Document:

EXHIBIT
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]

8EXHIBIT 4.1

           RYDEX SPECIALIZED PRODUCTS LLC, d/b/a "RYDEX INVESTMENTS",

                                   as Sponsor,

                              THE BANK OF NEW YORK,

                                   as Trustee,

  ALL REGISTERED OWNERS AND BENEFICIAL OWNERS OF CANADIAN DOLLAR SHARES ISSUED
                                   HEREUNDER

                                       and

                                 ALL DEPOSITORS

                                   ----------

                           Depositary Trust Agreement

                    CurrencyShares(SM) Canadian Dollar Trust

                                   ----------

                           Dated as of _________, 2006

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
ARTICLE 1 DEFINITIONS AND RULES OF CONSTRUCTION..........................     2
   Section 1.1  Definitions..............................................     2
   Section 1.2  Rules of Construction....................................     8

ARTICLE 2 STATEMENT OF PURPOSE; CREATION AND DECLARATION OF TRUST; FORM
          OF CERTIFICATES; DEPOSIT OF CANADIAN DOLLARS; DELIVERY,
          REGISTRATION OF TRANSFER AND SURRENDER OF SHARES...............     9
   Section 2.1  Statement of Purpose; Duties and Powers of the Trust.....     9
   Section 2.2  Creation and Declaration of Trust; Business of the
                Trust....................................................     9
   Section 2.3  Form of Certificates; Book-Entry System;
                Transferability of Shares................................    10
   Section 2.4  Deposit of Canadian Dollars..............................    12
   Section 2.5  Delivery of Shares.......................................    14
   Section 2.6  Registration and Registration of Transfer of Shares;
                Combination and Split-up of Certificates.................    14
   Section 2.7  Surrender of Shares and Withdrawal of Trust Property.....    15
   Section 2.8  Limitations on Delivery, Registration of Transfer and
                Surrender of Shares......................................    16
   Section 2.9  Lost Certificates, Etc...................................    17
   Section 2.10 Cancellation and Destruction of Surrendered
                Certificates.............................................    18
   Section 2.11 Splits and Reverse Splits of Shares......................    18

ARTICLE 3 CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES.............    18
   Section 3.1  Liability of Registered Owner for Taxes and Other
                Governmental Charges.....................................    18
   Section 3.2  Warranties on Deposit of Canadian Dollars................    19

ARTICLE 4 ADMINISTRATION OF THE TRUST....................................    19
   Section 4.1  Evaluation of Canadian Dollars; Calculation of Net
                Asset Value..............................................    19
   Section 4.2  Responsibility of the Trustee for Evaluations............    21
   Section 4.3  Interest Account and Non-Interest Account................    21
   Section 4.4  Cash Distributions.......................................    21
   Section 4.5  Distributions of Surplus Property........................    22
   Section 4.6  Fixing of Record Date....................................    22
   Section 4.7  Payment of Trust Expenses................................    22
   Section 4.8  Statements and Reports...................................    24

                                        i

   Section 4.9  Further Provisions for Sales of Trust Property;
                Currency Conversion......................................    24
   Section 4.10 Counsel..................................................    26
   Section 4.11 Grantor Trust............................................    26

ARTICLE 5 THE SPONSOR....................................................    27
   Section 5.1  Duties of the Sponsor....................................    27
   Section 5.2  Obligations of the Sponsor...............................    27
   Section 5.3  Prevention or Delay in Performance by the Sponsor........    28
   Section 5.4  Certain Matters Regarding Successor Sponsor..............    29
   Section 5.5  Resignation of Sponsor; Successors.......................    29
   Section 5.6  Compensation of the Sponsor..............................    30
   Section 5.7  Federal Securities Law Filings...........................    31
   Section 5.8  Discretionary Actions by Sponsor; Consultation...........    32

ARTICLE 6 THE TRUSTEE....................................................    32
   Section 6.1  Maintenance of Office and Transfer Books by the Trustee..    32
   Section 6.2  Obligations of the Trustee...............................    33
   Section 6.3  Prevention or Delay in Performance by the Trustee........    34
   Section 6.4  Resignation or Removal of the Trustee; Appointment of
                Successor Trustee........................................    34
   Section 6.5  Transfers Between Interest Account and Non-Interest
                Account..................................................    36
   Section 6.6  The Depository...........................................    37
   Section 6.7  Compensation of the Depository...........................    37
   Section 6.8  Retention of Trust Documents.............................    38
   Section 6.9  Prospectus Delivery......................................    38
   Section 6.10 Discretionary Actions by Trustee; Consultation...........    38

ARTICLE 7 INDEMNIFICATION................................................    39
   Section 7.1  Indemnification of the Sponsor and Trustee...............    39

ARTICLE 8 AMENDMENT AND TERMINATION......................................    42
   Section 8.1  Amendment................................................    42
   Section 8.2  Termination..............................................    43

ARTICLE 9 MISCELLANEOUS..................................................    46
   Section 9.1  Counterparts.............................................    46
   Section 9.2  Third-Party Beneficiaries................................    46
   Section 9.3  Severability.............................................    47
   Section 9.4  Registered Owners, Beneficial Owners and Depositors as
                Parties; Binding Effect..................................    47
   Section 9.5  Notices..................................................    47
   Section 9.6  Agent for Service; Submission to Jurisdiction............    48
   Section 9.7  Governing Law............................................    49

                                       ii

EXHIBIT A -DEPOSIT ACCOUNT AGREEMENT

EXHIBIT B -FORM OF CERTIFICATES

                                       iii

                           DEPOSITARY TRUST AGREEMENT

          THIS DEPOSITARY TRUST AGREEMENT dated as of [___________], 2006,
between Rydex Specialized Products LLC, a Delaware limited liability company
d/b/a "RYDEX INVESTMENTS", as sponsor, THE BANK OF NEW YORK, a New York banking
corporation, as trustee, all Registered Owners and Beneficial Owners from time
to time of Canadian Dollar Shares issued hereunder and all Depositors.

                                   WITNESSETH:

          WHEREAS the Sponsor desires to establish a trust, to be known as the
"CurrencyShares(SM) Canadian Dollar Trust", pursuant to the laws of the State of
New York;

          WHEREAS the Sponsor desires to establish the terms on which Canadian
Dollars (as herein defined) may be deposited in the trust and provide for the
creation of Canadian Dollar Shares in Baskets (as herein defined) representing
fractional undivided interests in the net assets of the trust and the execution
and delivery of Certificates (as herein defined) evidencing the Canadian Dollar
Shares; and

          WHEREAS the Sponsor desires to provide for other terms and conditions
upon which the trust shall be established and administered, as hereinafter
provided.

          NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the Sponsor and the Trustee hereby agree as
follows:

                                    ARTICLE 1

                      DEFINITIONS AND RULES OF CONSTRUCTION

          Section 1.1 Definitions.

          Except as otherwise specified in this Trust Agreement or as the
context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Depositary Trust Agreement.

          "Agreement" means this Depositary Trust Agreement, as amended or
supplemented in accordance with its terms.

          "Authorized Participant" means a Person that, at the time of
submitting a Purchase Order or a Redemption Order, (i) is a registered
broker-dealer or other securities market participant, (ii) is a DTC Participant
or an Indirect Participant and (iii) has in effect a valid Authorized
Participant Agreement.

          "Authorized Participant Agreement" means an agreement among the
Trustee, the Sponsor and an Authorized Participant that authorizes the
Authorized Participant to submit Purchase Orders and Redemption Orders under
this Agreement.

          "Basket" means 50,000 Shares, except that the Trustee, in consultation
with the Sponsor, may from time to time increase or decrease the number of
Shares comprising a Basket.

          "Basket Canadian Dollar Amount" is the amount of Canadian Dollars that
must be deposited for issuance of one Basket or that, subject to the exception
stated in Section 2.7, is deliverable upon Surrender of one Basket. The Basket
Canadian Dollar Amount will be determined as provided in Section 2.4(b).

          "Beneficial Owner" means any Person owning, through DTC, a DTC
Participant, or an Indirect Participant, a Share.

                                        2

          "Canadian Dollar" means the official currency of Canada.

          "Certificate" means a certificate that may be executed and delivered
by the Trustee under this Agreement evidencing Shares.

          "Code" means the Internal Revenue Code of 1986, as amended.

          "Commission" means the Securities and Exchange Commission of the
United States or any successor governmental agency in the United States.

          "Corporate Trust Office" means the office of the Trustee at which its
depositary receipt business is administered which, at the date of this
Agreement, is located at 101 Barclay Street, New York, New York 10286.

          "Deliver" means (a) when used with respect to Canadian Dollars, either
(i) a wire transfer of immediately available Canadian Dollars to the account
specified by the Person entitled to the Delivery or (ii) if requested by the
Person entitled to the Delivery, delivery of a certified or official bank check
for Canadian Dollars payable as requested by the person entitled to the Delivery
and (b) when used with respect to Shares, either (i) one or more book-entry
transfers of those Shares to an account or accounts at DTC designated by the
Person entitled to such delivery for further credit as specified by that Person
or (ii) in the circumstances specified in Section 2.3(e), execution and delivery
at the Corporate Trust Office of the Trustee of one or more Certificates
evidencing those Shares.

          "Deposit Account Agreement" means the Deposit Account Agreement
entered into between the Trustee and the Depository, substantially in the form
annexed hereto as Exhibit A, as it may be amended or supplemented in accordance
with this Agreement.

                                        3

          "Depositor" means any Authorized Participant that deposits Canadian
Dollars into the Trust, either for its own account or on behalf of another
Person that is the owner or beneficial owner of those Canadian Dollars.

          "Depository" means JPMorgan Chase Bank, N.A., London Branch.

          "Dollars" or "$" means the official currency of the United States of
America.

          "DTC" means The Depository Trust Company, its nominees and their
respective successors.

          "DTC Participant" means a Person that, pursuant to DTC's governing
documents, is entitled to deposit securities with DTC in its capacity as a
"participant."

          "Exchange" means the exchange on which the Shares are principally
traded, as specified by the Sponsor, initially the New York Stock Exchange.

          "Fiscal Year" means the annual accounting periods of the Trust which
will end on October 31 of each year.

          "Indemnified Amounts" is defined in Section 7.1.

          "Indemnitee" is defined in Section 7.1.

          "Indemnitor" is defined in Section 7.1.

          "Indirect Participant" means a Person that, by clearing securities
through, or maintaining a custodial relationship with, a DTC Participant, has
access to the DTC clearing system.

          "Interest Account" means the interest-bearing account for the Trust's
assets maintained with the Depository pursuant to the Deposit Account Agreement.

                                        4

          "London Business Day" means any day other than (i) a Saturday or
Sunday or (ii) a day which has been designated a bank holiday in England.

          "NAV" means the net asset value of the Trust determined under Section
4.1.

