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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950136-06-005263.txt : 20060626
<SEC-HEADER>0000950136-06-005263.hdr.sgml : 20060626
<ACCEPTANCE-DATETIME>20060623190426
ACCESSION NUMBER:		0000950136-06-005263
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20060626
DATE AS OF CHANGE:		20060623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CURRENCYSHARES CANADIAN DOLLAR TRUST
		CENTRAL INDEX KEY:			0001353612
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-132363
		FILM NUMBER:		06923094

	BUSINESS ADDRESS:	
		STREET 1:		C/O RYDEX INVESTMENTS, ATTN: TIM MEYER
		STREET 2:		9601 BLACKWELL ROAD, SUITE 500
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301-296-5129

	MAIL ADDRESS:	
		STREET 1:		C/O RYDEX INVESTMENTS, ATTN: TIM MEYER
		STREET 2:		9601 BLACKWELL ROAD, SUITE 500
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>file1.htm
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<a name="page"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 528pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Filed
Pursuant to Rule 424(b)(4)<br>Registration Number
333-132363</p>
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<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="697" bgcolor="#ffffff">
<tr style="background-color:none">
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<td><img src="spacer.gif" height="1" width="6"></td>
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<td><img src="spacer.gif" height="1" width="227"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
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<td style="font-size: 14pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 14pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="font-weight: bold; font-style: normal;">11,500,000
Shares</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 14pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1" rowspan="2"><font style="font-family: serif; font-size: 14pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="html_99881logo.jpg" align="middle">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 14pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1" rowspan="2"><font style="font-family: serif; font-size: 14pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Canadian
Dollar
Shares</font></td>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="697"></td>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
CurrencyShares<sup style="vertical-align:top;">SM</sup> Canadian Dollar Trust (Trust) issues
Canadian Dollar Shares (Shares) that represent units of fractional
undivided beneficial interest in, and ownership of, the Trust. Rydex
Specialized Products LLC, d/b/a Rydex Investments, is the sponsor of
the Trust (Sponsor) and may be deemed the
&lsquo;&lsquo;issuer&rsquo;&rsquo; of the Shares pursuant to Section
2(a)(4) of the Securities Act of 1933, as amended (the Securities Act).
The Bank of New York is the trustee of the Trust (Trustee), JPMorgan
Chase Bank, N.A., London Branch is the depository for the Trust
(Depository), and Rydex Distributors, Inc. is the distributor for the
Trust (Distributor). The Trust intends to issue additional Shares on a
continuous basis through the Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Shares may be purchased from the Trust only in one or more blocks of
50,000 Shares, as described in &lsquo;&lsquo;Creation and Redemption of
Shares.&rsquo;&rsquo; A block of 50,000 Shares is called a Basket. The
Trust issues Shares in Baskets on a continuous basis to certain
authorized participants (Authorized Participants) as described in
&lsquo;&lsquo;Plan of Distribution.&rsquo;&rsquo; Each Basket, when
created, is offered and sold to an Authorized Participant at a price in
Canadian Dollars equal to the net asset value (NAV) for 50,000 Shares
on the day that the order to create the Basket is accepted by the
Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">It is expected that the Shares will be
offered and sold to the public by Authorized Participants at varying
prices in U.S. dollars (USD) to be determined by reference to, among
other things, the market price of the Canadian Dollars and the trading
price of the Shares on the New York Stock Exchange (NYSE) at the time
of each sale. Authorized Participants will not receive from the Trust,
the Sponsor or any of their affiliates, any fee or other compensation
in connection with the sale of Shares. Authorized Participants may
receive commissions or fees from investors who purchase Shares through
their commission- or fee-based brokerage accounts in amounts between
$0.00 and $0.08 per Share.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Shares have been
approved for listing by, and will trade on, the NYSE under the symbol
&lsquo;&lsquo;FXC.&rsquo;&rsquo; The Shares may also trade in other
markets, but the Sponsor has not sought to have the Shares listed by
any other market.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">Investing in the Shares
involves significant risks. See &lsquo;&lsquo;Risk
Factors,&rsquo;&rsquo; starting on page 10.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">Neither the Securities and Exchange Commission
(SEC) nor any state securities commission has approved or disapproved
of the securities offered in this prospectus, or determined if this
prospectus is truthful or complete. Any representation to the contrary
is a criminal offense.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Shares are
neither interests in nor obligations of the Sponsor, the Trustee, the
Depository or the Distributor.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Neither the
Shares nor the Trust&rsquo;s two deposit accounts maintained at the
Depository and the Canadian Dollars deposited in them are deposits
insured against loss by the Federal Deposit Insurance Corporation
(FDIC) or any other federal agency of the United States. Deposits may
have only limited protection under the Financial Services Compensation
Scheme of England.</p>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">On June 8, 2006,
the Sponsor deposited 100 Canadian Dollars into the primary deposit
account of the Trust in exchange for one Share and the Trustee recorded
the Share as owned by the Sponsor. The Sponsor purchased the Share
solely for the purpose of forming the Trust and the Sponsor will redeem
the Share for 100 Canadian Dollars immediately after the SEC declares
effective the registration statement. In order to provide liquidity for
the Shares at the commencement of trading, the Initial Purchaser,
Goldman Sachs Execution &amp; Clearing, L.P., having been appointed the
specialist in the Shares by the NYSE, will deposit 15,000,000 Canadian
Dollars in the primary deposit account of the Trust and the Trustee
will instruct DTC to record, and DTC will record, three Baskets
totaling 150,000 Shares (constituting 100 Canadian Dollars per Share)
as owned by the Initial Purchaser.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Initial
Purchaser intends to offer to the public these 150,000 Shares at a
per-Share offering price that will vary depending on, among other
factors, the price of the Shares on the NYSE at the time of the offer.
Shares offered by the Initial Purchaser at different times may have
different offering prices. The Initial Purchaser will not receive from
the Trust, the Sponsor, the Distributor or any of their affiliates any
fee or other compensation in connection with the sale of the
Shares.</p>
<div style="padding:0;margin:0;width:697;">
<div style="padding:0;margin:0;text-align:center;margin-top:6pt;">
<img src="html_nryderlogo.jpg" align="middle"></div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 528pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 3pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">The date of this prospectus is June 23,
2006.</font>
</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="pagei"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">This
prospectus contains information you should consider when making an
investment decision about the Shares. You may rely on the information
contained in this prospectus. The Trust and the Sponsor have not
authorized any person to provide you with different information and, if
anyone provides you with different or inconsistent information, you
should not rely on it. This prospectus is not an offer to sell the
Shares in any jurisdiction where the offer or sale of the Shares is not
permitted.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Shares are not registered for public sale
in any jurisdiction other than the United States.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Table
of Contents</p>
<img src="spacer.gif" height="10" width="1"><br>
<a name="toc"></a>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="561"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="10.78"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="19"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
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<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page1">Prospectus Summary</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page1">1</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page3">The Offering</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page3">3</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page8">Summary Financial
Condition</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page8">8</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page9">Risk Factors</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page9">9</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page14">Glossary of Terms</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page14">14</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page16">Statement Regarding Forward-Looking Statements</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page16">16</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page17">Use of Proceeds</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page17">17</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page18">Overview of the Foreign Exchange Industry</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page18">18</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page20">The Canadian Dollar</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page20">20</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page21">Investment Attributes of the Trust</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page21">21</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page24">Description of the Trust</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page24">24</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page25">The
Sponsor</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page25">25</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page26">The Trustee</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page26">26</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page26">The Depository</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page26">26</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27">The Distributor</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page27">27</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page27">Description of
the Shares</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page27">27</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page28">Description of the Deposit
Account Agreement</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page28">28</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page30">Creation and
Redemption of Shares</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page30">30</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page34">Description of the
Depositary Trust Agreement</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page34">34</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
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<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page42">United
States Federal Tax Consequences</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page42">42</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page45">ERISA
and Related Considerations</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page45">45</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page46">Plan of
Distribution</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page46">46</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page47">Legal Proceedings</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page47">47</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page47">Legal Matters</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page47">47</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page48">Experts</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page48">48</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#page48">Where You Can Find
More Information</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#page48">48</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-1">Index to Financial
Statements</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#pageF-1">F-1</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-2">Report of Independent
Registered Public Accounting Firm</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#pageF-2">F-2</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-3">Statement of Financial Condition</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#pageF-3">F-3</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-4">Notes to Financial Statement</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><a href="#pageF-4">F-4</a></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="95"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Authorized
Participants may be subject to the prospectus delivery requirements of
the Securities Act when effecting transactions in the Shares. See
&lsquo;&lsquo;Plan of Distribution.&rsquo;&rsquo;</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="237"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="237"></td>
<td><img src="spacer.gif" height="1" width="475"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">This prospectus summarizes certain
documents and other information in a manner the Sponsor believes to be
accurate. The information contained in the sections captioned
&lsquo;&lsquo;Overview of the Foreign Exchange Industry,&rsquo;&rsquo;
&lsquo;&lsquo;The Canadian Dollar&rsquo;&rsquo; and
&lsquo;&lsquo;Investment Attributes of the Trust&rsquo;&rsquo; is based
on information obtained from sources that the Sponsor believes to be
reliable. The accuracy, reliability and completeness of this
information is not guaranteed, however, and has not been independently
verified. In making an investment decision, you must rely on your own
examination of the Trust, the foreign exchange market, the market for
Canadian Dollars, the terms of the offering and the Shares, including
the merits and risks involved.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">i</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page1"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Prospectus
Summary</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">This is a summary of the prospectus. You
should read the entire prospectus, including &lsquo;&lsquo;Risk
Factors&rsquo;&rsquo; beginning on page 10, before making an investment
decision about the Shares.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TRUST STRUCTURE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is a grantor trust to be formed under the laws of
the State of New York pursuant to the Depositary Trust Agreement. The
Trust will hold Canadian Dollars and is expected from time to time to
issue Baskets in exchange for deposits of Canadian Dollars and to
distribute Canadian Dollars in connection with redemptions of Baskets.
The investment objective of the Trust is for the Shares to reflect the
price in USD of the Canadian Dollar. Earning income for Shareholders is
not the objective of the Trust. Whether investors earn income will
primarily depend on the relative value of the Canadian Dollar and the
USD. If the Canadian Dollar appreciates relative to the USD and a
Shareholder sells Shares, the Shareholder will earn income. If the
Canadian Dollar depreciates relative to the USD and a Shareholder sells
Shares, the Shareholder will incur a loss.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor
believes that, for many investors, the Shares represent a
cost-effective investment in Canadian Dollar. The material terms of the
Depositary Trust Agreement are discussed in greater detail in
&lsquo;&lsquo;Description of the Depositary Trust
Agreement.&rsquo;&rsquo; The Shares represent units of fractional
undivided beneficial interest in, and ownership of, the Trust. The
Shares have been approved for listing by, and will trade on, the NYSE
under the symbol &lsquo;&lsquo;FXC.&rsquo;&rsquo; The Shares may also
trade in other markets, but the Sponsor has not sought to have the
Shares listed by any other market.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor, Rydex
Specialized Products LLC d/b/a &lsquo;&lsquo;Rydex
Investments&rsquo;&rsquo;, a Delaware limited liabilty company, is
responsible for establishing the Trust and for registering the Shares.
The Sponsor generally oversees the performance of the Trustee and the
Trust&rsquo;s principal service providers, but does not exercise
day-to-day oversight over the Trustee or the Trust&rsquo;s service
providers. The Sponsor may remove the Trustee if any of various events
occur. See &lsquo;&lsquo;Description of the Depositary Trust Agreement
&mdash; The Trustee &mdash; Resignation, discharge or removal of
trustee; successor Trustees&rsquo;&rsquo; for more information.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor maintains a public website on behalf of the
Trust, containing information about the Trust and the Shares. The
internet address of the Trust&rsquo;s website is
www.currencyshares.com. This internet address is provided here only as
a convenience to you; the information contained on or connected to the
Trust&rsquo;s website is not considered part of this prospectus. The
general role and responsibilities of the Sponsor are discussed further
under &lsquo;&lsquo;The Sponsor.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Trustee is The Bank of New York, a banking corporation formed under the
laws of the State of New York with trust powers. The Trustee is
generally responsible for the day-to-day administration of the Trust.
This includes calculating the NAV of the Trust and the NAV per Share
each business day, paying the Trust&rsquo;s expenses (which are
accrued daily but paid monthly), including withdrawing the
Trust&rsquo;s Canadian Dollars, if needed, receiving and processing
orders from Authorized Participants to create and redeem Baskets and
coordinating the processing of such orders with the Depository and DTC.
The general role, responsibilities and regulation of the Trustee are
further described under &lsquo;&lsquo;The Trustee.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository is JPMorgan Chase Bank, N.A., London Branch.
The Depository and the Trustee have elected the laws of England to
govern the Deposit Account Agreement between them. The Depository
accepts Canadian Dollars deposited with it by Authorized Participants
in connection with the creation of Baskets. The Depository facilitates
the transfer of Canadian Dollars into and out of the Trust through the
two deposit accounts maintained with it by the Trust. The Depository
will pay interest on the primary deposit account but not on the
secondary deposit account. Interest on the primary deposit account
accrues daily and is paid monthly. The initial annual nominal interest
rate as set forth in the Deposit Account Agreement is 3.71%. The
general role, responsibilities and regulation of the Depository and the
two deposit accounts are further described under &lsquo;&lsquo;The
Depository&rsquo;&rsquo; and &lsquo;&lsquo;Description of the Deposit
Account Agreement.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page2"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Detailed descriptions of certain
specific rights and duties of the Trustee and the Depository are set
forth under &lsquo;&lsquo;Description of the Shares and the Depositary
Trust Agreement&rsquo;&rsquo; and &lsquo;&lsquo;Description of the
Deposit Account Agreement.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Distributor,
Rydex Distributors, Inc., is a corporation formed under the laws of the
State of Maryland. The Distributor is assisting the Sponsor in
marketing the Shares. Specifically, the Distributor will develop a
marketing plan for the Trust, prepare marketing materials regarding the
Shares, including the content of the Trust&rsquo;s website, execute
the marketing plan for the Trust and provide strategic and tactical
research on the foreign exchange markets, in each case in compliance
with applicable laws and regulations. The Distributor and the Sponsor
are affiliates of one another. There is no written agreement between
them, and no compensation is paid by the Sponsor to the Distributor in
connection with services performed by the Distributor for the Trust.
See &lsquo;&lsquo;The Distributor&rsquo;&rsquo; for more
information.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TRUST OVERVIEW</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The investment
objective of the Trust is for the Shares to reflect the price in USD of
the Canadian Dollar. The Shares are intended to provide institutional
and retail investors with a simple, cost-effective means of gaining
investment benefits similar to those of holding Canadian Dollars. The
Shares are an investment that is:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Easily
Accessible.</font>&nbsp;&nbsp;&nbsp;&nbsp;Investors will be able to access the market for
Canadian Dollar through a traditional brokerage account. The Shares
will be bought and sold on the NYSE like any other exchange-listed
security, except that they will regularly be traded until 4:15 PM (New
York time) instead of 4:00 PM (New York time).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Cost-Effective.</font>&nbsp;&nbsp;&nbsp;&nbsp;Investors and businesses
wishing to buy or sell currencies in modest size have had to pay as
much as a 3% commission to effectuate their transactions.
Because Shares will be traded as securities, transaction costs will be
substantially reduced.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Exchange-Traded.</font>&nbsp;&nbsp;&nbsp;&nbsp;Because they will be traded
on the NYSE, the Shares will provide investors with an efficient means
of implementing investment tactics and strategies that involve Canadian
Dollars. NYSE-listed securities are eligible for margin accounts.
Accordingly, investors will be able to purchase and hold Shares with
borrowed money to the extent permitted by law.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Transparent.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Shares will be backed by the
assets of the Trust, which will not hold or use derivative products.
The value of the holdings of the Trust will be reported on the
Trust&rsquo;s website, www.currencyshares.com, every business day.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Investing in the Shares will not insulate the investor from
price volatility or other risks. See &lsquo;&lsquo;Risk
Factors.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PRINCIPAL OFFICES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
principal offices of the Sponsor, the Trust and the Distributor are the
offices of Rydex Investments at 9601 Blackwell Road, Suite 500,
Rockville, Maryland 20850. The telephone number of Rydex Investments at
that address is (800) 820-0888. Neither the Sponsor, the Trust nor the
Distributor own or lease any other real estate. The Trustee has a trust
office at 2 Hanson Place, Brooklyn, New York 11217. The Depository is
located at 125 London Wall, London, EC2Y 5AJ, United
Kingdom.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page3"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">The
Offering</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Offering </td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The
Shares represent units of fractional undivided beneficial interest in,
and ownership of, the Trust.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Use of proceeds </td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The proceeds received by the Trust from the issuance and sale of
Baskets are Canadian Dollars. In accordance with the Depositary Trust
Agreement, during the life of the Trust these proceeds will only be (1)
owned by the Trust and held by the Depository, (2) disbursed or sold as
needed to pay the Trust&rsquo;s expenses and (3) distributed to
Authorized Participants upon the redemption of
Baskets.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">NYSE symbol </td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">FXC</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">CUSIP</td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">23129X 10
5</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Creation and redemption </td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The Trust will
create and redeem the Shares on a continuous basis, but only in
Baskets. A Basket is a block of 50,000 Shares. The creation and
redemption of Baskets requires the delivery to the Trust or the
distribution by the Trust of the amount of Canadian Dollar represented
by the Baskets being created or redeemed, the amount of which is based
on the combined NAV per Share of the number of Shares included in the
Baskets being created or redeemed. Three Baskets, representing 150,000
Shares or 15,000,000 Canadian Dollars, is the minimum amount that must
be issued and sold by the Trust for this offering to be consummated and
for the Shares to commence trading on the NYSE. Baskets may be created
or redeemed only by Authorized Participants. Authorized Participants
pay a transaction fee for each order to create or redeem Baskets and
may sell to other investors the Shares included in the Baskets that
they create. See &lsquo;&lsquo;Creation and Redemption of
Shares&rsquo;&rsquo; for more details.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Interest on deposits
</td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">JPMorgan Chase Bank, N.A., London Branch will maintain
two Canadian Dollar-denominated, demand deposit accounts for the Trust:
a primary deposit account which will earn interest and a secondary
deposit account which will not earn interest. The secondary deposit
account will only be used in connection with mid-month creations and
redemptions of Baskets, to account for interest that has been earned on
the primary deposit account during the month but not yet paid, and to
receive interest earned on the primary deposit account, pay Trust
expenses and distribute any excess interest to Shareholders on a
monthly basis. Interest on the primary deposit account accrues daily
and is paid monthly. The initial annual nominal interest rate as set
forth in the Deposit Account Agreement is 3.71% The Depository
may change this rate in the future based upon changes in the British
Bankers Association </td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page4"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">
LIBOR Overnight rate for the Canadian Dollar
(&lsquo;&lsquo;BBA rate&rsquo;&rsquo;), other market conditions or the
Depository's liquidity needs. The BBA rate is an effective
overnight reference rate for the Canadian Dollar; like the Federal
Funds rate, it represents the interest rate banks charge each other on
overnight loans made between them. Although the Depository may consider
the BBA rate in setting the interest rate, the rate paid to the Trust
may be lower than the BBA rate. The Depository will notify the Sponsor
of the interest rate applied each business day after the close of such
business day. The Sponsor will disclose the interest rate on the
Trust's website. If the Sponsor believes that the interest rate
paid by the Depository is not competitive, the Sponsor&rsquo;s
recourse will be to remove the Depository by terminating the Deposit
Account Agreement and closing the accounts. See
&lsquo;&lsquo;Description of the Deposit Account
Agreement.&rsquo;&rsquo; Neither the Trustee nor the Sponsor has the
power or authority to deposit the Trust&rsquo;s Canadian Dollars with
any other person, entity or account. Interest earned on the deposited
Canadian Dollars will be used to pay the Trust&rsquo;s expenses. Any
excess interest will be distributed to Shareholders monthly. Such
interest is not expected to form a significant part of the
Shareholders&rsquo; investment return.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">Neither the Shares
nor the Deposit Accounts and the Canadian Dollars deposited in them are
deposits insured against loss by the FDIC or any other federal agency
of the United States. Deposits may have only limited protection under
the Financial Services Compensation Scheme of England.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Net
Asset Value </td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The NAV of the Trust is the aggregate value,
expressed in U.S. dollars, of the Trust&rsquo;s assets. The Trustee
will calculate, and the Sponsor will publish, the Trust&rsquo;s net
asset value (&lsquo;&lsquo;NAV&rsquo;&rsquo;) each business day. To
calculate the NAV, the Trustee will add to the amount of Canadian
Dollars in the Trust at the end of the preceding business day accrued
but unpaid interest, Canadian Dollars receivable under pending purchase
orders and the value of other Trust assets, and will subtract the
accrued but unpaid Sponsor&rsquo;s fee, Canadian Dollars payable under
pending redemption orders and other Trust expenses and liabilities, if
any. The NAV will be expressed in USD based on the Noon Buying Rate as
determined by the Federal Reserve Bank of New York. If, on a particular
evaluation day, the Noon Buying Rate has not been determined and
announced by 2:00 PM (New York time), then the most recent Federal
Reserve Bank of New York determination of the Noon Buying Rate shall 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 </td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page5"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
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<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
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<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">
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&rsquo;s Canadian
Dollars, they shall determine an alternative basis for such evaluation
to be employed by the Trustee. Such an alternative basis may include
reference to other exchange traded securities that reflect the value of
the Canadian Dollar relative to USD. The use of any alternative basis
to determine NAV would be disclosed on the Trust's website. The
Trustee also determines the NAV per Share, which equals the NAV of the
Trust divided by the number of outstanding Shares. The Sponsor will
publish the NAV and NAV per Share on each day that the NYSE is open for
regular trading on the Trust&rsquo;s website,
www.currencyshares.com.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
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<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Trust expenses </td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The
Trust&rsquo;s only ordinary recurring expense is expected to be the
Sponsor&rsquo;s fee. The Sponsor is obligated under the Depositary
Trust Agreement to assume and pay the following administrative and
marketing expenses of the Trust: the Trustee&rsquo;s monthly fee,
typical maintenance and transaction fees of the Depository, NYSE
listing fees, printing and mailing costs, audit fees and expenses, up
to $100,000 per annum in legal fees and expenses, and applicable
license fees. The Sponsor will also pay the costs of the Trust&rsquo;s
organization and the cost of the initial sale of the Shares, including
the applicable SEC registration fees. The Trust may incur additional
expenses in certain other circumstances. These additional expenses
include expenses not assumed by the Sponsor, taxes and governmental
charges, 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
Shareholders, indemnification of the Sponsor under the Depositary Trust
Agreement and legal fees and expenses in excess of $100,000 per year.
