Document:

EXHIBIT 10.1

                              GLOBAL ACCOUNT TERMS

                            DEPOSIT ACCOUNT AGREEMENT

     The Bank of New York, in its capacity as trustee of the CurrencyShares
Swiss Franc Trust, a trust formed under New York law (the "Customer" or "Trust")
and the London Branch of JPMorgan Chase Bank, N.A. (the "Bank") undertake to
comply with and be bound by the following Global Account Terms of this Deposit
Account Agreement (the "Agreement").

ESTABLISHING ACCOUNTS

1.1  The Customer's Swiss Franc-denominated, (i) interest-bearing account (the
     "Interest Account") and (ii) non interest-bearing account ( the
     "Non-Interest Account") (each individually the "Account" and collectively
     the "Accounts") maintained with the Bank shall be subject to these Global
     Account Terms (the "Account Terms") and the Account Application and the
     Signature List executed by the Customer regarding the Accounts attached
     hereto (together, the "Account Applications"); and, by continuing to use
     the Accounts, the Customer acknowledges its acceptance of these Account
     Terms and the relevant Account Applications.

1.2  Unless otherwise specified, the Customer will establish the Accounts as
     principal. The Customer shall not transfer any of its rights and interests
     in the Accounts nor create any form of security interest over such rights
     and interests without the prior written consent of the Bank.

1.3  The Customer represents and warrants that it has power and capacity to open
     and operate the Accounts, that the Account Terms and the relevant Account
     Applications constitute valid and binding obligations of the Customer and
     that the Customer has taken all necessary actions to duly authorize the
     execution and delivery of the same.

SIGNATORIES

2.1  "Signatory" means a person named in the relevant Account Application (or
     other analogous document under which the Customer authorises persons to
     communicate with the Bank in relation to the Accounts) who is authorised to
     act on behalf of the Customer at the time of the relevant Instruction (as
     defined in Section 4.1) and in respect of the matters set out in clause 3
     below.

2.2  The Bank may treat any Signatory as duly authorised to issue Instructions
     until the Bank receives written notice from the Customer, after which the
     Bank shall act promptly, that the Signatory no longer has the authority to
     issue Instructions.

2.3  The Customer will provide specimen signatures (including specimens of
     facsimile signatures and/or personal seals) to the Bank (in the Account
     Application or otherwise) in the number and form required and will verify
     the identity of each Signatory in a manner required by the Bank.

AUTHORITY OF SIGNATORIES

3.1  Each Signatory, subject to any written limitation received by the Bank from
     the Customer, is authorised on behalf of the Customer to:

     (a)  open, operate and close the Accounts;

     (b)  appoint and remove Signatories;

     (c)  execute the Account Application(s) and any form of agreement relating
          to communications, whether by telephone, telex, electronic or other
          means;

     (d)  execute any agreements relating to overdrafts, borrowings or cash
          management;

     (e)  draw, accept, endorse or discount cheques, drafts, bills of exchange,
          notes and other instruments;

     (f)  overdraw the Accounts as may be permitted by the Bank;

     (g)  make arrangements with the Bank concerning periodic payments into or
          out of the Accounts;

     (h)  advise the Bank of credits destined for the Customer's Account;

     (i)  place money on interest-bearing or term deposit with the Bank and
          withdraw that money and accrued interest either on or before any
          applicable maturity date;

     (j)  authorize and request the Bank to effect foreign exchange transactions
          and purchase and/or sell treasury products for the account of the
          Customer;

     (k)  deposit any property of the Customer with the Bank for safe keeping,
          have access to and reclaim any property so deposited or give the Bank
          Instructions in relation to it;

     (l)  execute guarantees, indemnities or other undertakings to the Bank in
          relation to:

          (i)   missing documents;

          (ii)  guarantees, letters of credit or other undertakings given or to
                be given by the Bank to or at the request of the Customer; or

          (iii) anything else done or to be done by the Bank at the request of
                the Customer;

     (m)  give the Bank any form of security over, or make any other
          arrangements with the Bank concerning, any property of the Customer
          including without limitation bills of exchange, bills of lading,
          warehouse certificates, insurance policies and share and debenture
          certificates;

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     (n)  countermand, revoke or amend Instructions; and

     (o)  give the Bank Instructions relating to any of the above.

INSTRUCTIONS

4.1  "Instruction" means a communication, including without limitation a cheque
     or demand for payment, which (i) contains the information required by the
     Bank to enable the Bank to give effect to the communication; (ii) is
     received by the Bank in writing, by facsimile, tested or untested telex,
     SWIFT, telephone, or via the Bank's electronic instruction system or such
     other means as are for the time being agreed by the Customer and the Bank;
     and (iii) the Bank believes in good faith to have been given by the
     Customer.

4.2  The Customer is responsible for keeping and completing cheques and other
     forms and documents and for issuing Instructions in a manner so as to
     prevent unauthorised completion, alterations or additions. The Customer
     shall not issue cheques which are post- dated and shall immediately notify
     the Bank if it becomes aware that any of its cheques (whether completed or
     blank) are lost or stolen.

4.3  If the Bank and the Customer at any time agree on a security procedure to
     be used in relation to any category of communications (including
     encryption), the Customer shall safeguard any test keys, passwords,
     identification codes or other security or authentication devices, make them
     available only to properly authorised persons and be fully responsible for
     any use of such security procedure (whether authorised or unauthorised)

4.4  Nothing in this Clause 4 obligates the Bank to confirm Instructions which
     appear to the Bank acting in good faith to have been given by the Customer.