          "NAV per Basket" means the value of a Basket determined under Section
2.4.

          "NAV per Share" means the value of a Share determined under Section
4.1.

          "New York Business Day" means any day other than (i) a Saturday or
Sunday or (ii) a day on which the Exchange is not open for regular trading at
noon, New York time.

          "Non-Interest Account" means the non-interest-bearing account
maintained with the Depository pursuant to the Deposit Account Agreement.

          "Noon Buying Rate" means the Canadian Dollar/Dollar exchange rate, as
determined and published by the Federal Reserve Bank of New York each New York
Business Day at approximately 12:00 PM (New York time).

          "Order Cutoff Time" means (i) 4:00 PM (New York time) or (ii) another
time agreed to by the Sponsor and the Trustee and of which Registered Owners and
all existing Authorized Participants have been notified by the Trustee.

          "Order Date" means, with respect to a Purchase Order, the date
specified in Section 2.4(a) and, with respect to a Redemption Order, the date
specified in Section 2.7.

          "Person" means any natural person or any limited liability company,
corporation, partnership, joint venture, association, joint stock company,
trust,

                                        5

unincorporated organization or government or any agency or political subdivision
thereof.

          "Proceeding" is defined in Section 7.1.

          "Purchase Order" is defined in Section 2.4.

          "Qualified Bank" means a bank, trust company, corporation or national
banking association organized and doing business under the laws of the United
States or any State of the United States that is authorized under those laws to
exercise corporate trust powers and that (i) is a DTC Participant or a
participant in such other securities depository as is then acting with respect
to the Shares, (ii) unless counsel to the Sponsor determines that the following
requirement is not necessary for the exception under Section 408(m) of the Code
to apply, is a banking institution as defined in Section 408(n) of the Code and
(iii) had, as of the date of its most recent annual financial statements, an
aggregate capital, surplus and undivided profits of at least $500,000,000.

          "Redemption Order" is defined in Section 2.7.

          "Registered Owner" means the Person in whose name Shares are
registered on the books of the Trustee maintained for that purpose.

          "Registrar" means any bank or trust company that is appointed to
register Shares and transfers of Shares as herein provided.

          "Relevant Price" means the quotient obtained by dividing one (1) by
the Noon Buying Rate, except as provided below. If, on a particular evaluation
day, the Federal Reserve Bank of New York does not announce a Noon Buying Rate
by 2:00 PM (New York time), then the quotient obtained by dividing one (1) by
the most recent Federal Reserve Bank of New York determination of the Noon
Buying Rate will be the "Relevant Price" and be used to determine the NAV of the
Trust unless the Trustee, in consultation with the Sponsor, determines that such
price is inappropriate to use as the

                                        6

basis for such valuation. In the event that the Trustee and the Sponsor
determine that the most recent Federal Reserve Bank of New York determination of
the Noon Buying Rate is not an appropriate basis for valuation of the Trust's
Canadian Dollars, they shall determine an alternative basis for such evaluation
to be employed by the Trustee, which will be the "Relevant Price."

          "Settlement Date" means, with respect to a Purchase Order, the date
specified in Section 2.4(a) and, with respect to a Redemption Order, the date
specified in Section 2.7.

          "Shares" means Canadian Dollar Shares created under this Agreement,
each representing a fractional undivided ownership interest in the net assets of
the Trust, which interest shall equal a fraction, the numerator of which is 1
and the denominator of which is the total number of Shares outstanding.

          "Sponsor" means Rydex Specialized Products LLC, a Delaware limited
liability company, d/b/a "Rydex Investments".

          "Sponsor's Fee" means the fee to be paid to the Sponsor, which for
each day shall be equal to (.004/365 or 366, depending on the number of days in
the year) multiplied by (the Canadian Dollars in the Trust as of the close of
business on the preceding London Business Day, which shall include all unpaid
interest but exclude unpaid fees, each as accrued through the immediately
preceding day).

          "Sponsor Indemnified Persons" is defined in Section 7.1.

          "Surplus Property" means any Trust Property other than (i) Canadian
Dollars deposited by or on behalf of Authorized Participants pursuant to Section
2.4, in the Interest Account or the Non-Interest Account, (ii) Canadian Dollars
received as interest on Canadian Dollars in the Interest Account, (iii) amounts
withdrawn from the Interest Account in order to make a redemption described in
Section 2.7, or (iv) amounts being held for the payment of estimated Trust
expenses.

                                        7

          "Surrender" means, when used with respect to Shares, (a) one or more
book-entry transfers of Shares to the DTC account of the Trustee or (b)
surrender to the Trustee at its Corporate Trust Office of one or more
Certificates evidencing Shares.

          "Trust" means the CurrencyShares Canadian Dollar Trust, the trust
entity created by this Agreement.

          "Trust Property" means the Canadian Dollars that are deposited under
this Agreement and any other money or other property that is received by the
Trustee in respect of Trust Property and that is being held under this
Agreement. Trust Property shall not include any property subject to distribution
for which the record date for determining Registered Owners entitled to such
distribution has passed.

          "Trustee" means The Bank of New York, a New York banking corporation,
in its capacity as trustee under this Agreement, or any successor as trustee
under this Agreement.

          "Trustee Indemnified Persons" is defined in Section 7.1.

          Section 1.2 Rules of Construction.

          Unless the context otherwise requires:

               (i) a term has the meaning assigned to it;

               (ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as in
effect in the United States;

               (iii) "or" is not exclusive;

               (iv) the words "herein", "hereof", "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section or other subdivision;

                                        8

               (v) "including" means including without limitation; and

               (vi) words in the singular include the plural and words in the
plural include the singular.

                                    ARTICLE 2

                              STATEMENT OF PURPOSE;
                       CREATION AND DECLARATION OF TRUST;
          FORM OF CERTIFICATES; DEPOSIT OF CANADIAN DOLLARS; DELIVERY,
                REGISTRATION OF TRANSFER AND SURRENDER OF SHARES

          Section 2.1 Statement of Purpose; Duties and Powers of the Trust.

          (a) The Trust is a passive investment vehicle that is not actively
managed. The sole purpose of the Trust is to hold Canadian Dollars on behalf of
the Registered Owners. The Trust shall have no directors or persons acting in
similar capacity and no officers or employees, and shall act only through the
Trustee and the Sponsor.

          (b) The Trust shall have the power to receive and hold deposits of
Canadian Dollars, issue Baskets representing those deposits, distribute Canadian
Dollars upon surrenders of Baskets, and perform acts incidental to the foregoing
as provided in this Agreement, but the Trust shall not have the power to engage
in any other business activities.

          Section 2.2 Creation and Declaration of Trust; Business of the Trust.

          (a) The Trustee acknowledges that an initial deposit of 100 Canadian
Dollars under and in accordance with this Agreement has been made in the
Interest Account by the Sponsor on the date hereof in exchange for one Share.
The Sponsor is purchasing the initial Share solely for the purpose of forming
the Trust. The Sponsor will redeem the initial Share for 100 Canadian Dollars as
promptly as practicable after the Form S-1 registration statement filed with the
Commission with respect to the Shares is

                                        9

declared effective by the Commission and the Initial Purchaser, as defined in
the registration statement, deposits Canadian Dollars in accordance with the
registration statement.

          (b) The Trustee declares that it will hold that initial deposit and
all other Trust Property as trustee for the benefit of the Registered Owners for
the purposes of, and subject to and limited by the terms and conditions set
forth in, this Agreement. The trust created by this Agreement shall be known as
the "CurrencyShares(SM) Canadian Dollar Trust".

          Section 2.3 Form of Certificates; Book-Entry System; Transferability
of Shares.

          (a) The Certificates evidencing Shares shall be substantially in the
form set forth in Exhibit B annexed to this Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided. No Shares
shall be entitled to any benefits under this Agreement or be valid or obligatory
for any purpose unless a Certificate evidencing those Shares has been executed
by the Trustee by the manual or facsimile signature of a duly authorized
signatory of the Trustee and, if a Registrar (other than the Trustee) for the
Shares shall have been appointed, countersigned by the manual signature of a
duly authorized officer of the Registrar. The Trustee shall maintain books on
which the registered ownership of each Share and transfers, if any, of such
registered ownership shall be recorded. Certificates evidencing Shares bearing
the manual or facsimile signature of a duly authorized signatory of the Trustee
and the manual signature of a duly authorized officer of the Registrar, if
applicable, who was, at the time such Certificates were executed, a proper
signatory of the Trustee or Registrar, if applicable, shall bind the Trustee,
notwithstanding that such signatory has ceased to hold such office prior to the
delivery of such Certificates.

          (b) The Certificates may be endorsed with or have incorporated in the
text thereof such legends or recitals or modifications not inconsistent with the
provisions of

                                       10

this Agreement as may be required by the Trustee or required to comply with any
applicable law or regulations thereunder or with the rules and regulations of
the Exchange or to conform with any usage with respect thereto, or to indicate
any special limitations or restrictions to which the Shares evidenced by a
particular Certificate are subject.

          (c) The Sponsor and the Trustee will apply to DTC for acceptance of
the Shares in its book-entry settlement system. Shares deposited with DTC shall
be evidenced by one or more global Certificates which shall be registered in the
name of Cede & Co., as nominee for DTC, and shall bear the following legend:

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
          OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
          THE AGENT AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER,
          EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
          NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
          AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
          CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
          REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
          VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
          REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          (d) So long as the Shares are eligible for book-entry settlement with
DTC and such settlement is available, unless otherwise required by law,
notwithstanding the provisions of Section 2.3(a) and Section 2.3(b), all Shares
shall be evidenced by one or more global Certificates the Registered Owner of
which is DTC or a nominee of DTC and (i) no Beneficial Owner of Shares will be
entitled to receive a separate Certificate evidencing those Shares, (ii) the
interest of a Beneficial Owner in Shares represented by a global Certificate
will be shown only on, and transfer of that interest will be effected only
through, records maintained by DTC or a DTC Participant or Indirect Participant
through which the Beneficial Owner holds that interest and (iii) the rights of a
Beneficial Owner

                                       11

with respect to Shares represented by a global Certificate will be exercised
only to the extent allowed by, and in compliance with, the arrangements in
effect between such Beneficial Owner and DTC or the DTC Participant or Indirect
Participant through which that Beneficial Owner holds an interest in Shares.

          (e) If, at any time when Shares are evidenced by a global Certificate,
DTC ceases to make its book-entry settlement system available for such Shares,
the Trustee shall execute and deliver separate Certificates evidencing Shares to
the DTC Participants entitled thereto, with such additions, deletions and
modifications to this Agreement and to the form of Certificate evidencing Shares
as the Sponsor and the Trustee may agree.

