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<SEC-DOCUMENT>0000897069-08-000252.txt : 20080208
<SEC-HEADER>0000897069-08-000252.hdr.sgml : 20080208
<ACCEPTANCE-DATETIME>20080208165951
ACCESSION NUMBER:		0000897069-08-000252
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20080208
DATE AS OF CHANGE:		20080208

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:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-132363
		FILM NUMBER:		08590007

	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>POS AM
<SEQUENCE>1
<FILENAME>cmw3236.htm
<DESCRIPTION>POST EFFECTIVE AMENDMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Minor Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>As filed with the
Securities and Exchange Commission on February 8, 2008 </FONT></H1>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>Registration No.
333-132363</B> </FONT></P>

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<HR ALIGN=LEFT WIDTH=100% SIZE=4 color=black NOSHADE>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>UNITED STATES
<BR>SECURITIES AND EXCHANGE COMMISSION  <BR>Washington, D.C. 20549  </FONT></H1>
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     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>POST-EFFECTIVE
AMENDMENT NO. 1<BR>TO FORM S-1 ON FORM S-3  </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REGISTRATION STATEMENT
UNDER  <BR>THE SECURITIES ACT OF 1933  </FONT></P>
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     <P ALIGN=CENTER>_________________ </P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=3><B>CurrencyShares<SUP>SM</SUP> Canadian Dollar Trust</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Sponsored by Rydex Specialized Products LLC,</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>d/b/a Rydex Investments</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>New York</B></FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>06-6551776</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>(State or other jurisdiction of incorporation or organization)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>9601 Blackwell Road, Suite 500</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Rockville Maryland</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=1>(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices)</FONT></TD></TR>
</TABLE>




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     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Mr. Carl G.
Verboncoeur<BR>CEO and Treasurer<BR>Rydex Investments  <BR>9601 Blackwell Road<BR>Suite 500  <BR>Rockville,
Maryland 20850  <BR>(301)            296-5100 </B> <BR>(Name, address, including zip code, and  telephone
number, including area code, of agent for service)</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Center Italic-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1><I>Copies to: </I></FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>George T. Simon, Esq.</B></FONT></TD>
     <TD WIDTH=50% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Patrick Daugherty, Esq.</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Foley &amp; Lardner LLP</B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Foley &amp; Lardner LLP</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>321 N. Clark Street</B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>One Detroit Center</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Suite 2800</B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>500 Woodward Avenue, Suite 2700</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Chicago, Illinois 60610-4764</B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Detroit, Michigan 48226-3489</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Phone: (312) 832-4500</B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Phone: (313) 234-7100</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Fax: (312) 832-4700</B></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Fax: (313) 234-2800</B></FONT></TD></TR>
</TABLE>




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     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate
date of commencement of proposed sale to the public:</B> From time to time after this
registration statement becomes effective. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the only securities being registered on this Form are being offered pursuant to dividend
or interest reinvestment plans, please check the following box. |_| </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest reinvestment plans, please
check the following box. |X| </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the
same offering. |_| </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. |_| </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
delivery of the prospectus is expected to be made pursuant to Rule 434, please check the
following box. |_| </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Registrant hereby
amends this Registration Statement on such date or dates as may be necessary to delay its
effective date until the Registrant shall file a further amendment which specifically
states that this Registration Statement shall thereafter become effective in accordance
with Section&nbsp;8(a) of the Securities Act of 1933 or until the Registration Statement shall
become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a),
may determine. </FONT></H1>



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<HR SIZE=5 COLOR=GRAY NOSHADE>









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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPLANATORY NOTE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This Post-Effective Amendment No. 1
on Form S-3 contains an updated prospectus relating to the offering and sale of Canadian
Dollar Shares that were initially registered by CurrencyShares<SUP>SM</SUP> Canadian
Dollar Trust on the Registration Statement on Form S-1 (File No. 333-132363) (the
&#147;Original Registration Statement&#148;) declared effective by the Securities and
Exchange Commission on June 14, 2006. This Post-Effective Amendment No. 1 on Form S-3 is
being filed to convert the Original Registration Statement into a Registration Statement
on Form S-3. All filing fees payable in connection with the registration of these
securities were previously paid in connection with the filing of the Original Registration
Statement. </FONT></P>