AUTHORITY AND OBLIGATIONS OF THE BANK

5.1. The Bank is authorised and agrees to accept, honour and execute without
     inquiry each Instruction which the Bank believes in good faith to have been
     given by a Signatory and any other Instruction communicated by other means
     which the Bank receives in strict accordance with any agreed security
     procedure. Provided the Bank believes in good faith that an Instruction has
     been given by a Signatory, where such an Instruction has been effected by
     means of a facsimile signature, personal seal or chop, the Bank is
     authorised to act on such Instruction, regardless of by whom the facsimile
     signature, personal seal or chop was actually affixed. The Bank need not
     inquire into the circumstances of any transaction.

5.2  The Bank may at its option use any means to confirm or clarify
     Instructions, even if any agreed security procedure appears to have been
     followed. If the Bank is not satisfied with any confirmation or
     clarification, it may decline to honour the Instruction.

5.3  The Bank has established cut-off times for some categories of
     communications, details of which are attached hereto as Addendum A. If an
     Instruction is received by the Bank after its cut-off times, the Bank may
     process the Instruction on the next day on which it is open for such
     business. The Bank may process any Instruction through any of the payments
     systems identified in Addendum A.

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5.4  Execution of Instructions will be subject to applicable law and the rules
     of the payment system used, including those laws or rules concerning a
     misdescribed or missing beneficiary, beneficiary's bank or intermediary
     bank. The Bank may rely on the identifying number of any account,
     intermediary or beneficiary's bank which appears in an Instruction as the
     proper identification of the beneficiary, intermediary or beneficiary's
     bank notwithstanding that the Instruction identifies an entity different
     from the entity identified by name in the Instruction. The Bank may
     complete or correct incomplete or inaccurate intermediary or beneficiary
     bank details.

5.5  Due to the operations of the Trust, mid-month redemptions of shares of the
     Trust could result in an Instruction that would require a withdrawal from
     the Non-Interest Account in excess of the balance in such account. The Bank
     shall honour such an Instruction without assessing an overdraft fee. They
     Bank may charge customary interest, fees and other expenses for all other
     overdrafts of the Non-Interest Account or the Interest Account.

5.6  Where execution of an Instruction requires the Bank to purchase or sell a
     currency other than the currency of the Account on which the Instruction is
     given, the Bank is authorised to purchase or sell the currency at a
     commercially reasonable rate at the relevant time for the purchase or sale
     of such currency taking into account the size and tenor of the transaction.

5.7  If the Customer chooses to confirm any Instruction, any confirmation must
     be clearly marked as such and, if there is any discrepancy between an
     Instruction and any confirmation, the terms of the Instruction shall
     prevail.

DEPOSITS, AVAILABILITY OF FUNDS

6.1  The Customer undertakes that it will have good title to all items presented
     to the Bank for deposit or for any other purpose. Money deposited or paid
     into an Account will not be regarded as available until collected and
     irrevocably received in cleared funds. The Customer requests that the Bank
     accept without inquiry all cheques and other instruments presented for
     deposit into the Account without checking whether they are valid, properly
     endorsed or owned by the Customer.

6.2  As collecting bank, the Bank as agent for the Customer will deal with and
     present the cheques and instruments in accordance with the custom and
     practice of the country in which the cheques are collected.

6.3  If the Bank credits the Account in contemplation of receiving funds for the
     Customer's credit and those funds are not actually received by the Bank, or
     on the faith of a transaction which is subsequently set aside or revoked,
     or if the Bank does not receive funds for the Customer's credit for value
     on the date advised by or on behalf of the Customer, the Bank shall be
     entitled to debit the Account of the Customer with the amount previously
     credited and/or with any other charges incurred. If the Account becomes
     overdrawn or further overdrawn as a result of such debit, the Customer will
     pay on demand the overdrawn amount and interest on the overdrawn amount.

6.4  Bank reserves the right not to accept, and to return without interest to
     the remitter of funds, the amounts received for deposit to the Interest
     Account on any Bank business day, if the

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     aggregate deposit liability of the Bank to the Trust following the deposit
     of such amounts would exceed the Swiss Franc equivalent of $1.5 billion
     U.S. dollars calculated at the Federal Reserve Bank of New York Noon Buying
     Rate (the "Noon Buying Rate") for the Swiss Franc or another recognized
     market rate for the Swiss Franc if the Noon Buying Rate is not available on
     the banking day such deposits are received by the Bank.

6.5  The Bank shall notify the Customer and the Customer's sponsor if there are
     extraordinary circumstances causing the Bank to reasonably expect that it
     will be unable to accept Instructions for the withdrawal of money held in
     the Accounts. Upon such notification, the Customer may determine, in its
     sole discretion, to suspend generally or refuse orders to redeem shares of
     the Trust. In such case, the Customer and the Bank shall consult with each
     other and use good faith efforts to resume withdrawals as soon as possible.

6.6  Each day that orders are placed with and accepted by the Trust for the
     purchase or redemption of shares in the Trust, the Trust shall notify the
     Bank of the anticipated amounts in Swiss Francs that will be deposited to,
     or withdrawn from, the Interest Account on the settlement date for those
     orders.