          (f) Title to a Certificate evidencing Shares (and to the Shares
evidenced thereby), when properly endorsed or accompanied by proper instruments
of transfer, shall be transferable by delivery with the same effect as in the
case of a negotiable instrument under the laws of New York; provided, however,
that the Trustee, notwithstanding any notice to the contrary, may treat the
Registered Owner of Shares as the absolute owner thereof for the purpose of
determining the person entitled to any distribution or to any notice provided
for in this Agreement and for all other purposes.

          Section 2.4 Deposit of Canadian Dollars.

          (a) After the deposit of Canadian Dollars in the Trust by the Initial
Purchaser, as defined in the registration statement, the issuance and Delivery
of Shares will take place only in integral numbers of Baskets and in compliance
with the provisions of this Agreement, as supplemented by any procedures
attached to an applicable Authorized Participant Agreement, to the extent those
procedures are consistent with this Agreement. Authorized Participants wishing
to acquire from the Trustee one or more Baskets must place an order with the
Trustee (a "Purchase Order"). Purchase Orders received by the Trustee prior to
the Order Cutoff Time on a New York Business Day will have that day as the Order
Date. Purchase Orders received on a day that is not a New York Business Day or
received after the Order Cutoff Time on a New York Business Day

                                       12

will have the next following New York Business Day as the Order Date. The
"Settlement Date" for a Purchase Order shall be the third New York Business Day
following the Order Date unless that day is not a London Business Day, in which
case the Settlement Date shall be the next following day that is both a New York
Business Day and a London Business Day. As consideration for each Basket
acquired, Authorized Participants must deposit with the Depository the Basket
Canadian Dollar Amount determined by the Trustee on the Business Day prior to
the Settlement Date for the corresponding Purchase Order. The Basket Canadian
Dollar Amount shall be deposited in the Non-Interest Account. Pursuant to
Section 6.5, the Trustee shall contemporaneously instruct the Depository to
transfer the portion of the Basket Canadian Dollar Amount representing principal
from the Non-Interest Account to the Interest Account. The portion of the Basket
Canadian Dollar Amount representing a pro rata portion of accrued but unpaid
interest will remain in the Non-Interest Account.

          (b) The Trustee shall determine the Basket Canadian Dollar Amount for
each New York Business Day. The initial "Basket Canadian Dollar Amount" is
5,000,000 Canadian Dollars. After the initial deposit, the "Basket Canadian
Dollar Amount" shall be an amount of Canadian Dollars equal to the quotient
obtained by dividing the NAV per Basket on the date on which the determination
is being made by the Relevant Price on such date. For purposes of this
computation, "NAV per Basket" is the product obtained by multiplying (x) the NAV
per Share determined in compliance with Section 4.1, by (y) the number of Shares
which constitute a Basket on the date on which the determination is being made.
Fractions of a Canadian Dollar smaller than .001 shall be disregarded. The
Sponsor intends to publish, or may designate other persons to publish, for each
New York Business Day, the Basket Canadian Dollar Amount.

          (c) If the Trust Property includes Surplus Property, no deposits of
Canadian Dollars will be accepted until after a record date for distribution of
that money or property, or proceeds from that property, has passed.

                                       13

          (d) All deposited Canadian Dollars shall be owned by the Trust and
held for the Trust by the Depository in the Interest Account or the Non-Interest
Account. Any assets of the Trust other than Canadian Dollars shall be held by
the Trustee or the Depository at such place and in such manner as the Trustee
shall determine.

          Section 2.5 Delivery of Shares.

          Upon receipt by the Trustee of any deposit in accordance with Section
2.4, together with a Purchase Order and the other documents required under this
Agreement, if any, and a confirmation from the Depository that the Basket
Canadian Dollar Amount has been Delivered to the Depository for each Basket of
Shares and the Depository is holding those Canadian Dollars for the account of
the Trust, the Trustee, subject to the terms and conditions of this Agreement,
shall Deliver to the Depositor the number of Baskets of Shares issuable in
respect of such deposit as requested in the corresponding Purchase Order, but
only upon payment to the Trustee of the fees and expenses of the Trustee as
provided in Section 6.7 and of all taxes and governmental charges and fees
payable in connection with such deposit, the transfer of the Canadian Dollars
and the issuance and Delivery of the Shares.

          Section 2.6 Registration and Registration of Transfer of Shares;
Combination and Split-up of Certificates.

          (a) The Trustee shall keep or cause to be kept a register of
Registered Owners of Shares and shall provide for the registration of Shares and
the registration of transfers of Shares.

          (b) The Trustee, subject to the terms and conditions of this
Agreement, shall register transfers of ownership of Shares on its transfer books
from time to time, upon any Surrender of a Certificate evidencing such Shares,
by the Registered Owner in person or by a duly authorized attorney, properly
endorsed or accompanied by proper instruments of transfer, and duly stamped as
may be required by the laws of the State of New York and of the United States of
America. Thereupon the Trustee shall execute a

                                       14

new Certificate or Certificates evidencing such Shares, and deliver the same to
or upon the order of the Person entitled thereto.

          (c) The Trustee, subject to the terms and conditions of this
Agreement, shall, upon Surrender of a Certificate or Certificates evidencing
Shares for the purposes of effecting a split-up or combination of that
certificate or certificates, execute and deliver one or more new Certificates
evidencing those Shares.

          (d) The Trustee may, with the written approval of the Sponsor (which
approval shall not be unreasonably withheld), appoint one or more co-transfer
agents for the purpose of effecting registration of transfers of Shares and
combinations and split-ups of Certificates at designated transfer offices on
behalf of the Trustee at the Trustee's expense. In carrying out its functions, a
co-transfer agent may require evidence of authority and compliance with
applicable laws and other requirements by Registered Owners or Persons entitled
to Shares and will be entitled to protection and indemnity to the same extent as
the Trustee.

          Section 2.7 Surrender of Shares and Withdrawal of Trust Property.

     Upon Surrender of any integral number of Baskets for the purpose of
withdrawal of the amount of Trust Property represented thereby, and upon payment
of the fee of the Trustee in connection with the Surrender of Shares as provided
in Section 6.7 and payment of all taxes and charges payable in connection with
such Surrender and withdrawal of Trust Property, and subject to the terms and
conditions of this Agreement, an Authorized Participant acting on authority of
the Registered Owner of those Shares will be entitled to Delivery, in accordance
with the provisions of this Agreement, as supplemented by any procedures
attached to an applicable Authorized Participant Agreement, to the extent those
procedures are consistent with this Agreement, of the amount of Trust Property
at the time represented by such Baskets, including the Basket Canadian Dollar
Amounts corresponding to such Baskets for the New York Business Day prior to the
Settlement Date (as defined below), but excluding from those Basket

                                       15

Canadian Dollar Amounts any portion that represents the value of Trust Property
that is not held as Canadian Dollars. Authorized Participants wishing to redeem
one or more Baskets must place an order with the Trustee (a "Redemption Order").
Redemption Orders received by the Trustee prior to the Order Cutoff Time on a
New York Business Day will have that day as the Order Date. Redemption Orders
received by the Trustee after the Order Cutoff Time on a New York Business Day
or on a day that is not a New York Business Day will have the next New York
Business Day as the Order Date. The "Settlement Date" for a Redemption Order
shall be the third New York Business Day following the Order Date unless that
day is not a London Business Day, in which case the Settlement Date shall be the
next following day that is both a New York Business Day and a London Business
Day. Any Trust Property other than Canadian Dollars will be delivered by the
Trustee.

     The Trustee may require that a Certificate evidencing Shares Surrendered
for the purpose of withdrawal is properly endorsed in blank or accompanied by
proper instruments of transfer in blank. Upon a Surrender of an integral number
of Baskets of Shares and satisfaction of all the conditions for withdrawal of
Trust Property, the Trustee shall instruct the Depository to Deliver, to or to
the order of the Surrendering Authorized Participant, the amount of Canadian
Dollars represented by the Surrendered Baskets of Shares and the Depository or
the Trustee shall pay or deliver to or to the order of the Surrendering
Authorized Participant the amount of any other Trust Property represented by the
Surrendered Baskets of Shares. Any Delivery of Canadian Dollars other than by
wire transfer or at the office of the Depository will be at the expense and risk
of the Authorized Participant.

          Section 2.8 Limitations on Delivery, Registration of Transfer and
Surrender of Shares.

          (a) As a condition precedent to the Delivery, registration of
transfer, split-up, combination or Surrender of any Shares or withdrawal of any
Trust Property, the Trustee or Registrar may require payment from the Depositor
or the Authorized

                                       16

Participant Surrendering the Shares of a sum sufficient to reimburse it for any
tax or other governmental charge and any stock transfer or registration fee with
respect thereto (including any such tax or charge and fee with respect to any
securities being withdrawn) and payment of any applicable fees as herein
provided, may require the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with
any regulations the Trustee may establish consistent with the provisions of this
Agreement, including this Section 2.8.

          (b) The Delivery of Shares against deposits of Canadian Dollars or the
registration of transfer of Shares may be suspended generally, or refused with
respect to particular requested Deliveries or transfers, 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.

          (c) The Surrender of Shares for purposes of withdrawing Trust Property
may be suspended by the Trustee only if (i) the Trust holds Surplus Property
that has not been distributed in accordance with Section 4.5 or (ii) the Trustee
determines, in its sole discretion, that a suspension is necessary or desirable.
In either case, the Trustee and the Depository shall consult with each other and
use good faith efforts to resume accepting and honoring Redemption Orders as
soon as possible.

          Section 2.9 Lost Certificates, Etc.

          The Trustee shall execute and deliver a new Certificate of like tenor
in exchange and substitution for a mutilated Certificate upon cancellation
thereof, or in lieu of and in substitution for a destroyed, lost or stolen
Certificate if the Registered Owner thereof has (a) filed with the Trustee (i) a
request for such execution and delivery before the Trustee has notice that the
Shares evidenced by the Certificate have been acquired by a protected purchaser
and (ii) a sufficient indemnity bond and (b) satisfied any other reasonable
requirements imposed by the Trustee.

                                       17

          Section 2.10 Cancellation and Destruction of Surrendered Certificates.

          All Certificates Surrendered to the Trustee shall be canceled by the
Trustee. The Trustee is authorized to destroy Certificates so canceled.

          Section 2.11 Splits and Reverse Splits of Shares.

          If requested in writing by the Sponsor, the Trustee shall effect a
split or reverse split of the Shares as of a record date set by the Trustee in
accordance with procedures determined by the Trustee.

          The Trustee is not required to distribute any fraction of a Share in
connection with a split or reverse split of the Shares. The Trustee may sell the
aggregated fractions of Shares that would otherwise be distributed in a split or
reverse split of the Shares or the amount of Trust Property that would be
represented by those Shares and distribute the net proceeds of those Shares or
that Trust Property to the Registered Owners entitled to them.