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<HR SIZE=5 COLOR=GRAY NOSHADE>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=top>
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B>11,500,000 Shares</B></FONT></TD>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><IMG SRC="canadianlogo.gif"></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Canadian Dollar Shares</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR>
     <TD ALIGN=RIGHT colspan=2><HR NOSHADE COLOR=#000000 SIZE=1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The CurrencyShares<SUP>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 &#147;issuer&#148; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Shares may be purchased from the
Trust only in one or more blocks of 50,000 Shares, as described in &#147;Creation and
Redemption of Shares.&#148; 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 &#147;Plan of Distribution.&#148; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Shares are offered and sold to
the public by Authorized Participants at varying prices in U.S. Dollars (USD) determined
by reference to, among other things, the market price of the Canadian Dollars and the
trading price of the Shares on NYSE Arca 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Shares are listed and trade on
NYSE Arca under the symbol &#147;FXC.&#148; The Shares may also trade in other markets,
but the Sponsor has not sought to have the Shares listed by any other market. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Investing in the Shares involves
significant risks. See &#147;Risk Factors,&#148; starting on page 8.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>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.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Shares are neither interests in
nor obligations of the Sponsor, the Trustee, the Depository or the Distributor. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Neither the Shares nor the
Trust&#146;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. </FONT></P>




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     <P ALIGN=CENTER>_________________ </P>



<P align=center><IMG SRC="rydex.gif"></P>




<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The date of this
prospectus is February 8, 2008.  </FONT></P>


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<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 or incorporated by reference 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Shares are not registered for
public sale in any jurisdiction other than the United States. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Table of Contents </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Prospectus Summary</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>The Offering</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Risk Factors</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>8&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Glossary of Terms</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>13&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Statement Regarding Forward-Looking Statements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>15&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Use of Proceeds</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>15&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Overview of the Foreign Exchange Industry</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>16&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>The Canadian Dollar</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>18&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Investment Attributes of the Trust</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>19&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Description of the Trust</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>21&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>The Sponsor</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>22&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>The Trustee</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>23&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>The Depository</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>23&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>The Distributor</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>23&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Description of the Shares</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>24&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Description of the Deposit Account Agreement</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>25&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Creation and Redemption of Shares</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>27&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Description of the Depositary Trust Agreement</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>United States Federal Tax Consequences</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>37&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>ERISA and Related Considerations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Plan of Distribution</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>41&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Legal Matters</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>41&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Experts</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>42&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Where You Can Find More Information</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>42&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Incorporation of Certain Information by Reference</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>43&nbsp;</FONT></TD></TR>
</TABLE>



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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Authorized Participants may be
subject to the prospectus delivery requirements of the Securities Act when effecting
transactions in the Shares. See &#147;Plan of Distribution.&#148; </FONT></P>