INTEREST

7.1  Interest will accrue daily, in Swiss Francs, on all Swiss Franc balances in
     the Interest Account only and will be credited monthly, in Swiss Francs, to
     the Non-Interest Account. No interest will be earning on balances in the
     Non-Interest Account. The Bank agrees that it will endeavour at all times
     to pay a competitive interest rate on all Swiss Franc balances in the
     Interest Account. As of the date of this Agreement, the Bank has agreed to
     pay interest at a rate equal to ___________. The Bank may change the rate
     based upon changes in the British Bankers Association LIBOR Overnight rate
     ("BBA rate"), other market conditions or the Bank's liquidity needs The
     Bank will notify the Customer of the interest rate applied each Bank
     business day after the close of the Bank business day. The Bank will
     endeavour to provide to the Customer and Customer's sponsor advance notice
     whenever the Bank intends to change the interest rate on the Interest
     Account, except where there are unforeseen changes in conditions or
     significant changes in the Trust's balances in the Interest Account. If the
     Bank at any time pays an unsatisfactory interest rate on the Interest
     Account, the Customer's sole recourse will to be to withdraw the Swiss
     Franc balance from the Interest Account, terminate the Deposit Account
     Agreement and close the Accounts.

ACCOUNT INFORMATION

8.1  The Bank will issue, on a daily basis, balance and transactions reports for
     the Accounts for the previous banking day. Bank will also send a periodic
     statement of account for the Accounts as agreed with the Customer.

8.2  The Customer will ensure that the statements, confirmations and advices it
     receives from the Bank are examined by a responsible person on behalf of
     the Customer within a reasonable time of receipt and, thereupon, Customer
     shall promptly notify the Bank of any mistake or discrepancy of which the
     Customer becomes aware from such statements, confirmations and advices. The
     Bank shall not be responsible for the Customer's reliance on balance,

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     transaction or related information which is subsequently updated or
     corrected or for the accuracy or timeliness of information supplied by any
     third party to the Bank.

OTHER DOCUMENTATION

9.1. These Account Terms and the Account Applications replace any existing
     agreements relating to the subject matter hereof or thereof, with effect
     from the date the Bank receives the relevant Account Application or
     analogous document in form and substance satisfactory to the Bank.

9.2  These Account Terms are in addition to any future agreement between the
     Bank and the Customer (including without limitation any agreement relating
     to the provision of electronic banking services, specific payment or cheque
     services or custody services) and if there is an inconsistency between
     these Account Terms and any such other agreement, any such other agreement
     will prevail for the purposes of the particular account or service which is
     the subject of such other agreement. If there is an inconsistency between
     these Account Terms and any terms of the relevant Account Application(s),
     the terms of the Account Application(s) shall prevail for the purposes of
     the Account(s) which are subject to such Account Application(s).

REVERSALS

10.1 Unless otherwise expressly provided, all Instructions shall continue in
     full force and effect until cancelled or superseded. Instructions may be
     reversed, amended, cancelled or revoked by the Customer only with the
     consent of the Bank. That consent shall not be withheld unless the Bank
     reasonably determines that it would not be possible to give effect to any
     reversal, amendment or revocation, or the Bank has entered into other
     transactions or otherwise materially changed its position as a result of
     receiving such Instructions.

10.2 The Customer may stop payment of a cheque at any time provided the Bank
     branch on which the cheque is drawn receives an Instruction to that effect
     from the Customer prior to the Bank honouring or arranging to honour the
     cheque concerned.

10.3 If the Bank erroneously posts or fails to post an entry to the Account the
     Bank may reverse or make a correcting entry and the provisions of clause
     6.3 shall apply to any resulting overdraft.

FEES AND CHARGES

11.1 The Bank may, at its option, invoice the Customer or debit the Account for
     services or for handling telecommunications or messages dispatched at the
     Customer's request, and other out of pocket costs incurred by it for the
     Customer's account in accordance with its fee arrangements in place from
     time to time. Attached hereto and marked "Fee Schedule" is a copy of the
     current fees. All payments to be made to the Bank shall be in full, without
     set-off or counterclaim and free of any deductions or withholdings on
     account of any tax or otherwise. The Bank will forward to the Customer a
     statement in respect of each Account detailing all interest (if applicable)
     and fees charged to that Account.

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11.2 The Customer agrees to pay or reimburse the Bank for any taxes, levies,
     imposts, deductions, charges, stamp, transaction and other duties and
     withholdings (together with any related interest, penalties, fines, and
     expenses in connection with them) in connection with the Accounts
     (including payments or receipts to the Accounts) except if imposed on the
     overall net income of the Bank.

REPAYMENT OF OVERDRAFTS

12.1 In the event that there is an overdraft of the Non-Interest Account (as
     provided for in Section 5.5 hereof), any monies paid into the Non-Interest
     Account will first be used to credit such overdraft.

INDEMNITY AND LIABILITY

13.1 The Customer shall fully indemnify the Bank and its employees, officers and
     directors and each of the affiliates and subsidiaries of JPMorgan Chase
     Bank, N.A. on demand, at all times against any losses, costs, claims,
     damages, liabilities and expenses (including without limitation legal fees)
     which it or they suffer or incur directly or indirectly as a result of (i)
     the Customer's breach of these Account Terms, (ii) the Bank acting on what
     it believed in good faith to be the Customer's communication or Instruction
     or because of anything done under or as contemplated by these Account
     Terms. This indemnity is in addition to and not in substitution for any
     other indemnity or right in favour of the Bank given by law or otherwise
     and shall not be affected or discharged by any thing.

13.2 (i) Subject to clause 13.2 (ii) below, the Bank shall be liable only for
     direct loss or damage which the Customer suffers or incurs arising from the
     Bank's gross negligence or willful misconduct and shall not be liable for
     any other loss or damage of any nature.

     (ii) The Bank shall not in any event be liable for loss of business or
     profits or goodwill or any indirect or consequential or punitive or special
     loss or damage, in each case whether or not reasonably foreseeable, even if
     the Bank has been advised of the likelihood of such loss or damage and
     whether arising from negligence, breach of contract or otherwise.

     (iii) The provisions of clause (i) and (ii) above shall not apply to the
     extent that the loss or damage is caused by fraud on the part of the Bank.