If these additional expenses are incurred, the Trust will be required
to pay these expenses by withdrawing deposited Canadian Dollars and the
amount of Canadian Dollars represented by a Share will decline at such
time. Accordingly, the Shareholders will effectively bear the cost of
these other expenses, if incurred. Although the Trust cannot
definitively state the frequency or magnitude of such expenses, the
Trust predicts that they will occur infrequently, if at all, and they
will probably be insignificant in amount compared to the value of the
Trust. See &lsquo;&lsquo;Description of the Depositary Trust Agreement
&ndash; Expenses of the Trust.&rsquo;&rsquo;</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The
Sponsor&rsquo;s fee accrues daily at an annual nominal rate of
0.40% of the Canadian Dollars in the Trust (including all
</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page6"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">
unpaid interest but excluding unpaid fees,
each as accrued through the immediately preceding day) and is paid
monthly. To pay the Sponsor&rsquo;s fee and any other Trust expenses
that have been incurred each month, the Trustee will first withdraw
Canadian Dollars the Trust has earned as interest. If that is not
sufficient to pay the Trust&rsquo;s expenses, then the Trustee will
withdraw deposited Canadian Dollars as needed. See
&lsquo;&lsquo;Investment Attributes of the Trust &ndash; Trust
Expenses&rsquo;&rsquo; and &lsquo;&lsquo;Description of the Depositary
Trust Agreement &ndash; Expenses of the Trust.&rsquo;&rsquo; The
payment of expenses in Canadian Dollars and the conversion of Canadian
Dollars to USD, if required to pay expenses of the Trust, are generally
taxable events to U.S. Shareholders. See &lsquo;&lsquo;United States
Federal Tax Consequences &mdash; Taxation of U.S.
Shareholders.&rsquo;&rsquo; The Trust and the Sponsor do not anticipate
any non-ordinary recurring expenses that will be paid from the
Trust.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Termination events </td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The Trustee will
terminate the Trust if any of the following events
occur:</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">The Sponsor has given
notice of resignation or is unable to perform its duties or becomes
bankrupt or insolvent and the Trustee does not appoint a successor
sponsor or agree to act as
sponsor;</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">Shareholders holding at
least 75% of the outstanding Shares notify the Trustee that they
elect to terminate the
Trust;</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">the Depository resigns or
is removed; or</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">the Trustee
receives notice from the IRS or from 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 Internal Revenue Code of 1986, as
amended (Internal Revenue Code).</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The Sponsor may, in its
sole discretion, direct the Trustee to terminate the Trust if any of
the following events occur:</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">the
Shares are de-listed from the NYSE and are not listed for trading on
another U.S. national securities exchange or through the NASDAQ Stock
Market within five business days from the date the Shares are
de-listed;</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">the SEC determines
that the Trust is an investment company under the Investment Company
Act of 1940, as amended;</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">the NAV
of the Trust remains less than $100  million for 30 consecutive
business days at any time after the first 90 days of the Shares being
eligible for trading on the NYSE;</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page7"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">all of the
Trust&rsquo;s assets are
sold;</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">the aggregate
market capitalization of the Trust, based on the closing price for the
Shares, remains less than $300  million for five consecutive
trading days beginning after the first anniversary of the
Trust&rsquo;s inception;
or</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="26"></td>
<td height="1"><img src="spacer.gif" height="1" width="312"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">&bull;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left:0;">DTC stops providing
book-entry settlement services for the Shares.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">If
the Trustee notifies the Sponsor of the Trustee&rsquo;s election to
resign and the Sponsor does not appoint a successor trustee within 60
days, the Trustee may terminate the Trust.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The
Trust will terminate on June 8, 2046 if it has not been terminated
prior to that date.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">Upon termination of the Trust
and surrender of Shares by the Shareholders, Shareholders will receive
the amount of Canadian Dollars represented by their Shares. If,
however, a Shareholder surrenders its Shares ninety days or more after
the termination of the Trust, it will receive a distribution in USD
after the Trustee has sold the Trust&rsquo;s Canadian Dollars and has
paid or made provision for the Trust&rsquo;s liabilities. See
&lsquo;&lsquo;Description of the Trust Agreement &mdash; Termination of
the Trust.&rsquo;&rsquo;</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Authorized Participants
</td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">An Authorized Participant is a DTC Participant
that is a registered broker-dealer or other securities market
participant such as a bank or other financial institution that is not
required to register as a broker-dealer to engage in securities
transactions and has entered into a Participant Agreement with the
Trustee. Only Authorized Participants may place orders to create or
redeem Baskets. The Participant Agreement provides the procedures for
the creation and redemption of Baskets and for the delivery of Canadian
Dollars required for creation or redemption. A list of the current
Authorized Participants can be obtained from the Trustee or the
Sponsor. See &lsquo;&lsquo;Creation and Redemption of
Shares&rsquo;&rsquo; for more details.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Shareholders
Trading via the NYSE </td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">A Shareholder who buys or sells
Shares from, to, or through a broker-dealer should expect to be charged
a commission by the broker-dealer for effecting the transaction.
Investors are encouraged to review the terms of their brokerage
accounts for details on applicable commissions or
charges.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td height="1"><img src="spacer.gif" height="1" width="250"></td>
<td height="1"><img src="spacer.gif" height="1" width="15"></td>
<td height="1"><img src="spacer.gif" height="1" width="337"></td>
</tr>
<tr>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0; ">Clearance and settlement </td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  text-align: left; font-style: normal; line-height: 12pt; padding-left: 0pt;">The
Shares will be evidenced by one or more global certificates that the
Trustee will issue to DTC . The Shares will be available only in
book-entry form. In such case, Shareholders may hold their Shares
through DTC, if they are DTC Participants, or through Authorized
Participants or Indirect
Participants.</td>
</tr>
<tr>
<td height="1" width="1"></td>
<td height="10" width="1"></td>
<td height="1" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page8"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Summary
Financial Condition<font style="font-weight: normal;"></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">As of June 8, 2006, the date of
formation of the Trust and the date the Sponsor deposited 100 Canadian
Dollar in the Trust&rsquo;s primary deposit account with the
Depository, the NAV of the Trust, which represents the value of the
Canadian Dollars deposited into the Trust in exchange for the initial
Share, was $89 and the NAV per Share was $89. See
&lsquo;&lsquo;Statement of Financial Condition&rsquo;&rsquo; on page
F-3.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page9"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Risk
Factors</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">You should consider carefully the risks
described below before making an investment decision. You should also
refer to the other information included in this prospectus, including
the Trust&rsquo;s financial statements and the related notes.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The value of the Shares relates directly to the value of the
Canadian Dollars held by the Trust. Fluctuations in the price of the
Canadian Dollar could materially and adversely affect the value of the
Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Shares are designed to reflect the price of
the Canadian Dollar, plus accumulated interest, less the Trust&rsquo;s
expenses. The price of the Canadian Dollar has fluctuated widely over
the past several years. Several factors may affect the price of the
Canadian Dollar, including:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 436pt">Debt level and trade deficit of
Canada;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 436pt">Inflation rates of the
United States and Canada and investors&rsquo; expectations concerning
inflation rates;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 436pt">Interest
rates of the United States and Canada and investors&rsquo;
expectations concerning interest rates;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 436pt">Investment and trading activities
of mutual funds, hedge funds and currency funds; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 436pt">Global or regional political,
economic or financial events and situations.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In addition,
the Canadian Dollar may not maintain its long-term value in terms of
purchasing power in the future. When the price of the Canadian Dollar
declines, the Sponsor expects the price of a Share to decline as
well.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The USD/Canadian Dollar exchange rate, like foreign
exchange rates in general, can be volatile and difficult to predict.
This volatility could materially and adversely affect the performance
of the Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Foreign exchange rates are influenced by
the factors identified immediately above and may also be influenced by:
changing supply and demand for a particular currency; monetary policies
of governments (including exchange control programs, restrictions on
local exchanges or markets and limitations on foreign investment in a
country or on investment by residents of a country in other countries);
changes in balances of payments and trade; trade restrictions; and
currency devaluations and revaluations. Also, governments from time to
time intervene in the currency markets, directly and by regulation, in
order to influence prices directly. These events and actions are
unpredictable. The resulting volatility in the USD/Canadian Dollar
exchange rate could materially and adversely affect the performance of
the Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The Deposit Accounts are not entitled to payment at
any office of JPMorgan Chase Bank, N.A. located in the United
States.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The federal laws of the United States prohibit
banks located in the United States from paying interest on unrestricted
demand deposit accounts. Therefore, payments out of the Deposit
Accounts will be payable only at the London branch of JPMorgan Chase
Bank, N.A., located in England. The Trustee will not be entitled to
demand payment of these accounts at any office of JPMorgan Chase Bank,
N.A. that is located in the United States. JPMorgan Chase Bank, N.A.
will not be required to repay the deposit if its London branch cannot
repay the deposit due to an act of war, insurrection or civil strife or
an action by a foreign government or instrumentality (whether <font style="font-weight: normal; font-style: italic">de
jure</font> or <font style="font-weight: normal; font-style: italic">de facto</font>) in England.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Shareholders will not
have the protections associated with ownership of a demand deposit
account insured in the United States by the Federal Deposit Insurance
Corporation nor the full protection provided for bank deposits under
English law.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Neither the Shares nor the Deposit Accounts
and the Canadian Dollar deposited in them are a deposit insured against
loss by the FDIC or any other federal agency or by the Financial
Services Compensation Scheme of England.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page10"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Canadian Dollars deposited in the Deposit
Accounts by an Authorized Participant will be commingled with Canadian
Dollars deposited by other Authorized Participants and will be held by
the Depository in either the primary deposit account or the secondary
deposit account of the Trust. Canadian Dollars held in the Deposit
Accounts will not be segregated from the Depository&rsquo;s other
assets. If the Depository becomes insolvent, then its assets might not
be adequate to satisfy a claim by the Trust or any Authorized
Participant. In addition, in the event of the insolvency of the
Depository or the U.S. bank of which it is a branch, there may be a
delay and costs incurred in recovering the Canadian Dollars held in the
Deposit Accounts.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust will have no proprietary
rights in or to any specific Canadian Dollars held by the Depository
and will be an unsecured creditor of the Depository with respect to the
Canadian Dollars held in the Deposit Accounts in the event of the
insolvency of the Depository or the U.S. bank of which it is a branch.
In the event the Depository or the U.S. bank of which it is a branch
becomes insolvent, the Depository&rsquo;s assets might not be adequate
to satisfy a claim by the Trust or any Authorized Participant for the
amount of Canadian Dollars deposited by the Trust or the Authorized
Participant, in such event, the Trust and any Authorized Participant
will generally have no right in or to assets other than those of the
Depository.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In the case of the insolvency of the
Depository or JPMorgan Chase Bank, N.A. the U.S. bank of which the
Depository is a branch, a liquidator may seek to freeze access to the
Canadian Dollars held in all accounts by the Depository, including the
Deposit Accounts. The Trust and the Authorized Participants could incur
expenses and delays in connection with asserting their claims. These
problems would be exacerbated by the reality that the Deposit Accounts
will not be held in the U.S. but instead will be held at the London
branch of a U.S. national bank, where it will be subject to English
insolvency law. Further, under U.S. law, in the case of the insolvency
of JPMorgan Chase Bank, N.A., the claims of creditors in respect of
accounts (such as the Trust's Deposit Accounts) that are
maintained with an overseas branch of JPMorgan Chase Bank, N.A. will be
subordinate to claims of creditors in respect of accounts maintained
with JPMorgan Chase Bank, N.A. in the U.S. greatly increasing risk that
the Trust and the Trust's beneficiaries would suffer a loss.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The Shares are a new securities product. Their value could decrease
if unanticipated operational or trading problems were to arise.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The mechanisms and procedures governing the creation,
redemption and offering of the Shares have been developed specifically
for this offering. Unanticipated issues might arise with respect to the
mechanics of Trust operations and the trading of the Shares. These
issues could have a material, adverse effect on the value of an
investment in the Shares. In addition, to the extent that unanticipated
operational or trading problems or issues arise, the Sponsor&rsquo;s
past experience and qualifications might not be suitable for solving
the problems.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Shareholders will not have the protections
associated with ownership of shares in an investment company registered
under the Investment Company Act of 1940.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Investment
Company Act is designed to protect investors by preventing: insiders
from managing investment companies to their benefit and to the
detriment of public investors; the issuance of securities having
inequitable or discriminatory provisions; the management of investment
companies by irresponsible persons; the use of unsound or misleading
methods of computing earnings and asset value; changes in the character
of investment companies without the consent of investors; and
investment companies from engaging in excessive leveraging. To
accomplish these ends, the Investment Company Act requires the
safekeeping and proper valuation of fund assets, restricts greatly
transactions with affiliates, limits leveraging, and imposes governance
requirements as a check on fund management. The Investment Company Act
applies to a range of investment company structures, but, in practice,
primarily regulates a company holding a portfolio of investment
securities such as publicly traded stocks, bonds and money market
instruments: selected by an affiliated investment adviser pursuant to
the company&rsquo;s stated investment objectives, policies,
restrictions, strategies and techniques where the investment adviser
manages the portfolio and otherwise operates </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page11"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
the company on a day-to-day basis for a
management fee and other charges and expenses and, in doing so, has
conflicts of interest with the company; valued, priced for sale and
redemption, physically held and traded in securities markets pursuant
to computational, custody and brokerage and other transactional
requirements peculiar to such a portfolio of investment securities; and
overseen by the company&rsquo;s board of directors that is elected,
constituted and governed pursuant to specified standards developed in
the context of such a portfolio of investment securities.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is not registered as an investment company under
the Investment Company Act and is not required to register under that
Act. Consequently, Shareholders will not have the regulatory
protections afforded to investors in registered investment
companies.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Shareholders will not have the rights enjoyed by
investors in certain other financial instruments.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">As
interests in a grantor trust, the Shares will have none of the
statutory rights normally associated with the ownership of shares of a
business corporation, including, for example, the right to bring
&lsquo;&lsquo;oppression&rsquo;&rsquo; or
&lsquo;&lsquo;derivative&rsquo;&rsquo; actions. Apart from the rights
afforded to them by federal and state securities laws, Shareholders
have only those rights relative to the Trust, the Trust property and
the Shares that are set forth in the Depositary Trust Agreement. In
this connection, the Shareholders have limited voting and distribution
rights. They do not have the right to elect directors. See
&lsquo;&lsquo;Description of the Shares&rsquo;&rsquo; for a description
of the limited rights of the Shareholders.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The Shares may trade
at a price which is at, above, or below the NAV per Share.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The NAV per Share fluctuates with changes in the market value
of the Trust&rsquo;s assets. The market price of Shares can be
expected to fluctuate in accordance with changes in the NAV per Share,
but also in response to market supply and demand. As a result, the
Shares might trade at prices at, above or below the NAV per Share.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The interest rate earned by the Trust, although competitive, may
not be the best rate available. If the Sponsor determines that the
interest rate is inadequate, then its sole recourse will be to remove
the Depository and terminate the Deposit Accounts.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Depository is committed to endeavor to pay a competitive interest rate
on the balance of Canadian Dollars in the primary deposit account of
the Trust. Interest on the primary deposit account accrues daily and is
paid monthly. The initial annual nominal interest rate as set forth in
the Deposit Account Agreement is 3.71%. The Depository may
change this rate in the future based upon changes in the BBA rate,
other market conditions or the Depository's liquidity needs.
Although the Depository may consider the BBA rate in setting the
interest rate, the rate paid to the Trust may be lower than the BBA
rate. The Sponsor will disclose the interest rate on the Trust's
website. If the Sponsor believes that the interest rate paid by the
Depository is not adequate, the Sponsor&rsquo;s sole recourse will be
to remove the Depository and terminate the Deposit Accounts. The
Depository will not be paid a fee for its services to the Trust;
rather, it will generate income or loss based on its ability to earn a
&lsquo;&lsquo;spread&rsquo;&rsquo; or
&lsquo;&lsquo;margin&rsquo;&rsquo; over the interest it pays to the
Trust by using the Trust&rsquo;s Canadian Dollars to make loans or in
other banking operations. For these reasons, you should not expect that
the Trust will be paid the best available interest rate at any time or
over time.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The possible withdrawal of deposited Canadian
Dollars by the Trust to pay expenses, if required, will reduce the
amount of Canadian Dollars represented by each Share on an ongoing
basis regardless of whether the price of a Share rises or falls in
response to changes in the price of the Canadian Dollars.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Each outstanding Share represents a fractional undivided
interest in the Canadian Dollars owned by the Trust. The Trust expenses
are described in &lsquo;&lsquo;Investment Attributes of the Trust
&mdash; Trust Expenses&rsquo;&rsquo; and &lsquo;&lsquo;Description of
the Depositary Trust Agreement &mdash; Expenses of the
Trust.&rsquo;&rsquo; Because the Canadian Dollars owned by the Trust
will primarily be held in an interest-bearing demand deposit account of
the Depository, the Sponsor does not expect the Trust will need to
withdraw Canadian Dollars to pay its expenses (other than the Canadian
Dollars paid as interest on the primary deposit </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">11</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page12"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
account). If expenses incurred by the Trust
exceed the interest earned, however, then the Trust will be required to
withdraw deposited Canadian Dollars and the amount of Canadian Dollars
represented by a Share will decline at such time. This is true even if
additional Shares are issued in exchange for additional deposits of
Canadian Dollars into the Trust, as the amount of Canadian Dollars
required to create Shares will proportionately reflect the amount of
Canadian Dollars represented by the Shares outstanding at the time of
creation. Accordingly, it is possible that the value of a Share will
decline below the Canadian Dollar value represented by the Share when
purchased by an investor.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The conversion of the Trust&rsquo;s
deposited Canadian Dollars, if necessary, to pay expenses at a time
when the price of the Canadian Dollar is relatively low could adversely
affect the value of the Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust may incur
expenses in USD. If this occurs the Trustee will direct that Canadian
Dollars held by the Trust be converted to USD so that the Trustee can
pay Trust expenses as needed, irrespective of the price of the Canadian
Dollars then prevailing. The Trust is not actively managed. No attempt
will be made to buy or sell Canadian Dollars to protect against, or to
take advantage of, fluctuations in the price of the Canadian Dollar.
Therefore, the Trust&rsquo;s Canadian Dollars might be sold at a time
when the price of the Canadian Dollars is relatively low, resulting in
an adverse effect on the value of the Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The Depository
owes no fiduciary duties to the Trust or the Shareholders, is not
required to act in their best interest and could resign or be removed
by the Sponsor, which would trigger early termination of the
Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository is not a trustee for the Trust or
the Shareholders. As stated above, the Depository is not obligated to
maximize the interest rate paid to the Trust. In addition, the
Depository has no duty to continue to act as the depository of the
Trust. The Depository could terminate its role as depository for any
reason whatsoever upon 90 days&rsquo; notice to the Trust. Such a
termination might result, for example, if the Sponsor determines that
the interest rate paid by the Depository is inadequate. In the event
that the Depository were to resign or be removed, the Trust will be
terminated.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Shareholders may incur significant fees upon the
termination of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The occurrence of any one of
several events would either require the Trust to terminate or permit
the Sponsor to terminate the Trust. For example, if the Depository were
to resign or be removed, then the Sponsor would be required to
terminate the Trust. Shareholders tendering their Shares within 90 days
of the Trust's termination will receive the amount of Canadian
Dollar represented by their Shares. Shareholders may incur significant
fees if they choose to convert the Canadian Dollar they receive to U.S.
Dollars. See &lsquo;&lsquo;Description of the Depositary Trust
Agreement &mdash; Termination of the Trust&rsquo;&rsquo; for more
information about the termination of the Trust, including when the
termination of the Trust may be triggered by events outside the direct
control of the Sponsor, the Trustee or the Shareholders.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Redemption orders are subject to rejection by the Trustee under
certain circumstances.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will reject a
redemption order if the order is not in proper form as described in the
Participant Agreement or if the fulfillment of the order, in the
opinion of its counsel, might be unlawful. Any such rejection could
adversely affect a redeeming Shareholder. For example, the resulting
delay would adversely affect the value of the Shareholder&rsquo;s
redemption distribution if the NAV were to decline during the delay.