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     <P ALIGN=CENTER>_________________ </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This prospectus summarizes certain
documents and other information in a manner the Sponsor believes to be accurate. The
information contained in the sections captioned &#147;Overview of the Foreign Exchange
Industry,&#148; &#147;The Canadian Dollar&#148; and &#147;Investment Attributes of the
Trust&#148; 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. </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prospectus Summary </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>This is a summary of the
prospectus. You should read the entire prospectus, including &#147;Risk Factors&#148;
beginning on page 10, and the information incorporated by reference in this prospectus
before making an investment decision about the Shares.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TRUST STRUCTURE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 holds Canadian Dollars and, from time to time, issues Baskets in exchange for
deposits of Canadian Dollars and distributes 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 primarily depends 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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
&#147;Description of the Depositary Trust Agreement.&#148; The Shares represent units of
fractional undivided beneficial interest in, and ownership of, the Trust. The Shares are
listed and trade on NYSE Arca under the symbol &#147;FXC.&#148; The Shares may also trade
in other markets, but the Sponsor has not sought to have the Shares listed by any other
market. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Sponsor, Rydex Specialized
Products LLC d/b/a &#147;Rydex Investments,&#148; a Delaware limited liability company,
established the Trust and is responsible for registering the Shares. The Sponsor generally
oversees the performance of the Trustee and the Trust&#146;s principal service providers,
but does not exercise day-to-day oversight over the Trustee or the Trust&#146;s service
providers. The Sponsor may remove the Trustee if any of various events occur. See
&#147;Description of the Depositary Trust Agreement &#151; The Trustee &#151; Resignation,
discharge or removal of trustee; successor trustees&#148; for more information. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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&#146;s website is not considered part of this prospectus. The
general role and responsibilities of the Sponsor are discussed further under &#147;The
Sponsor.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s expenses (which are accrued daily but paid monthly), including
withdrawing the Trust&#146;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 &#147;The Trustee.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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
pays 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 general
role, responsibilities and regulation of the Depository and the two deposit accounts are
further described under &#147;The Depository&#148; and &#147;Description of the Deposit
Account Agreement.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Detailed descriptions of certain
specific rights and duties of the Trustee and the Depository are set forth under
&#147;Description of the Shares,&#148; &#147;Description of the Depositary Trust
Agreement&#148; and &#147;Description of the Deposit Account Agreement.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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 &#147;The Distributor&#148; for more
information. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TRUST OVERVIEW </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Easily Accessible</I>. Investors
are able to access the market for Canadian Dollar through a traditional brokerage account.
The Shares are bought and sold on NYSE Arca like any other exchange-listed security. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Cost-Effective</I>.
          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 are traded as securities, transaction costs are substantially reduced.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Exchange-Traded</I>.
          Because they are traded on NYSE Arca, the Shares will provide investors with an
          efficient means of implementing investment tactics and strategies that involve
          Canadian Dollars. NYSE Arca-listed securities are eligible for margin accounts.
          Accordingly, investors are able to purchase and hold Shares with borrowed money
          to the extent permitted by law.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Transparent</I>.           The
Shares are backed by the assets of the Trust, which does not hold or use
          derivative products. The value of the holdings of the Trust are reported on the
          Trust&#146;s website, www.currencyshares.com, every business day.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investing in the Shares will not
insulate the investor from price volatility or other risks. See &#147;Risk Factors.&#148; </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRINCIPAL OFFICES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<BR><BR><BR><BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Offering </FONT></H1>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Offering  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Shares represent units of fractional undivided
                                                             beneficial interest in, and
ownership of, the Trust.</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Use of proceeds  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s
expenses and (3)                                                              distributed
to Authorized Participants upon the
                                                             redemption of Baskets.</FONT></TD>
</TR>
</TABLE>
<BR>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NYSE symbol  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FXC</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CUSIP  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23129X
10 5</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Creation and redemption  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Trust creates and redeems 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. The amount of
                                                             Canadian Dollars required to
create a Basket or to be
                                                             delivered upon the
redemption of a Basket may gradually
                                                             decrease over time if the
Trust&#146;s Canadian Dollars are
                                                             withdrawn to pay the Trust&#146;s
expenses.  See &#147;Investment
                                                             Attributes of the Trust--
Trust Expenses.&#148; 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 &#147;Creation and
Redemption of Shares&#148; for