13.3 The Bank of New York enters into this Agreement only in its capacity as
     trustee and in no other capacity, and in no circumstances shall The Bank of
     New York have any liability under or in connection with this Agreement
     other than as trustee of the Trust. Any liability of the Trustee arising
     under or in connection with this Agreement is limited to, and can be
     enforced against the Trustee only to the extent to which such liability can
     be satisfied out of, the assets of the Trust which are available under the
     terms of the trust agreement governing the Trust to meet such liability at
     the time the amount in respect of such liability is claimed against the
     Trustee. This limitation on the Trustee's liability applies despite any
     other provision of this Agreement and extends to all liabilities and
     obligations of the Trustee in any way connected with any representation,
     warranty, conduct, omission, agreement or transaction related to this
     Agreement, except that the Trustee will be held

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     liable individually for its fraud or willful misconduct in connection with
     these Account Terms.

GOVERNING LAW AND JURISDICTION

14.1 These Account Terms, the relevant Account Application and the rights and
     obligations of the Customer and the Bank in respect of the Accounts shall
     be governed by, performed and construed in accordance with the laws of
     England.

14.2 If any of these Account Terms is unenforceable or illegal in any
     jurisdiction, that will not affect the rest of the Account Terms in that
     jurisdiction, or any of the Account Terms in any other jurisdiction.

14.3 In relation to the Accounts, the courts of England shall have non-exclusive
     jurisdiction to settle any disputes which arise out of or are connected
     with these Account Terms, the relevant Account Application and/or the
     relevant Account. This clause does not prevent the Bank or Customer from
     taking proceedings in the United States.

RECORDING

15.1 The Bank may record telephone conversations in connection with an
     Instruction. At the Customer's request and cost the Bank will supply a copy
     or transcript of any such recording to the Customer. The recording or
     transcript may be used in resolving any dispute between the Bank and the
     Customer. Recordings and any transcript shall be the property of the Bank.

15.2 The Bank may microfilm or electronically record any document and subject to
     any law affecting the relevant Account may destroy the original of such
     documents. Subject to the provisions of applicable law the Bank and the
     Customer shall be entitled to rely on any such stored document in any legal
     proceeding or for any other purpose.

DISCLOSURE

16.1 The Customer authorises the Bank to retain an affiliated company and/or any
     other agents to perform data processing, collection and other services
     which the Bank considers necessary or desirable for the Bank. The Bank
     reserves the right to modify or terminate its arrangements with its agents
     at any time.

16.2 The Customer agrees that Instructions and information concerning the
     Accounts, the Customer and transactions to be disclosed in accordance with
     this clause 16 may be transmitted across national boundaries and through
     networks including those owned and operated by third parties.

16.3 The Customer authorises the Bank to disclose information concerning the
     Accounts, transaction or the Customer where, (i) in the Bank's view, the
     disclosure is necessary or desirable for the purpose of allowing the Bank
     to perform its duties and exercise its powers and rights hereunder; (ii)
     the disclosure is to a proposed assignee of the rights of the Bank in
     respect of the Account; (iii) the disclosure is to a branch, affiliate,
     subsidiary, employee or agent of JPMorgan Chase & Co. or to its auditors or
     legal advisers; (iv) the disclosure is to

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     the auditors of the Customer; or (v) as may be otherwise required by law,
     irrespective of whether the disclosure is made in the jurisdiction in which
     the Customer is resident, the Account is kept, the transaction conducted or
     elsewhere.

FORCE MAJEURE

17.1 The Bank shall have no liability for any damage, loss, expense or liability
     of any nature which the Customer may suffer or incur, to the extent caused
     by an act of God, fire, flood, civil or labour disturbance, war or
     terrorism, act of any governmental authority or other act or threat of any
     authority (de jure or de facto), legal constraint (including attachments or
     other legal process), fraud or forgery (other than on the part of the Bank
     or any of its directors, officers or employees), malfunction of equipment
     (including, without limitation, any computer or related software) except
     where such malfunction is primarily attributable to the Bank's gross
     negligence in maintaining the equipment or software, failure of or the
     effect of rules or operations of any funds transfer system, inability to
     obtain or interruption of communications facilities, or any cause beyond
     the reasonable control of the Bank (including, without limitation, the
     non-availability of appropriate foreign exchange);

17.2 Any amount standing to the credit of the Account with the Bank is payable
     exclusively at the branch at which the Account is held: however, payment
     may be suspended from time to time in order to comply with any law,
     regulation, governmental decree or similar order for the time being
     affecting the Bank, its officers, employees, affiliates, agents or
     correspondents.

NOTICES

18.1 Any communication, other than an Instruction, shall be in writing unless
     otherwise agreed and may be sent by personal delivery, facsimile, telex,
     SWIFT or post, addressed, in the case of communications from the Customer
     to the Bank, to the branch of the Bank where the Account is maintained,
     and, in the case of communications from the Bank to the Customer, to the
     address notified by the Customer to the Bank from time to time. Any
     communication will only be effective when actually received.

CLOSURE/TERMINATION

19.1 The Bank has the right to close an Account at any time by not less than
     ninety days notice in writing addressed to the Customer at its most recent
     address as advised by the Customer to the Bank. Before or on the expiry of
     such notice the Bank, will transfer any balance in the Account in
     accordance with the Customer's Instructions. On the expiry of such notice,
     the Bank's obligations in respect of the Account shall cease. However, any
     such closure or termination shall not affect the Customer's liabilities to
     the Bank arising prior to or after such termination or closure, all of
     which shall continue in full force and effect. In the absence of such
     Instructions the Bank may transfer the balance to an unclaimed moneys
     account.