See &lsquo;&lsquo;Creation and Redemption of Shares &mdash; Redemption
Procedures &mdash; Suspension or rejection of redemption
orders.&rsquo;&rsquo; In the Depositary Trust Agreement, the Sponsor
and the Trustee disclaim any liability for any loss or damage that may
result from any such rejection.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Substantial sales of Canadian
Dollar by the official sector could adversely affect an investment in
the Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The official sector consists of central
banks, other governmental agencies and multi-lateral institutions that
buy, sell and hold Canadian Dollar as part of their reserve assets. The
official sector holds a </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">12</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page13"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
significant amount of Canadian Dollar that
can be mobilized in the open market. In the event that future economic,
political or social conditions or pressures require members of the
official sector to sell their Canadian Dollar simultaneously or in an
uncoordinated manner, the demand for Canadian Dollar might not be
sufficient to accommodate the sudden increase in the supply of Canadian
Dollar to the market. Consequently, the price of the Canadian Dollar
could decline, which would adversely affect an investment in the
Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Shareholders that are not Authorized Participants may
only purchase or sell their Shares in secondary trading markets.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Only Authorized Participants may create or redeem Baskets of
Shares through the Trust. All other investors that desire to purchase
or sell Shares must do so through the NYSE or in other markets, if any,
in which the Shares may be traded.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The liability of the Sponsor
and the Trustee under the Depositary Trust Agreement is limited; and,
except as set forth in the Depositary Trust Agreement, they are not
obligated to prosecute any action, suit or other proceeding in respect
of any Trust property.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust Agreement provides that
neither the Sponsor nor the Trustee assumes any obligation or is
subject to any liability under the Trust Agreement to any Shareholder,
except that they each agree to perform their respective obligations
specifically set forth in the Depositary Trust Agreement without
negligence or bad faith. Additionally, neither the Sponsor nor the
Trustee is obligated to, although each may in its respective
discretion, prosecute any action, suit or other proceeding in respect
of any Trust property. The Depositary Trust Agreement does not confer
upon Shareholders the right to prosecute any such action, suit or other
proceeding.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The Depositary Trust Agreement may be amended to
the detriment of Shareholders without their consent.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Sponsor and the Trustee may amend most provisions (other than those
addressing core economic rights) of the Depositary Trust Agreement
without the consent of any Shareholder. Such an amendment could impose
or increase fees or charges borne by the Shareholders. Any amendment
that increases fees or charges (other than taxes and other governmental
charges, registration fees or other expenses), or that otherwise
prejudices any substantial existing rights of Shareholders, will not
become effective until 30 days after notice is given to
Shareholders.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The License Agreement with The Bank of New York
may be terminated by The Bank of New York in the event of a material
breach. Termination of the License Agreement might lead to early
termination and liquidation of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">BNY and an
affiliate of the Sponsor have entered into a License Agreement granting
the Sponsor&rsquo;s affiliate a license to certain patent applications
made by BNY covering systems and methods for securitizing a commodity.
The Sponsor&rsquo;s affiliate has sublicensed the license to the
Sponsor. The license is limited to a non-exclusive grant for the life
of BNY&rsquo;s patents and patent applications. The License Agreement
provides that each of the parties may provide notice of intent to
terminate the License Agreement in the event the other party commits a
material breach. If the License Agreement is terminated and one or more
of BNY&rsquo;s patent applications issue as patents, then BNY may
claim that the operation of the Trust violates its patent or patents
and seek an injunction forcing the Trust to cease operation and the
Shares to cease trading. In that case, the Trust might be forced to
terminate and liquidate, which would adversely affect
Shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">13</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page14"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Glossary
of Terms</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In this prospectus, each of the following terms
has the meaning assigned to it here:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Authorized Participant&rsquo;&rsquo; &mdash; A
DTC Participant that is a registered broker-dealer or other securities
market participant such as a bank or other financial institution that
is not required to register as a broker-dealer to engage in securities
transactions and that has entered into a Participant Agreement with the
Sponsor and the Trustee. Only Authorized Participants may place orders
to create or redeem Baskets.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Basket
Canadian Dollar Amount&rsquo;&rsquo; &mdash; The deposit required to
create one or more Baskets pursuant to a purchase order. This deposit
will be an amount of Canadian Dollar bearing the same proportion to the
number of Baskets to be created as the total assets of the Trust (net
of estimated accrued but unpaid expenses) bears to the number of
Baskets outstanding on the date that the order to purchase is accepted
by the Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;BBA rate&rsquo;&rsquo;
&mdash; The British Bankers Association LIBOR Overnight rate for the
Canadian Dollar, a benchmark or reference rate for short term interest
rates worldwide. It is calculated daily by the British Bankers
Association; more information can be obtained at www.bba.org.uk,
including historical BBA rates and descriptions of the calculation
methodology and conventions. The daily BBA rate can obtained through a
subscription provided by the British Bankers Association.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;BNY&rsquo;&rsquo; &mdash; The Bank of New York,
a banking corporation organized under the laws of the State of New York
with trust powers. BNY is the trustee of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Canadian Dollar&rsquo;&rsquo; &mdash; The
official currency of Canada. The Canadian Dollar is abbreviated
CAD.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Deposit Accounts&rsquo;&rsquo; &mdash;
The primary (interest-bearing) and secondary (non-interest bearing)
Canadian Dollar-denominated, demand accounts of the Trust established
with the Depository by the Deposit Account Agreement. The Deposit
Accounts hold the Canadian Dollar deposited with the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Deposit Account Agreement&rsquo;&rsquo; &mdash;
The agreements, including the Account Application and the JPMorgan
Chase Bank, N.A. Global Account Terms, between the Trustee and the
Depository establishing the Deposit Accounts with the Depository.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Depository Trust Agreement&rsquo;&rsquo;
&mdash; The agreement between the Trustee and the Sponsor establishing
and governing the operations of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;DTC&rsquo;&rsquo; &mdash; The Depository Trust
Company. DTC is a limited purpose trust company organized under the
laws of the State of New York, a member of the U.S. Federal Reserve
System and a clearing agency registered with the SEC. DTC acts as the
securities depository for the Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;DTC
Participant&rsquo;&rsquo; &mdash; Participants in DTC, such as banks,
brokers, dealers and trust companies.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Foreign exchange&rsquo;&rsquo; &mdash; Non-U.S.
currency.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Indirect
Participants&rsquo;&rsquo; &mdash; Those banks, brokers, dealers, trust
companies and others that maintain, either directly or indirectly, a
custodial relationship with a DTC Participant.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Internal Revenue Code&rsquo;&rsquo; &mdash; The
Internal Revenue Code of 1986, as amended.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;NAV&rsquo;&rsquo; &mdash; Net asset value. The
Trustee will calculate, and the Sponsor will publish, the
Trust&rsquo;s NAV each business day as as soon as practicable after
the Federal Reserve Bank of New York announces the Noon Buying Rate. To
calculate the NAV, the Trustee will add to the amount of Canadian
Dollar in the Trust at the end of the preceding day accrued but unpaid
interest, Canadian Dollar receivable under pending purchase orders and
the value of other Trust assets, and will subtract the accrued but
unpaid Sponsor&rsquo;s fee, Canadian Dollar payable under pending
redemption orders and other Trust expenses and liabilities, if any.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Noon Buying Rate&rsquo;&rsquo; &mdash; The
Canadian Dollar/USD exchange rate as determined by the Federal Reserve
Bank of New York as of 12:00 PM (New York time). 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 most recent
Federal Reserve Bank of New York determination of the Noon Buying
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">14</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page15"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Rate will be deemed the &lsquo;&lsquo;Noon
Buying Rate&rsquo;&rsquo; and be used to determine the NAV of the Trust
unless the Trustee, in consultation with the Sponsor, determines that
such price is inappropriate to use as the basis for such valuation. In
the event that the Trustee and the Sponsor determine that the most
recent Federal Reserve Bank of New York determination of the Noon
Buying Rate is not an appropriate basis for valuation of the
Trust&rsquo;s Canadian Dollar, they shall determine an alternative
basis for such evaluation to be employed by the Trustee, which will be
deemed the &lsquo;&lsquo;Noon Buying Rate&rsquo;&rsquo; and will be
disclosed on the trust's website. Under some circumstances,
mathematical calculations may require a USD/Canadian Dollar exchange
rate and such rate will be equal to dividing one (1) by the
&lsquo;&lsquo;Noon Buying Rate&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;OTC&rsquo;&rsquo; &mdash; The global
over-the-counter market for transactions in foreign exchange, including
spot and forward transactions, swaps and transactions in options and
other instruments that derive their value from foreign exchange.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Participant Agreement&rsquo;&rsquo; &mdash; An
agreement entered into by each Authorized Participant with the Sponsor
and the Trustee that states the procedures for the creation and
redemption of Baskets and for the delivery of Canadian Dollar required
for creation and redemption.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;Shareholder&rsquo;&rsquo; &mdash; Any owner of
a Share (whether such owner owns through DTC, a DTC Participant or an
Indirect Participant).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;SWIFT&rsquo;&rsquo;
&mdash; Society for Worldwide Interbank Financial
Telecommunication.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">&lsquo;&lsquo;USD&rsquo;&rsquo; or
&lsquo;&lsquo;$&rsquo;&rsquo; &mdash; United States dollar or
dollars.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">15</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page16"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Statement Regarding
Forward-Looking Statements</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">This prospectus includes
&lsquo;&lsquo;forward-looking statements&rsquo;&rsquo; which generally
relate to future events or future performance. In some cases, you can
identify forward-looking statements by terminology such as
&lsquo;&lsquo;may,&rsquo;&rsquo; &lsquo;&lsquo;will,&rsquo;&rsquo;
&lsquo;&lsquo;should,&rsquo;&rsquo; &lsquo;&lsquo;expect,&rsquo;&rsquo;
&lsquo;&lsquo;plan,&rsquo;&rsquo;
&lsquo;&lsquo;anticipate,&rsquo;&rsquo;
&lsquo;&lsquo;believe,&rsquo;&rsquo;
&lsquo;&lsquo;estimate,&rsquo;&rsquo;
&lsquo;&lsquo;predict,&rsquo;&rsquo;
&lsquo;&lsquo;potential&rsquo;&rsquo; or the negative of these terms or
other comparable terminology. All statements (other than statements of
historical fact) included in this prospectus that address activities,
events or developments that will or may occur in the future, including
such matters as changes in currency prices and market conditions (for
the Canadian Dollar and the Shares), the Trust&rsquo;s operations, the
Sponsor&rsquo;s plans and references to the Trust&rsquo;s future
success and other similar matters are forward-looking statements. These
statements are only predictions. Actual events or results may differ
materially. These statements are based upon certain assumptions and
analyses the Sponsor made, based on its perceptions of historical
trends, current conditions and expected future developments, as well as
other factors appropriate in the circumstances. Whether or not actual
results and developments will conform to the Sponsor&rsquo;s
expectations and predictions, however, is subject to a number of risks
and uncertainties, including the special considerations discussed in
this prospectus, general economic, market and business conditions,
changes in laws and regulations, including those concerning taxes, made
by governmental authorities and regulatory bodies and other world
economic and political developments. See &lsquo;&lsquo;Risk
Factors.&rsquo;&rsquo; Consequently, all forward-looking statements
made in this prospectus are qualified by these cautionary statements,
and there can be no assurance that the actual results or developments
that the Sponsor anticipates will be realized or, even if substantially
realized, that they will result in the expected consequences to, or
have the expected effects on, the Trust&rsquo;s operations or the
value of the Shares. Moreover, neither the Sponsor nor any other person
assumes responsibility for the accuracy or completeness of the
forward-looking statements. Neither the Trust nor the Sponsor is under
a duty to update any of the forward-looking statements to conform such
statements to actual results or to reflect a change in the
Sponsor&rsquo;s expectations or predictions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">16</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page17"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Use of Proceeds</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The proceeds received by the Trust from the issuance and sale
of Baskets are Canadian Dollars. Such proceeds will be deposited into
the Deposit Accounts. In accordance with the Depositary Trust
Agreement, during the life of the Trust these proceeds will only be (1)
owned by the Trust and held by the Depository, (2) disbursed or sold as
needed to pay the Trust&rsquo;s expenses, and (3) distributed to
Authorized Participants upon the redemption of Baskets.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">17</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page18"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Overview of the Foreign Exchange
Industry</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The foreign exchange market is the largest and
most liquid financial market in the world. As of April  2004, the
foreign exchange market experienced an estimated average daily turnover
of approximately $1.88  trillion, which was a 57% increase
(at current exchange rates) from the 2001 estimated average daily
turnover. The foreign exchange market is predominantly an
over-the-counter market, with no fixed location; it operates 24 hours a
day, seven days a week. London, New York City and Tokyo are the
principal geographic centers of the world-wide foreign exchange market,
with approximately 58% of all foreign exchange business executed
in the U.K., U.S. and Japan. Other, smaller markets include Singapore,
Zurich and Frankfurt.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">There are three major kinds of
transactions in the traditional foreign exchange markets: spot
transactions, outright forwards and foreign exchange swaps.
&lsquo;&lsquo;Spot&rsquo;&rsquo; trades are foreign exchange
transactions that settle typically within two business days with the
counterparty to the trade. Spot transactions account for approximately
35% of reported daily volume in the traditional foreign exchange
markets. &lsquo;&lsquo;Forward&rsquo;&rsquo; trades, which are
transactions that settle on a date beyond spot, account for 12%
of the reported daily volume, and &lsquo;&lsquo;swap&rsquo;&rsquo;
transactions, in which two parties exchange two currencies on one or
more specified dates over an agreed period and exchange them again when
the period ends, account for the remaining 53% of volume. There
also are transactions in currency options, which trade both
over-the-counter and, in the U.S., on the Philadelphia Stock Exchange.
Currency futures are transactions in which an institution buys or sells
a standardized amount of foreign currency on an organized exchange for
delivery on one of several specified dates. Currency futures are traded
in a number of regulated markets, including the International Monetary
Market division of the Chicago Mercantile Exchange, the Singapore
Exchange Derivatives Trading Limited (formerly the Singapore
International Monetary Exchange, or SIMEX) and the London International
Financial Futures Exchange (LIFFE). Over 85% of currency
derivative products (swaps, options and futures) are traded OTC.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Participants in the foreign exchange market have various
reasons for participating. Multinational corporations and importers
need foreign currency to acquire materials or goods from abroad. Banks
and multinational corporations sometimes require specific wholesale
funding for their commercial loan or other foreign investment
portfolios. Some participants hedge open currency exposure through
off-balance-sheet products.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The primary market
participants in foreign exchange are banks (including
government-controlled central banks), investment banks, money managers,
multinational corporations and institutional investors. The most
significant participants are the major international commercial banks
that act both as brokers and as dealers. In their dealer role, these
banks maintain long or short positions in a currency and seek to profit
from changes in exchange rates. In their broker role, the banks handle
buy and sell orders from commercial customers, such as multinational
corporations. The banks earn commissions when acting as agent. They
profit from the spread between the rates at which they buy and sell
currency for customers when they act as principal.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Typically, banks engage in transactions ranging from $5
million to $50  million in amount. Although banks will engage in
smaller transactions, the fees that they charge have made the foreign
currency markets relatively inaccessible to individual investors. Some
banks allow individual investors to engage in spot trades without
paying traditional commissions on the trades. Such trading is often not
profitable for individual investors, however, because the banks charge
the investor the spread between the bid and the ask price maintained by
the bank on all purchases and sales. The overall effect of this fee
structure depends on the spread maintained by the bank and the
frequency with which the investor trades. Generally this fee structure
is particularly disadvantageous to active traders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Sponsor believes that the Trust is the first exchange-traded product
whose assets are limited to the Canadian Dollar and among the first
exchange-traded products limited solely to a particular foreign
currency. The first exchange-traded product limited solely to a
particular foreign currency is the CurrencyShares<sup style="vertical-align:top;">SM</sup> Euro
Currency Trust (NYSE: FXE), also sponsored by Rydex Investments.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust will not hold or trade in any currency swaps,
options, futures or other currency derivative products, or engage in
any foreign exchange market transactions. The sole assets of the Trust
are the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">18</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page19"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Canadian Dollars deposited into the Deposit
Accounts upon the creation of Baskets and the Canadian Dollars earned
as interest on the primary deposit account. The investment objective of
the Trust is for the Shares to reflect the price in USD of the Canadian
Dollar. The Sponsor believes that, for many investors, the Shares
represent a cost-effective investment relative to traditional means of
investing in the foreign exchange market. Because the Shares will be
traded on the NYSE, investors will be able to access the market for the
Canadian Dollar through a traditional brokerage account which will
provide investors with an efficient means of implementing investment
tactics and strategies that involve the Canadian Dollar.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Much of the foregoing information is taken from the
&lsquo;&lsquo;Triennial Central Bank Survey&rsquo;&rsquo; published by
the Bank for International Settlements in March 2005 (the
&lsquo;&lsquo;BIS Survey&rsquo;&rsquo;), A Foreign Exchange Primer by
Shani Shamah (John Wiley &amp; Sons Ltd., 2003) and Trading in the
Global Currency Markets by Cornelius Luca (New York Institute of
Finance, 2d ed., 2000).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">19</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page20"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">The Canadian Dollar</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">According to the State Department, the United States and
Canada share the world&rsquo;s largest and most comprehensive trading
relationship. In 2005, total merchandise trade between the two
countries was $483  billion, translating into over $1.2
billion in goods crossing the border every day.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Canadian Dollar is the national currency of Canada and the currency of
the accounts of the Bank of Canada, the Canadian central bank. The
official currency code for the Canadian Dollar is
&lsquo;&lsquo;CAD.&rsquo;&rsquo; As with U.S. currency, 100 Canadian
cents are equal to one Canadian Dollar.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">According to the
BIS Survey, average daily turnover of the USD in the foreign exchange
market is approximately $1.57  trillion, which makes it the
most-traded currency in the world, accounting for approximately
89% of global foreign exchange transactions. Average daily
turnover of the Canadian Dollar in the foreign exchange market is
approximately $74.6  billion, which makes it the
seventh-most-traded currency in the world, accounting for approximately
4% of global foreign exchange transactions. The USD/Canadian
Dollar pair has an average daily turnover of approximately $71.1
billion, which makes it the sixth-most-traded currency pair, accounting
for approximately 4% of the global foreign exchange
transactions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Canadian Dollar was introduced in 1858.
Initially, the Canadian Dollar was redeemable for gold, but the gold
standard was suspended at times and abandoned officially in 1933. In
1934, Canada&rsquo;s official central bank, the Bank of Canada, was
established. During World War II, the Canadian Dollar was pegged to the
USD and the British Pound by the Canadian government. In 1950, Canada
abolished the fixed rates of exchange for the Canadian Dollar into USD
and British Pounds. In 1962, Canada again established fixed rates of
exchange based primarily on the USD. In 1970, the Canadian government
decided to allow the value of the Canadian Dollar to float, with the
result that its value now depends almost entirely on market forces. The
foregoing information is compiled from the Bank of Canada's
website and the BIS Survey.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Within the past five years,
the Noon Buying Rate for the Canadian Dollar as reported by the Federal
Reserve Bank of New York reached a record low of $1.0989 Canadian
Dollars per USD and a record high of $1.6128 Canadian Dollars per USD.
As of June 8, 2006, the Noon Buying Rate for the Canadian Dollar was
worth $1.1233.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">20</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page21"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Investment Attributes of the
Trust</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The investment objective of the Trust is for the
Shares to reflect the price in USD of the Canadian Dollar. The Sponsor
believes that, for many investors, the Shares represent a
cost-effective investment relative to traditional means of investing in
the foreign exchange market. As the value of the Shares is tied to the
value of the Canadian Dollar held by the Trust, it is important in
understanding the investment attributes of the Shares to first
understand the investment attributes of the Canadian Dollar.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">REASONS FOR INVESTING IN CANADIAN
DOLLAR&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">All forms of investment carry
some degree of risk. Although the Shares have certain unique risks
described in &lsquo;&lsquo;Risk Factors,&rsquo;&rsquo; generally these
are the same risks as investing directly in the Canadian Dollar.
Moreover, investment in the Shares may help to balance a portfolio or
protect against currency swings, thereby reducing overall risk.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Investors may wish to invest in the Canadian Dollar in order
to take advantage of short-term tactical or long-term strategic
opportunities. From a tactical perspective, an investor that believes
that the U.S. dollar is weakening relative to the Canadian Dollar may
choose to buy Shares in order to capitalize on the potential movement.
An investor that believes that the Canadian Dollar is overvalued
relative to the U.S. dollar may choose to sell Shares. Sales may also
include short sales that are permitted under SEC and exchange
regulations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">From a strategic standpoint, since currency
movements can affect returns on cross-border investments and
businesses, both individual investors and businesses may choose to
hedge their currency risk through the purchase or sale of Canadian
Dollars. For example, in the case where a U.S. investor has a portfolio
consisting of Canadian equity and fixed income securities, the investor
may decide to hedge the currency exposure that exists within the
Canadian portfolio by selling an appropriate amount of Shares. Again,
such sales may include short sales in accordance with applicable SEC
regulations. In doing this, the U.S. investor may be able to mitigate
the impact that changes in exchange rates have on the returns
associated with Canadian equity and fixed income components of the
portfolio.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Similarly, a business that has currency
exposure because it manufactures or sells its products abroad is
exposed to exchange rate risk. Buying or selling Shares in appropriate
amounts can reduce the business&rsquo;s exchange rate risk.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">More generally, investors that wish to diversify their
investment portfolios with a wider range of non-correlative investments
may desire to invest in foreign currencies. Non-correlative asset
classes, such as foreign currencies, are often used to enhance
investment portfolios by making them more consistent and less volatile.