                                                             more details.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest on deposits  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JPMorgan
Chase Bank, N.A., London Branch maintains two
                                                             Canadian Dollar-denominated,
demand deposit accounts                                                              for
the Trust: a primary deposit account which earns
                                                             interest and a secondary
deposit account which does not
                                                             earn interest. The secondary
deposit account is used to
                                                             account for interest
received and paid out on creations
                                                             and redemptions of Baskets.
 The secondary deposit
                                                             account is also used to
account for 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 Depository may
                                                             change the rate at which
interest accrues based upon
                                                             changes in the British
Bankers Association LIBOR
                                                             Overnight rate for the
Canadian Dollar (&#147;BBA rate&#148;),
                                                             other market conditions or
the Depository&#146;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. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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
                                                             discloses the interest rate
on the Trust&#146;s website. If
                                                             the Sponsor believes that
the interest rate paid by the
                                                             Depository is not
competitive, the Sponsor&#146;s recourse
                                                             will be to remove the
Depository by terminating the
                                                             Deposit Account Agreement
and closing the accounts. See
                                                             &#147;Description of the Deposit
Account Agreement.&#148; Neither
                                                             the Trustee nor the Sponsor
has the power or authority
                                                             to deposit the Trust's
Canadian Dollars with any other
                                                             person, entity or account.
Interest earned on the
                                                             deposited Canadian Dollars
will be used to pay the
                                                             Trust&#146;s expenses. Any excess
interest will be                                                              distributed
to Shareholders monthly. Such interest is
                                                             not expected to form a
significant part of the
                                                             Shareholders&#146; investment
return.  If the Trust&#146;s
                                                             expenses exceed interest
earned, the Trustee will
                                                             withdraw Canadian Dollars
held by the Trust to pay the
                                                             excess, thereby reducing the
number of Canadian Dollars
                                                             per Share.  Each sale of
Canadian Dollars by the Trust
                                                             will be a taxable event to
Shareholders.  See &#147;United
                                                             States Federal Tax
Consequences-- Taxation of U.S.
                                                             Shareholders.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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.</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Asset Value  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
NAV of the Trust is the aggregate value, expressed
                                                             in USD, of the Trust&#146;s
assets, less its liabilities
                                                             (which include estimated
accrued but unpaid fees and
                                                             expenses). The Trustee
calculates, and the Sponsor
                                                             publishes, the Trust&#146;s net
asset value (NAV) each
                                                             business day. To calculate
the NAV, the Trustee adds 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 subtracts the accrued
but unpaid Sponsor&#146;s fee,
                                                             Canadian Dollars payable
under pending redemption
                                                             orders and other Trust
expenses and liabilities, if
                                                             any. The NAV is 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 basis for such
valuation. In the event that
                                                             the Trustee and the Sponsor
determine that the most
                                                             recent Federal </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Reserve
Bank of New York determination
                                                             of the Noon Buying Rate is
not an appropriate basis for
                                                             valuation of the Trust&#146;s
Canadian Dollars, or the
                                                             Federal Reserve Bank of New
York ceases to provide the
                                                             Noon Buying Rate, the
Trustee and the Sponsor 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 the USD. The use of any alternative
                                                             basis to determine NAV would
be disclosed on the                                                              Trust&#146;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 publishes
                                                             the NAV and NAV per Share on
each day that NYSE Arca is
                                                             open for regular trading on
the Trust&#146;s website,
                                                             www.currencyshares.com.</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trust expenses  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Trust&#146;'s only ordinary recurring expense is expected
                                                             to be the Sponsor'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&#146;s monthly
fee, typical maintenance                                                              and
transaction fees of the Depository, SEC
                                                             registration fees, printing