MISCELLANEOUS

20.1 The expressions "Bank" and "Customer" when used herein shall include any
     successor of the Bank or the Customer, as applicable, and "successor" means
     an assignee or successor of

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     JPMorgan Chase Bank, N.A., or of the CurrencyShares Swiss Franc Trust, as
     applicable, or any person who, under the laws of its jurisdiction of
     incorporation or domicile, has assumed the rights and obligations of
     JPMorgan Chase Bank, N.A., or of the CurrencyShares Swiss Franc Trust, as
     applicable, hereunder or to which under such laws the same have been
     transferred.

20.2 If these terms are translated into, or appear in a language other than
     English, the English language version shall govern and control.

20.3 Headings are for convenience only and shall not affect the interpretation
     of this document.

20.4 The Customer acknowledges that deposits held in a branch of the Bank
     located outside of the U.S. are not insured by the Federal Deposit
     Insurance Corporation, are subject to cross-border risks and may enjoy a
     lesser preference, as compared to deposits held in the U.S., in the event
     the Bank should be liquidated, insolvent or placed into receivership or
     other proceeding for the benefit of creditors.

20.5 These Account Terms may be enforced only by the Bank or the Customer or
     such party's successors and permitted assigns. Notwithstanding the
     foregoing, but subject to the prior written consent of the Bank, each
     employee, officer and director of the Bank and each of the affiliates and
     subsidiaries of JPMorgan Chase Bank, N.A. may enforce the terms of clause
     13. The Bank and the Customer may at any time, by agreement, rescind these
     Account Terms or vary them without the consent of such employees, officers,
     directors or the affiliates and subsidiaries of JPMorgan Chase Bank, N.A.

20.6 (i) The Bank will collect information about the Customer and the Customer's
     employees and agents which may constitute personal data for the purposes of
     the Data Protection Act 1998 (the "Act") and other relevant data protection
     legislation (such as, without limitation, authorised signatory details).
     Such personal data may be collected by or on behalf of the Bank in a number
     of ways (the "Collection Methods"), including via Account Applications or
     other analogous documents, via applications or documentation relating to
     the provision to or use by the Customer of electronic banking services, or
     specific payment or cheque services, via the Customer's use of such
     electronic banking services, or specific payment or cheque services, and
     via other correspondence or communications between the Customer and the
     Bank.

     (ii) The Bank will use personal data collected by it or on its behalf via
     the Collection Methods for the following purposes (the "Purposes"); namely,
     for the purpose of providing the services to the Customer in accordance
     with the Global Account Terms and Account Applications, for otherwise
     administering the Account(s), for providing the Customer with services such
     as electronic banking services, or specific payment or cheque services, for
     the Bank's internal administrative purposes, for contacting the Customer
     about products and services which the Bank or other members of the Bank's
     group offer which the Bank believes may be of interest to the Customer, and
     as may be otherwise required by law or applicable regulatory or
     governmental authorities, and such purposes may include transfer of such
     personal data outside of the United Kingdom to the Bank's subsidiaries or
     other

                                       10

     connected companies or to other organisations as may be required by law or
     other applicable regulatory or governmental authorities.

     (iii) The Customer shall ensure that any disclosure of personal data made
     by it or by its employees or agents via the Collection Methods which relate
     to the Customer's employees or agents is only made following notification
     by the Customer to data subjects of the Purposes for which their personal
     data may be processed by or on behalf of the Bank, and is otherwise fair
     and lawful.

                         [Signatures on following page]

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          IN WITNESS WHEREOF, this Agreement has been duly executed as of
________, 2006.

                                        CURRENCYSHARES SWISS FRANC TRUST

                                        BY THE BANK OF NEW YORK, IN ITS CAPACITY
                                        AS TRUSTEE OF THE CURRENCYSHARES SWISS
                                        FRANC TRUST AND NOT IN ITS INDIVIDUAL
                                        CAPACITY

                                        By
                                           -------------------------------------
                                           Name:
                                                 -------------------------------
                                           Title:
                                                  ------------------------------

                                        JPMORGAN CHASE BANK, N.A., LONDON BRANCH

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       12EXHIBIT
10.2

FORM OF SUBLICENSE AGREEMENT

This Sublicense
Agreement (this
‘‘Agreement’’) is entered
into as of [        ], 2006 (the
‘‘Effective Date’’), by and
between PADCO Advisors II, Inc., a Maryland corporation
(‘‘Licensor’’), and Rydex
Specialized Products LLC, a Delaware limited liability company
wholly-owned by Licensor
(‘‘Licensee’’).

WHEREAS,
Licensor and The Bank of New York
(‘‘BONY’’) entered into a
License Agreement, dated as of December  5,  2005 (the
‘‘BONY License Agreement’’),
whereby BONY granted Licensor a non-exclusive, non-transferable (except
as provided in Section 12.1 of the BONY License Agreement) license (the
‘‘BONY License’’) under the
BONY Patent Rights (as defined herein) solely for the purposes of
establishing, operating and marketing Licensed Products (as defined
herein); the BONY License permits Licensor to grant sublicenses to its
partners, co-sponsors, joint venturers, trustees, custodians and
agents, in connection with their establishment, operation and marketing
of Licensed Products;

WHEREAS, Licensor and Licensee entered
into a Sublicense Agreement, dated as of December  5,  2005
(the ‘‘Former Sublicense’’),
whereby Licensor granted a sublicense to Licensee a non-exclusive,
personal and non-transferable license to BONY Patent Rights in
connection with the Euro Currency Trust; and Licensor and Licensee
intend for this Agreement to supersede the Former Sublicense;