Less volatility means lower risk and closer proximity to an expected
return.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">COST-EFFICIENT PARTICIPATION IN THE MARKET FOR
CANADIAN DOLLAR&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Shares are intended
to offer investors a new and different opportunity to participate in
the market for the Canadian Dollar through an investment in securities.
Historically, the logistics and expense of investing in foreign
exchange have been a barrier to entry for many investors. This offering
is aimed at overcoming the barriers to entry. A prospective purchaser
of Shares should not encounter any tasks or costs beyond those
associated with purchasing another publicly-traded equity security. The
Shares are intended to provide institutional and retail investors with
a simple, cost-effective means of gaining investment benefits similar
to those of holding the Canadian Dollar. The Shares are an investment
that is:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Easily Accessible.</font>&nbsp;&nbsp;&nbsp;&nbsp;Investors will
be able to access the market for the Canadian Dollar through a
traditional brokerage account. The Shares will be bought and sold on
the NYSE like any other exchange-listed security, except that they will
regularly be traded until 4:15 PM (New York time) instead of 4:00 PM
(New York time).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">21</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page22"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Cost-Effective</font>.&nbsp;&nbsp;&nbsp;&nbsp;Investors
and businesses wishing to buy or sell currencies in modest size have
had to pay as much as a 3% commission to effectuate their
transactions. Because Shares will be traded as securities, transaction
costs will be substantially reduced.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Exchange-Traded.</font>&nbsp;&nbsp;&nbsp;&nbsp;Because they will be traded
on the NYSE, the Shares will provide investors with an efficient means
of implementing investment tactics and strategies that involve the
Canadian Dollar. NYSE-listed securities are eligible for margin
accounts. Accordingly, investors will be able to purchase and hold
Shares with borrowed money to the extent permitted by law.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Transparent.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Shares will be backed by the
assets of the Trust, which will not hold or use derivative products.
The value of the holdings of the Trust will be reported on the
Trust&rsquo;s website, www.currencyshares.com, every business day.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INTEREST ON DEPOSITED CANADIAN DOLLARS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">JPMorgan
Chase Bank, N.A., London Branch will maintain two deposit accounts for
the Trust, a primary deposit account which will earn interest and a
secondary deposit account which will not earn interest. Interest on the
primary deposit account accrues daily and is paid monthly. The initial
annual nominal interest rate as set forth in the Deposit Account
Agreement is 3.71%. The Depository may change this rate in the
future based upon changes in the BBA rate, other market conditions or
the Depository's liquidity needs. Although the Depository may
consider the BBA rate in setting the interest rate, the rate paid to
the Trust may be lower than the BBA rate. The Sponsor will disclose the
interest rate on the Trust's website. If the Sponsor believes
that the interest rate paid by the Depository is not competitive, the
Sponsor&rsquo;s recourse will be to remove the Depository by
terminating the Deposit Account Agreement and closing the accounts. The
secondary deposit account will only be used in connection with
mid-month creations and redemptions of Baskets, to account for interest
that has been earned on the primary deposit account during the month
but not yet paid, and to receive interest earned on the primary deposit
account, pay Trust expenses and distribute any excess interest to
Shareholders on a monthly basis. See &lsquo;&lsquo;Description of the
Deposit Account Agreement.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Each month the
Depository will deposit into the secondary deposit account accrued but
unpaid interest and the Trustee will withdraw Canadian Dollars from the
secondary deposit account to pay the accrued Sponsor&rsquo;s fee for
the previous month plus other Trust expenses, if any. In the event that
the interest deposited exceeds the sum of the Sponsor&rsquo;s fee for
the prior month plus other Trust expenses, if any, then the Trustee
will direct that the excess be converted into USD at a prevailing
market rate and the Trustee will distribute the USD as promptly as
practicable to Shareholders on a pro rata basis (in accordance with the
number of Shares that they own).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TRUST EXPENSES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust&rsquo;s only ordinary recurring expense is
expected to be the Sponsor&rsquo;s fee. The Sponsor has agreed to
assume and pay the following administrative and marketing expenses of
the Trust: the Trustee&rsquo;s monthly fee, typical maintenance and
transaction fees of the Depository, NYSE listing fees, printing and
mailing costs, audit fees and expenses, up to $100,000 per annum in
legal fees and expenses, and applicable license fees. The Sponsor will
also pay the costs of the Trust&rsquo;s organization and the costs of
the initial sale of the Shares, including the applicable SEC
registration fees. The Sponsor&rsquo;s fee accrues daily at an annual
nominal rate of 0.40% of the Canadian Dollar in the Trust. Each
month, the Trust will first withdraw Canadian Dollars the Trust has
earned as interest to pay the Sponsor&rsquo;s fee and any other Trust
expenses that have been incurred. If that interest is not sufficient to
fully pay the Sponsor&rsquo;s fee and other Trust expenses, then the
Trustee will withdraw Canadian Dollars as needed from the primary
deposit account to pay these expenses. Shareholders do not have the
option of choosing to pay their proportionate share of the excess
expenses in lieu of having their share of expenses paid by withdrawing
Canadian Dollars from the primary deposit account. If the Trust incurs
expenses in USD, Canadian Dollars will be converted to USD at the
prevailing market rate at the time of conversion to pay these expenses.
The payment of expenses in Canadian Dollars and the conversion of
Canadian Dollars to USD, if required to pay expenses of the Trust, are
taxable events to Shareholders. See &lsquo;&lsquo;United States Federal
Tax Consequences &mdash; Taxation of U.S.
Shareholders.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">22</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page23"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In certain exceptional cases the
Trust will pay for some expenses in addition to the Sponsor&rsquo;s
fee. These exceptions include expenses not assumed by the Sponsor
(described in the immediately preceding paragraph), taxes and
governmental charges, 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 Shareholders, indemnification of the Sponsor under the
Depositary Trust Agreement, and legal expenses in excess of $100,000
per year.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In the event that none of the expenses in the
immediately preceding paragraph are charged to the Trust, an investment
of $10,000 in Shares will incur an annual fee of approximately $40 or
approximately $200 over five years. Additionally, investors should
expect to pay customary brokerage fees and expenses for each purchase
or sale of Shares. An Authorized Participant will pay a $500
transaction fee to the Trustee, which will not be contributed to the
Trust, for each creation or redemption
order.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">23</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page24"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Description
of the Trust</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust was formed under the laws of the
State of New York on June 8, 2006 when the Sponsor and the Trustee
signed the Depositary Trust Agreement and the Sponsor deposited 100
Canadian Dollars in the primary deposit account. The Trust holds
Canadian Dollars and is expected from time to time to issue Baskets in
exchange for deposits of Canadian Dollars and to distribute Canadian
Dollars in connection with redemptions of Baskets. The investment
objective of the Trust is for the Shares to reflect the price in USD of
the Canadian Dollar. The material terms of the Depositary Trust
Agreement are discussed under &lsquo;&lsquo;Description of the
Depositary Trust Agreement.&rsquo;&rsquo; The Shares represent units of
fractional undivided beneficial interest in, and ownership of, the
Trust. The Trust is not managed like a business corporation or an
active investment vehicle. The Canadian Dollar held by the Trust will
only be sold (1) if needed to pay Trust expenses, (2) in the event the
Trust terminates and liquidates its assets or (3) as otherwise required
by law or regulation. The payment of expenses in Canadian Dollars and
the conversion of Canadian Dollars to USD, if necessary to pay expenses
of the Trust, are taxable events to Shareholders. See
&lsquo;&lsquo;United States Federal Tax Consequences &mdash; Taxation
of U.S. Shareholders.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is not
registered as an investment company under the Investment Company Act
and is not required to register under such Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust
creates and redeems Shares from time to time, but only in whole
Baskets. A Basket is a block of 50,000 Shares. The number of Shares
outstanding is expected to increase and decrease from time to time as a
result of the creation and redemption of Baskets. Authorized
Participants pay for Baskets with Canadian Dollars. Shareholders pay
for Shares with U.S. dollars.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The creation and redemption
of Baskets requires the delivery to the Trust or the distribution by
the Trust of the amount of Canadian Dollars represented by the Baskets
being created or redeemed. This amount is based on the combined NAV per
Share of the number of Shares included in the Baskets being created or
redeemed. Baskets may be created or redeemed only by Authorized
Participants, which pay a transaction fee of $500 to the Trustee for
each order to create or redeem Baskets. Authorized Participants may
sell to other investors all or part of the Shares included in the
Baskets that they purchase from the Trust. See &lsquo;&lsquo;Plan of
Distribution.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will calculate,
and the Sponsor will publish, the Trust&rsquo;s NAV each business day.
To calculate the NAV, the Trustee will add to the amount of Canadian
Dollars in the Trust at the end of the preceding day accrued but unpaid
interest, Canadian Dollars receivable under pending purchase orders and
the value of other Trust assets, and will subtract the accrued but
unpaid Sponsor&rsquo;s fee, Canadian Dollars payable under pending
redemption orders and other Trust expenses and liabilities, if any. The
NAV will be expressed in USD based on the Noon Buying Rate. The Trustee
also determines the NAV per Share, which equals the NAV of the Trust
divided by the number of outstanding Shares. See
&lsquo;&lsquo;Description of the Depositary Trust Agreement &mdash;
Valuation of Canadian Dollar, Definition of Net Asset
Value&rsquo;&rsquo; for a more detailed description of how the NAV of
the Trust and the NAV per Share are calculated.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Trust&rsquo;s assets will consist only of Canadian Dollars on demand
deposit in two Canadian Dollar-denominated accounts at JPMorgan Chase
Bank, N.A., London Branch: an interest-bearing primary deposit account
and a non-interest bearing secondary account. The Trust will not hold
any derivative products. Each Share represents a proportional interest,
based on the total number of Shares outstanding, in the Canadian
Dollars owned by the Trust, plus accrued and unpaid interest less
accrued but unpaid expenses (both asset-based and non-asset based) of
the Trust. The Sponsor expects that the price of a Share will fluctuate
in response to fluctuations in the price of the Canadian Dollar and
that the price of a Share will reflect accumulated interest as well as
the estimated accrued but unpaid expenses of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Investors may obtain, 24 hours a day, foreign exchange
pricing information based on the spot price of the Canadian Dollar from
various financial information service providers. Current spot prices
are also generally available with bid/ask spreads from foreign exchange
dealers. In addition, the Trust&rsquo;s website,
www.currencyshares.com, will provide ongoing pricing information for
Canadian Dollar spot </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">24</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page25"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
prices and the Shares. Market prices for the
Shares are available from a variety of sources, including brokerage
firms, information websites and other information service providers.
One such website is hosted by Bloomberg,
http://www.bloomberg.com/markets/currencies/eurafr_currencies.html,
and it regularly reports current foreign exchange pricing information.
The NAV of the Trust is published by the Sponsor on each day that the
NYSE is open for regular trading and is posted on the Trust&rsquo;s
website.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust will terminate upon the occurence of
any of the termination events listed in the Depositary Trust Agreement
and will otherwise terminate on June 8, 2046. See
&lsquo;&lsquo;Description of the Depositary Trust Agreement &mdash;
Termination of the Trust.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">The
Sponsor</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor of the Trust is Rydex Specialized
Products LLC, a Delaware limited liability company. The sole member of
Rydex Specialized Products LLC is PADCO Advisors II, Inc., a Maryland
corporation that is a privately-held company owned and controlled by
two irrevocable trusts. The Sponsor and its affiliates collectively do
business as &lsquo;&lsquo;Rydex Investments.&rsquo;&rsquo; The
principal offices of the Sponsor and the Trust are the offices of Rydex
Investments at 9601 Blackwell Road, Suite 500, Rockville, Maryland
20850, and the Sponsor does not own or lease any other property.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Rydex Specialized Products LLC sponsors the first
exchange-traded product limited solely to a particular foreign
currency, the Euro Currency Trust (NYSE: FXE).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Currently,
Rydex Investments manages more than 60 open-end mutual funds and eight
exchange-traded funds with a combined net asset value of $14.1
billion at May 31,  2006. Since May of 2005, Rydex Investments has
been managing two currency mutual funds, both benchmarked to the USD
Index. The USD Index is an average of six major exchange rates
providing a general indication of the international value of the
USD.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor is responsible for establishing the
Trust and for the registration of the Shares. The Sponsor generally
oversees the performance of the Trustee and the Trust&rsquo;s
principal service providers, but does not exercise day-to-day oversight
over the Trustee or such service providers. The Sponsor regularly
communicates with the Trustee to monitor the overall performance of the
Trust. The Sponsor, with assistance and support from the Trustee, is
responsible for preparing and filing periodic reports on behalf of the
Trust with the SEC and will provide any required certification for such
reports. The Sponsor will designate the independent registered public
accounting firm of the Trust and may from time to time employ legal
counsel for the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Distributor will assist the
Sponsor in marketing the Shares. The Sponsor may determine to engage
additional or successor distributors. See &lsquo;&lsquo;The
Distributor&rsquo;&rsquo; for more information about the
Distributor.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor maintains a public website on
behalf of the Trust, www.currencyshares.com, which contains information
about the Trust and the Shares, and oversees certain Shareholder
services, such as a call center and prospectus delivery.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor may direct the Trustee in the conduct of its
affairs, but only as provided in the Depositary Trust Agreement. For
example, the Sponsor may direct the Trustee to terminate the Trust if
certain criteria are met. The Sponsor anticipates that, if the market
capitalization of the Trust is less than $300  million at any time
for five consecutive trading days beginning after the first anniversary
of the Trust&rsquo;s inception, then the Sponsor will, in accordance
with the Depositary Trust Agreement, direct the Trustee to terminate
and liquidate the Trust. If 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 such Trustee or of its property or affairs for the
purposes of rehabilitation, conservation or liquidation, then, in any
such case, the Sponsor shall remove the Trustee, and such removal shall
take effect upon the appointment of a successor trustee and its
acceptance of such appointment. If at any time the Trustee ceases to be
a qualified bank (as defined in the Depositary Trust Agreement) or is
in material breach of its obligations under the Depositary Trust
Agreement and the Trustee fails to cure such breach within 30 days
after receipt by </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">25</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page26"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
the Trustee of written notice specifying such
default from the Sponsor or Shareholders acting on behalf of at least
25% of the outstanding Shares, the Sponsor may remove the
Trustee. See &lsquo;&lsquo;Description of the Depositary Trust
Agreement &mdash; The Trustee &mdash; Resignation, discharge or removal
of trustee; successor trustees&rsquo;&rsquo; for more information.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Fees are paid to the Sponsor as compensation for services
performed under the Depositary Trust Agreement. The Sponsor&rsquo;s
fee accrues daily at an annual nominal rate of 0.40% of the
Canadian Dollars in the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">M7 Ventures, LLC, a
Delaware limited liability company, is providing product development
support and consulting to the Sponsor in connection with the
registration of this offering and is expected to provide support and
consulting services to the Sponsor for the duration of the Trust. M7
and the Sponsor have also agreed to collaborate with one another
relative to the development and offering of other related currency
products. M7 has invested significant resources in the development of
the Shares. In consideration of M7&rsquo;s efforts, past and future,
the Sponsor has agreed to pay M7 a recurring fee for the duration of
the Trust. M7 and the Sponsor have agreed to keep confidential all
confidential and proprietary information that they share with one
another. M7 has agreed not to solicit, initiate or encourage any
inquiries, proposals or offers from anyone other than the Sponsor
regarding the development of the Trust or of any other related currency
products.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">The Trustee</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Bank of New
York, a banking corporation with trust powers organized under the laws
of the State of New York, serves as the Trustee. BNY has a trust office
at 2 Hanson Place, Brooklyn,  New York 11217. BNY is subject to
supervision by the New York State Banking Department and the Board of
Governors of the U.S. Federal Reserve System. Information regarding
creation and redemption Basket composition, the NAV of the Trust,
transaction fees and the names of the parties that have executed
Participant Agreements may be obtained from BNY. A copy of the
Depositary Trust Agreement is available for inspection at BNY&rsquo;s
trust office identified above and on the SEC&rsquo;s website at
www.sec.gov. Under the Depositary Trust Agreement, the Trustee may be
removed if it fails to maintain capital, surplus and undivided profits
of $500  million.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will earn a monthly
fee that will be paid by the Sponsor.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee is
generally responsible for the day-to-day administration of the Trust,
including keeping the Trust&rsquo;s operational records. The
Trustee&rsquo;s principal responsibilities include paying the
Trust&rsquo;s expenses, including withdrawing the Trust&rsquo;s
Canadian Dollars, if needed, calculating the NAV of the Trust and the
NAV per Share, receiving and processing orders from Authorized
Participants to create and redeem Baskets and coordinating the
processing of such orders with the Depository and DTC. See
&lsquo;&lsquo;The Depository.&rsquo;&rsquo; The Trustee is not
responsible for the overall performance of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Following payment of the Sponsor&rsquo;s fee and other Trust
expenses, if any, the Trustee will direct that any interest on the
primary deposit account that exceeds the Trust&rsquo;s expenses be
converted into USD and the Trustee will distribute the USD as promptly
as practicable to Shareholders. See &lsquo;&lsquo;Investment Attributes
of the Trust &mdash; Interest on Deposited Canadian
Dollars.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee intends to regularly
communicate with the Sponsor regarding administration of the Trust. The
Trustee, along with the Sponsor, consults with the Trust&rsquo;s
legal, accounting and other professional service providers as needed.
The Trustee assists and supports the Sponsor with the preparation of
all periodic reports required to be filed with the SEC on behalf of the
Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Affiliates of the Trustee may from time to time
act as Authorized Participants or purchase or sell Canadian Dollars or
Shares for their own account.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">The Depository</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">JPMorgan Chase Bank, N.A., London Branch is the Depository.
The Depository accepts Canadian Dollars deposited with it as a banker
by Authorized Participants in connection with the creation of Baskets.
The Depository facilitates the transfer of Canadian Dollar into and out
of the Trust through the primary and secondary deposit accounts
maintained with it as a banker by the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">26</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page27"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository will pay interest on
the primary deposit account. Interest on the primary deposit account
accrues daily and is paid monthly. The initial annual nominal interest
rate as set forth in the Deposit Account Agreement is 3.71%.
Each month the Depository will deposit into the secondary deposit
account accrued but unpaid interest.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository will
not be paid a fee for its services to the Trust. The Depository may
earn a &lsquo;&lsquo;spread&rsquo;&rsquo; or
&lsquo;&lsquo;margin&rsquo;&rsquo; over the rate of interest it pays to
the Trust on the Canadian Dollar deposit balances.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Depository is not a trustee for the Trust or the Shareholders. For
further information about the function of the Depository, see
&lsquo;&lsquo;Description of the Deposit Account
Agreement.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository and its
affiliates may from time to time act as Authorized Participants or
purchase or sell Canadian Dollars or Shares for their own account, as
agent for their customers and for accounts over which they exercise
investment discretion.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">The Distributor</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Rydex Distributors, Inc., a Maryland corporation, is the
Distributor. The Distributor is a registered broker-dealer with the SEC
and is a member of NASD.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Distributor is assisting the
Sponsor in developing a marketing plan for the Trust on an ongoing
basis, preparing marketing materials regarding the Shares, including
the content on the Trust&rsquo;s website, www.currencyshares.com,
executing the marketing plan for the Trust, and providing strategic and
tactical research on the global foreign exchange market. The
Distributor and the Sponsor are affiliates of one another. There is no
written agreement between them, and no compensation is paid by the
Sponsor to the Distributor in connection with services performed by the
Distributor for the Trust. For more information about the distribution
of the Shares, see &lsquo;&lsquo;Plan of Distribution&rsquo;&rsquo;
elsewhere in this prospectus.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Description of the
Shares</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee is authorized under the Depositary
Trust Agreement to create and issue an unlimited number of Shares. The
Trustee will create Shares only in Baskets (a Basket being a block of
 50,000 Shares) and only upon the order of an Authorized
Participant. The Shares represent units of fractional undivided
beneficial interest in, and ownership of, the Trust and have no par
value. Any creation and issuance of Shares above the amount registered
with the SEC on the registration statement of which this prospectus is
a part will require registration with the SEC (and listing with the
NYSE) of the additional Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">LIMITED RIGHTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Shares are not a traditional investment. They are
dissimilar from the &lsquo;&lsquo;shares&rsquo;&rsquo; of a corporation
operating a business enterprise, with management and a board of
directors. Trust Shareholders do not have rights normally associated
with owning shares of a business corporation, including, for example,
the right to bring &lsquo;&lsquo;oppression&rsquo;&rsquo; or
&lsquo;&lsquo;derivative&rsquo;&rsquo; actions. Shareholders&rsquo;
have only those rights explicitly set forth in the Depositary Trust
Agreement. All Shares are of the same class with equal rights and
privileges. Each Share is transferable, is fully paid and
non-assessable and entitles the holder to vote on the limited matters
upon which Shareholders may vote under the Depositary Trust Agreement.