          The amount of Trust Property represented by each Share and the Basket
Canadian Dollar Amount shall be adjusted as appropriate as of the open of
business on the New York Business Day following the record date for a split or
reverse split of the Shares.

                                    ARTICLE 3

               CERTAIN OBLIGATIONS OF REGISTERED OWNERS OF SHARES

          Section 3.1 Liability of Registered Owner for Taxes and Other
Governmental Charges.

          If any tax or other governmental charge shall become payable by the
Trustee with respect to any transfer or redemption of Shares, such tax or other
governmental charge shall be payable by the Registered Owner of such Shares to
the Trustee. The Trustee shall refuse to effect any registration of transfer of
such Shares or

                                       18

any withdrawal of Trust Property represented by such Shares until such payment
is made, and may withhold any distributions, or may sell for the account of the
Registered Owner thereof Trust Property or Shares, and may apply such
distributions or the proceeds of any such sale in payment of such tax or other
governmental charge, and the Registered Owner of such Shares shall remain liable
for any deficiency. The Trustee shall distribute any net proceeds of a sale made
under the preceding sentence that remain, after payment of the tax or other
governmental charge, to the Registered Owners entitled thereto as in the case of
a distribution in cash.

          Section 3.2 Warranties on Deposit of Canadian Dollars.

          Every Person depositing Canadian Dollars under this Agreement shall be
deemed thereby to represent and warrant that the Person making such deposit is
duly authorized to do so and that at the time of delivery, the Canadian Dollars
are free and clear of any lien, pledge, encumbrance, right, charge or claim
(other than the rights created by this Agreement). All representations and
warranties deemed made under this Section 3.2 shall survive the deposit of
Canadian Dollars, Delivery or Surrender of Shares or termination of this
Agreement.

                                    ARTICLE 4

                           ADMINISTRATION OF THE TRUST

          Section 4.1 Evaluation of Canadian Dollars; Calculation of Net Asset
Value.

          As promptly as practicable after the determination of the Relevant
Price on each New York Business Day, ordinarily no later than 2:00 PM (New York
time), the Trustee will calculate, and the Sponsor or a person designated by the
Sponsor will publish, the Trust's net asset value ("NAV"). To calculate the NAV,
the Trustee will:

                                       19

          (a) take the sum of Canadian Dollars in the Interest Account and
Non-Interest Account as of the close of business on the preceding London
Business Day, as reported by the Depository;

          (b) add interest accrued but unpaid on the Interest Account through
the preceding day;

          (c) subtract the accrued but unpaid Sponsor's Fee through the
preceding day;

          (d) add Canadian Dollars receivable by the Trust under Purchase Orders
having Order Dates on or before the preceding New York Business Day;

          (e) subtract Canadian Dollars payable by the Trust under Redemption
Orders having Order Dates on or before the preceding New York Business Day;

          (f) convert the result after step (e) into Dollars using the Relevant
Price;

          (g) add the Dollar value of any other assets included in the Trust
Property as of the close of business on the preceding New York Business Day; and

          (h) subtract the Dollar value of any other expenses and liabilities of
the Trust as of the close of business on the preceding New York Business Day.

          The result is the NAV of the Trust for that New York Business Day. The
Trustee shall also divide the NAV of the Trust by the number of Shares
outstanding for the date of the evaluation then being made, which figure is the
"NAV per Share." For purposes of the preceding sentence, the number of Shares
deemed outstanding shall include Shares to be Delivered under Purchase Orders
having Order Dates on or before the preceding New York Business Day and shall
exclude Shares to be Surrendered under Redemption Orders having Order Dates on
or before the preceding New York Business Day.

                                       20

          Section 4.2 Responsibility of the Trustee for Evaluations.

          The Sponsor, Depositors, Registered Owners and Beneficial Owners may
rely on any evaluation or determination of any amount made by the Trustee, and
the Sponsor shall have no responsibility for the accuracy thereof. The
determinations made by the Trustee under this Agreement shall be made in good
faith upon the basis of, and the Trustee shall not be liable for any errors
contained in, information reasonably available to it. The Trustee shall be under
no liability to the Sponsor, or to Depositors, Registered Owners or Beneficial
Owners, for errors in judgment; provided, however, that this provision shall not
protect the Trustee against any liability to which it would otherwise be subject
by reason of negligence or bad faith in the performance of its duties.

          Section 4.3 Interest Account and Non-Interest Account.

          The Trustee will deposit all Canadian Dollars into the Interest
Account or the Non-Interest Account in accordance with Section 6.5. The Interest
Account will accrue interest in accordance with the terms of the Deposit Account
Agreement. The Non-Interest Account will not accrue interest.

          Section 4.4 Cash Distributions.

          On the first London Business Day of each month, the Depository will
deposit into the Non-Interest Account the accrued but unpaid interest for the
previous month. On the first day of each month that is both a London Business
Day and a New York Business Day, the Trustee will make withdrawals from the
Non-Interest Account to pay the accrued Sponsor's Fee for the previous month
plus any other Trust expenses. In the event that the interest deposited exceeds
the sum of the Sponsor's Fee for the previous month plus other Trust expenses,
if any, then the Trustee shall convert the excess into Dollars in accordance
with Section 4.9, and, as promptly as practicable declare a record date and
distribute the net proceeds to Registered Owners on a pro rata basis (in
accordance with the number of Shares that they own); provided, however, that in
the event that the Trustee shall be required to withhold and does withhold from
such cash

                                       21

an amount on account of taxes, the amount distributed to the Registered Owners
shall be reduced accordingly; and provided, further, that the Trustee shall
round the amount paid to each Registered Owner to the nearest whole cent.

          Section 4.5 Distributions of Surplus Property.

          At any time that the Trust Property includes Surplus Property, the
Trustee shall, as promptly as practicable, (a) distribute all Surplus Property
consisting of Dollars to the Registered Owners in proportion to the number of
Shares held by them, and (b) convert into Dollars or sell for Dollars all other
Surplus Property and distribute the Dollar proceeds, net of the fees and
expenses of the Trustee, to the Registered Owners in proportion to the number of
Shares held by them. If the Trust Property includes any Surplus Property that is
not Canadian Dollars, the Trustee shall suspend deposits of Canadian Dollars for
the purpose of issuance of Shares until after a record date for distribution of
that Surplus Property, or proceeds of that Surplus Property, has passed.

          Section 4.6 Fixing of Record Date.

          Whenever any distribution will be made, or whenever the Trustee
receives notice of any solicitation of proxies or consents from Registered
Owners, or whenever for any reason there is a split, reverse split or other
change in the outstanding Shares, or whenever the Trustee shall find it
necessary or convenient in respect of any matter, the Trustee, in consultation
with the Sponsor, shall fix a record date for the determination of the
Registered Owners who shall be (i) entitled to receive such distribution or the
net proceeds of the sale thereof, (ii) entitled to give such proxies or consents
in respect of any such solicitation or (iii) entitled to act in respect of any
other matter for which the record date was set.

          Section 4.7 Payment of Trust Expenses.

     (a) The following expenses are or may be accrued and paid by the Trust:

                                       22

          (1) the Sponsor's Fee and other fees and expenses of the Sponsor set
forth in Section 5.6;

          (2) expenses of the Trust not assumed by the Sponsor pursuant to
Section 5.1(b);

          (3) taxes and other governmental charges;

          (4) expenses and costs of any extraordinary services performed by the
Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or
the Sponsor to protect the Trust or the interests of Registered Owners; and

          (5) indemnification of the Sponsor as provided in Section 7.1(d).

     (b) On first day of each month that is both a London Business Day and a New
York Business Day, the Trustee shall withdraw from the Non-Interest Account
amounts necessary to pay the Trust expenses provided for in Section 4.7(a) and
any otherwise unpaid expenses hereunder. In the event that the expenses exceed
the balance of the Non-Interest Account, such excess shall be withdrawn from the
Interest Account. The Trustee will withdraw and sell sufficient Canadian Dollars
to purchase an amount of currency other than Canadian Dollars sufficient to pay
any Trust expenses payable other than in Canadian Dollars and the costs of
currency conversion.

     (c) Notwithstanding the foregoing, if requested by the Sponsor and agreed
to by the Trustee, the Trustee will advance amounts out of its own funds for the
payment of Trust expenses, provided that the amount advanced at any time shall
not exceed $20,000. The amount of such advances, together with interest thereon
at a percentage rate equal to then-current overnight federal funds rate, shall
be expenses of the Trust. The Trustee shall have a lien on the balances on hand
in the Interest Account and Non-Interest Account to the extent of all amounts
advanced by it pursuant to this Section 4.7(c), which lien shall be superior to
the interest of the Registered Owners.

                                       23

     (d) The Trustee is conclusively authorized to sell Canadian Dollars in the
smallest amounts required to permit payment of Trust expenses, it being the
intention to minimize the Trust's holdings of assets other than Canadian
Dollars. Neither the Trustee nor the Sponsor shall have any liability for loss
or depreciation resulting from sales of Canadian Dollars so made. The Trustee
shall not be liable or responsible in any way for depreciation or loss incurred
by reason of any sale made in accordance with this Section 4.7(d).

          Section 4.8 Statements and Reports.

          After the end of each Fiscal Year and within the time period required
by applicable laws, rules and regulations, at the Sponsor's expense, the Trustee
shall send to the Registered Owners as of the end of such Fiscal Year, an annual
report of the Trust containing financial statements audited by independent
accountants designated by the Sponsor and such other information as may be
required by such laws, rules and regulations or otherwise, or which the Sponsor
determines shall be included. The Trustee may distribute the annual report by
any means acceptable to the Registered Owners and that complies with applicable
laws, rules and regulations.

          Section 4.9 Further Provisions for Sales of Trust Property; Currency
Conversion.

          In addition to selling Canadian Dollars in accordance with Section
4.7, the Trustee shall sell Canadian Dollars whenever any one or more of the
following conditions exist:

          (i) the Sponsor has notified the Trustee that such sale is required by
          applicable law or regulation; or

          (ii) the Trust is to be terminated and its assets liquidated in
          accordance with Section 8.2.

                                       24

          When the Trustee is required or permitted to sell Trust Property, it
may sell that Trust Property by public or private sale in any manner and on any
terms that are (i) commercially reasonable in the circumstances and (ii)
reasonably calculated to maximize the value of the Trust Property while taking
into account any duty of the Trustee under this Agreement to sell that Trust
Property as promptly as practicable.

          However, whenever the Trustee is required or permitted to sell Trust
Property that is currency, if at the time the currency can, in the judgment of
the Trustee, be converted on a reasonable basis into the required currency that,
if applicable, is transferable to the United States, the Trustee shall place
orders with dealers (which may include the Depository or the Trustee or any of
their affiliates) through which it may reasonably expect to obtain a
commercially reasonable rate of exchange (net of commission) and good execution
of orders.

