4.	Redeemable Capital Shares

Shares are classified as “redeemable” for financial statement purposes, since they are subject to redemption. Shares are issued and redeemed continuously in Baskets in exchange for euro. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of the DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations and redemptions of Baskets and the three-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at a redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital Shares at redemption value are recorded against retained earnings or, in the absence of retained earnings, by charges against the cumulative translation adjustment.

Activity in redeemable capital Shares is as follows:


	Nine months ended
	July 31, 2017						Year ended
	(Unaudited)						October 31, 2016
				U.S. Dollar						U.S. Dollar
	Shares			Amount			Shares			Amount
Opening Balance		2,500,000		$	266,551,806			3,300,000		$	357,228,041
Shares Issued		7,900,000			832,272,473			11,050,000			1,198,371,197
Shares Redeemed		(7,650,000	)		(806,102,970	)		(11,850,000	)		(1,285,096,408	)
Adjustment to period Shares due to currency movement and other		—			20,722,146			—			(3,951,024	)

Ending Balance		2,750,000		$	313,443,455			2,500,000		$	266,551,806