WHEREAS, the Euro Currency Trust was established pursuant to the
Depositary Trust Agreement entered into by and between Licensee and
BONY, dated as of December  5,  2005, pursuant to which the
Trust issues Euro CurrencyShares which represent units of fractional
undivided beneficial interest in and ownership of the Euro Currency
Trust;

WHEREAS, the CurrencyShares British Pound Sterling Trust
was established pursuant to the Depositary Trust Agreement entered into
by and between Licensee and BONY, dated as of
[                    ], 2006, pursuant to
which the Trust will issue British Pound Sterling CurrencyShares which
represent units of fractional undivided beneficial interest in and
ownership of the CurrencyShares British Pound Sterling
Trust;

WHEREAS, the CurrencyShares Canadian Dollar Trust was
established pursuant to the Depositary Trust Agreement entered into by
and between Licensee and BONY, dated as of
[                    ], 2006, pursuant to
which the Trust will issue Canadian Dollar CurrencyShares which
represent units of fractional undivided beneficial interest in and
ownership of the CurrencyShares Canadian Dollar Trust;

WHEREAS,
the CurrencyShares Australian Dollar Trust was established pursuant to
the Depositary Trust Agreement entered into by and between Licensee and
BONY, dated as of [                    ],
2006, pursuant to which the Trust will issue Australian Dollar
CurrencyShares which represent units of fractional undivided beneficial
interest in and ownership of the CurrencyShares Australian Dollar
Trust;

WHEREAS, the Swiss Franc Trust was established pursuant to
the Depositary Trust Agreement entered into by and between Licensee and
BONY, dated as of [                    ],
2006, pursuant to which the Trust will issue Swiss Franc CurrencyShares
which represent units of fractional undivided beneficial interest in
and ownership of the CurrencyShares Swiss Franc Trust;

WHEREAS,
the CurrencyShares Swedish Krona Trust was established pursuant to the
Depositary Trust Agreement entered into by and between Licensee and
BONY, dated as of [                    ],
2006, pursuant to which the Trust will issue Swedish Krona
CurrencyShares which represent units of fractional undivided beneficial
interest in and ownership of the CurrencyShares Swedish Krona
Trust;

WHEREAS, the CurrencyShares Mexican Peso Trust was
established pursuant to the Depositary Trust Agreement entered into by
ad between Licensee and BONY, dated as of
[                    ], 2006,

1

pursuant to which the Trust will issue Mexican
Person CurrencyShares which represent units of fractional undivided
beneficial interest in and ownership of the CurrencyShares Mexican Peso
Trust;

WHEREAS, Licensee is acting as the sponsor of all of the
aforementioned trusts (collectively, the
‘‘Trusts’’; the associated
agreements, the ‘‘Trust
Agreements’’; and the associated shares, the
‘‘Shares’’) and is
responsible for establishing the Trusts, registering the Shares and
overseeing the performance of the trustee of the Trusts;

WHEREAS,
pursuant to the terms and conditions of the BONY License Agreement,
Licensor desires to grant a sublicense to Licensee under the BONY
Patent Rights, with the right to grant sublicenses, solely for
Licensee’s use as the sponsor of the Trusts;

WHEREAS,
Licensor uses in commerce and owns in the United States all domain
names, trade names and trademark rights and associated goodwill in the
designations specified on Schedule 1 attached hereto (the
‘‘Licensor Marks’’); and

WHEREAS, Licensor desires to grant a license to Licensee to the
Licensor Marks, with the right to grant sublicenses, solely for
Licensee’s use as the sponsor of the Trusts;

NOW
THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Licensor and Licensee
agree as
follows:

1.    DEFINITIONS.

For the
purposes of this Agreement, the following terms have the following
meanings:

(a.)    ‘‘Affiliate’’
means, with respect to any Person, any other Person that, directly or
indirectly through one or more intermediaries, Controls, or is
Controlled by, or is under common Control with, such Person.

(b.)    ‘‘BONY Patent
Rights’’ means any patents and patent
applications (and all related know-how and trade secrets) of BONY,
anywhere in the world, that cover an investment product that is based
solely on the securitization of a single non-U.S. currency and that
exist as of the effective date of the BONY License Agreement or are
filed or issued thereafter, including but not limited to U.S. Patent
Application No. 10/680,589 filed on October  6,  2003
entitled ‘‘Systems and Methods for Securitizing a
Commodity.’’

(c.)    ‘‘Control’’
means, with respect to any Person, the possession, directly or
indirectly, of the power to direct or cause the direction of the
management or policies of a Person, whether through the ownership of
voting securities, by contract or
otherwise.

(d.)    ‘‘Licensed
Products’’ means any investment product that is
based solely on the securitization of a single non-U.S. currency that
is sold, sponsored or issued by Licensee or any Affiliate of Licensee.
For the purposes of clarity, the Licensed Products do not include any
products involving the securitization of any commodity other than
non-U.S.
currency.

(e.)    ‘‘Person’’
shall be construed broadly and shall include an individual, a
partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an
unincorporated organization or another entity, including a governmental
entity or any department, agency or political subdivision
thereof.

2.    LICENSE.

(a.)    BONY
Patent Rights Sublicense. Pursuant to Section 2 of the BONY
License Agreement and subject to the terms and conditions of this
Agreement, Licensor hereby grants to Licensee a non-exclusive, personal
and non-transferable (except as provided in Section 10(a)) license for
the term of this Agreement to use the BONY Patent Rights solely in
connection with Licensee’s performance of its services as
sponsor of the Trusts pursuant to the Trust Agreements (the
‘‘BONY
Sublicense’’).