          If such conversion can be effected only with the approval or license
of any government or agency thereof, the Trustee shall file such application for
approval or license, if any, as it may deem desirable.

          If at any time the Trustee shall determine that in its judgment the
currency is not convertible on a reasonable basis into the required currency or
that, if applicable, is transferable to the United States, or if any approval or
license of any government or agency thereof which is required for such
conversion is denied or in the opinion of the Trustee is not obtainable, or if
any such approval or license is not obtained within a reasonable period as
determined by the Trustee, the Trustee may distribute the currency without
conversion (or an appropriate document evidencing the right to receive such
currency) to, or in its discretion may hold such currency for the respective
accounts of, the persons entitled to receive it. Any interest earned or
investment gains attributable to amounts withheld from distribution shall be
held by the Trustee for distribution to the Registered Owners entitled to the
amount to which the interest or gain is attributable.

                                       25

          If any such conversion of currency, in whole or in part, cannot be
effected for distribution to some of the persons entitled to it, the Trustee
may, in its discretion, make such conversion and distribution to the extent
permissible to the persons entitled to it and may distribute the balance of the
currency without conversion to, or in its discretion may hold such currency for
the respective accounts of, the persons entitled to receive it. Any interest
earned or investment gains attributable to amounts withheld from distribution
shall be held by the Trustee for distribution to the Registered Owners entitled
to the amount to which the interest or gain is attributable.

          The Trustee and the Sponsor shall not be liable or responsible in any
way for depreciation or loss incurred by reason of any sale made pursuant to
this Section 4.9.

          Section 4.10 Counsel.

          The Sponsor may from time to time employ counsel to act on behalf of
the Trust and perform any legal services in connection with the Canadian Dollars
and the Trust, including any legal matters relating to the possible disposition
or acquisition of any Canadian Dollars. The reasonable fees and expenses of such
counsel shall be paid by the Sponsor up to an aggregate maximum of $100,000 per
year, with any excess amount to be paid by the Trust.

          Section 4.11 Grantor Trust.

          Nothing in this Agreement, any agreement with a Depository, or
otherwise, shall be construed to give the Trustee or Sponsor the power to vary
the investment of the Beneficial Owners within the meaning of Section
301.7701-4(c) of the regulations under the Code or any similar or successor
provision of the regulations under the Code, nor shall the Sponsor give the
Trustee any direction that would vary the investment of the Beneficial Owners.
However, the Trustee shall not be liable to any Person for any failure of the
Trust to qualify as a grantor trust under the Code or any comparable provision
of the laws of any State or other jurisdiction where that treatment is sought,
except that this sentence shall not limit the Trustee's responsibility for the

                                       26

administration of the Trust in accordance with this Agreement. Neither the
Trustee nor the Sponsor will agree to any amendment of the Deposit Account
Agreement unless the Sponsor obtains and delivers to the Trustee a prior written
opinion of counsel to the effect that such amendment will have no adverse effect
on the classification of the Trust as a "grantor trust" under the Code.

                                    ARTICLE 5

                                   THE SPONSOR

          Section 5.1 Duties of the Sponsor.

          (a) The Sponsor shall select the Depository and shall be solely
responsible for that selection. The Sponsor is responsible for establishing the
Trust and for the registration of the Shares. The Sponsor will generally oversee
the performance of the Trustee and the Trust's principal service providers, but
will not exercise day-to-day oversight over the Trustee or such service
providers. The Sponsor will regularly communicate with the Trustee to monitor
the overall performance of the Trust. The Sponsor will also designate the
independent certified public accountants of the Trust and may from time to time
employ legal counsel for the Trust.

          (b) The Sponsor shall be responsible for all organizational expenses
of the Trust, and for the following administrative and marketing expenses of the
Trust: the Trustee's monthly fee, routine transaction and maintenance fees
charged by the Depository, listing fees of the Exchange, registration fees
charged by the Commission, printing and mailing costs, audit fees, legal
expenses not in excess of $100,000 per year and any applicable license fees.

          (c) The Sponsor will monitor the interest rate paid by the Depository
and has the right and duty to instruct the Trustee to terminate the Deposit
Account Agreement if the Sponsor considers the interest rate to be
noncompetitive.

          Section 5.2 Obligations of the Sponsor.

                                       27

          (a) The Sponsor does not assume any obligation nor shall it be subject
to any liability under this Agreement to any Registered Owner or Beneficial
Owner or Depositor (including liability with respect to the worth of the Trust
Property), except that the Sponsor agrees to perform its obligations
specifically set forth in this Agreement without negligence or bad faith.

          (b) The Sponsor shall not be under any obligation to prosecute any
action, suit or other proceeding in respect of any Trust Property or in respect
of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or
other Person.

          (c) The Sponsor shall not be liable for any action or non-action by it
in reliance upon the advice of or information from legal counsel, accountants,
any Depositor, any Registered Owner or any other person believed by it in good
faith to be competent to give such advice or information.

          (d) The Sponsor shall not be liable for any acts or omissions made by
a successor sponsor whether in connection with a previous act or omission of the
Sponsor or in connection with any matter arising wholly after the resignation of
the Sponsor, provided that in connection with the issue out of which such
potential liability arises the Sponsor performed its obligations without
negligence or bad faith while it acted as sponsor.

          (e) The Sponsor shall have no obligation to comply with any direction
or instruction from any Registered Owner or Beneficial Owner or Depositor
regarding Shares except to the extent specifically provided in this Agreement.

          Section 5.3 Prevention or Delay in Performance by the Sponsor.

          The Sponsor and its directors, employees, agents and affiliates shall
not incur any liability to any Registered Owner, Beneficial Owner or Depositor
if, by reason of any provision of any present or future law or regulation of the
United States or any other country, or of any governmental or regulatory
authority or stock exchange, or by

                                       28

reason of any act of God or war or terrorism or other circumstances beyond its
control, the Sponsor is prevented or forbidden from, or would be subject to any
civil or criminal penalty on account of, or is delayed in, doing or performing
any act or thing which by the terms of this Agreement it is provided shall be
done or performed and accordingly the Sponsor does not do that act or thing or
does that act or thing at a later time than would otherwise be required. The
Sponsor will not incur any liability to any Registered Owner or Beneficial Owner
or Depositor by reason of any non-performance or delay in the performance of any
act or thing which by the terms of this Agreement it is provided may be done or
performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Agreement.

          Section 5.4 Certain Matters Regarding Successor Sponsor.

          The covenants, provisions and agreements herein contained shall in
every case be binding upon any successor to the business of the Sponsor. The
Sponsor may transfer all or substantially all of its assets to an entity which
carries on the business of the Sponsor, if at the time of such transfer such
successor duly assumes all the obligations of the Sponsor under this Agreement,
and in such event, the Sponsor shall be relieved of all further liability under
this Agreement.

          Section 5.5 Resignation of Sponsor; Successors.

          If at any time the Sponsor desires to resign its position as Sponsor
hereunder, it may resign by delivering to the Trustee an instrument of
resignation executed by the Sponsor. Such resignation shall become effective
upon the earliest of the following: (i) the effective date of the appointment by
the Trustee of a successor sponsor and the acceptance by the successor sponsor
of that appointment, with such compensation from the Trust as the Trustee may
deem reasonable under the circumstances, by an instrument of appointment and
assumption executed by the Trustee and the successor sponsor; or (ii) an
agreement by the Trustee to act as sponsor hereunder succeeding to all the
rights and duties of the resigning Sponsor without appointing a successor
sponsor and without terminating this Agreement; or (iii) termination of this
Agreement in accordance

                                       29

with its terms and completion of distribution of all remaining assets to
Registered Owners. The Trustee shall have no obligation to appoint a successor
sponsor or to assume the duties of the Sponsor and shall have no liability to
any person because the Trust is terminated by reason of the Sponsor's
resignation.

          If the Sponsor shall fail to undertake or perform or become incapable
of undertaking or performing its duties hereunder or shall become bankrupt or
its affairs shall be taken over by public authorities, the effect of that event
shall be the same as if the Sponsor had given a notice of resignation as
provided in the preceding paragraph.

          Upon its resignation becoming effective, the resigning Sponsor shall
be discharged and shall no longer be liable in any manner hereunder except as to
acts or omissions occurring before its resignation became effective, and the
successor sponsor shall thereupon undertake and perform all duties and be
entitled to all rights and compensation as sponsor under this Agreement. The
successor sponsor shall not be under any liability hereunder for acts or
omissions occurring prior to the effective date stated in the instrument
appointing it successor sponsor. The Trustee shall notify Registered Owners of
the appointment of a successor sponsor.

          Section 5.6 Compensation of the Sponsor.

          (a) The Sponsor is entitled to receive from the Trust, as an expense
of the Trust, the Sponsor's Fee. The Sponsor's Fee shall be accrued daily but
paid monthly in arrears.

          (b) In addition to the Sponsor's Fee, the Sponsor is entitled to
receive reimbursement from the Trust for all expenses and disbursements incurred
by it. Such reimbursement shall be made promptly after such expenses are
incurred by the Sponsor. Notwithstanding the foregoing, the Sponsor is not
entitled to charge the Trust for (i) expenses and disbursements incurred by it
prior to the commencement of trading of Shares on the Exchange and (ii) expenses
for performing, or fees of agents for performing, services the Sponsor is
required to perform under this Agreement.

                                       30

          (c) Within 30 days following the end of each Fiscal Year, the Sponsor
shall certify to the Trustee the amount of its actual expenses and disbursements
incurred by it during the preceding Fiscal Year by it in connection with action
taken by it pursuant to Section 5.8 and shall reimburse the Trust any amounts
received by it from the Trust that exceed the amount so certified.

          (d) The Trustee shall have no liability or responsibility for amounts
paid to the Sponsor pursuant to this Section 5.6.

          Section 5.7 Federal Securities Law Filings.

          The Sponsor shall (i) prepare and file a registration statement with
the Commission and take such action as is necessary from time to time to qualify
the Shares for offering and sale under the federal securities laws of the United
States, including the preparation and filing of amendments and supplements to
such registration statement, (ii) promptly notify the Trustee of any amendment
or supplement to the registration statement or prospectus, of any order
preventing or suspending the use of any prospectus, of any request for the
amending or supplementing of the registration statement or prospectus or if any
event or circumstance occurs that is known to the Sponsor as a result of which
the registration statement or prospectus, as then amended or supplemented, would
include an untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, (iii) provide the Trustee from time
to time with copies, including copies in electronic form, of the prospectus, as
amended and supplemented, in such quantities as the Trustee may reasonably
request and (iv) prepare and file any periodic reports or updates that may be
required under the Securities Exchange Act of 1934, as amended. The Trustee
shall furnish to the Sponsor any information from the records of the Trust that
the Sponsor reasonably requests in writing that is needed to prepare any filing
or submission that the Sponsor or the Trust is required to make under the
federal securities laws of the United States.