The Shares do not entitle their holders to any conversion or
pre-emptive rights or, except as provided below, any redemption or
distribution rights.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Distributions.</font>&nbsp;&nbsp;&nbsp;&nbsp;Each
month the Depository will deposit into the secondary deposit account
accrued but unpaid interest and the Trustee will withdraw Canadian
Dollars from the secondary deposit account to pay the accrued
Sponsor&rsquo;s fee for the previous month plus other Trust expenses,
if any. In the event that the interest deposited exceeds the sum of the
Sponsor&rsquo;s fee for the prior month plus other Trust expenses, if
any, then the Trustee will direct that the excess be converted into USD
at a prevailing market rate and the Trustee will distribute the USD as
promptly as practicable to Shareholders on a pro rata basis (in
accordance with the number of Shares that they own).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">27</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page28"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Voting and
Approvals.</font>&nbsp;&nbsp;&nbsp;&nbsp;Shareholders have no voting rights under the
Depositary Trust Agreement, except in limited circumstances. If the
holders of at least 25% of the Shares outstanding determine that
the Trustee is in material breach of its obligations under the
Depositary Trust Agreement, they may provide written notice to the
Trustee (or require the Sponsor to do so) specifying the default and
requiring the Trustee to cure such default. If the Trustee fails to
cure such breach within 30 days after receipt of the notice, the
Sponsor may remove the Trustee. The holders of at least
66 2/3% of the Shares outstanding may vote to
remove the Trustee. The Trustee must terminate the Trust at the request
of the holders of at least 75% of the outstanding Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Redemption of Shares.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Shares may be redeemed
only by or through an Authorized Participant and only in Baskets. See
&lsquo;&lsquo;Creation and Redemption of Shares&rsquo;&rsquo; for
details on the redemption of Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">BOOK-ENTRY FORM</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">All Shares will be evidenced by global certificates issued by
the Trustee to DTC and registered in the name of Cede &amp; Co., as
nominee for DTC. The global certificates will evidence all of the
Shares outstanding at any time. In order to transfer Shares through
DTC, Shareholders must be DTC Participants. The Shares will be
transferable only through the book-entry system of DTC. A Shareholder
that is not a DTC Participant will be able to transfer its Shares
through DTC by instructing the DTC Participant holding its Shares to
transfer the Shares. Transfers will be made in accordance with standard
securities industry practice.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Description of the
Deposit Account Agreement</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Deposit Account Agreement
between the Trust and the Depository, governed by the laws of England,
establishes the Deposit Accounts. The Depository, as instructed by the
Trustee, is authorized to accept Canadian Dollar deposits for the
account of the Trust. The Depository is not a trustee for the Trust or
the Shareholders. The Depository, as a banker, is obligated to repay
the balance of the Deposit Accounts to the Trust on demand and in
accordance with the terms and conditions of the Deposit Account
Agreement. The following is a description of other material terms of
the Deposit Account Agreement.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">DUAL ACCOUNTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Depository will maintain two deposit accounts for the Trust, a primary
deposit account which will earn interest and a secondary deposit
account which will not earn interest. The secondary deposit account
will only be used in connection with mid-month creations and
redemptions of Baskets, to account for interest that has been earned on
the primary deposit account during the month but not yet paid, and to
receive interest earned on the primary deposit account, pay Trust
expenses and distribute any excess interest to Shareholders on a
monthly basis.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">REPORTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository provides
the Trustee with account reports identifying the credits and debits of
Canadian Dollars to the Deposit Accounts, including the credit of
interest in Canadian Dollars to the secondary deposit account. The
Trustee will be required to examine the reports and account statements
it receives from the Depository within a reasonable time of receipt and
promptly notify the Depository of any discrepancy of which it becomes
aware.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository&rsquo;s records of all deposits
and withdrawals of Canadian Dollars to the Deposit Accounts and all
credits of interest in Canadian Dollars to the secondary deposit
account that may occur on a business day, and the end-of-business-day
account balances in the Deposit Accounts are stated as of the close of
the Depository&rsquo;s business (usually 4:00 PM, London time) on that
business day.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">FEES AND EXPENSES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Under the
Deposit Account Agreement, the Depository is entitled to invoice the
Trustee or debit the secondary deposit account for out-of-pocket
expenses. The Trust has also agreed to reimburse the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">28</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page29"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Depository for any taxes, levies, imposts,
deductions, charges, stamp, transaction and other duties and
withholdings in connection with the Deposit Accounts, except for such
items imposed on the overall net income of the Depository. Except for
the reimbursable expenses just described, the Depository will not be
paid a fee for its services to the Trust. The Depository may earn a
&lsquo;&lsquo;spread&rsquo;&rsquo; or
&lsquo;&lsquo;margin&rsquo;&rsquo; on the Canadian Dollar deposit
balances it holds.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">DEPOSIT ACCOUNT BALANCES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Canadian Dollars received by the Trust upon the creation of Baskets
will be deposited, in each case, into the primary deposit account; a
small portion of the Canadian Dollars may be deposited in the secondary
deposit account to account for interest that has been earned on the
primary deposit account during the month but not yet paid. If the
Sponsor believes that the interest rate paid by the Depository is not
adequate, the Sponsor&rsquo;s recourse will be to remove the
Depository by terminating the Deposit Account Agreement and closing the
accounts. Neither the Trustee nor the Sponsor has the power or
authority to deposit the Trust&rsquo;s Canadian Dollars with any other
person, entity or account. Resignation or removal of the Depository for
any reason will cause termination of the Trust. See
&lsquo;&lsquo;Description of the Depositary Trust
Agreement.&rsquo;&rsquo; Interest earned on the balance of the primary
deposit account will be used primarily to pay the Trust&rsquo;s
expenses.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INTEREST</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Interest will begin to be
earned on the day Baskets are created (i.e., the date the trade
settles), which will occur three days after funds are transferred by an
Authorized Participant to the primary deposit account held by the
Depository. Interest on the primary deposit account accrues daily and
is paid monthly. The initial annual nominal interest rate as set forth
in the Deposit Account Agreement is 3.71%. Interest does not
compound, and therefore interest will not be earned on interest accrued
but not yet paid by the Depository. Each month the Depository will
deposit into the secondary deposit account accrued but unpaid interest.
Interest earned on the balance of the primary deposit account will be
used primarily to pay the Trust's expenses; any interest
remaining after payment of the Sponsor's fee and other expenses,
if any, will be distributed to the Shareholders approximately ten days
after the end of the month.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">MAXIMUM BALANCE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Depository reserves the right not to accept, and to return without
interest to the remitter of funds, the amounts received for deposit to
the Deposit Accounts if the aggregate deposit liability of the
Depository exceeds the Canadian Dollar equivalent of $1.5
billion, calculated on the basis of the Noon Buying Rate.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">EXCLUSION OF LIABILITY</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository will be
responsible only for direct loss or damage that the Trust suffers
resulting from the Depository&rsquo;s gross negligence or willful
misconduct. Unless such loss or damages are due to the
Depository&rsquo;s fraud, the Depository will not be liable for loss
of business, profits or goodwill or any indirect, consequential,
punitive or special damages, whether or not reasonably foreseeable,
even if the Depository has been advised of the likelihood of such loss
and even if such loss is the result of negligence, breach of contract
or otherwise.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INDEMNITY</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust will, solely
out of the Trust&rsquo;s assets, indemnify the Depository and each of
its officers, directors, employees, subsidiaries and affiliates on
demand against all costs and expenses, damages, claims, liabilities and
losses (including legal fees) which the Depository or any such officer,
director, employee, subsidiary or affiliate may suffer or incur
directly or indirectly because of the Trust&rsquo;s breach of the
Deposit Account Agreement, because the Depository acted on what it
believed (in good faith and without gross negligence) to be the
Trustee&rsquo;s communication or because of anything done under or as
contemplated by the Deposit Account Agreement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">29</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page30"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">FORCE MAJEURE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Depository is not liable for any damage, loss, expense or liability
caused by acts of God, fire, flood, civil or labor disturbance, war or
terrorism, act of any governmental authority or other act or threat of
any authority, legal constraint, fraud or forgery (other than on the
part of the Depository or any of its directors, officers or employees),
malfunction of equipment (including any computer or related software)
except where such malfunction is primarily attributable to the
Depository&rsquo;s gross negligence in maintaining the equipment or
software, failure of or the effect of rules or operations of any funds
transfer system, inability to obtain or interruption of communications
facilities, or any cause beyond the reasonable control of the
Depository.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TERMINATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository may
terminate the Deposit Account Agreement for any reason whatsoever upon
90 business days&rsquo; prior notice. Before the expiration of such
notice, the Depository will transfer any cleared balance in the Deposit
Accounts in accordance with the Trustee&rsquo;s reasonable
instructions. Any termination of the Deposit Account Agreement will
cause the termination of the Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">GOVERNING LAW;
JURISDICTION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Deposit Account Agreement is governed
by the laws of England and the Depository is subject to the laws of
England. The Trust and the Depository consent to the non-exclusive
jurisdiction of the courts of England to settle any dispute relating to
the Deposit Account Agreement.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Creation and Redemption
of Shares</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust creates and redeems Shares in
Baskets on a continuous basis. A Basket is a block of  50,000
Shares. The creation and redemption of Baskets requires the delivery to
the Trust or the distribution by the Trust of the amount of Canadian
Dollars represented by the Baskets being created or redeemed. This
amount is based on the combined NAV per Share of the number of Shares
included in the Baskets being created or redeemed, determined on the
day the order to create or redeem Baskets is accepted by the
Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Authorized Participants are the only persons
that may place orders to create and redeem Baskets. An Authorized
Participant is a DTC Participant that is a registered broker-dealer or
other securities market participant such as a bank or other financial
institution that is not required to register as a broker-dealer to
engage in securities transactions and has entered into a Participant
Agreement with the Trustee. Only Authorized Participants may place
orders to create or redeem Baskets. Before initiating a creation or
redemption order, an Authorized Participant must have entered into a
Participant Agreement with the Sponsor and the Trustee. The Participant
Agreement provides the procedures for the creation and redemption of
Baskets and for the delivery of Canadian Dollars required for creations
and redemptions. The Participant Agreements may be amended by the
Trustee and the Sponsor. Authorized Participants pay a transaction fee
of $500 to the Trustee for each order that they place to create or
redeem one or more Baskets. Authorized Participants who make deposits
with the Trust in exchange for Baskets receive no fees, commissions or
other form of compensation or inducement of any kind from either the
Sponsor or the Trust. No Authorized Participant has any obligation or
responsibility to the Sponsor or the Trust to effect any sale or resale
of Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Authorized Participants are cautioned that
some of their activities will result in their being deemed participants
in a distribution in a manner which would render them statutory
underwriters and will subject them to the prospectus-delivery and
liability provisions of the Securities Act, as described in
&lsquo;&lsquo;Plan of Distribution.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Certain
Authorized Participants are expected to have the facility to
participate directly in the global foreign exchange market. In some
cases, an Authorized Participant may acquire Canadian Dollars from, or
sell Canadian Dollars to, an affiliated foreign exchange trading desk,
which may profit in these instances. The Sponsor believes that the size
and operation of the foreign exchange market make it unlikely that an
Authorized Participant&rsquo;s direct activities in the foreign
exchange and </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">30</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page31"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
securities markets will impact the price of
the Canadian Dollar or the price of Shares. Each Authorized Participant
will be registered as a broker-dealer under the Securities Exchange Act
of 1934, as amended, and will be regulated by the National Association
of Securities Dealers, Inc., or else will be exempt from being (or
otherwise will not be required to be) so registered or regulated, and
will be qualified to act as a broker or dealer in the states or other
jurisdictions where the nature of its business so requires. Certain
Authorized Participants may be regulated under federal and state
banking laws and regulations. Each Authorized Participant will have its
own set of rules and procedures, internal controls and information
barriers as it determines to be appropriate in light of its own
regulatory regime.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Authorized Participants may act for
their own accounts or as agents for broker-dealers, depositaries and
other securities or foreign currency market participants that wish to
create or redeem Baskets. An order for one or more Baskets may be
placed by an Authorized Participant on behalf of multiple clients. As
of the date of this prospectus, Goldman Sachs Execution &amp; Clearing,
L.P., Goldman, Sachs &amp; Co. and Merrill Lynch Professional Clearing
Corp. have each signed a Participant Agreement, and each of them, upon
the effectiveness of its Participant Agreement, may create and redeem
Baskets. Persons interested in purchasing Baskets should contact the
Sponsor or the Trustee to obtain the contact information for the
Authorized Participants. A Shareholder that is not an Authorized
Participant will be able to redeem Shares only through an Authorized
Participant.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The following description of the procedures
for the creation and redemption of Baskets is only a summary. For more
detail, refer to the relevant provisions of the Depositary Trust
Agreement and the form of Participant Agreement, each of which is an
exhibit to the registration statement of which this prospectus is a
part. See &lsquo;&lsquo;Where You Can Find More
Information&rsquo;&rsquo; for information about where you can obtain
the registration statement.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">CREATION PROCEDURES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The following chart is intended to help you understand the
creation process:</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Creation Process</p>
<div style="padding:0;margin:0;width:602;">
<div style="padding:0;margin:0;text-align:center;margin-top:18pt;">
<img src="html_99881chart1.jpg" align="middle"></div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic"><u>Summary:</u></font>&nbsp;&nbsp;&nbsp;&nbsp;In order to create a Basket, the Authorized Participant
deposits the Basket Canadian Dollar Amount with the Depository and
orders Shares from the Trustee. The Authorized Participant must also
pay the Trustee a $500 transaction fee, which will not be contributed
to the Trust, for each </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">31</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page32"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
purchase order. The Trustee directs DTC to
credit Shares to the Authorized Participant. The Authorized Participant
will then be able to sell Shares to Purchasers directly or on the NYSE
or any other market in which the Shares may trade.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">On any
business day, an Authorized Participant may place an order with the
Trustee to create one or more Baskets. For purposes of processing both
purchase and redemption orders, a &lsquo;&lsquo;business
day&rsquo;&rsquo; means any day other than a day when the NYSE is
closed for regular trading. Purchase orders placed by 4:00 PM (New York
time) on a business day will have that day as the purchase order
date.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">By placing a purchase order, an Authorized
Participant agrees to deposit Canadian Dollars with the Trust, as
described below. Before the delivery of Baskets for a purchase order,
the Authorized Participant must also have wired to the Trustee the
non-refundable transaction fee due for the purchase order.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Determination of required deposits</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The total deposit
required to create each Basket, called the Basket Canadian Dollar
Amount, is an amount of Canadian Dollars bearing the same proportion to
the number of Baskets to be created as the total assets of the Trust
(net of estimated accrued but unpaid expenses) bears to the total
number of Baskets outstanding on the date that the purchase order is
accepted by the Trustee. The amount of the required deposit is
determined by dividing the amount of Canadian Dollars held by the Trust
(net of estimated accrued but unpaid expenses) by the number of Baskets
outstanding. All questions as to the composition of the Basket Canadian
Dollar Amount are finally determined by the Trustee. The
Trustee&rsquo;s determination of the Basket Canadian Dollar Amount
shall be final and binding on all persons interested in the Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Delivery of required deposits</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">An Authorized
Participant who places a purchase order is responsible for delivering
the Basket Canadian Dollar Amount to the Trust&rsquo;s primary deposit
account with the Depository by 1:00 PM (Toronto time) on the third
business day after the purchase order date or, if that day is not also
a Toronto business day, the next business day that is also a Toronto
business day. Authorized Participants will use the SWIFT system to make
timely deposits through their bank correspondents in London. Upon
receipt of the deposit of Canadian Dollars from an Authorized
Participant, the Trustee will direct DTC to credit the number of
Baskets ordered to the Authorized Participant&rsquo;s DTC account on
the third business day after the purchase order date. The expense and
risk of delivery, ownership and safekeeping of Canadian Dollars until
such Canadian Dollars have been received by the Depository shall be
borne solely by the Authorized Participant.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Rejection of
purchase orders</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The delivery of the Shares against
deposits of Canadian Dollars may be suspended generally, or refused
with respect to particular requested deliveries, during any period when
the transfer books of the Trustee are closed or if any such action is
deemed necessary or advisable by the Trustee or the Sponsor for any
reason at any time or from time to time. None of the Trustee, the
Sponsor or the Depository will be liable for the rejection or
acceptance of any purchase order or Basket Canadian Dollar
Amount.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">32</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page33"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">REDEMPTION PROCEDURES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
following chart is intended to help you understand the redemption
process:</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Redemption Process</p>
<div style="padding:0;margin:0;width:602;">
<div style="padding:0;margin:0;text-align:center;margin-top:18pt;">
<img src="html_99881chart2.jpg" align="middle"></div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic"><u>Summary:</u></font>&nbsp;&nbsp;&nbsp;&nbsp;In order to redeem Shares, an Authorized Participant must
send the Trustee a redemption order specifying the number of Baskets
that the Authorized Participant wishes to redeem. The Authorized
Participant must also pay the Trustee a $500 transaction fee, which
will not be contributed to the Trust, for each redemption order. The
Trustee then instructs the Depository to send the Authorized
Participant Canadian Dollars and directs DTC to cancel the Authorized
Participant&rsquo;s Shares that were redeemed.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
procedures by which an Authorized Participant can redeem one or more
Baskets mirror the procedures for the creation of Baskets. On any
business day, an Authorized Participant may place an order with the
Trustee to redeem one or more Baskets. Redemption orders placed by 4:00
PM  (New York time) on a business day will have that day as the
order redemption date. A redemption order so received is normally
effective on the date it is received in satisfactory form by the
Trustee. The redemption procedures allow Authorized Participants to
redeem Baskets and do not entitle an individual Shareholder to redeem
any Shares in an amount less than a Basket or to redeem Baskets other
than through an Authorized Participant.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">By placing a
redemption order, an Authorized Participant agrees to deliver the
Baskets to be redeemed through DTC&rsquo;s book-entry system to the
Depository not later than 10:00 AM (New York time) on the third
business day after the redemption order date or, if that day is not
also a Toronto business day, the next business day that is also a
Toronto business day. Before the delivery of the redemption
distribution for a redemption order, the Authorized Participant must
also have wired to the Trustee the non-refundable transaction fee due
for the redemption order.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Determination of redemption
distribution</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The redemption distribution from the Trust
is a wire transfer, to an account of the redeeming Authorized
Participant identified by the Authorized Participant, in the amount of
the Canadian Dollars held by the Trust evidenced by the Shares being
redeemed, giving effect to all estimated accrued but unpaid interest
and expenses. Redemption distributions are subject to the deduction of
any applicable tax or other governmental charges that may be due. All
questions as to the amount of a redemption distribution are finally
determined by the Trustee. The Trustee&rsquo;s determination of the
amount shall be final and binding on all persons interested in the
Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Delivery of redemption distribution</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
redemption distribution due from the Trust is delivered to the
Authorized Participant on the third business day after the redemption
order date if, by 10:00 AM (New York time) on the third business day
after the redemption order date, the Trustee&rsquo;s DTC account has
been credited with the Baskets to be redeemed.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">33</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page34"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depository wires the
redemption amount from the Trust&rsquo;s primary deposit account with
the Depository to an account of the redeeming Authorized Participant
identified by the Authorized Participant. The Authorized Participant
and the Trust are each at risk in respect of Canadian Dollar credited
to their respective accounts in the event of the Depository&rsquo;s
insolvency. See &lsquo;&lsquo;Risk Factors &mdash; Canadian Dollars
deposited in the Deposit Accounts .&nbsp;.&nbsp;. will not be
segregated from the Depository&rsquo;s assets . . .
..&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Suspension or rejection of redemption
orders</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will reject a redemption order if the
order is not in proper form as described in the Participant Agreement
or if the fulfillment of the order, in the opinion of its counsel,
might be unlawful.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">CREATION AND REDEMPTION TRANSACTION FEE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">To compensate the Trustee for services in processing the
creation and redemption of Baskets, an Authorized Participant is
required to pay a transaction fee to the Trustee of $500 per order to
create or redeem Baskets. An order may include multiple Baskets. The
transaction fee may be reduced or, with the consent of the Sponsor,
increased. The Trustee shall notify DTC of any agreement to change the
transaction fee and will not implement any increase in the fee for the
redemption of Baskets until 30 days after the date of the notice.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TAX RESPONSIBILITY&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Authorized
Participants are responsible for any transfer tax, sales or use tax,
recording tax, value added tax or similar tax or governmental charge
applicable to the creation or redemption of Baskets, regardless of
whether or not such tax or charge is imposed directly on the Authorized
Participant, and agree to indemnify the Sponsor, the Trustee and the
Trust if they are required by law to pay any such tax, together with
any applicable penalties, additions to tax or interest thereon.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Description of the Depositary Trust Agreement</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Description of the Depositary Trust Agreement</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Trust will operate in accordance with the terms of a Depositary Trust
Agreement among the Sponsor, the Trustee, the registered holders and
beneficial owners of Shares and all persons depositing Canadian Dollars
for creation of Shares. The following is a description of the material
terms of the Depositary Trust Agreement, which has been filed with the
SEC as an exhibit to the registration statement of which this
prospectus is a part.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">THE SPONSOR</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">This section
summarizes some of the important provisions of the Depositary Trust
Agreement that apply to the Sponsor. For a general description of the
Sponsor&rsquo;s role concerning the Trust, see &lsquo;&lsquo;The
Sponsor.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Limitation on Sponsor&rsquo;s
liability</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor is not subject to any liability
under the Depositary Trust Agreement to any Shareholder or Authorized
Participant, except that the Sponsor agrees to perform its duties
specifically set forth in the Depositary Trust Agreement without
negligence or bad faith. The Sponsor is not obligated to prosecute any
action, suit or other proceeding with respect to the Trust property.