(b.)    Licensee’s
Limited Right to Sublicense. Each of the Licenses granted herein
shall include the limited right of Licensee to grant sublicenses to its
Affiliates, partners, co-sponsors, joint 

2

venturers, trustees, distributors, custodians
and agents (each a
‘‘Sublicensee’’), subject to
the restrictions of this Agreement, and solely in connection with such
Sublicensee’s performance of services for Licensee related to
the activities of Licensee permitted hereunder. In addition, Licensee
shall include provisions in all such sublicenses that: (i) are
identical in substance to Sections 3, 4 and 5 herein (with the
references in such sublicenses to
‘‘Licensor’’ in Section 4(c) to continue to
signify the Licensor defined herein); (ii) require Licensee to
terminate such sublicenses, without penalty, if this Agreement is
terminated for any reason; (iii) obligate Licensee to give the
Sublicensee notice if this Agreement is terminated for any reason; and
(iv) entitle Licensor herein to give such notice in the event that the
Licensee fails to do so.

(c.)    All rights not specifically
and expressly granted to Licensee in this Article 2 are hereby reserved
to
Licensor.

3.    ENFORCEMENT.

Licensee
shall promptly (a.) notify Licensor of any potential or actual
infringement by a third party of the BONY Patent Rights or the Licensor
Marks of which Licensee becomes aware, and (b.) provide to Licensor all
evidence of such infringement in Licensee’s possession, custody
or control. With respect to Licensor Marks, Licensor shall (y.) have
the sole right, but not the obligation, to initiate any legal action at
its own expense against such infringement and to recover damages and
enforce any injunction granted as a result of any judgment in
Licensor’s favor and (z.) Licensor shall have sole control over
any such action, including, without limitation, the sole right to
settle and compromise such action. In the event of a dispute between
Licensor and any third party regarding the infringement, validity or
enforceability of the BONY Patent Rights or the Licensor Marks,
Licensee agrees, at Licensor’s expense, to do all things
reasonably requested by BONY or Licensor to assist them in connection
with such dispute.

4.    TERM AND
TERMINATION.

(a.)    The term of this Agreement shall
commence as of the Effective Date and shall remain in full force and
effect until the termination of the last of the Trust Agreements to
terminate, unless earlier terminated pursuant to the terms of this
Agreement (the
‘‘Term’’).

(b.)    Either
party may terminate this Agreement by written notice to the other party
at any time if the other party materially breaches this Agreement and
fails to cure such breach with thirty (30) days following written
notice thereof from the non-breaching party. Upon any termination or
expiration of this Agreement, all rights and obligations under this
Agreement (including Licensee’s rights under the Licenses
granted pursuant to Article 2) will immediately terminate; provided,
however, that the provisions of Articles 5, 6, 7, and 8, and any other
provision that survives by its express terms, shall survive any
termination or expiration of this Agreement.

(c.)    On
expiration or termination of this Agreement, Licensee shall immediately
cease and desist from all use of the BONY Patent Rights and the
Licensor Marks, and any similar marks, and inventions or works based on
or derivative thereof; and shall immediately deliver all products
bearing or made in connection with the BONY Patent Rights or the
Licensor Marks, including without limitation all inventions or works
based on or derivative thereof, to Licensor at the address set forth in
the notice section below, or destroy them, at the option of
Licensor.

5.    ACKNOWLEDGMENT OF
RIGHTS.

(a.)    Licensee will not directly or
indirectly: (i) challenge or contest the validity or enforceability of
the BONY Patent Rights or the Licensor Marks; (ii) dispute the
validity, enforceability, or BONY’s ownership of any patent
within the BONY Patent Rights, any inventions or works based thereon or
derivative thereof, or any of the claims therein
(‘‘Patent Rights’’), or
initiate or participate in any proceeding of any kind opposing the
grant of any patent, or challenging any patent application in
connection with the Patent Rights; (iii) dispute the validity,
enforceability, or Licensor’s exclusive ownership of, any
trademark, trade name or domain name application or registration owned
by 

3

Licensor with respect to the Licensor Marks or
initiate or participate in any proceeding of any kind opposing the
grant to Licensor of any trademark, trade name, or domain name
registration in the Licensor Marks or similar marks; (iv) fail to meet
Licensor’s quality control with respect to the Licensor Marks or
make any other use thereof other than as expressly permitted herein;
(v) apply to register or otherwise obtain registration of the BONY
Patent Rights or any inventions or works based thereon or derivative
thereof, the Licensor Marks, or any marks similar thereto, in the
patent and trademark or copyright office of any country or state, or
with any business or domain name registrar; or (vi) assist any other
Person to do any of the foregoing (except if required by court order or
subpoena); provided, however, the foregoing shall in no way limit
Licensee’s ability to defend against or to mitigate any claim
brought by Licensor or BONY against Licensee.

(b.)    Any
violation of this Article 5 will constitute a material breach of this
Agreement.

6.    REPRESENTATIONS AND
WARRANTIES.

(a.)    Each party hereby represents and
warrants that (i) it has the power and authority to enter into this
Agreement and perform its obligations hereunder; (ii) the execution and
delivery of this Agreement have been duly authorized and all necessary
actions have been taken to make this Agreement a legal, valid and
binding obligation of such party enforceable in accordance with its
terms; and (iii) the execution and delivery of this Agreement and the
performance by such party of its obligations hereunder will not
contravene or result in any breach of the certificate of incorporation,
bylaws, certificate of formation, limited liability company agreement
or any other organizational document of such party or of any agreement,
contract, indenture, license, instrument or understanding or, to the
best of its knowledge, result in any violation of law, rule,
regulation, statute, order or decree to which such party is bound or by
which they or any of their property is
subject.