                                       31

          Section 5.8 Discretionary Actions by Sponsor; Consultation.

          (a) The Sponsor may, in its discretion, undertake any action which it
may deem necessary or desirable to protect the rights of the Registered Owners.
The expenses incurred by the Sponsor in connection with taking any action under
the preceding sentence (including the fees and disbursements of legal counsel)
shall be expenses of the Trust, and the Sponsor shall be entitled to be promptly
reimbursed for those expenses by the Trust.

          (b) The Sponsor shall promptly notify the Trustee (i) regarding any
action it takes pursuant to Section 5.8(a) or (ii) if the Sponsor becomes aware
of any development or event that affects the administration of the Trust but is
not contemplated or provided for in this Agreement.

                                    ARTICLE 6

                                   THE TRUSTEE

          Section 6.1 Maintenance of Office and Transfer Books by the Trustee.

          (a) Until termination of this Agreement in accordance with its terms,
the Trustee shall maintain facilities for the Delivery, registration,
registration of transfers and Surrender of Shares in accordance with the
provisions of this Agreement.

          (b) The Trustee shall keep books for the registration of Shares and
registration of transfers of Shares which at all reasonable times shall be open
for inspection by the Registered Owners.

          (c) Subject to the limitations set forth in Section 2.8(b), the
Trustee may, and at the reasonable written request of the Sponsor shall, close
the transfer books at any time or from time to time if such action is deemed
necessary or advisable in the reasonable judgment of the Trustee or the Sponsor.

                                       32

          (d) Pursuant to Section 2.8(c), the Trustee may, at its sole
discretion, suspend withdrawals of Trust Property if the Trustee, at its sole
discretion, determines that such a suspension is necessary or desirable.

          (e) If any Shares are listed on one or more stock exchanges in the
United States, the Trustee shall act as Registrar or, with the written approval
of the Sponsor (which approval shall not be unreasonably withheld), appoint a
registrar or one or more co-registrars for registry of such Shares in accordance
with any requirements of such exchange or exchanges.

          Section 6.2 Obligations of the Trustee.

          (a) The Trustee assumes no obligation nor shall it be subject to any
liability under this Agreement to any Registered Owner or Beneficial Owner or
Depositor (including liability with respect to the worth of the Trust Property),
except that the Trustee agrees to perform its obligations specifically set forth
in this Agreement without negligence or bad faith.

          (b) The Trustee shall not be under any obligation to prosecute any
action, suit or other proceeding in respect of any Trust Property or in respect
of the Shares on behalf of a Registered Owner, Beneficial Owner, Depositor or
other Person.

          (c) The Trustee shall not be liable for any action or non-action by it
in reliance upon the advice of or information from legal counsel, accountants,
any Depositor, any Registered Owner or any other person believed by it in good
faith to be competent to give such advice or information.

          (d) The Trustee shall not be liable for any acts or omissions made by
a successor trustee whether in connection with a previous act or omission of the
Trustee or in connection with any matter arising wholly after the resignation of
the Trustee, provided that in connection with the issue out of which such
potential liability arises the

                                       33

Trustee performed its obligations without negligence or bad faith while it acted
as Trustee.

          (e) The Trustee shall have no obligation to comply with any direction
or instruction from any Registered Owner or Beneficial Owner or Depositor
regarding Shares except to the extent specifically provided in this Agreement.

          Section 6.3 Prevention or Delay in Performance by the Trustee.

          The Trustee and its directors, employees, agents and affiliates shall
not incur any liability to any Registered Owner, Beneficial Owner or Depositor
if, by reason of any provision of any present or future law or regulation of the
United States or any other country, or of any governmental or regulatory
authority or stock exchange, or by reason of any act of God or war or terrorism
or other circumstances beyond its control, the Trustee is prevented or forbidden
from, or would be subject to any civil or criminal penalty on account of, or is
delayed in, doing or performing any act or thing which by the terms of this
Agreement it is provided shall be done or performed and accordingly the Trustee
does not do that act or thing or does that act or thing at a later time than
would otherwise be required. The Trustee will not incur any liability to any
Registered Owner or Beneficial Owner or Depositor by reason of any
non-performance or delay in the performance of any act or thing which by the
terms of this Agreement it is provided may be done or performed, or by reason of
any exercise of, or failure to exercise, any discretion provided for in this
Agreement.

          Section 6.4 Resignation or Removal of the Trustee; Appointment of
Successor Trustee.

          (a) Resignation. The Trustee may at any time resign as Trustee
hereunder by notice of its election so to do, delivered to the Sponsor, and such
resignation shall take effect upon the appointment of a successor trustee and
its acceptance of such appointment.

                                       34

          (b) Removal by the Sponsor. In case at any time the Trustee shall be
adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or a trustee or liquidator or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purposes
of rehabilitation, conservation or liquidation, then in any such case the
Sponsor shall, subject to the requirements of Section 6.4(e), remove the Trustee
by notice to the Trustee, and such removal shall take effect upon the
appointment of a successor trustee and its acceptance of such appointment.

          (c) Removal by Registered Owners. Registered Owners of at least
two-thirds (66-2/3 %) of the Shares then outstanding may at any time remove the
Trustee by a notice delivered to the Trustee and Sponsor, and such removal shall
take effect upon the appointment of a successor trustee and its acceptance of
such appointment.

          (d) Removal for Material Breach. If at any time the Trustee ceases to
be a Qualified Bank or is in material breach of its obligations under this
Agreement and the Trustee fails to cure such breach within 30 days after receipt
by the Trustee of notice from the Sponsor or Registered Owners acting on behalf
of at least 25% of the outstanding Shares specifying such default and requiring
the Trustee to cure such default, the Sponsor may remove the Trustee by notice
delivered to the Trustee, and such removal shall take effect upon the
appointment of a successor trustee and its acceptance of such appointment as
hereinafter provided.

          (e) Appointing Successor Trustees. If the Trustee acting hereunder
resigns or is removed, the Sponsor, acting on behalf of the Registered Owners,
shall use its reasonable efforts to appoint a successor trustee, which shall be
a Qualified Bank. Every successor trustee shall execute and deliver to its
predecessor and to the Sponsor, acting on behalf of the Registered Owners, an
instrument in writing accepting its appointment hereunder, and thereupon such
successor trustee, without any further act or deed, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor; but such
predecessor, nevertheless, upon payment of all sums due it and on

                                       35

the written request of the Sponsor, acting on behalf of the Registered Owners,
shall execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and
deliver all right, title and interest in the Trust Property to such successor,
and shall deliver to such successor a list of the Registered Owners of all
outstanding Shares. The Sponsor or any such successor trustee shall promptly
notify the Registered Owners of the appointment of such successor trustee.

          (f) Liability of Trustee. Upon effective resignation hereunder, the
resigning or removed Trustee shall be discharged and shall no longer be liable
in any manner hereunder except as to acts or omissions occurring prior to such
resignation or removal, and the new trustee shall thereupon undertake and
perform all duties and be entitled to all rights and compensation as trustee
under this Agreement. The successor trustee shall not be under any liability
hereunder for acts or omissions occurring prior to execution of an instrument
accepting its appointment as trustee.

          (g) Effect of Merger of the Trustee. Any corporation into which the
Trustee may be merged, consolidated or converted in a transaction in which the
Trustee is not the surviving corporation shall be the successor of the Trustee
without the execution or filing of any document or any further act.

          Section 6.5 Transfers Between Interest Account and Non-Interest
Account.

          (a) Proceeds from creation of Baskets shall be deposited into the
Non-Interest Account. The Trustee shall contemporaneously instruct the
Depository to transfer the portion of the Basket Canadian Dollar Amount
representing principal from the Non-Interest Account to the Interest Account.
The portion of the Basket Canadian Dollar Amount representing a pro rata portion
of accrued but unpaid interest will remain in the Non-Interest Account.

          (b) Amounts payable upon Surrender of Shares in whole Baskets shall be
paid from the Non-Interest Account. The Trustee shall contemporaneously instruct
the

                                       36

Depository to transfer the portion of the Basket Canadian Dollar Amount
representing principal from the Interest Account to the Non-Interest Account.

          Section 6.6 The Depository.

          The parties acknowledge that the Depository was selected solely by the
Sponsor. The Trustee will have no duty or liability to any Person on account of
that selection or the terms of the Deposit Account Agreement. The Depository
will be subject at all times and in all respects to the directions of the
Trustee and will be responsible solely to it. The rights and duties of the
Depository with reference to the Trust will be determined by the Deposit Account
Agreement and applicable law. The Trustee shall not amend or terminate the
Deposit Account Agreement without the written consent of the Sponsor. The
Trustee shall terminate the Deposit Account Agreement if the Sponsor directs it
in writing to do so.

          Section 6.7 Compensation of the Depository.

          (a) Each Depositor, and each person surrendering Shares for the
purpose of withdrawing Trust Property, shall pay to the Trustee a fee of $500.00
per Purchase Order pursuant to Section 2.5 or Redemption Order pursuant to
Section 2.7 or surrender of Shares after termination of this Agreement pursuant
to Section 8.2(e).

          (b) The Trustee is entitled to receive from the Sponsor fees for its
services and reimbursement for its out-of-pocket expenses in accordance with
written agreements between the Sponsor and the Trustee.

          (c) The Trustee is entitled to charge the Trust for all expenses and
disbursements incurred by it in connection with action taken by it under Section
6.10(a) (including the reasonable fees and disbursements of its legal counsel),
except that the Trustee is not entitled to charge the Trust for (i) expenses and
disbursements incurred by it prior to the commencement of trading of Shares on
the Exchange and (ii) fees of agents for performing services the Trustee is
required to perform under this Agreement.

                                       37

          Section 6.8 Retention of Trust Documents.

          The Trustee is authorized to destroy those documents, records, bills
and other data compiled during the term of this Agreement at the times permitted
by the laws or regulations governing the Trustee, unless the Sponsor reasonably
requests the Trustee in writing to retain those items for a longer period.

          Section 6.9 Prospectus Delivery.

          The Trustee shall, if required by the federal securities laws of the
United States, in any manner permitted by such laws, deliver, at the time of
issuance of Shares, a copy of the relevant prospectus, as most recently
furnished to the Trustee by the Sponsor, to each Depositor.

          Section 6.10 Discretionary Actions by Trustee; Consultation.

          (a) The Trustee may, in its discretion, undertake any action which it
may deem necessary or desirable to protect the rights of the Registered Owners.
The expenses incurred by the Trustee in connection with taking any action under
the preceding sentence (including the fees and disbursements of legal counsel)
shall be expenses of the Trust, and the Trustee shall be entitled to be promptly
reimbursed for those expenses by the Trust.

          (b) The Trustee shall notify and consult with the Sponsor before
undertaking any action under subsection (a) above or if the Trustee becomes
aware of any development or event that affects the administration of the Trust
but is not contemplated or provided for in this Agreement.

