskets in exchange for Euro 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 Euro, the Euro held in the Trust Account are transferred to the Authorized Participant by the Depository. The foregoing Euro 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 the National Association of Securities Dealers, Inc. (“NASD”), or (B) is exempt from being, or otherwise
is not required to be, licensed as a broker-dealer or a member of the NASD, 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 the Constitution, By-Laws and Conduct Rules
of the NASD (if it is a NASD member), 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 the NASD 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 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, 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              a.m./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 Euro 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 Euro may not be suspended. 
 Section 4. Euro Transfers. Any Euro 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 Euro 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 Euro are not transferred from the Authorized Participant’s
account in accordance with the Procedures. 
 Section 5. Fees. 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. 
 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 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 the Disclosure Package, 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, Disclosure Package, 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 Euro 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 or out of 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. 
 Section 11. Acknowledgment. The Authorized Participant acknowledges receipt of a (i) 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 NASD 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 the NASD to the extent required by 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 Euro. 
 (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 Euro. The Authorized Participant represents and warrants
that upon delivery of the Basket Euro 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 Euro which are the
subject of such Basket Euro 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 Euro 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,
 not in its individual capacity,
 but solely as Trustee of the Euro Currency
Trust
	 	 KNIGHT CLEARING SERVICES, LLC

					
	 By:
	 	 /s/ Andrew Pfeifer
	 		 	 By:        
	 	 /s/ Christopher Pento

		 	         Name:
	 		 		 		 	 Name:
	 	 Christopher Pento

		 	         Title  Vice President
	 		 		 	 Title
	 	 President

  

									
	 Address:
	 	         One Wall Street

        New York, NY 10286
	 		 	 Address: 545 Washington Blvd., 2nd Fl.
  Jersey City, NJ 07310

	 Telephone:
	 	         (212) 635-6314
	 		 	 Telephone:
	 	         201-356-4232

					
	 Facsimile:
	 		 		 	 Facsimile:
	 	         201-356-4297

  

					
	 RYDEX SPECIALIZED PRODUCTS LLC,

	 Sponsor of the Euro Currency Trust

		
	 /s/ Nick Bonos
	 	
	 Name:
	 	 Nick Bonos

	 Title:
	 	 CEO

  

			
	 Address:
	 	 9601 Blackwell Rd., Ste 500

		 	 Rockville, MD 20850

  

			
	 Telephone:
	 	 301-296-5125

  

			
	 Facsimile:
	 	 301-296-5104

 

 
 Exhibit A 
 EURO CURRENCY 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 Euro Currency Trust Participant Agreement.

 Authorized Participant:  Knight Clearing Services LLC. 

 

									
	 Name:
	 	 Stacey Boss
	 		 	 Name:
	 	 Robert Moseman III

	 Title:
	 	 Authorized Person
	 		 	 Title:
	 	 Authorized Person

  

									
	 Signature:
	 	 /s/ Stacey Boss
	 		 	 Signature:
	 	 /s/ Robert Moseman III

  

									
	 Name:
	 	 Eric Malpica
	 		 	 Name:
	 	 Sean Siri

	 Title:
	 	 Authorized Person
	 		 	 Title:
	 	 Authorized Person

  

									
	 Signature:
	 	 /s/ Eric Malpica
	 		 	 Signature:
	 	 /s/ Sean Siri

  

									
	 Name:
	 	 Erma McClain
	 		 	 Name:
	 	 Wayne Solano

	 Title:
	 	 Authorized Person
	 		 	 Title:
	 	 Authorized Person

  

									
	 Signature:
	 	 /s/ Erma McClain
	 		 	 Signature:
	 	 /s/ Wayne Solano

 The undersigned, Andrew M. Greenstein, Managing Director, Deputy General Counsel and Secretary of Knight
Clearing Services LLC 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 Euro Currency Trust Participant Agreement by and between Knight Clearing Services LLC and the Trustee and the Sponsor of the Euro Currency Trust, dated March 25, 2010, and that their signatures set forth above are their own true
and genuine signatures. 
 In Witness Whereof, the undersigned has hereby set his hand and the seal of Knight Clearing Services
LLC on the date set forth below. 
  