(b.)    Licensor represents and warrants that it
owns and/or has the right to sublicense to Licensee the BONY Patent
Rights and to license to Licensee the Licensor Marks in the United
States and that to its actual knowledge, the BONY Patent Rights and the
Licensor Marks and Licensee’s use of the foregoing in accordance
with this Agreement shall not infringe any copyright, trademark, trade
secret or other intellectual property right of any third party.

(c.)    EXCEPT AS EXPRESSLY SET FORTH IN THE FOREGOING, LICENSOR
DOES NOT MAKE AND HEREBY EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES,
EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, REGARDING THE SUBJECT
MATTER OF THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE.

7.    LIMITATION OF
LIABILITY.

NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR
ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR OTHER
INDIRECT DAMAGES, HOWSOEVER CAUSED, WHETHER ARISING IN CONTRACT, TORT
OR OTHERWISE, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES.

8.    MISCELLANEOUS
PROVISIONS.

(a.)    Assignment. Licensee may
not assign or otherwise transfer (whether by operation of law or
otherwise) any right or obligation under this Agreement without the
prior written consent of Licensor; provided, however, that Licensee may
grant sublicenses as provided herein. Such consent shall be deemed
given with respect to an assignment or transfer (whether by operation
of law or otherwise) of the entire Agreement, including all rights and
obligations hereunder, to a successor in interest or assignee of
substantially all of the assets of Licensee, provided that Licensee has
given prompt written notice thereof to Licensor. This Agreement is
binding on and inures to the benefit of the parties and their permitted
successors and assigns. Any attempted assignment or other transfer of
rights under this Agreement in violation of this Section 10(a) will be
void.

4

(b.)    Governing Law. This
Agreement shall be interpreted, construed and enforced in accordance
with the laws of the State of Maryland without reference to or
inclusion of the principles of choice of law or conflicts of law of
that jurisdiction (except that questions affecting the construction and
effect of any patent will be determined by the law of the country in
which the patent was granted). It is the intent of the parties that the
substantive law of the State of Maryland govern this Agreement and not
the law of any other jurisdiction incorporated through choice of law or
conflicts of law principles. Each party agrees that any legal action,
proceeding, controversy or claim between the parties arising out of or
relating to this Agreement may be brought and prosecuted only in the
United States District Court for the District of Maryland or, if that
Court lacks or declines to exercise subject matter jurisdiction, in the
courts of the State of Maryland, and by execution of this Agreement
each party hereto submits to the exclusive jurisdiction of such court
and waives any objection it might have based upon improper venue or
inconvenient forum. Each party hereto waives any right it may have to a
jury trial in connection with any legal action, proceeding, controversy
or claim between the parties arising out of or relating to the
Agreement.

(c.)    Exclusive Jurisdiction and Venue.
Any action brought by either party that arises out of or relates to
this Agreement will be filed only in the state or federal courts
located in Maryland. Each party irrevocably submits to the jurisdiction
of those courts. Each party waives any objections that it may have now
or in the future to the jurisdiction of those courts, and also waives
any claim that it may have now or in the future that litigation brought
in those courts has been brought in an inconvenient forum.

(d.)    Entire Agreement. This Agreement sets forth the
entire agreement of the parties as to its subject matter and supercedes
all prior agreements, negotiations, representations, and promises
between them with respect to its subject
matter.

(e.)    Unenforceable Provisions. If any
provision of this Agreement is held unenforceable by a court of
competent jurisdiction, the other provisions will remain in full force
and effect. If legally permitted, the unenforceable provision will be
replaced with an enforceable provision that as nearly as possible gives
effect to the parties’
intent.

(f.)    Notices. A notice under this
Agreement is not sufficient unless it is: (i) in writing; (ii)
addressed using the contact information listed below for the party to
which the notice is being given (or using updated contact information
which that party has specified by written notice in accordance with
this Article); and (iii) sent by hand delivery, facsimile transmission,
registered or certified mail (return receipt requested), or reputable
express delivery service with tracking capabilities (such as Federal
Express).

    
CONTACT INFORMATION FOR
LICENSOR:
    
PADCO Advisors II, Inc.
9601 Blackwell
Road, Suite 500
Rockville, Maryland 20850
Attention: Carl G.
Verboncoeur
Telephone: (301) 296-5100
Facsimile:
301-296-5112

    
CONTACT INFORMATION FOR
LICENSEE:
    
Rydex Specialized Products LLC
9601
Blackwell Road, Suite 500
Rockville, Maryland 20850
Attention:
Timothy Meyer
Telephone: (301) 296-5129
Facsimile: (301)
296-5112

5

(g.)    Amendments. This
Agreement may not be amended unless the amendment is in writing and
signed by authorized representatives of both parties.

(h.)    Waivers. A waiver of rights under this
Agreement will not be effective unless it is in writing and signed by
an authorized representative of the party that is waiving the
rights.

(i.)    Counterparts. The parties may
execute this Agreement by signing separate copies of the signature
page. A facsimile copy of the signature page will have the same effect
as the original.

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK; SIGNATURE PAGE FOLLOWS]

6

IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed by their duly authorized
representatives.

		PADCO ADVISORS II,
INC.

		By:____________________

		Name:__________________

		Title:
                                                    

		RYDEX
SPECIALIZED PRODUCTS LLC

		By:
                                                    

		Name:__________________

		Title:
                                                    

7

SCHEDULE 1

LICENSOR
MARKS

Rydex
 Rydex
Investments
FXE
FXB
CurrencyShares

currencyshares.com
[Rydex to
complete]

8

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