                                       38

                                    ARTICLE 7

                                 INDEMNIFICATION

          Section 7.1 Indemnification of the Sponsor and Trustee.

          (a) The Sponsor shall indemnify the Trustee, its directors, employees
and agents (the "Trustee Indemnified Persons") against, and hold each of them
harmless from, any loss, liability, cost, expense or judgment (including, but
not limited to, the reasonable fees and expenses of counsel) (collectively
"Indemnified Amounts") that is incurred by any of them and that arises out of or
is related to (i) any offer or sale by the Trust of Baskets of Shares under this
Agreement, (ii) acts performed or omitted pursuant to the provisions of this
Agreement, as the same may be amended, modified or supplemented from time to
time, by (A) a Trustee Indemnified Person or (B) the Sponsor or (iii) any
filings with or submissions to the Commission in connection with or with respect
to the Shares (which, by way of illustration and not by way of limitation,
include any registration statement and any amendments or supplements thereto
filed with the Commission or any periodic reports or updates that may be filed
under the Securities Exchange Act of 1934, as amended, or any failure to make
any filings with or submissions to the Commission which are required to be made
in connection with or with respect to the Shares), except that the Sponsor shall
not have any obligations under this Section 7.1(a) to pay Indemnified Amounts
incurred as a result of and attributable to (x) the negligence or bad faith of,
or material breach of the terms of this Agreement by, the Trustee, (y) written
information furnished in writing by the Trustee to the Sponsor expressly for use
in the registration statement, or any amendment thereto, filed with the
Commission relating to the Shares that is not materially altered by the Sponsor
or (z) any misrepresentations or omissions made by a Depositor (other than
Sponsor) in connection with such Depositor's offer and sale of Shares.

          (b) The Trustee shall indemnify the Sponsor, its members, officers,
employees and agents against, and hold each of them harmless from, any
Indemnified Amounts (i) caused by the negligence or bad faith of the Trustee or
(ii) arising out of any

                                       39

information furnished in writing to the Sponsor by the Trustee expressly for use
in an registration statement, or any amendment thereto, a prospectus pursuant to
the Securities Act of 1933 Section 10(a) or Section 10(b), or a prospectus
supplement thereto with the Commission relating to the Shares that is not
materially altered by the Sponsor.

          (c) If the indemnification provided for in Section 7.1(a) or Section
7.1(b) is unavailable or insufficient to hold harmless the indemnified party
under subsection (a) or (b) above, then the indemnifying party shall contribute
to the Indemnified Amounts referred to in subsection (a) or (b) above (i) in
such proportion as is appropriate to reflect the relative benefits received by
the Sponsor on the one hand and the Trustee on the other hand from the fees each
receives that are attributable to the Shares which are the subject of the action
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 on the one hand and the Trustee on the other hand in connection with
the action, statement or omission which resulted in such Indemnified Amount as
well as any other relevant equitable considerations. The relative fault shall be
determined by reference to, among other things, whether any untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact from which the action arises relates to information supplied by
the Sponsor or the Trustee and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such untrue statement or
omission or the act or omission from which the action arises. The amount of
Indemnified Amounts referred to in the first sentence of this subsection (c)
shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any action
or claim which is the subject of this subsection (c).

          (d) The Sponsor and its shareholders, directors, officers, employees,
affiliates (as such term is defined under the Securities Act of 1933, as
amended) and subsidiaries (each, a "Sponsor Indemnified Party") shall be
indemnified from the Trust

                                       40

and held harmless against any loss, liability or expense incurred without (i)
negligence, bad faith, willful misconduct or willful malfeasance on the part of
the Sponsor arising out of or in connection with the performance of its
obligations under this Agreement or any actions taken in accordance with the
provisions of this Agreement or (ii) reckless disregard by the Sponsor of its
obligations and duties under this Agreement. Such indemnity shall include
payment from the Trust of the costs and expenses incurred by such Sponsor
Indemnified Party in defending itself against any claim or liability in its
capacity as Sponsor. Any amounts payable to a Sponsor Indemnified Party under
this Section 7.1(d) may be payable in advance or shall be secured by a lien on
the Trust.

          (e) If an action, proceeding (including, but not limited to, any
governmental investigation), claim or dispute (each, a "Proceeding") in respect
of which indemnity may be sought by either party is brought or asserted against
the other party, the party seeking indemnification (the "Indemnitee") shall
promptly (and in no event more than seven (7) days after receipt of notice of
such Proceeding) notify the party obligated to provide such indemnification (the
"Indemnitor") of such Proceeding. The failure of the Indemnitee to so notify the
Indemnitor shall not impair the Indemnitee's ability to seek indemnification
from the Indemnitor (but only for costs, expenses and liabilities incurred after
such notice) unless such failure adversely affects the Indemnitor's ability to
adequately oppose or defend such Proceeding. Upon receipt of such notice from
the Indemnitee, the Indemnitor shall be entitled to participate in such
Proceeding and, to the extent that it shall so desire and provided no conflict
of interest exists as specified in clause (i) below and there are no other
defenses available to Indemnitee as specified in clause (iii) below, to assume
the defense thereof with counsel reasonably satisfactory to the Indemnitee (in
which case all attorney's fees and expenses shall be borne by the Indemnitor and
the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall
have the right to employ separate counsel in any such Proceeding and to
participate in the defense thereof, but, in such case, no fees and expenses of
such counsel shall be borne by the Indemnitor unless such fees and expenses are
otherwise required to be indemnified under Section 7.1(a), Section 7.1(b) or
Section 7.1(d), as applicable, and

                                       41

(i) there is such a conflict of interest between the Indemnitor and the
Indemnitee as would preclude, in compliance with the ethical rules in effect in
the jurisdiction in which the Proceeding was brought, one lawyer from
representing both parties simultaneously, (ii) the Indemnitor fails, within the
earlier of (x) twenty (20) days following receipt of notice of the Proceeding
from the Indemnitee or (y) seven (7) days prior to the date the first response
or appearance is required to be made in such Proceeding, to assume the defense
of such Proceeding with counsel reasonably satisfactory to the Indemnitee or
(iii) there are legal defenses available to Indemnitee that are different from
or are in addition to those available to the Indemnitor. No compromise or
settlement of such Proceeding may be effected by either party without the other
party's consent unless (m) there is no finding or admission of any violation of
law and no effect on any other claims that may be made against such other party
and (n) the sole relief provided is monetary damages that are paid in full by
the party seeking the settlement. Neither party shall have any liability with
respect to any compromise or settlement effected without its consent, which
shall not be unreasonably withheld. The Indemnitor shall have no obligation to
indemnify and hold harmless the Indemnitee from any loss, expense or liability
incurred by the Indemnitee as a result of a default judgment entered against the
Indemnitee unless such judgment was entered after the Indemnitor agreed, in
writing, to assume the defense of such Proceeding.

                                   ARTICLE 8

                            AMENDMENT AND TERMINATION

          Section 8.1 Amendment.

          The Trustee and the Sponsor may amend any provisions of this Agreement
without the consent of any Registered Owner; provided, however, that the
provisions of Section 2.6, Section 2.7, Section 2.10, Section 4.2 through
Section 4.7, this Section 8.1 and Section 8.2 may not be amended unless (i) the
provision relates solely to procedural or logistical matters (as distinguished
from core economic rights), or (ii) prior to the amendment, (a) the Sponsor
obtains and delivers to the Trustee a written opinion of counsel to the effect
that after such amendment the Trust will continue to be classified as

                                       42

a "grantor trust" under the Code, and (b) in the event that such opinion of
counsel assumes that certain actions are taken by the Sponsor or the Trustee in
connection with such amendment, such actions shall be taken by the Sponsor or
the Trustee, as the case may be. Any amendment that imposes or increases any
fees or charges (other than taxes and other governmental charges, registration
fees or other such expenses), or that otherwise prejudices any substantial
existing right of the Registered Owners, will not become effective as to
outstanding Shares until 30 days after notice of such amendment is given to the
Registered Owners. Every Registered Owner and Beneficial Owner, at the time any
amendment so becomes effective, shall be deemed, by continuing to hold any
Shares or an interest therein, to consent and agree to such amendment and to be
bound by this Agreement as amended thereby. In no event shall any amendment
impair the right of the Registered Owner of Shares to Surrender Baskets of
Shares and receive therefor the amount of Trust Property represented thereby,
except in order to comply with mandatory provisions of applicable law.

          Section 8.2 Termination.

          (a) The Trustee shall set a date on which this Agreement will
terminate and mail notice of that termination to the Registered Owners at least
30 days prior to the date set for termination, which date shall be no later than
90 days from the mailing of termination notice, if any of the following occurs:

               (i) the Sponsor has given notice of resignation or is unable to
perform its duties or becomes bankrupt or insolvent and the Trustee will not
appoint a successor sponsor or agree to act as Sponsor;

               (ii) Registered Owners holding at least 75% of the outstanding
Shares notify the Trustee that they elect to terminate the Trust;

               (iii) the Depository resigns or is removed; or

                                       43

               (iv) the Trust receives notice from the Internal Revenue Service
or counsel for the Trust or the Sponsor that the Trust fails to qualify for
treatment, or will not be treated, as a grantor trust under the Code.

          (b) The Trustee shall set a date on which this Agreement will
terminate and mail notice of that termination to the Registered Owners at least
30 days prior to the date set for termination, which date shall be no later than
90 days from the mailing of termination notice, if any of the following occurs
and the Sponsor has notified the Trustee that it elects to terminate this
Agreement:

               (i) The Trustee is notified that the Shares are delisted from a
national securities exchange and are not approved for listing on another
national securities exchange within five New York Business Days of their
delisting;

               (ii) the Commission determines that the Trust is an investment
company under the Investment Company Act of 1940, as amended;

               (iii) the NAV of the Trust remains less than $100 million for 30
consecutive New York Business Days at any time after the first 90 days of the
Shares being traded on the Exchange;

               (iv) all of the Trust's assets are sold;

               (v) the aggregate market capitalization of the Trust, based on
the closing price for the Shares remains less than $300 million at any time for
five consecutive trading days beginning after the first anniversary of this
Agreement; or

               (vi) DTC ceases providing book-entry settlement services for the
Shares.

          (c) If 60 days have elapsed since the Trustee gave the Sponsor notice
of its election to resign and no successor trustee appointed by the Sponsor has
accepted appointment as Trustee, the Trustee may set a date on which this
Agreement will

                                       44

terminate and mail notice of that termination to the Registered Owners at least
30 days prior to the date set for termination.

          (d) If not terminated sooner, this Agreement shall terminate forty
years from the date of this Agreement, and the Trustee shall mail a notice of
that termination to the Registered Owners and the Sponsor at least 30 days
before the termination date.