							
		 		 	 Knight Clearing Services LLC

				
		 		 	 By:
	 	 /s/ Andrew M. Greenstein

		 		 	 Name:
	 	 Andrew M. Greenstein

		 		 	 Title:
	 	 Managing Director, Deputy General

	 Subscribed and sworn to before me
	 		 	 Counsel & Secretary

	 This 15th day of April, 2010
	 		 	 Date:
	 	 ___________    

				
	 /s/ Maria Corona S. Bugarin
	 		 		 	
	 Maria Corona S. Bugarin
	 		 		 	
	 Notary Public of New Jersey
	 		 		 	
	 My Comm. Expires Sept. 26, 2013
	 		 		 	

 EXHIBIT B 
 EURO CURRENCY TRUST 
 PURCHASE ORDER FORM 

THE BANK OF NEW YORK, TRUSTEE 
  

 
 CONTACT INFORMATION FOR ORDER
EXECUTION: 

			
	 Telephone order number:
	  	 (718) 315-4811 / 315-4512

	 Fax order number:
	  	 (718) 315-4881

	 Depository Instructions
	  	 (000-000-0000)/SWIFT [            ]

  
  

Participant must complete all items in Part I. The Trustee, in its 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:
	 	  

		
		 	 (One Basket = 50,000 [FXE] Shares)

 
 

 

 

			
	 Number of Baskets Transacted:
	 	  

 
 

 

			
	 Order #
	 	  

 

					
		 	 Number written out:
	 	  

 
 

  
 This Purchase Order
is subject to the terms and conditions of the Depositary Trust Agreement of the Euro Currency Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All
representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement
and that he/she is authorized to deliver this Purchase Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Euro Amount disseminated the previous business
day and recognizes the final Basket Euro Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket Euro Amount
required for the Purchase Order entered into on this day will be finalized and this Purchase Order 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 Euro
	 	  
	 		 	 Final # of [FXE] Shares
	 	  

  

									
	  
	 		 	  
	 		 	  

	 Date
	 		 	 Time
	 		 	 Authorized Signature of Trustee

 EXHIBIT C 
 EURO CURRENCY TRUST 
 REDEMPTION ORDER FORM 

THE BANK OF NEW YORK, TRUSTEE 
  

 
 CONTACT INFORMATION FOR ORDER
EXECUTION: 

			
	 Telephone order number:
	  	 (718) 315-4811 / 315-4512

	 Fax order number:
	  	 (718) 315-4881

	 Depository Instructions
	  	 (000-000-0000)/SWIFT [            ]

  
  

Participant must complete all items in Part I. The Trustee, in its 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:
	 	  

		
		 	 (One Basket = 50,000 [FXE] Shares)

 
 

 

 

			
	 Number of Baskets Surrendered:
	 	  

 
 

 

			
	 Order #
	 	  

 

					
		 	 Number written out:
	 	  

 
 

  
 This Redemption Order
is subject to the terms and conditions of the Depositary Trust Agreement of the Euro Currency Trust as currently in effect and the Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All
representations and warranties of the Authorized Participant set forth in such Depositary Trust Agreement and such Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof. 

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Person under the Participant Agreement
and that he/she is authorized to deliver this Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant enters into this agreement based on an estimated Basket Euro Amount disseminated the previous business
day and recognizes the final Basket Euro Amount represented will be decreased based on the Trust’s daily accrual. At the conclusion of the trading day a final NAV will be disseminated to all Authorized Participants, and the Basket Euro Amount
required for the Redemption Order entered into on this day will be finalized and this Redemption Order 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 Euro
	 	  
	 		 	 Final # of [FXE] Shares
	 	  

  

									
	  
	 		 	  
	 		 	  

	 Date
	 		 	 Time
	 		 	 Authorized Signature of Trustee

 ATTACHMENT A 
 CREATION AND REDEMPTION OF EURO CURRENCYSHARES AND 
 RELATED EURO
TRANSACTIONS 
 Scope of Procedures and Overview 