The Sponsor is entitled to rely on advice received from legal counsel,
accountants, any Authorized Participant, any Shareholder or any other
person that the Sponsor in good faith believes is competent to give
such advice. The Sponsor shall not be liable for any acts or omissions
made by a successor sponsor. The Sponsor is not obligated to comply
with any direction or instruction from any Shareholder or Authorized
Participant regarding the Shares except to the extent specifically
provided in the Depositary Trust Agreement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">34</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page35"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Indemnification of the Sponsor</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee indemnifies the Sponsor, its members, officers,
employees and agents (each a &lsquo;&lsquo;Sponsor Indemnified
Party&rsquo;&rsquo;) against, and holds each of them harmless from, any
loss, liability, cost, expense or judgment caused by the negligence or
bad faith of the Trustee or arising out of any information furnished in
writing to the Sponsor by the Trustee expressly for use in this
registration statement or any amendment hereto.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Each
Sponsor Indemnified Party is indemnified by the Trust 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 Indemnified Party arising out of or in connection with the
performance of its obligations under the Depositary Trust Agreement or
(ii) reckless disregard on the part of the Sponsor Indemnified Party of
its obligations and duties under the Depositary Trust Agreement. Such
indemnity includes payment from the Trust of the costs and expenses of
the Sponsor Indemnified Party in defending itself against any claim or
liability in its capacity as a Sponsor Indemnified Party. Any amounts
payable to the Sponsor Indemnified Party may be payable in advance or
secured by a lien on the Trust. The Sponsor may, in its discretion,
undertake any action that it may deem necessary or desirable in respect
of the Shareholders and, in such event, the legal expenses and costs of
such actions shall be expenses and costs of the Trust and the Sponsor
shall be entitled to reimbursement by the Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Resignation of
the Sponsor; successor sponsor</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor may resign
its position as sponsor at any time by delivering to the Trustee a
written resignation. Thereafter, the Trustee may do any one or more of
the following: (1) appoint a successor sponsor to assume, with such
compensation from the Trust as the Trustee may deem reasonable under
the circumstances, the duties and obligations of the Sponsor; (2) agree
to act as sponsor without appointing a successor sponsor; or (3)
terminate the Trust. The Trustee has no obligation to appoint a
successor sponsor or to assume the duties of the Sponsor and will have
no liability to any person because the Trust is terminated as described
in the preceding sentence. The Sponsor&rsquo;s resignation becomes
effective when the Trustee appoints a successor sponsor and the
successor sponsor accepts that appointment or the Trustee itself agrees
to act as sponsor. Upon effective resignation, the Sponsor will be
discharged and will no longer be liable in any manner except as to acts
or omissions occurring before its resignation, and the new sponsor will
then undertake and perform all duties and be entitled to all rights and
compensation as sponsor under the Depositary Trust Agreement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">If the Sponsor fails to undertake or perform or becomes
incapable of undertaking or performing any of its duties under the
Depositary Trust Agreement or becomes bankrupt or its affairs are taken
over by public authorities, the effect of that event shall be the same
as if the Sponsor had given a notice of resignation.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">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
the transfer the successor assumes all of the obligations of the
Sponsor under the Depositary Trust Agreement. In such an event, the
Sponsor will then be relieved of all further liability under the
Depositary Trust Agreement.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">THE TRUSTEE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">This
section summarizes some of the important provisions of the Depositary
Trust Agreement that apply to the Trustee. For a general description of
the Trustee&rsquo;s role concerning the Trust, see &lsquo;&lsquo;The
Trustee.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Qualifications of the Trustee</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee and any successor trustee may be removed if it
ceases to be a bank, trust company, corporation or national banking
association organized and doing business under the laws of the United
States or any of its states, and authorized under such laws to exercise
corporate trust powers and be a DTC Participant or a participant in
another securities depository then acting on behalf of the Trust. The
Trustee and any successor trustee may be removed if fails to maintain
capital, surplus and undivided profits of $500  million.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">35</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page36"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Limitation on Trustee&rsquo;s
liability</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee is not subject to any liability
under the Depositary Trust Agreement to any Shareholder or Authorized
Participant, except that the Trustee agrees to perform its duties
specifically set forth in the Depositary Trust Agreement without
negligence or bad faith. The Trustee is not obligated to prosecute any
action, suit or other proceeding with respect to the Trust property.
The Trustee is entitled to rely on advice received from legal counsel,
accountants, any Authorized Participant, any Shareholder or any other
person that the Trustee in good faith believes is competent to give
such advice. The Trustee shall not be liable for any acts or omissions
made by a successor trustee. The Trustee is not obligated to comply
with any direction or instruction from any Shareholder or Authorized
Participant regarding the Shares except to the extent specifically
provided in the Depositary Trust Agreement.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Indemnification of
the Trustee</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor will indemnify the Trustee, its
directors, employees and agents 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) 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, (ii) acts performed or
omitted pursuant to the Depositary Trust Agreement, and (iii) any
filings with or submissions to the SEC in connection with or with
respect to Shares. However, the Sponsor is not obligated to indemnify
the Trustee for losses attributable to (x) the negligence or bad faith
of, or material breach of the terms of the Depositary Trust Agreement
by, the Trustee, (y) written information furnished in writing from the
Trustee to the Sponsor expressly for use in this Registration Statement
or any amendment hereto filed with the SEC, or (z) any
misrepresentations or omissions made by an Authorized Participant
(other than the Sponsor) in connection with the offer and sale of
Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Taxes</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">If any tax or other governmental
charge becomes payable by the Trustee with respect to any transfer or
redemption of Shares, such tax or other governmental charge will be
payable by the Shareholders to the Trustee. The Trustee will refuse to
effect any registration of transfer of such Shares or 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
Shareholder 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 Shareholder will 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 Shareholders entitled
thereto as in the case of a distribution in cash.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Protection
for amounts due to Trustee</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will withdraw
from the secondary deposit account amounts necessary to pay the Trust
expenses provided for in the Depositary Trust Agreement and any
otherwise unpaid expenses thereunder. In the event that the
Sponsor&rsquo;s fee for the prior month plus other Trust expenses, if
any, exceed the balance of the secondary deposit account, the Trustee
will withdraw Canadian Dollars from the primary deposit account to pay
the excess. 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, up to $20,000. The Trustee will have a lien on the
Deposit Accounts to the extent of all amounts advanced by it at the
Sponsor&rsquo;s request. This lien will be superior to the interest of
the beneficial owners of the Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Resignation, discharge or
removal of Trustee; successor trustees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Resignation.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may resign at any time
by delivering written notice to the Sponsor. The Trustee&rsquo;s
resignation will take effect upon the appointment of a successor
trustee and its acceptance of such appointment.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">36</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page37"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Removal by the
Sponsor.</font>&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee is adjudged bankrupt or insolvent, or
a receiver of the Trustee or of its property is appointed, or a trustee
or liquidator or any public officer takes charge or control of the
Trustee or of its property or affairs for the purposes of
rehabilitation, conservation or liquidation, then the Sponsor is
required to remove the Trustee, and such removal will take effect upon
the appointment of a successor trustee and its acceptance of such
appointment.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Removal by Shareholders.</font>&nbsp;&nbsp;&nbsp;&nbsp;The
holders of at least two-thirds (66 2/3%) of the
Shares then outstanding may at any time remove the Trustee by written
instrument or instruments delivered to the Trustee and Sponsor.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Removal for Material Breach.</font>&nbsp;&nbsp;&nbsp;&nbsp;If at any time the
Trustee ceases to be a qualified bank under the Depositary Trust
Agreement or is in material breach of its obligations under the
Depositary Trust Agreement and the Trustee fails to cure such breach
within 30 days after receipt by the Trustee of written notice
specifying such default from the Sponsor or Shareholders acting on
behalf of at least 25% of the outstanding Shares specifying, the
Sponsor may remove the Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Appointing Successor
Trustees.</font>&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee resigns or is removed, the Sponsor
will use its reasonable efforts to appoint a successor trustee that
meets the requirements set forth in the Depositary Trust Agreement.
Every successor trustee is required to execute and deliver to its
predecessor and to the Sponsor a written acceptance of its appointment.
The successor trustee will then become fully vested with all the
rights, powers, duties and obligations of the Trustee. Nevertheless,
the predecessor trustee, upon payment of all sums due it and on the
written request of the Sponsor is required to execute and deliver an
instrument transferring to the successor trustee all rights and powers
of such predecessor hereunder, is required to duly assign, transfer and
deliver all right, title and interest in the Trust property to such
successor, and is required to deliver to such successor a list of the
Shareholders of all outstanding Shares. The Sponsor or any such
successor trustee is required to promptly mail notice of the
appointment of such successor trustee to the Shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Trustee&rsquo;s liability for successor
trustee.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Trustee will 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 Trustee performed its obligations without negligence or bad
faith while it acted as Trustee.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">DISTRIBUTIONS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Each month the Depository will deposit into the secondary
deposit account accrued but unpaid interest and the Trustee will
withdraw Canadian Dollars from the secondary deposit account to pay the
accrued Sponsor&rsquo;s fee for the previous month plus other Trust
expenses, if any. In the event the Sponsor&rsquo;s fee and any other
Trust expenses exceed the interest earned on the primary deposit
account, additional Canadian Dollars will be withdrawn from the primary
deposit account as required to cover the expenses. In the event that
the interest deposited exceeds the sum of the Sponsor&rsquo;s fee for
the prior month plus other Trust expenses, if any, then the Trustee
will direct that the excess be converted into USD at a prevailing
market rate and the Trustee will distribute the USD as promptly as
practicable to Shareholders on a pro rata basis (in accordance with the
number of Shares that they own).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">ACTIONS TAKEN TO
PROTECT THE TRUST&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee and the
Sponsor may each, in their own discretion, undertake any action that
they consider necessary or desirable to protect the Trust or the
interests of the Shareholders. The expenses incurred by the Trustee or
the Sponsor in connection therewith (including the fees and
disbursements of legal counsel) will be expenses of the Trust, and the
Trustee and the Sponsor will be entitled to be reimbursed for those
expenses by the Trust. The Trustee and Sponsor are, however, required
to notify and consult with each other before undertaking any protective
action or if the Trustee or Sponsor become aware of any development or
event that affects the administration of the Trust but is not
contemplated or provided for in the Depositary Trust Agreement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">37</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page38"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">VALUATION OF CANADIAN DOLLARS,
DEFINITION OF NET ASSET VALUE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will
calculate, and the Sponsor will publish, the Trust&rsquo;s NAV each
business day. To calculate the NAV, the Trustee will add to the amount
of Canadian Dollars in the Trust at the end of the preceding day
accrued but unpaid interest, Canadian Dollars receivable under pending
purchase orders and the value of other Trust assets, and will subtract
the accrued but unpaid Sponsor&rsquo;s fee, Canadian Dollars payable
under pending redemption orders and other Trust expenses and
liabilities, if any.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The result is the NAV of the Trust
for that 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 &lsquo;&lsquo;NAV per
Share.&rsquo;&rsquo; 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 business
day and shall exclude Shares to be surrendered under redemption orders
having order dates on or before the preceding business day.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">EXPENSES OF THE TRUST</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust&rsquo;s only
ordinary recurring expense is expected to be the Sponsor&rsquo;s fee.
The Sponsor is obligated under the Depositary Trust Agreement to pay
the following administrative and marketing expenses of the Trust: the
Trustee&rsquo;s monthly fee, typical maintenance and transaction fees
of the Depository, NYSE listing fees, printing and mailing costs, audit
fees and expenses, up to $100,000 per annum in legal fees and expenses,
and applicable license fees. The Sponsor is also obligated to pay the
costs of the Trust&rsquo;s organization and the costs of the initial
sale of the Shares, including the applicable SEC registration fees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor&rsquo;s fee accrues daily at an annual nominal
rate of 0.40% of the Canadian Dollars in the Trust. Each month,
the Trust will first withdraw Canadian Dollars the Trust has earned as
interest to pay the Sponsor&rsquo;s fee and any other Trust expenses
that have been incurred. If that interest is not sufficient to fully
pay the Sponsor&rsquo;s fee and Trust expenses, then the Trustee will
withdraw Canadian Dollars from the primary deposit account as needed.
If the Trust incures expenses in USD, Canadian Dollars will be
converted to USD at the prevailing market rate at the time of
conversion to pay expenses.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In certain exceptional cases
the following expenses may be charged to the Trust in addition to the
Sponsor&rsquo;s fee: (1) 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
interests of Shareholders; (2) indemnification of the Sponsor; (3)
taxes and other governmental charges; and (4) expenses of the Trust
other than those the Sponsor is obligated to pay pursuant to the
Depositary Trust Agreement, including legal fees and expenses over
$100,000. If these additional expenses are incurred, the Trust will be
required to pay these expenses by withdrawing deposited Canadian
Dollars and the amount of Canadian Dollars represented by a Share will
decline at such time. Accordingly, the Shareholders will effectively
bear the cost of these other expenses, if incurred. Although the Trust
cannot definitively state the frequency or magnitude of such expenses,
the Trust predicts that they will occur infrequently, if at all, and
they will probably be insignificant in amount compared to the value of
the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In order to pay the Trust&rsquo;s expenses,
the Trustee will first withdraw Canadian Dollars the Trust has earned
as interest. In the event the Sponsor&rsquo;s fee and any other Trust
expenses exceed the interest earned, additional Canadian Dollars will
be withdrawn from the primary deposit account as required to cover the
expenses. For expenses not payable in Canadian Dollars, the Trustee
will direct that Canadian Dollars be converted to USD as necessary for
the Trustee to pay the Trust&rsquo;s expenses. The Trustee will direct
that the smallest amount of Canadian Dollars required to purchase
amounts of USD sufficient to pay Trust expenses and the costs of
currency conversion be withdrawn from the Trust. Neither the Trustee
nor the Sponsor is liable for depreciation or loss incurred by reason
of any conversion. See &lsquo;&lsquo;United States Federal Tax
Consequences &mdash; Taxation of U.S. Shareholders&rsquo;&rsquo; for
information on the tax treatment of Canadian Dollar sales.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">38</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page39"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">THE SECURITIES DEPOSITORY;
BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">DTC will act as
securities depository for the Shares. DTC is a limited-purpose trust
company organized under the laws of the State of New York, a member of
the U.S. Federal Reserve System, a &lsquo;&lsquo;clearing
corporation&rsquo;&rsquo; within the meaning of the New York Uniform
Commercial Code and a &lsquo;&lsquo;clearing agency&rsquo;&rsquo;
registered pursuant to the provisions of section 17A of the Securities
Exchange Act. DTC was created to hold securities of DTC Participants
and to facilitate the clearance and settlement of transactions in such
securities among the DTC Participants through electronic book-entry
changes. This eliminates the need for physical movement of securities
certificates. DTC Participants include securities brokers and dealers,
banks, trust companies, clearing corporations and certain other
organizations, some of whom (and/or their representatives) own DTC.
Access to the DTC system is also available to others such as banks,
brokers, dealers and trust companies that clear through or maintain a
custodial relationship with a DTC Participant, either directly or
indirectly. DTC has agreed to administer its book-entry system in
accordance with its rules and by-laws and the requirements of law.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Shares will be available only in book-entry form and
individual certificates will not be issued for the Shares. Instead,
global certificates will be signed by the Trustee and the Sponsor on
behalf of the Trust, registered in the name of Cede &amp; Co., as
nominee for DTC, and deposited with the Trustee on behalf of DTC. The
global certificates will evidence all of the Shares outstanding at any
time. The representations, undertakings and agreements made on the part
of the Trust in the global certificates will be made and intended for
the purpose of binding only the Trust and not the Trustee or the
Sponsor individually.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Upon the settlement date of any
creation, transfer or redemption of Shares, DTC will credit or debit,
on its book-entry registration and transfer system, the amount of the
Shares so created, transferred or redeemed to the accounts of the
appropriate DTC Participants. The Trustee and the Authorized
Participants will designate the accounts to be credited and charged in
the case of creation or redemption of Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Beneficial
ownership of the Shares is limited to DTC Participants, Indirect
Participants and persons holding interests through DTC Participants and
Indirect Participants. Ownership of beneficial interests in the Shares
will be shown on, and the transfer of ownership will be effected only
through, records maintained by DTC (with respect to DTC Participants),
the records of DTC Participants (with respect to Indirect Participants)
and the records of Indirect Participants (with respect to Shareholders
that are not DTC Participants or Indirect Participants). A Shareholder
is expected to receive from or through the DTC Participant maintaining
the account through which the Shareholder purchased its Shares a
written confirmation relating to the purchase.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">A
Shareholder that is not a DTC Participant may transfer its Shares
through DTC by instructing the DTC Participant or Indirect Participant
through which the Shareholder holds its Shares to transfer the Shares.
A Shareholder that is a DTC Participant may transfer its Shares by
instructing DTC in accordance with the rules of DTC. Transfers will be
made in accordance with standard securities industry practice.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">DTC may discontinue providing its service with respect to the
Shares by giving notice to the Trustee and the Sponsor. Under such
circumstances, the Trustee and the Sponsor would either find a
replacement for DTC to perform its functions at a comparable cost or,
if a replacement is unavailable, terminate the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
rights of the Shareholders generally must be exercised by DTC
Participants acting on their behalf in accordance with the rules and
procedures of DTC. Because it is anticipated that the Shares will only
be held in book-entry form through DTC and DTC Participants, investors
will rely on DTC, DTC Participants and any other financial intermediary
through which they hold the Shares to receive the benefits and exercise
the rights described in this section of the prospectus. Investors
should consult with their brokers or banks to find out about procedures
and requirements for securities held in book-entry form through
DTC.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">39</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page40"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">SHARE SPLITS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">If the
Sponsor believes that the per-Share price on the NYSE is outside a
desirable trading range, then the Sponsor may direct the Trustee to
declare a split or reverse split in the number of Shares outstanding
and to make a corresponding change in the number of Shares constituting
a Basket.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">BOOKS AND RECORDS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will
keep books for the registration of Shares that will be open to
inspection by any person who establishes to the Trustee&rsquo;s
satisfaction that such person is a registered Shareholder upon
reasonable advance notice at all reasonable times during the usual
business hours of the Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee keeps a copy
of the Depositary Trust Agreement on file in its office which is
available for inspection on reasonable advance notice at all reasonable
times during its usual business hours by any registered Shareholder. A
copy of the Depositary Trust Agreement has also been filed as an
exhibit to the registration statement of which this prospectus is part
and is available on the SEC&rsquo;s website at www.sec.gov. Under the
Depositary Trust Agreement, the Trustee may be removed if it fails to
maintain capital, surplus and undivided profits of $500
million.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">STATEMENTS, FILINGS AND REPORTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">After
the end of each fiscal year and within the time period required by
applicable law, the Sponsor will cause to be prepared an annual report
for the Trust containing audited financial statements. The annual
report will be in such form and contain such information as is then
required by applicable laws, rules and regulations and may contain such
additional information which the Sponsor determines will be included.
The annual report will be filed with the SEC and the NYSE and shall be
distributed to DTC and to such other persons, if any, and in such
manner, as shall be required by applicable laws, rules and
regulations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor is responsible for the
registration and qualification of the Shares under the federal
securities laws. The Sponsor will also prepare, or cause to be
prepared, and file any periodic reports or current reports required
under the Securities Exchange Act. The Trustee will assist and support
the Sponsor in the preparation of such reports.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Deposit Accounts will be audited, as required by law and as may be
directed by the Sponsor, by independent certified public accountants
designated from time to time by the Sponsor. The accountants&rsquo;
report will be furnished by the Trustee to Shareholders upon
request.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The costs incurred in connection with such
statements, filings and reports are expenses of the Sponsor. If,
however, legal fees and expenses exceed $100,000 per year, the excess
will be expenses of the Trust. See &lsquo;&lsquo;Investment Attributes
of the Trust &mdash; Trust Expenses.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TERMINATION
OF THE TRUST</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will set a date on which the
Depositary Trust Agreement will terminate and mail notice of that
termination to the registered holders of Shares at least 30 days prior
to the date set for termination if any of the following occur:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">the Sponsor resigns or is unable
to perform its duties or becomes bankrupt or insolvent and the Trustee
does not appoint a successor and does not agree to act as sponsor;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">Shareholders holding at least
75% of the outstanding Shares notify the Trustee that they elect
to terminate the Trust;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">the
Depository resigns or is removed; or</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">the Trustee receives notice from
the IRS or from 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 Internal Revenue Code.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In addition, if
any of the following events occurs, the Trustee will set a date on
which the Depositary Trust Agreement will terminate and mail notice of
that termination to the registered holders of Shares </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">40</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page41"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
at least 30 days prior to the date set for
termination if the Sponsor, having been notified by the Trustee of the
occurrence of any such event, has notified the Trustee in writing that
it has determined, in its sole discretion, to terminate the Depositary
Trust Agreement:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">the Trustee
is notified that the Shares are delisted from the NYSE and have not
been approved for listing on another national securities exchange
within five business days of their delisting;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">the SEC determines that the
Trust is an investment company under the Investment Company Act, as
amended, and the Trustee has actual knowledge of the determination;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">the Net Asset Value of the Trust
remains less than $100  million for 30 consecutive business days
at any time after the first 90 days of the Shares being traded on the
NYSE;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">all of the
Trust&rsquo;s assets are sold;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">the aggregate market
capitalization of the Trust, based on the closing price for the Shares,
remains less than $300  million for five consecutive trading days
beginning after the first anniversary of the Trust&rsquo;s inception;
or</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 416pt">DTC stops providing
book-entry settlement services for the Shares.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
Trustee may set a date on which the Trust will terminate and mail
notice of that termination to the Shareholders at least 30 days prior
to the date set for termination 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.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust will terminate on June 8, 2046 if it
has not been terminated prior to that date.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">AMENDMENTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Subject to certain limitations prohibiting any amendment of
certain sections of the Depositary Trust Agreement, the Trustee and the
Sponsor may amend most provisions of the agreement without the consent
of any Shareholders. 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 Shareholders will not become
effective as to outstanding Shares until 30 days after notice of such
amendment is given to the registered Shareholders. Every registered
Shareholder, at the time any amendment so becomes effective, will be
deemed, by continuing to hold any Shares or an interest therein, to
consent and agree to such amendment and to be bound by the Depositary
Trust Agreement as amended thereby. In no event will any amendment
impair the right of the registered Shareholders to surrender Baskets of
Shares and receive the amount of Trust property represented by the
Baskets, except in order to comply with mandatory provisions of
applicable law.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">GOVERNING LAW; CONSENT TO NEW YORK
JURISDICTION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Depositary Trust Agreement, and the
rights of the Sponsor, the Trustee and DTC (as registered owner of the
Trust&rsquo;s global certificates for Shares) and the Shareholders
under the Depositary Trust Agreement, are governed by the laws of the
State of New York. The Sponsor, the Trustee and DTC and, by accepting
Shares, each DTC Participant and each Shareholder, consents to the
jurisdiction of any state or federal court in The City of New York,
State of New York, in which any suit or proceeding arising out of or
relating to Shares, the Trust property or the Depositary Trust
Agreement may be instituted.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">41</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page42"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">United
States Federal Tax Consequences</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The following discussion
of the material U.S. federal income tax consequences that generally
apply to the purchase, ownership and disposition of Shares by a U.S.