          (e) On and after the date of termination of this Agreement, the
Registered Owner of Shares will, upon (i) Surrender of those Shares, (ii)
payment of the fee of the Trustee for the Surrender of Shares provided in
Section 6.7, and (iii) payment of any applicable taxes or other governmental
charges, be entitled to Delivery, to the Registered Owner or upon the Registered
Owner's order, of the amount of Trust Property represented by those Shares. The
Trustee shall not accept any deposits of Canadian Dollars after the date of
termination of this Agreement. If any Shares remain outstanding after the date
of termination of this Agreement, the Trustee thereafter shall discontinue the
registration of transfers of Shares, shall not make any distributions to
Registered Owners, and shall not give any further notices or perform any further
acts under this Agreement, except that the Trustee shall continue to collect
distributions pertaining to Trust Property and hold the same uninvested and
without liability for interest, pay the Trust's expenses and sell Canadian
Dollars as necessary to meet those expenses and shall continue to deliver Trust
Property, together with any distributions received with respect thereto and the
net proceeds of the sale of any other property, in exchange for Shares
Surrendered to the Trustee (after deducting or upon payment of, in each case,
the fee of the Trustee set forth in 5.7 for the Surrender of Shares, any
expenses for the account of the Registered Owner of such Shares in accordance
with the terms and conditions of this Agreement, and any applicable taxes or
other governmental charges). At any time after the expiration of 90 days
following the date of termination of this Agreement, the Trustee may sell for
Dollars the Trust Property for then held under this Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash
then held by it under this Agreement, unsegregated and without liability for
interest, for

                                       45

the pro rata benefit of the Registered Owners of Shares that have not
theretofore been Surrendered, such Registered Owners thereupon becoming general
creditors of the Trustee with respect to such net proceeds. After making such
sale, the Trustee shall be discharged from all obligations under this Agreement,
except to account for such net proceeds and other cash (after deducting, in each
case, any fees, expenses, taxes or other governmental charges payable by the
Trust, the fee of the Trustee for the Surrender of Shares and any expenses for
the account of the Registered Owner of such Shares in accordance with the terms
and conditions of this Agreement, and any applicable taxes or other governmental
charges), and the trust created by this Agreement shall terminate. Upon the
termination of this Agreement, the Sponsor shall be discharged from all
obligations under this Agreement except for its obligations to the Trustee under
Section 6.7 and Section 7.1, each of which shall survive termination of this
Agreement. Section 5.6 and this Section 8.1(e) shall also survive termination of
this Agreement.

                                   ARTICLE 9

                                  MISCELLANEOUS

          Section 9.1 Counterparts.

          This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original and all of such counterparts shall constitute
one and the same instrument. Copies of this Agreement shall be filed with the
Trustee and shall be open to inspection by any Registered Owner during the
Trustee's business hours.

          Section 9.2 Third-Party Beneficiaries.

          This Agreement is for the exclusive benefit of the parties hereto, and
shall not be deemed to give any legal or equitable right, remedy or claim
whatsoever to any other person.

                                       46

          Section 9.3 Severability.

          In case any one or more of the provisions contained in this Agreement
should be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions of this
Agreement shall in no way be affected, prejudiced or disturbed thereby.

          Section 9.4 Registered Owners, Beneficial Owners and Depositors as
Parties; Binding Effect.

          The Registered Owners, Beneficial Owners and Depositors from time to
time shall be parties to this Agreement and shall be bound by all of the terms
and conditions hereof by their acceptance of Shares or any interest therein or
by their depositing Canadian Dollars, as the case may be.

          Section 9.5 Notices.

          (a) All notices given under this Agreement must be in writing.

          (b) Any and all notices to be given to the Trustee or the Sponsor
shall be deemed to have been duly given (i) when it is actually delivered by a
messenger or recognized courier service, (ii) five days after it is mailed by
registered or certified mail, postage paid or (iii) when receipt of a facsimile
transmission is acknowledged via a return receipt or receipt confirmation as
requested by the original transmission, in each case to or at the address set
forth below:

          To the Trustee:

          The Bank of New York
          101 Barclay Street, 22-W
          New York, New York 10286
          Attention: ADR Administration
          Facsimile: 212-571-3050

or any other place to which the Trustee may have transferred its Corporate Trust
Office

                                       47

with notice to the Sponsor.

          To the Sponsor:

          Rydex Specialized Products LLC
          c/o Rydex Investments
          9601 Blackwell Road, Suite 500
          Rockville, Maryland 20850
          Attention: Carl G. Verboncoeur, President
          Facsimile: 301-296-5112

or any other place to which the Sponsor may have transferred its principal
office with notice to the Trustee.

          (c) Any and all notices to be given to a Registered Owner shall be
deemed to have been duly given (i) when actually delivered by messenger or a
recognized courier service, (ii) when mailed, postage prepaid or (iii) when sent
by facsimile transmission confirmed by letter, in each case at or to the address
of such Registered Owner as it appears on the transfer books of the Trustee, or,
if such Registered Owner shall have filed with the Trustee a written request
that any notice or communication intended for such Registered Owner be delivered
to some other address, at the address designated in such request.

          Section 9.6 Agent for Service; Submission to Jurisdiction.

          The Sponsor hereby (i) irrevocably designates and appoints CT
Corporation, in the State of New York, as the Sponsor's authorized agent upon
which process may be served in any suit or proceeding arising out of or relating
to the Shares, the Trust Property or this Agreement, (ii) consents and submits
to the jurisdiction of any state or federal court in The City of New York, State
of New York, in which any such suit or proceeding may be instituted, and (iii)
agrees that service of process upon said authorized agent shall be deemed in
every respect effective service of process upon the Sponsor in any such suit or
proceeding. The Sponsor agrees to deliver, upon the execution and delivery of
this Agreement, a written acceptance by such agent of its

                                       48

appointment as such agent. The Sponsor further agrees to take any and all
action, including the filing of any and all such documents and instruments, as
may be necessary to continue such designation and appointment in full force and
effect for so long as any Shares remain outstanding or this Agreement remains in
force. In the event the Sponsor fails to continue such designation and
appointment in full force and effect, the Sponsor hereby waives personal service
of process upon it and consents that any such service of process may be made by
certified or registered mail, return receipt requested, directed to the Sponsor
at its address last specified for notices hereunder, and service so made shall
be deemed completed five (5) days after the same shall have been so mailed.

          Section 9.7 Governing Law.

          This Agreement shall be interpreted under, and all rights and duties
under this Agreement shall be governed by, the laws of the State of New York.

                                       49

          IN WITNESS WHEREOF, RYDEX SPECIALIZED PRODUCTS LLC and THE BANK OF NEW
YORK have duly executed this Agreement as of the day and year first set forth
above.

                                        RYDEX SPECIALIZED PRODUCTS LLC,
                                           as Sponsor

                                        By:
                                            ------------------------------------
                                            Name:  Carl G. Verboncoeur
                                            Title: Chief Executive Officer and
                                                   Treasurer

                                        THE BANK OF NEW YORK,
                                           as Trustee

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

                                       50

                                    EXHIBIT A

                        Form of Deposit Account Agreement

                                        1

                                    EXHIBIT B

                               Form of Certificate

THE SHARES EVIDENCED HEREBY REPRESENT RIGHTS WITH RESPECT TO UNDERLYING TRUST
PROPERTY (AS DEFINED IN THE TRUST AGREEMENT REFERRED TO HEREIN) HELD BY THE
TRUST AND DO NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND ARE NOT
GUARANTEED BY THE SPONSOR OR THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.
NEITHER THE SHARES NOR THE UNDERLYING TRUST PROPERTY ARE INSURED UNDER ANY
AGREEMENT THAT DIRECTLY BENEFITS THE TRUST OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR ANY OTHER PERSON.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE AGENT
AUTHORIZED BY THE ISSUER FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                                        2

                             CANADIAN DOLLAR SHARES
                                    ISSUED BY
                      CURRENCYSHARES CANADIAN DOLLAR TRUST
                                  REPRESENTING
           FRACTIONAL INTERESTS IN DEPOSITED CANADIAN DOLLARS AND ANY
                              OTHER TRUST PROPERTY

                        THE BANK OF NEW YORK, as Trustee

No.____                                                                 * Shares

                                                             CUSIP: ____________

     THE BANK OF NEW YORK, as Trustee (hereinafter called the Trustee), hereby
certifies that CEDE & CO., as nominee of the Depository Trust Company, or
registered assigns, IS THE OWNER OF * Shares issued by CurrencyShares Canadian
Dollar Trust, each representing a fractional undivided interest in the net
assets of the Trust, as provided in the Agreement referred to below. At the time
of delivery of the Agreement, each 50,000 Shares represented an interest in
5,000,000 Canadian Dollars that are deposited under the Agreement and held by
the Depository referred to in the Agreement. The amount of Canadian Dollars in
which each 50,000 Shares represents an interest may change from time to time as
provided in the Agreement. The Trustee's Corporate Trust Office is located at a
different address than its principal executive office. Its Corporate Trust
Office is located at 101 Barclay Street, New York, New York 10286, and its
principal executive office is located at One Wall Street, New York, New York
10286.

     This Certificate is issued upon the terms and conditions set forth in the
Trust Agreement dated as of _________, 2006 (the "Agreement") among Rydex
Specialized Products LLC d/b/a "Rydex Investments" (herein called the Sponsor),
the Trustee, all Registered Owners and Beneficial Owners from time to time of
Shares issued thereunder and all Depositors. By becoming a Registered Owner or
Beneficial Owner, or by depositing Canadian Dollars, a Person becomes a party to
the Agreement and is bound by all the terms and conditions of the Agreement. The
Agreement sets forth the rights of Depositors and Registered Owners and the
rights and duties of the Trustee and the Sponsor. Copies of the Agreement are on
file at the Trustee's Corporate Trust Office in New York City.

----------
*    That number of Shares held at The Depository Trust Company at any given
     point in time.

                                        3

     The Agreement is hereby incorporated by reference into and made a part of
this Certificate as if set forth in full in this place. Capitalized terms not
defined herein shall have the meanings set forth in the Agreement.

     This Certificate shall not be entitled to any benefits under the Agreement
or be valid or obligatory for any purpose unless it is executed by the Trustee
by the manual or facsimile signature of a duly authorized signatory of the
Trustee and, if a Registrar (other than the Trustee) for the Shares shall have
been appointed, countersigned by the manual signature of a duly authorized
officer of the Registrar.

Dated: ______________                   THE BANK OF NEW YORK,
                                           as Trustee

                                        By:
                                            ------------------------------------
                                        Its:
                                             -----------------------------------

                 THE TRUSTEE'S CORPORATE TRUST OFFICE ADDRESS IS
                  101 BARCLAY STREET, NEW YORK, NEW YORK 10286

                                        4

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