These procedures (the “Procedures”) describe the processes by which one or more Baskets of Euro CurrencyShares (the
“Shares”) issuable by The Bank of New York, as trustee (the “Trustee”) of the Euro Currency Trust (the “Trust”), may be purchased or, once Shares have been issued, redeemed by an Authorized
Participant. Shares may be created or redeemed only in blocks of 50,000 Shares (each such block, a “Basket”). Because the issuance and redemption of Baskets also involve the transfer of Euro between the Authorized Participant and
the Trust, certain processes relating to the underlying transfers of Euro also are described. 
 Under these Procedures, Baskets
may be issued only in consideration for Euro transferred to and held in the Trust’s accounts maintained in London, England by London Branch of JPMorgan Chase Bank, N.A., as depository (the “Depository”). Capitalized terms used
in these Procedures without further definition have the meanings assigned to them in the Depositary Trust Agreement, dated as of December 5, 2006, between Rydex Specialized Products LLC (the “Sponsor”), the Trustee, the
registered owners and beneficial owners from time to time of Shares issued thereunder and all depositors (the “Trust Agreement”), or the Participant Agreement entered into by each Authorized Participant with the Sponsor and the
Trustee. 
 For purposes of these Procedures, a “Business Day” is defined as any day other than (i) a
Saturday or Sunday or (ii) a day on which the New York Stock Exchange (the “NYSE”) is not open for regular trading at noon New York City time. 
 The Prospectus describes the creation and redemption process and the Trust; it will be delivered by the Sponsor to each Authorized Participant prior to its execution of the Participant Agreement. Baskets
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 (the “Transaction Fee”). 

Authorized Participants and the Trust Transfer Euro 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 (and “Authorized Person”). This will allow the Authorized Participant through its Authorized Person(s) to place Purchase Order(s) or Redemption
Order(s) (together, “Orders”) for Baskets. 
 Important Notes: 

 

	 •
	 	 Any Purchase 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 Business Day that is the Order Date under the Trust Agreement (“CREATION T”), and a Basket is created by 9:30 a.m. NYC time (usually 3:30 p.m. Central European Time
(“CET”)) on the third Business Day following CREATION T (“CREATION T+3”). In order for the creation of a Basket to occur, the Authorized Participant must transfer to the Trust Euro and the Trustee will transfer to the
Authorized Participant’s account at The Depository Trust Company (“DTC”) Shares corresponding to the Euro the Participant has transferred to the Trust. 

 

	 C1
	 CREATION T (PURCHASE ORDER TRADE DATE) 

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

C1.1.1 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 718-315-4811, 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. 
 C1.1.2 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. 

C1.1.3 Purchase Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time , as applicable will be
rejected. 
 C1.1.4 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. 

C1.1.5 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. 

C1.1.6 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 Fee by (DTC SPO Charge) prior to delivery of the Baskets on CREATION T+3. 

C1.1.7 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 Fee. 

  
 A-2

 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 Fee prior to delivery of Baskets on CREATION T+3” and indicating, on a preliminary basis subject to confirmation, the number of Euro the Participant must transfer in exchange for the Basket(s). 

C1.3 The Participant ensures that by 3:30 p.m. CET (usually 9:30 a.m. NYC time) on CREATION T+3 that sufficient Euro are
wire transferred to the Depository. 
 C1.4 NOTES FOR AUTHORIZED PARTICIPANT (CREATION T) 

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

C1.4.2 The Authorized Participant must be able to transfer Euro via (RTGSplus, EBA EURO1 or TARGET) SWIFT 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 Euro transfers with its sending financial institution. 
 C1.4.5 By 3:30 p.m. CET on CREATION
T+3, Euro in the amount needed to acquire the Shares must be standing to the credit of the Deposit Account in order for the Authorized Participant to receive Shares on CREATION T+3. 

C1.4.6 An Authorized Participant may only deliver Euro for credit to the Depository in the following ways (RTGSplus, EBA
EURO1 or TARGET) 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 Fee from the Trustee. Purchase Orders for which the Trustee has not received the Transaction Fee 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 Fee. 
 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 authenticated electronic message (SWIFT MT210) to the Depository (by T+1) indicating the approximate total amount of Euro that the Depository will receive from the Authorized Participant on
CREATION T+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 message (SWIFT MT210) about the approximate total amount of Euro the Authorized Participant is required to transfer not later than 3:30 p.m. CET on CREATION
T+3. 

  
 A-3

	 C3
	 CREATION T+2 

 On CREATION T+2 the Trustee notifies the Authorized Participant of the final amount of Euro that must be deposited in the Deposit Account (the “Basket Euro Amount”) not later than 3:30 p.m. CET
on CREATION T+3 for creation of the Baskets on that day. 
  

	 C4
	 CREATION T+3 

 C4.1 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Depository has received each Authorized Participant’s wire transfer of the Basket Euro Amount in the Deposit Account. 

C4.2 As of 3:30 p.m. CET time, the Depository notifies the Trustee that the Basket Euro Amount has been transferred into
the Deposit Account by an authenticated electronic message (SWIFT MT910). 
 C4.3 Prior to the delivery of the
Baskets on CREATION T+3, the Trustee must have received the Transaction Fee 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 Euro Amount to the Deposit Account, the Trustee authorizes the creation and issuance
of the Baskets ordered by each Authorized Participant on CREATION T for which the Trustee has received confirmation from the Depository of receipt of the Basket Euro Amount. 