and mailing costs, audit
                                                             fees and expenses, up to
$100,000 per annum in legal
                                                             fees and expenses, and
applicable license fees, NYSE
                                                             listing fees and NYSE Arca
listing fees. The Sponsor
                                                             also paid the costs of the
Trust'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. See
&#147;Description of the
                                                             Depositary Trust Agreement--
Expenses of the Trust.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Sponsor&#146;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. To
pay the Sponsor&#146;s fee and
                                                             any other Trust expenses
that have been incurred each</FONT></TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
month,
the Trustee first withdraws Canadian Dollars the
                                                             Trust has earned as
interest. If that is not sufficient
                                                             to pay the Trust&#146;s expenses,
then the Trustee will
                                                             withdraw deposited Canadian
Dollars as needed. See
                                                             &#147;Investment Attributes of
the Trust-- Trust Expenses&#148;
                                                             and &#147;Description of the
Depositary Trust Agreement--
                                                             Expenses of the Trust.&#148; 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
                                                             &#147;United States Federal Tax
Consequences-- Taxation of
                                                             U.S. Shareholders.&#148; The
Trust and the Sponsor do not
                                                             anticipate any non-ordinary
recurring expenses that                                                              will
be paid from the Trust.</FONT></TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination events  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Trustee will terminate the Trust if any of the
                                                             following events occur:</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders
holding at least 75% of the
                                                                   outstanding Shares
notify the Trustee that they
                                                                   elect to terminate the
Trust;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Depository resigns or is removed; or</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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).</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Sponsor may, in its sole discretion, direct the
                                                             Trustee to terminate the
Trust if any of the following
                                                             events occur:</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Shares are delisted from NYSE Arca and are
                                                                   not listed for trading
on another U.S. national
                                                                   securities exchange
within five business days
                                                                   from the date the
Shares are delisted;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
SEC determines that the Trust is an
                                                                   investment company
under the Investment Company
                                                                   Act;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
NAV of the Trust remains less than $100
                                                                   million for 30
consecutive business days;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>all
of the Trust&#146;s assets are sold;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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; or</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                             &#149; </FONT></TD>
<TD WIDTH=45%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DTC
stops providing book-entry settlement
                                                                   services for the
Shares.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
the Trustee notifies the Sponsor of the Trustee&#146;s
                                                             election to resign and the
Sponsor does not appoint a
                                                             successor trustee within 60
days, the Trustee may
                                                             terminate the Trust.</FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Trust will terminate on June 8, 2046 if it has not
                                                             been terminated prior to
that date.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%>&nbsp;</TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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 90
                                                             days or more after the
termination of the Trust, it
                                                             will receive a distribution
in USD after the Trustee                                                              has
sold the Trust&#146;s Canadian Dollars and has paid or
                                                             made provision for the
Trust&#146;s liabilities. See
                                                             &#147;Description of the Trust
Agreement-- Termination of
                                                             the Trust.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Authorized Participants  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 &#147;Creation and                                                              Redemption
of Shares&#148; for more details.</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders trading via NYSE Arca  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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.</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Clearance and settlement  </FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
Shares are evidenced by one or more global
                                                             certificates issued by the
Trustee to DTC. The Shares
                                                             are available only in
book-entry form. Shareholders may
                                                             hold their Shares through
DTC, if they are DTC
                                                             Participants, or through
Authorized Participants or
                                                             Indirect Participants.</FONT></TD>
</TR>
</TABLE>
<BR>