Shareholder (as defined below), and certain U.S. federal income, gift
and estate tax consequences that may apply to an investment in Shares
by a Non-U.S. Shareholder (as defined below), represents, insofar as it
describes conclusions as to U.S. federal tax law and subject to the
limitations and qualifications described therein, the opinion of Foley
&amp; Lardner LLP, special United States federal tax counsel to the
Sponsor. The discussion below is based on the Internal Revenue Code,
Treasury Regulations promulgated under the Internal Revenue Code and
judicial and administrative interpretations of the Internal Revenue
Code, all as in effect on the date of this prospectus and all of which
are subject to change either prospectively or retroactively. The tax
treatment of Shareholders may vary depending upon their own particular
circumstances. Certain Shareholders (including broker-dealers, traders
or other investors with special circumstances) may be subject to
special rules not discussed below. Moreover, the discussion below does
not address the effect of any state, local or foreign tax law on an
owner of Shares. Purchasers of Shares are urged to consult their own
tax advisors with respect to all federal, state, local and foreign tax
law considerations potentially applicable to their investment in
Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">For purposes of this discussion, a
&lsquo;&lsquo;U.S. Shareholder&rsquo;&rsquo; is a Shareholder that
is:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 436pt">An individual who is
treated as a citizen or resident of the United States for U.S. federal
income tax purposes;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 436pt">A
corporation created or organized in or under the laws of the United
States or any political subdivision thereof;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 436pt">An estate, the income of which is
includible in gross income for U.S. federal income tax purposes
regardless of its source; or</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 436pt">A
trust, if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United
States persons (within the meaning of Internal Revenue Code section
7701(a)(30)) have the authority to control all substantial decisions of
the trust, or if the trust has a valid election in effect under
applicable Treasury regulations to be treated as a United States
person.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">For purposes of this discussion, a
&lsquo;&lsquo;Non-U.S. Shareholder&rsquo;&rsquo; is a Shareholder that
is not a U.S. Shareholder as defined above and that is classified for
U.S. federal income tax purposes as being neither a partnership nor a
&lsquo;&lsquo;disregarded entity.&rsquo;&rsquo; For U.S. federal income
tax purposes, the treatment of any beneficial owner of an interest in
an entity classified as a partnership for U.S. federal income tax
purposes will generally depend upon the status of the partner and upon
the activities of the partnership. Partnerships and partners in
partnerships should consult their tax advisors about the U.S. federal
income tax consequences of purchasing, owning and disposing of Shares.
For U.S. federal income tax purposes, the assets held by any entity
that is classified as a &lsquo;&lsquo;disregarded entity&rsquo;&rsquo;
and that has a single member are generally deemed to be held directly
by such member.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TAXATION OF THE
TRUST&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is classified as a
&lsquo;&lsquo;grantor trust&rsquo;&rsquo; for U.S. federal income tax
purposes. As a result, the Trust itself is not subject to U.S. federal
income tax. Instead, the Trust&rsquo;s income and expenses
&lsquo;&lsquo;flow through&rsquo;&rsquo; to the Shareholders, and the
Trustee will report the Trust&rsquo;s income, gains, losses and
deductions to the Internal Revenue Service on that basis.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TAXATION OF U.S. SHAREHOLDERS&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Shareholders generally will be treated, for U.S. federal
income tax purposes, as if they directly owned a pro-rata share of the
assets held in the Trust. Shareholders also will be treated as if they
directly received their respective pro-rata shares of the
Trust&rsquo;s income, if any, and as if they directly incurred their
respective pro-rata shares of the Trust&rsquo;s expenses. In the case
of a U.S. Shareholder that acquires Shares as part of a creation of a
Basket, the delivery of Canadian Dollars to the Trust in exchange for
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">42</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page43"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
the Shares will not be a taxable event to the
Shareholder. With respect to the increase in the amount of the U.S.
Shareholder&rsquo;s share of the Canadian Dollars held in the Trust
that results from such a delivery, the Shareholder&rsquo;s aggregate
tax basis (as determined immediately after such delivery) in those
Canadian Dollars that are held in the Trust and that are attributable
to such increase, and the Shareholder&rsquo;s aggregate tax basis in
the Shares received upon such delivery, will each be the same as the
Shareholder&rsquo;s aggregate tax basis (as determined immediately
prior to such delivery) in the Canadian Dollars that are delivered by
the Shareholder to the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Any Shares that are
received by a U.S. Shareholder to evidence the Shareholder&rsquo;s
pro-rata share of any interest earnings of the Trust generally will
have a tax basis equal to the USD-equivalent of the amount of the
Shareholder&rsquo;s pro-rata share of the interest earnings.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">When the Trust converts Canadian Dollars to USD &mdash; for
example, to pay expenses or to make distributions to Shareholders
&mdash; or when the Trust pays expenses in Canadian Dollars, a U.S.
Shareholder generally will recognize gain or loss in an amount equal to
the difference between (1) the Shareholder&rsquo;s pro-rata share of
the amount realized by the Trust upon the conversion, or the
Shareholder&rsquo;s pro-rata share of the USD-equivalent of the
Canadian Dollars used to pay expenses, and (2) the Shareholder&rsquo;s
tax basis for its pro-rata share of the Canadian Dollars that were
converted or used to pay expenses. As described in
&lsquo;&lsquo;Investment Attributes of the Trust &ndash; Trust
Expenses&rsquo;&rsquo; and &lsquo;&lsquo;Description of the Depositary
Trust Agreement &ndash; Expenses of the Trust&rsquo;&rsquo;, each month
the Trustee will first withdraw Canadian Dollars the Trust has earned
as interest to pay expenses. It is anticipated that the conversion of
Canadian Dollars (for purposes of paying expenses and making
distributions) and the payment of expenses in Canadian Dollars will
occur on the same day that the Trust receives Canadian Dollars earned
as interest. The Trust will use a &lsquo;&lsquo;last in first
out&rsquo;&rsquo; method to determine the tax basis of the Canadian
Dollars that are converted to USD or used to pay expenses. Accordingly,
U.S. Shareholders will recognize interest income at the time that
Canadian Dollars are received by the Trust as interest earnings, but
will generally recognize no further gain or loss if the Canadian
Dollars received are, on the date of receipt, either converted to USD
or used to pay expenses.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor&rsquo;s fee accrues
daily and is payable monthly. For U.S. federal income tax purposes, an
accrual-basis U.S. Shareholder generally will be required to take into
account as an expense its allocable share of the USD-equivalent of the
amount of the Sponsor&rsquo;s fee that is accrued on each day, with
such USD-equivalent being determined by the currency exchange rate that
is in effect on the respective day. To the extent that the currency
exchange rate on the date of payment of the accrued amount of the
Sponsor&rsquo;s fee differs from the currency exchange rate in effect
on the day of accrual, the U.S. Shareholder will recognize a currency
gain or loss for U.S. federal income tax purposes.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Redemption of some or all of a U.S. Shareholder&rsquo;s
Shares in exchange for the underlying Canadian Dollars represented by
the Shares redeemed generally will not be a taxable event to the
Shareholder. The Shareholder&rsquo;s tax basis for the Canadian
Dollars received in the redemption generally will be the same as the
Shareholder&rsquo;s tax basis for the portion of its pro rata share of
the Canadian Dollars held in the Trust immediately prior to the
redemption that is attributable to the Shares redeemed. In determining
the portion of the U.S. Shareholder&rsquo;s total tax basis in the
Canadian Dollars held in the Trust that is attributable to the Shares
redeemed, the U.S. Shareholder generally will be required to use the
method, if any, that it has used previously to determine the tax basis
of nonfunctional currency amounts withdrawn from accounts with a bank
or other financial institution. A subsequent sale of the Canadian
Dollars received by the Shareholder will be a taxable event.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">U.S. Shareholders that hold multiple lots of Shares, or that
are contemplating acquiring multiple lots of Shares, are urged to
consult their own tax advisers as to the determination of the tax basis
for the underlying Canadian Dollars related to such Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In the case of a U.S. Shareholder that uses the U.S. dollar
as its functional currency, any gain or loss recognized by such U.S.
Shareholder upon the sale of Shares, or upon the sale of Canadian
Dollars by the Trust, generally will be treated under Internal Revenue
Code section 988 as ordinary income or loss for U.S. federal income tax
purposes. The share of any interest income earned by the Trust that is
allocable to a U.S. Shareholder will be treated as ordinary income for
U.S. federal income tax purposes.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">43</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page44"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">BROKERAGE FEES AND TRUST
EXPENSES&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Any brokerage or other
transaction fee incurred by a Shareholder in purchasing Shares will be
treated as part of the Shareholder&rsquo;s tax basis in the underlying
assets of the Trust. Similarly, any brokerage fee incurred by a
Shareholder in selling Shares will reduce the amount realized by the
Shareholder with respect to the sale.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Shareholders will
be required to recognize gain or loss upon a sale of Canadian Dollars
by the Trust (as discussed above), even though some or all of the
proceeds of such sale are used by the Trustee to pay Trust expenses.
Shareholders may deduct their respective pro rata shares of each
expense incurred by the Trust to the same extent as if they directly
incurred the expense. Shareholders who are individuals, estates or
trusts, however, may be required to treat some or all of the expenses
of the Trust as miscellaneous itemized deductions. Individuals may
deduct certain miscellaneous itemized deductions only to the extent
they exceed 2% of adjusted gross income. In addition, such
deductions may be subject to phase-outs and other limitations under
applicable provisions of the Internal Revenue Code.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INVESTMENT BY REGULATED INVESTMENT
COMPANIES&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Mutual funds and other
investment vehicles which are &lsquo;&lsquo;regulated investment
companies&rsquo;&rsquo; within the meaning of Internal Revenue Code
section 851 should consult with their tax advisors concerning (1)
the likelihood that an investment in Shares, although they are a
&lsquo;&lsquo;security&rsquo;&rsquo; within the meaning of the
Investment Company Act of 1940, may be considered an investment in the
underlying Canadian Dollars for purposes of Internal Revenue Code
section 851(b) and (2) the extent to which an investment in Shares
might nevertheless be consistent with preservation of the qualification
of such vehicles under Internal Revenue Code section 851.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">UNITED STATES INFORMATION REPORTING AND BACKUP
WITHHOLDING FOR U.S. AND NON-U.S. SHAREHOLDERS</font>&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will file certain information
returns with the IRS, and provide certain tax-related information to
Shareholders, in connection with the Trust. Proposed regulations, if
finalized in their current form, would require that each Shareholder be
provided with information regarding its allocable portion of the
Trust&rsquo;s annual income (if any) and expenses, and sales of Trust
assets, including, in the case of a sale of Canadian Dollars, the
amount of proceeds attributable to each Share. Each Shareholder,
however, would be required to determine for itself the amount of gain
or loss recognized with respect to such sales.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">A U.S.
Shareholder may be subject to U.S. backup withholding tax in certain
circumstances unless it provides its taxpayer identification number and
complies with certain certification procedures. A Non-U.S. Shareholder
may have to comply with certification procedures to establish that the
Shareholder is not a U.S. person in order to avoid the information
reporting and backup withholding tax requirements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
amount of any backup withholding will be allowed as a credit against a
Shareholder&rsquo;s U.S. federal income tax liability and may entitle
such a Shareholder to a refund, provided that the required information
is furnished to the IRS.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INCOME TAXATION OF NON-U.S.
SHAREHOLDERS&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust does not expect
to generate taxable income except for gain (if any) upon the sale of
Canadian Dollars and interest income. A Non-U.S. Shareholder generally
will not be subject to U.S. federal income tax with respect to gain
recognized upon the sale or other disposition of Shares, or upon the
sale of Canadian Dollars by the Trust, unless: (1) the Non-U.S.
Shareholder is an individual and is present in the United States for
183 days or more during the taxable year of the sale or other
disposition, and the gain is treated as being from United States
sources; or (2) the gain is effectively connected with the conduct by
the Non-U.S. Shareholder of a trade or business in the United
States.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">A Non-U.S. Shareholder&rsquo;s share of any
interest income earned by the Trust generally will not be subject to
U.S. federal income tax unless the Shares owned by such Non-U.S.
Shareholder are effectively connected with the conduct by the Non-U.S.
Shareholder of a trade or business in the United States.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">44</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page45"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">ESTATE AND GIFT TAX CONSIDERATIONS
FOR NON-U.S. SHAREHOLDERS&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">An individual
who is neither a citizen nor a resident (as specially defined for U.S.
federal estate and gift tax purposes) of the United States is generally
subject to U.S. estate tax on all property that has a U.S.
&lsquo;&lsquo;situs.&rsquo;&rsquo; An individual who is neither a
citizen nor a resident (as specially defined for U.S. federal estate
and gift tax purposes) of the United States is generally subject to
U.S. federal gift tax on gifts of tangible personal property or real
property having a U.S. situs. In addition, the U.S. federal
&lsquo;&lsquo;generation-skipping transfer tax&rsquo;&rsquo; may apply
in certain circumstances if an individual who is neither a citizen nor
a resident (as specially defined for U.S. federal estate and gift tax
purposes) of the United States makes a transfer of property that has a
U.S. situs. Neither the Shares nor the Canadian Dollars underlying the
Shares should be considered to have a U.S. situs for purposes of the
U.S. federal estate tax, gift tax, and generation-skipping transfer
tax.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Shareholders are urged to consult their tax advisers
regarding the possible application of U.S. federal estate, gift, and
generation-skipping transfer taxes in their particular
circumstances.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">TAXATION IN JURISDICTIONS OTHER THAN THE
UNITED STATES&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Prospective purchasers of
Shares that are based in or acting out of a jurisdiction other than the
United States are advised to consult their own tax advisers as to the
tax consequences, under the laws of such jurisdiction (or any other
jurisdiction not being the United States to which they are subject), of
their purchase, holding, sale and redemption of or any other dealing in
Shares and, in particular, as to whether any value added tax, other
consumption tax or transfer tax is payable in relation to such
purchase, holding, sale, redemption or other dealing.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ERISA and Related Considerations</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
fiduciary investment rules of the Employee Retirement Income Security
Act of 1974, as amended (&lsquo;&lsquo;ERISA&rsquo;&rsquo;) generally
apply to private employee benefit plans and to certain investment funds
in which such plans participate (&lsquo;&lsquo;ERISA
Investors&rsquo;&rsquo;). These rules are generally not applicable to
individual retirement arrangements (&lsquo;&lsquo;IRAs&rsquo;&rsquo;),
plans covering only self-employed individuals, governmental plans,
church plans or foreign plans (&lsquo;&lsquo;Non-ERISA
Investors&rsquo;&rsquo;). Consequently, much of the following
discussion of the fiduciary issues arising under ERISA is generally not
applicable to such investors. Non-ERISA Investors may be subject to
various other fiduciary requirements under state law or other
applicable law, however, which they should consider before investing in
the Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">ERISA Investors, as well as IRAs and plans
covering only self-employed individuals, are generally subject to the
prohibited transaction rules of Section  4975 of the Internal
Revenue Code and Section 302 of ERISA.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">FIDUCIARY
ISSUES&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">A fiduciary of an ERISA Investor
should consider its fiduciary responsibilities under ERISA before
investing in the Shares. These duties require the fiduciary to act
solely in the interests of the ERISA plan&rsquo;s participants and
beneficiaries. These duties also obligate the fiduciary to consider the
appropriateness of any one given investment in light of the ERISA
plan&rsquo;s entire portfolio.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Before investing in the
Shares, fiduciaries of ERISA Investors should review and determine
(1)  ERISA&rsquo;s fiduciary standards, (2) whether an investment
in the Shares would be consistent with ERISA&rsquo;s prudence and
diversification requirements, including consideration of the
&lsquo;&lsquo;Risk Factors&rsquo;&rsquo; disclosed elsewhere in this
prospectus, (3) whether such an investment would constitute a direct or
indirect non-exempt prohibited transaction and (4) whether the
fiduciaries have the appropriate authority to make the investment under
the governing ERISA plan documents and investment policies, as well as
under Title I of ERISA.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Fiduciaries of ERISA Investors
should also consider prohibitions in ERISA and in the Internal Revenue
Code relating to an ERISA Investor engaging in certain transactions
involving &lsquo;&lsquo;plan assets&rsquo;&rsquo; with persons who are
&lsquo;&lsquo;parties in interest&rsquo;&rsquo; under ERISA or
&lsquo;&lsquo;disqualified persons&rsquo;&rsquo; under the Internal
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">45</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page46"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Revenue Code with respect to such plan. As
noted above, the prohibited transaction provisions of the Internal
Revenue Code also apply to some Non-ERISA Investors and such investors
also should consider these provisions prior to investing in the Shares.