C4.5 By 11:00 a.m. NYC time, following receipt of the notice from the Depository confirming the transfer of the Basket
Euro Amount to the Deposit Account, the Trustee notifies its transfer agent service desk that it has authorized the creation and issuance of Baskets in the number specified, and to increase the number of Shares outstanding accordingly. By 11:00 a.m.
NYC time, following receipt of the notice from the Trustee that it has authorized the creation and issuance of Shares in the number specified, the Trustee’s transfer agent service desk increases the number of Shares outstanding, and notifies
the Trustee and the Trustee’s DTC operations desk that an increased number of Shares is now outstanding and available for release in accordance with the Trustee’s instructions. 

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 Euro Amount has been received into the Deposit Account. 
 C4.7 Following the close of business (usually 3:30 p.m. CET time) on CREATION T+3, the Depository makes appropriate entries in its books and records to reflect the creation of Baskets. 

C4.8 Following the close of business (usually 3:30 p.m. CET time) on CREATION T+3, the Depository Euro system updates
account records, recording the movements of Euro in the Deposit Account and providing updated balances in the affected accounts as of the close of business (usually 3:30 p.m. CET time) on CREATION T+3. 

C4.9 Following the close of business (usually 3:30 p.m. CET time) on CREATION T+3, the Depository Euro system
automatically generates authenticated electronic messages constituting a statement of the activity affecting the Deposit Account (SWIFT MT940 or SWIFT MT950), (received only by the Trustee). 

C4.10 If the Authorized Participant fails to deliver Euro by 3:30 p.m. CET 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 pursuant to The European Interbank
Compensation Guidelines, as follows: 
 (Principal Amount) x
(            +25bps) x (# calendar days that the funds are late) divided by 360 x 100. 

  
 A-4

 In the event any such late fees are assessed, the Trustee will coordinate
with the Authorized Participant to arrange payment of such fees. 
 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 Business Day that is the Order Date under the Trust Agreement (“REDEMPTION T”), and a Basket is redeemed by 3:30 p.m. CET (usually 9:30 a.m. NYC time) on the third 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 Euro corresponding to the Shares delivered
for redemption. 
  

	 R1
	 REDEMPTION T (REDEMPTION ORDER TRADE DATE) 

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

R1.1.1 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 718-315-4811, 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. 
 R1.1.2 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. 

R1.1.3 Redemption Orders initiated after the Order Cut-Off Time or the Early Order Cut-Off Time are rejected. 

R1.1.4 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. 
 R1.1.5 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. 

R1.1.6 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 Fee by SPO DTC Charge prior to the delivery of the Euro to the Authorized Participant on REDEMPTION T+3. 

  
 A-5

 R1.1.7 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 Fee.

 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
Fee prior to delivery of the Euro on REDEMPTION T+3” and indicating, on a preliminary basis subject to confirmation, the number of Euro the Participant will receive upon redemption of the indicated Basket(s) of Shares. 

R1.3 For each Redemption Order, the Trustee sends an authenticated electronic message (SWIFT MT202 or MT103plus) to the
Depository indicating the amount of Euro to transfer from the Deposit Account by wire (RTGSplus, EBA EURO1 or TARGET) to the Authorized Participant’s designated account by 3:30 p.m. CET (usually 9:30 a.m. NYC time) on REDEMPTION T+3.

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

R1.4.1 The Trustee will prepare an authenticated electronic message (SWIFT MT202 or MT103plus) containing instructions on
REDEMPTION T specifying REDEMPTION T+3 as the date on which the instructions will be executed. 
 R1.4.2 The
Trustee will only deliver the authenticated electronic message (SWIFT MT202 or MT103plus) to the Depository on T+3 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. 

R2.2 The Depository receives the authenticated electronic message (SWIFT) or e-mail from the Trustee notifying the
Depository of the approximate amount of Euro needed to be remitted to each Authorized Participant that has placed a Redemption Order on REDEMPTION T+3. 
  

	 R3
	 REDEMPTION T+2 

 On REDEMPTION T+2 the Trustee notifies the Authorized Participant of the final amount of Euro the Authorized Participant will receive upon redemption of the Basket(s) on Redemption T+3 (the “Basket
Euro Amount”). 
  