<BR><BR><BR><BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Risk Factors </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>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&#146;s financial
statements and the related notes.</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>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.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Shares are designed to reflect
the price of the Canadian Dollar, plus accumulated interest, less the Trust&#146;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: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Debt
level and trade deficit of Canada;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inflation
rates of the United States and Canada and investors&#146; expectations concerning inflation
rates;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest
rates of the United States and Canada and investors&#146; expectations concerning interest
rates;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment
and trading activities of mutual funds, hedge funds and currency funds; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Global
or regional political, economic or financial events and situations. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>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.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>If interest earned by the Trust
does not exceed expenses, the Trustee will withdraw Canadian Dollars from the Trust to pay
these excess expenses which will reduce the amount of Canadian Dollars represented by each
Share on an ongoing basis and may result in adverse tax consequences.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each outstanding Share represents a
fractional, undivided interest in the Canadian Dollar held by the Trust. Although the
Trust generates interest, it is possible that the amount of interest earned may not exceed
expenses, in which case the Trustee will withdraw Canadian Dollars from the Trust to pay
these excess expenses. As a result, the amount of Canadian Dollars represented by each
Share may gradually decline over 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. Assuming a
constant Canadian Dollar price, if expenses exceed interest earned, the trading price of
the Shares will gradually decline relative to the price of the Canadian Dollar as the
amount of Canadian Dollars represented by the Shares gradually declines. In this event,
the Shares will only maintain their original price if the price of the Canadian Dollar
increases. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investors should be aware that a
gradual decline in the amount of Canadian Dollars represented by the Shares may occur
regardless of whether the trading price of the Shares rises or falls in response to
changes in the price of the Canadian Dollar. The estimated ordinary operating expenses of
the Trust, which accrue daily, are described in &#147;Investment Attributes of the Trust
&#150;Trust Expenses.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The payment of expenses by the Trust
will result in a taxable event to Shareholders. To the extent Trust expenses exceed
interest paid to the Trust, a gain or loss may be recognized by Shareholders depending on
the tax basis of the tendered Canadian Dollar. See &#147;United States Federal Tax
Consequences &#150; Taxation of U.S. Shareholders&#148; for more information. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>If the Trust incurs expenses in
USD, the Trust would be required to sell Canadian Dollars to pay these expenses. The sale
of the Trust&#146;s Canadian Dollars to pay expenses in USD at a time of low Canadian
Dollar prices could adversely affect the value of the Shares.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee will sell Canadian
Dollars held by the Trust to pay any Trust expenses incurred in USD, irrespective of
then-current Canadian Dollar prices. The Trust is not actively managed and no attempt will
be made to buy or sell Canadian Dollars to protect against or to take advantage of
fluctuations in the price of Canadian Dollars. Consequently, if the Trust incurs expenses
in USD, the Trust&#146;s Canadian Dollars may be sold at a time when the Canadian Dollar
price is low, resulting in a negative effect on the value of the Shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Purchasing activity in the
Canadian Dollar market associated with the purchase of Baskets from the Trust may cause a
temporary increase in the price of the Canadian Dollar. This increase may adversely affect
an investment in the Shares.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Purchasing activity associated with
acquiring Canadian Dollars required for deposit into the Trust in connection with the
creation of Baskets may temporarily increase the market price of the Canadian Dollar,
which will result in higher prices for the Shares. Temporary increases in the market price
of the Canadian Dollar may also occur as a result of the purchasing activity of other
market participants. Other market participants may attempt to benefit from an increase in
the market price of the Canadian Dollar that may result from increased purchasing activity
of the Canadian Dollar connected with the issuance of Baskets. Consequently, the market
price of the Canadian Dollar may decline immediately after Baskets are created. If the
price of the Canadian Dollar declines, then it is anticipated that the trading price of
the Shares will also decline. In addition, if the Trust experiences a significant increase
in its expenses due to an unexpected event, then it is anticipated that the unexpected
expenses would reduce the NAV of the Trust, which would cause the trading price of the
Shares to decline even if the price of the Canadian Dollar did not decline. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The Deposit Accounts are not
entitled to payment at any office of JPMorgan Chase Bank, N.A. located in the United
States.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 de jure or de facto) in England. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Shareholders do 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.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. Deposits may have only limited protection under the
Financial Services Compensation Scheme of England. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Canadian Dollars deposited in the
Deposit Accounts by an Authorized Participant are commingled with Canadian Dollars
deposited by other Authorized Participants and are 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 are not segregated from the Depository&#146;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.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust has 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&#146;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. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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 the risk that
the Trust and the Trust&#146;s beneficiaries would suffer a loss. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Shareholders do not have the
protections associated with ownership of shares in an investment company registered under
the Investment Company Act.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s stated investment objectives, policies, restrictions, strategies and
techniques where the investment adviser manages the portfolio and otherwise operates 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&#146;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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 do not have the regulatory protections afforded to
investors in registered investment companies. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Shareholders do not have the
rights enjoyed by investors in certain other financial instruments.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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
&#147;oppression&#148; or &#147;derivative&#148; 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 &#147;Description of the
Shares&#148; for a description of the limited rights of the Shareholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The Shares may trade at a price
which is at, above, or below the NAV per Share.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The NAV per Share fluctuates with
changes in the market value of the Trust&#146;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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>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.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 Depository notifies the Sponsor of the interest rate
applied each business day after the close of such business day. The Sponsor discloses the
current interest rate on the Trust&#146;s website. If the Sponsor believes that the
interest rate paid by the Depository is not adequate, the Sponsor&#146;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 generates income or loss based
on its ability to earn a &#147;spread&#148; or &#147;margin&#148; over the interest it
pays to the Trust by using the Trust&#146;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. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>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.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146; 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. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders may incur
significant fees upon the termination of the Trust. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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 USD. See &#147;Description of the Depositary Trust
Agreement &#151; Termination of the Trust&#148; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Redemption orders are subject to
rejection by the Trustee under certain circumstances.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s redemption distribution if the
NAV were to decline during the delay. See &#147;Creation and Redemption of Shares &#151;
Redemption Procedures &#151; Suspension or rejection of redemption orders.&#148; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Substantial sales of Canadian
Dollar by the official sector could adversely affect an investment in the Shares.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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
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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Shareholders that are not
Authorized Participants may only purchase or sell their Shares in secondary trading
markets.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Only Authorized Participants may
create or redeem Baskets through the Trust. All other investors that desire to purchase or
sell Shares must do so through NYSE Arca or in other markets, if any, in which the Shares
may be traded. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>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.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depositary 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. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>The Depositary Trust Agreement may
be amended to the detriment of Shareholders without their consent.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 written notice is given to Shareholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>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.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BNY and an affiliate of the Sponsor
have entered into a License Agreement granting the Sponsor&#146;s affiliate a license to
certain patent applications made by BNY covering systems and methods for securitizing a
commodity. The Sponsor&#146;s affiliate has sublicensed the license to the Sponsor. The
license is limited to a non-exclusive grant for the life of BNY&#146;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&#146;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. </FONT></P>