These prohibited transaction rules are complex and may prohibit an
investment in the Shares by certain ERISA Investors and Non-ERISA
Investors.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">ERISA Investors may currently maintain
relationships with the Trustee, Sponsor or Depository or their
principals or affiliates. Such entities may be deemed parties in
interest with respect to an ERISA Investor. ERISA prohibits the use of
plan assets for the benefit of a party in interest and also prohibits a
fiduciary with respect to an ERISA Investor from using its position to
cause an ERISA Investor to make an investment from which it or certain
third parties related to the fiduciary would receive a fee or other
consideration. Similar provisions are imposed by the Internal Revenue
Code with respect to IRAs and retirement plans covering only self
employed individuals. In certain cases, exemptions apply with respect
to certain transactions that might otherwise be prohibited by
ERISA.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Each ERISA Investor should consult with its
counsel to determine whether investment in the Shares may be prohibited
by ERISA or otherwise would violate ERISA.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Each IRA
Non-ERISA Investor should consult with its counsel to determine whether
investment in the Shares may be prohibited by the Internal Revenue
Code.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">PLAN ASSET ISSUES&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">It is anticipated that the Shares will constitute
&lsquo;&lsquo;publicly offered securities&rsquo;&rsquo; as defined in
Section  2510.3-101(b)(2) of the U.S. Department of Labor
regulations. Accordingly, Shares purchased by an ERISA Investor will
constitute Plan Assets, but the assets of the Trust will not be
considered &lsquo;&lsquo;plan assets&rsquo;&rsquo; for purposes of
ERISA.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Plan of Distribution</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In addition
to, and independent of, the Sponsor&rsquo;s purchase and redemption of
one Share and the Initial Purchaser&rsquo;s purchase of three Baskets
described below, the Trust issues Shares in Baskets to Authorized
Participants in exchange for deposits of the amount of Canadian Dollars
represented by the Baskets being created on a continuous basis. Because
new Shares are created and issued on an ongoing basis, throughout the
life of the Trust a &lsquo;&lsquo;distribution&rsquo;&rsquo; (as such
term is used in the Securities Act) will be occurring. Authorized
Participants, other broker-dealers and other persons are cautioned that
some of their activities will result in their being deemed participants
in a distribution in a manner that would render them statutory
underwriters and will subject them to the prospectus-delivery and
liability provisions of the Securities Act. For example, an Authorized
Participant, other broker-dealer firm or its client will be deemed a
statutory underwriter if it purchases a Basket from the Trust, breaks
the Basket down into the constituent Shares and sells the Shares to its
customers; or if it chooses to couple the creation of a supply of new
Shares with an active selling effort involving solicitation of
secondary market demand for the Shares. When an Authorized Participant
acts as an underwriter, it will be subject to the prospectus delivery
requirements of the Securities Act with respect to the customers
purchasing shares from it. A determination of whether one is an
underwriter must take into account all the facts and circumstances
pertaining to the activities of the broker-dealer or its client in the
particular case, and the examples mentioned above should not be
considered a complete description of all the activities that would lead
to categorization as an underwriter.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">A Shareholder who
buys or sells Shares from, to, or through a broker-dealer should expect
to be charged a commission by the broker-dealer for effecting the
transaction. Investors are encouraged to review the terms of their
brokerage accounts for details on applicable commissions or
charges.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Dealers who are neither Authorized Participants
nor &lsquo;&lsquo;underwriters&rsquo;&rsquo; but are nonetheless
participating in a distribution (as contrasted to ordinary secondary
trading transactions), and thus dealing with Shares that are part of an
&lsquo;&lsquo;unsold allotment&rsquo;&rsquo; within the meaning of
section 4(3)(C) of the Securities Act, would be unable to take
advantage of the prospectus-delivery exemption provided by section 4(3)
of the Securities Act and therefore will be subject to the prospectus
delivery requirements of the Securities Act with respect to their
clients who purchase Shares from them.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">46</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page47"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Distributor is assisting the
Sponsor in developing a marketing plan for the Trust, preparing
marketing materials regarding the Shares, including the content of the
Trust&rsquo;s website, executing the marketing plan for the Trust and
providing strategic and tactical research on the foreign exchange
markets, in each case in compliance with applicable laws and
regulations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">On June 8, 2006, the Sponsor deposited 100
Canadian Dollars into the primary deposit account of the Trust in
exchange for one Share. That same day the Trustee recorded the Share as
owned by the Sponsor. The Sponsor purchased the Share solely for the
purpose of forming the Trust and the Sponsor will redeem the Share for
100 Canadian Dollars immediately after the SEC declares effective the
registration statement. In order to provide liquidity at the
commencement of trading of the Shares, the Initial Purchaser will
deposit 15,000,000 Canadian Dollars in the primary deposit account of
the Trust and the Trustee will instruct DTC to record, and DTC will
record, three Baskets totaling 150,000 Shares (constituting 100
Canadian Dollars per Share) as owned by the Initial Purchaser.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Initial Purchaser intends to offer to the public these
150,000 Shares at a per-Share offering price that will vary depending
on, among other factors, the price of the Shares on the NYSE at the
time of the offer. Shares offered by the Initial Purchaser at different
times may have different offering prices. The Initial Purchaser will
not receive from the Trust, the Sponsor, the Distributor or any of
their affiliates any fee or other compensation in connection with the
sale of the Shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Note to Secondary Market Investors:
The Shares can be purchased or redeemed directly from the Trust only in
Creation Baskets or Redemption Baskets, respectively. Each Creation
Basket and Redemption Basket consists of 50,000 Shares and is expected
to be worth several million dollars. Most individual investors,
therefore, will not be able to purchase or redeem Shares directly from
the Trust. Some of the information contained in this prospectus,
including information about buying and selling Shares directly from and
to the Trust, is not relevant to most investors. The Shares will be
listed and traded on the NYSE and may be purchased and sold in lots of
Shares. Individuals interested in purchasing Shares in the secondary
market should contact their broker-dealers. Shares purchased or sold
through a broker-dealer can be expected to carry a mark-up, mark-down
or commission.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Legal Proceedings</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">There
are no legal proceedings against the Sponsor or the Trust and no legal
proceedings against the Trustee or the Depository relating to the
operation of the Trust or the offering of the Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Legal Matters</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The validity of the Shares
will be passed upon for the Sponsor by Foley &amp; Lardner LLP, who, as
special United States tax counsel to the Trust, also will render an
opinion regarding the material federal income tax consequences relating
to the Shares. In addition to receiving customary legal fees, Foley
&amp; Lardner LLP will be paid an annual fee for the life of the Trust,
which will be borne by M7  Ventures, LLC and based on the NAV of
the Trust, for its assistance in developing the structure of the Trust
and this offering.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">License</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Without conceding
that the operation of the Trust or the marketing of or trading in the
Shares would infringe any intellectual property owned by BNY, an
affiliate of the Sponsor has entered into a License Agreement with BNY
granting the Sponsor&rsquo;s affiliate a non-exclusive, personal and
non-transferable license under BNY&rsquo;s patent application(s)
covering systems and methods for securitizing a commodity. The license
grant is limited to only allow the Sponsor&rsquo;s affiliate to
establish, operate and market a currency-based securities product based
solely on the securitization, in whole or in part, of a single non-U.S.
currency. The Sponsor&rsquo;s affiliate has the right to sublicense
affiliates, partners, co-sponsors, joint ventures, trustees,
depositaries and agents, but the license cannot be transferred without
BNY&rsquo;s prior written consent. The Sponsor&rsquo;s affiliate has
sublicensed the license to the Sponsor. As consideration for the
license, BNY has been appointed as trustee of the Trust. If BNY is
terminated as trustee of the Trust it will be paid an annual royalty
fee. Any royalty fee </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">47</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page48"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
incurred will be an expense payable by the
Sponsor under the Depositary Trust Agreement. The Sponsor has also
agreed to not initiate, directly or indirectly, any legal action
against BNY for BNY&rsquo;s or any of BNY&rsquo;s affiliates&rsquo;
use of any improvement, enhancement, modification, derivative work or
upgrade made by the Sponsor to the rights sublicensed to it.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Experts</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Statement of Financial Condition
as of June 8, 2006 included in this prospectus has been so included in
reliance on the report of PricewaterhouseCoopers LLP, an independent
registered public accounting firm, given on the authority of said firm
as experts in accounting and auditing.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Where You Can
Find More Information</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor has filed on behalf of
the Trust a registration statement on Form S-1 with the SEC under the
Securities Act. This prospectus does not contain all of the information
set forth in the registration statement (including the exhibits to the
registration statement), parts of which have been omitted in accordance
with the rules and regulations of the SEC. For further information
about the Trust or the Shares, please refer to the registration
statement, which you may inspect, without charge, at the public
reference facilities of the SEC at the below address or online at
www.sec.gov, or obtain at prescribed rates from the public reference
facilities of the SEC at the below address. Information about the Trust
and the Shares also can be obtained from the Trust&rsquo;s website.
The internet address of the Trust&rsquo;s website is
www.currencyshares.com. This internet address is only provided here as
a convenience to you to allow you to access the Trust&rsquo;s website.
The information contained on or connected to the Trust&rsquo;s website
is not part of this prospectus or the registration statement of which
this prospectus is part.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is subject to the
informational requirements of the Securities Exchange Act. The Sponsor,
on behalf of the Trust, will file quarterly and annual reports and
other information with the SEC. The Sponsor will file an updated
prospectus annually for the Trust pursuant to the Securities Act. The
reports and other information can be inspected at the public reference
facilities of the SEC located at 100 F Street, N.E., Washington, D.C.
20549-4561 and online at www.sec.gov. You also may obtain copies of
such material from the public reference facilities of the SEC at 100 F
Street, N.E., Washington, D.C. 20549-4561, at prescribed rates. You may
obtain more information concerning the operation of the public
reference facilities of the SEC by calling the SEC at 1-800-SEC-0330 or
visiting online at www.sec.gov.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">48</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="pageF-1"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Index
to Financial Statements</p>
<img src="spacer.gif" height="10" width="1"><br>
<a name="toc"></a>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
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<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="27"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 12pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Item</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 12pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Page</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-2">Report of
Independent Registered Public Accounting Firm</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-2">F-2</a></font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-3">Statement of Financial Condition</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-3">F-3</a></font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 12pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-4">Notes to Financial Statement</a></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 12pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><a href="#pageF-4">F-4</a></font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="pageF-2"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Report
of Independent Registered Public Accounting Firm</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">To the
Sponsor and Shareholder</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">of CurrencyShares Canadian
Dollar Trust:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In our opinion, the accompanying statement
of financial condition presents fairly, in all material respects, the
financial position of CurrencyShares Canadian Dollar Trust (the
&lsquo;&lsquo;Trust&rsquo;&rsquo;) at June 8,  2006, in conformity
with accounting principles generally accepted in the United States of
America. This financial statement is the responsibility of the
management of Rydex Specialized Products LLC d/b/a Rydex Investments
(the &lsquo;&lsquo;Sponsor&rsquo;&rsquo;). Our responsibility is to
express an opinion on this financial statement based on our audit. We
conducted our audit of this statement in accordance with the standards
of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the statement of financial condition
is free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
statement of financial condition, assessing the accounting principles
used and significant estimates made by the Sponsor&rsquo;s management,
and evaluating the overall statement of financial condition
presentation. We believe that our audit of the statement of financial
condition provides a reasonable basis for our opinion.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:5.04pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">/s/ PricewaterhouseCoopers
LLP<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>Baltimore, Maryland<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>June 9,
2006</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageF-3"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">CurrencyShares<sup style="vertical-align:top;">SM</sup>
Canadian Dollar Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Statement of Financial
Condition</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">As of the date of this filing, the Trust
has not been formed. The Sponsor will file a Statement of Financial
Condition, including Notes to Financial Statement, by pre-effective
amendment to this Form  S-1 substantially in the form set forth
below.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">At June 8, 2006</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:#cceeff">
<td><img src="spacer.gif" height="1" width="552"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="16.50"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="20"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="font-weight: bold; font-style: normal;">Assets</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Current
Assets</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Canadian Dollar Deposits (cash)</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">89</td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Total Assets</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">89</td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="font-weight: bold; font-style: normal;">Liabilities and Shareholders&rsquo;
Equity</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Current
Liabilities</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Commitments and Contingent
Liabilities (Note 7)</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">&mdash;</td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Redeemable
Capital Shares, at redemption value, no par value, 150,000 authorized
&mdash; 1<br>issued and outstanding</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">89</td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Total Liabilities and Shareholders&rsquo; Equity</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 3px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">89</td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: italic">See Notes to
Financial Statement</font><font style="font-weight: normal; font-style: normal">.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="pageF-4"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Notes
to Financial Statement</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">1.&nbsp;&nbsp;&nbsp;&nbsp;Organization and Description
of the Trust</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The CurrencyShares Canadian Dollar Trust
(the &lsquo;&lsquo;Trust&rsquo;&rsquo;) was formed under the laws of
New York on June 8, 2006 when the Sponsor deposited 100 Canadian
Dollars in the Trust&rsquo;s primary deposit account held by JPMorgan
Chase Bank, N.A., London Branch (the
&lsquo;&lsquo;Depository&rsquo;&rsquo;). The sponsor is Rydex
Specialized Products LLC d/b/a &lsquo;&lsquo;Rydex
Investments&rsquo;&rsquo; (the &lsquo;&lsquo;Sponsor&rsquo;&rsquo;), a
Delaware limited liability company whose sole member is PADCO Advisors
II, Inc. (also d/b/a/ &lsquo;&lsquo;Rydex Investments&rsquo;&rsquo;).
The Sponsor is responsible for, among other things, overseeing the
performance of the Trustee and the Trust&rsquo;s principal service
providers, including the preparation of financial statements. The
trustee, The Bank of New York (the
&lsquo;&lsquo;Trustee&rsquo;&rsquo;), is responsible for the day-to-day
administration of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The investment objective of
the Trust is for the Trust&rsquo;s shares (the
&lsquo;&lsquo;Shares&rsquo;&rsquo;) to reflect the price in USD of the
Canadian Dollar. The Trust&rsquo;s assets consist only of Canadian
Dollars on demand deposit in two deposit accounts maintained by
JPMorgan Chase Bank, N.A., London Branch: a primary deposit account
which earns interest and a secondary deposit account which does not
earn interest. The secondary deposit account is only used in connection
with mid-month creations and redemptions of Baskets (blocks of 50,000
Shares), to account for interest that has been earned on the primary
deposit account during the month but not yet paid and to receive
interest earned on the primary deposit account, pay Trust expenses and
distribute any excess interest to Shareholders on a monthly basis. The
Trust offers a vehicle for investors to own and trade Canadian Dollar
based on a share-certificate format.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In addition to the
100 Canadian Dollars deposited by the Sponsor, Goldman Sachs Execution
&amp; Clearing, L.P. will deposit 15,000,000 Canadian Dollars in the
primary deposit account of the Trust once the Trust&rsquo;s
registration statement is declared effective.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">2.&nbsp;&nbsp;&nbsp;&nbsp;Significant Accounting Policies</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">A.&nbsp;&nbsp;&nbsp;&nbsp;Canadian
Dollar Deposits</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Canadian Dollar Deposits consists of a
Canadian Dollar-denominated, interest-bearing demand account and a
Canadian Dollar-denominated, non-interest-bearing account.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">B.&nbsp;&nbsp;&nbsp;&nbsp;Use of Estimates</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The preparation of
financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of the
assets and liabilities and disclosures of contingent liabilities at the
date of the financial statements. Actual results could differ from
those estimates.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">C.&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Translation</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will calculate the Trust&rsquo;s NAV each
business day, as described in Note 3 below. For NAV calculation
purposes, Canadian Dollar Deposits (cash) are translated at the Noon
Buying Rate, which is the Canadian Dollar/U.S. dollar
(&lsquo;&lsquo;USD&rsquo;&rsquo;) exchange rate as determined and
published by the Federal Reserve Bank of New York as of 12:00 PM (New
York time) on each day that the NYSE is open for regular trading.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The functional currency of the Trust is the Canadian Dollar
in accordance with Financial Accounting Standard
(&lsquo;&lsquo;FAS&rsquo;&rsquo;) 52, Foreign Currency Translation. For
financial statement reporting purposes, the USD is the reporting
currency. As a result, the financial statements are translated from
Canadian Dollars to USD. Any currency translation adjustment is
included in Comprehensive Income.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">D.&nbsp;&nbsp;&nbsp;&nbsp;Federal Income
Taxes</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust is treated as a &lsquo;&lsquo;grantor
trust&rsquo;&rsquo; for federal income tax purposes and, therefore, no
provision for federal income taxes is required. Interest, gains and
losses are &lsquo;&lsquo;passed through&rsquo;&rsquo; to the holders of
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageF-5"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Shares of the Trust. Shareholders generally
will be treated, for U.S. federal income tax purposes, as if they
directly owned a pro-rata share of the assets held in the Trust.
Shareholders also will be treated as if they directly received their
respective pro-rata shares of the Trust&rsquo;s income, if any, and as
if they directly incurred their respective pro-rata shares of the
Trust&rsquo;s expenses. The acquisition of Shares by a U.S.
Shareholder as part of a creation of a Basket will not be a taxable
event to the Shareholder.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor's fee accrues
daily and is payable monthly. For U.S. federal income tax purposes, an
accrual-basis U.S. Shareholder generally will be required to take into
account as an expense its allocable share of the USD-equivalent of the
amount of the Sponsor's fee that is accrued on each day, with such
USD-equivalent being determined by the currency exchange rate that is
in effect on the respective day. To the extent that the currency
exchange rate on the date of payment of the accrued amount of the
Sponsor's fee differs from the currency exchange rate in effect on
the day of accrual, the U.S. Shareholder will recognize a currency gain
or loss for U.S. federal income tax purposes.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust
does not expect to generate taxable income except for gain (if any)
upon the sale of Canadian Dollar and interest income. A Non-U.S.
Shareholder generally will not be subject to U.S. federal income tax
with respect to gain recognized upon the sale or other disposition of
Shares, or upon the sale of Canadian Dollar by the Trust, unless: (1)
the Non-U.S. Shareholder is an individual and is present in the United
States for 183 days or more during the taxable year of the sale or
other disposition, and the gain is treated as being from United States
sources; or (2) the gain is effectively connected with the conduct by
the Non-U.S. Shareholder of a trade or business in the United
States.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">A Non-U.S. Shareholder&rsquo;s share of any
interest income earned by the Trust generally will not be subject to
U.S. federal income tax unless the Shares owned by such Non-U.S.
Shareholder are effectively connected with the conduct by the Non-U.S.
Shareholder of a trade or business in the United States.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">E.&nbsp;&nbsp;&nbsp;&nbsp;Revenue Recognition</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Interest on the primary
deposit account accrues and is recorded daily as earned and is received
on a monthly basis.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">F.&nbsp;&nbsp;&nbsp;&nbsp;Dividends</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">To the
extent that the interest earned by the Trust exceeds the sum of the
Sponsor's fee for the prior month plus other Trust expenses, if
any, the Trust will distribute, as a dividend, the excess interest
earned in Canadian Dollars. The Trustee will direct that the excess
Canadian Dollars be converted to USD at a prevailing market rate and
the Trustee will distribute the USD as promptly as practicable to
Shareholders on a pro rata basis (in accordance with the number of
Shares that they own).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">3.&nbsp;&nbsp;&nbsp;&nbsp;Redeemable Capital Shares</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Shares are classified as
&lsquo;&lsquo;redeemable&rsquo;&rsquo; for financial statement
purposes, since they are subject to redemption. Shares are issued and
redeemed continuously in Baskets of 50,000 Shares in exchange for
Canadian Dollars. Individual investors cannot purchase or redeem Shares
in direct transactions with the Trust. Authorized Participants, as
defined below, are the only persons that may place orders to create and
redeem Baskets. An Authorized Participant is a DTC participant that is
a registered broker-dealer or other institution eligible to settle
securities transactions though 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
the prescribed aggregations of 50,000 Share Baskets.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Due to expected continuing sales and redemption of
capital stock and the three-day period for settlement of the Shares,
the Trust reflects Shares sold as a receivable, rather than a contra
equity, on the trade date. Shares redeemed are reflected as a liability
on the trade date. Outstanding Shares are reflected at redemption
value, which is the net asset value per Share at the period end date.
Adjustments to present 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.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageF-6"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trustee will calculate
the Trust&rsquo;s NAV each business day. To calculate the NAV, the
Trustee will subtract the Sponsor&rsquo;s accrued fee through the
previous day from the Canadian Dollars held by the Trust (including all
unpaid interest accrued through the preceding day) and calculate the
value of the Canadian Dollars in U.S. dollars based upon the Noon
Buying Rate. If, on a particular evaluation day, the Noon Buying Rate
has not been determined and announced by 2:00 PM (New York time), then
the most recent Federal Reserve Bank of New York determination of the
Noon Buying Rate shall be used to determine the NAV of the Trust unless
the Trustee, in consultation with the Sponsor, determines that such
price is inappropriate to use as the basis for such valuation. In the
event that the Trustee and the Sponsor determine that the most recent
Federal Reserve Bank of New York determination of the Noon Buying Rate
is not an appropriate basis for valuation of the Trust&rsquo;s
Canadian Dollars, they shall determine an alternative basis for such
evaluation to be employed by the Trustee. The Trustee also determines
the NAV per Share, which equals the NAV of the Trust divided by the
number of outstanding Shares. Shares deliverable under a purchase order
are considered outstanding for purposes of determining NAV per Share;
Shares deliverable under a redemption order are not considered
outstanding for this purpose.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">4.&nbsp;&nbsp;&nbsp;&nbsp;Sponsor's
Fee</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor&rsquo;s fee accrues
daily at an annual nominal rate of 0.40% of the Canadian Dollars
in the Trust (including all unpaid interest but excluding unpaid fees,
each as accrued through the immediately preceding day) and is paid
monthly.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor assumes and pays the
following administrative and marketing expenses incurred by the Trust:
the Trustee&rsquo;s monthly fee, NYSE listing fees, SEC registration
fees, typical maintenance and transaction fees of the Depository,
printing and mailing costs, audit fees and expenses, up to $100,000 per
year in legal fees and expenses, and applicable license fees. The
Sponsor has also paid the costs of the Trust&rsquo;s organization and
the initial sales of the Shares, which were approximately $229,000 when
the Trust was formed.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In certain
exceptional cases the Trust will pay for some expenses in addition to
the Sponsor&rsquo;s fee. These exceptions include expenses not assumed
by the Sponsor (i.e., expenses identified in the preceding paragraph),
taxes and governmental charges, 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 Shareholders, indemnification of the Sponsor under the
Depositary Trust Agreement, audit fees, and legal expenses in excess of
$100,000 per year.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">5.&nbsp;&nbsp;&nbsp;&nbsp;Related Parties</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Sponsor is a related party to the Trust.
The Sponsor oversees the performance of the Trustee and the
Trust&rsquo;s principal service providers, including the preparation
of financial statements, but does not exercise day-to-day oversight
over the Trustee or the Trust&rsquo;s service providers. The Sponsor
has also paid the costs of the Trust&rsquo;s organization and the
initial sales of the Shares, as described in Note 4.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">6.&nbsp;&nbsp;&nbsp;&nbsp;Concentration Risk</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">All of the Trust&rsquo;s assets are holdings
of Canadian Dollars, which creates a concentration risk associated with
fluctuations in the price of the Canadian Dollar. Accordingly, a
decline in the price of the Canadian Dollar will have an adverse effect
on the value of the Shares of the Trust. Factors that may have the
effect of causing a decline in the price of the Canadian Dollar include
national debt levels and trade deficits, domestic and foreign inflation
rates, domestic and foreign interest rates, investment and trading
activities of institutions and global or regional political, economic
or financial events and situations. Substantial sales of Canadian
Dollars by the official sector (central banks, other governmental
agencies and related institutions that buy, sell and hold Canadian
Dollars as part of their reserve assets) could adversely affect an
investment in the Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">7.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and
Contingencies</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Under the Trust&rsquo;s
organizational documents, the Sponsor is indemnified against any
liability or expense it incurs without negligence, bad faith or willful
misconduct on its part. The Trust&rsquo;s maximum exposure under these
arrangements is unknown, as this would involve future claims that may
be made against the Trust that have not yet
occurred.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page"></a><font style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  text-align: left; font-style: normal; line-height: 10pt; background-color: #ffffff"><a href="#toc">Table of Contents</a></font>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:480pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Until
July 17, 2006, all dealers that effect transactions in these
securities, whether or not participating in this offering, may be
required to deliver a prospectus. This is in addition to the
dealers' obligation to deliver a prospectus when acting as
underwriters and with respect to their unsold allotments or
subscriptions.</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