	 R4
	 REDEMPTION T+3 

 R4.1 Prior to the delivery of the Basket Euro Amount on REDEMPTION T+3, the Trustee must have received the Transaction Fee from the Authorized Participant (SPO DTC) Charge. 

R4.2 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Authorized Participant delivers free to the Trustee’s
participant account at DTC (#                    ) the Shares to be redeemed. The Authorized Participant telephones the Trustee’s
DTC operations desk [phone number] to expect the Authorized Participant’s Shares through DTC. 

  
 A-6

 R4.2.1 By 3:30 p.m. CET (usually 9:30 a.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. 

R4.2.2 By 3:30 p.m. CET (usually 9:30 a.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. 
 R4.2.3 By 3:30 p.m. CET (usually 9:30
a.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. 

R4.3 By 3:30 p.m. CET (usually 9:30 a.m. NYC time), the Trustee sends an authenticated electronic message (SWIFT MT202 or
MT103plus) to the Depository directing the Depository to transfer the Basket Euro Amount to the accounts of those Authorized Participants from whom the Trustee has received Shares. The Euro will be sent to the designated accounts by wire (RTGSplus,
EBA EURO1 or TARGET). 
 R4.4 As of 3:30 p.m. CET time(usually 9:30 a.m. NYC time), following the receipt of the
authenticated confirmatory electronic message from the Trustee, the Depository executes the instructions from the Trustee to wire the Basket Euro Amount from the Trust Account and to transfer the Basket Euro Amount to the Authorized
Participant’s designated account. 
 R4.4.1 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 cancel Shares received for redemption. 
 R4.4.2 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. 
 R4.5 Following the close of business (usually 3:30 p.m. CET) on
REDEMPTION T+3, the Depository makes the appropriate entries in its books and records to reflect the redemptions. 
 R4.6 Following the close of business (usually 3:30 p.m. CET) on REDEMPTION T+3, the Depository Euro system updates its account records, recording the movements of Euro in the Deposit Account and providing
updated balances in the affected accounts as of the close of business (usually 3:30 p.m. CET) on REDEMPTION T+3. 
 R4.7 Following the close of business (usually 3:30 p.m. CET) on REDEMPTION T+3, the Depository Euro system automatically generates an authenticated electronic message [(SWIFT MT140 or Swift MT950)]
constituting a statement of the activity affecting the Deposit Account (received only by the Trustee). 

  
 A-7

 Schedule to Exhibit 4.3 

The following parties have each executed a separate Participation Agreement with The Bank of New York, as trustee, and Rydex Specialized
Products LLC, as sponsor, which is substantially identical in all material respects to the Participation Agreement filed herewith as Exhibit 4.3 and is dated as of the date listed opposite its name below. 

 

			
	 Name of Party
	  	 Date of Agreement

		
	 Goldman Sachs & Co.
	  	 January 13, 2006

		
	 Goldman Sachs Execution & Clearing LP
	  	 May 5, 2006

		
	 Merrill Lynch Professional Clearing Corp.
	  	 May 9, 2006

		
	 Credit Suisse Securities (USA) LLC
	  	 January 19, 2007

		
	 Deutsche Bank Securities Inc.
	  	 March 12, 2007

		
	 Timber Hill LLC
	  	 May 21, 2007

		
	 JPMorgan Securities, Inc. (as assigned by Bear, Stearns & Co. Inc.)
	  	 February 11, 2008

		
	 ABN AMRO Clearing Chicago LLC (f/k/a Fortis Clearing Americas LLC, f/k/a O’Connor & Co. LLC)
	  	 April 16, 2008

		
	 EWT, LLC
	  	 April 24, 2008

		
	 Newedge USA, LLC
	  	 May 22, 2008

		
	 Citadel Securities LLC (f/k/a Citadel Derivatives Group, LLC and Citadel Trading Group, LLC)
	  	 November 13, 2008

		
	 Knight Clearing Services, LLC
	  	 March 25, 2010

		
	 Nomura Securities International Inc.
	  	 June 14, 2010

		
	 Morgan Stanley & Co. Inc.
	  	 August 24, 2010

		
	 Virtu Financial BD LLC
	  	 December 3, 2010

		
	 RBC Capital Markets, LLC
	  	 April 15, 2011

		
	 CitiGroup Global Markets, Inc.
	  	 August 26, 2011

 Except as noted above, there are no material details in which the above Participation Agreements differ
from the Participation Agreement filed herewith as Exhibit 4.3.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]