<BR><BR><BR><BR><BR><BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Glossary of Terms </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In this prospectus, each of the
following terms has the meaning assigned to it here: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Authorized Participant&#148;
&#151; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Basket Canadian Dollar
Amount&#148; &#151; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;BBA rate&#148; &#151; 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 be obtained through a subscription provided by the British Bankers
Association. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;BNY&#148; &#151; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Canadian Dollar&#148; &#151;
The official currency of Canada. The Canadian Dollar is abbreviated CAD. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Deposit Accounts&#148; &#151;
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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Deposit Account Agreement&#148;
&#151; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Depositary Trust
Agreement&#148; &#151; The agreement between the Trustee and the Sponsor establishing and
governing the operations of the Trust. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;DTC&#148; &#151; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;DTC Participant&#148; &#151;
Participants in DTC, such as banks, brokers, dealers and trust companies. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Foreign exchange&#148; &#151;
The exchange of one currency for another. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Indirect Participants&#148;
&#151; Those banks, brokers, dealers, trust companies and others that maintain, either
directly or indirectly, a custodial relationship with a DTC Participant. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Internal Revenue Code&#148;
&#151; The Internal Revenue Code of 1986, as amended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Investment Company Act&#148;
&#151; The Investment Company Act of 1940, as amended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;NAV&#148; &#151; Net asset
value. The Trustee calculates, and the Sponsor publishes, the Trust&#146;s NAV each
business day as soon as practicable after the Federal Reserve Bank of New York announces
the Noon Buying Rate. To calculate the NAV, the Trustee adds 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
subtracts the accrued but unpaid Sponsor&#146;s fee, Canadian Dollar payable under pending
redemption orders and other Trust expenses and liabilities, if any. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Noon Buying Rate&#148; &#151;
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
Rate will be deemed the &#147;Noon Buying Rate&#148; 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&#146;s
Canadian Dollar, or the Federal Reserve Bank of New York ceases to provide the Noon Buying
Rate, the Trustee and the Sponsor shall determine an alternative basis for such evaluation
to be employed by the Trustee, which will be deemed the &#147;Noon Buying Rate&#148; and
will be disclosed on the Trust&#146;s website. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;OTC&#148; &#151; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Participant Agreement&#148;
&#151; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Shareholder&#148; &#151; Any
owner of a Share (whether such owner owns through DTC, a DTC Participant or an Indirect
Participant). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Sponsor Indemnified Party&#148;
&#151; The Sponsor, its members, officers, employees and agents. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;SWIFT&#148; &#151; Society for
Worldwide Interbank Financial Telecommunication. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;USD&#148; or &#147;$&#148;
&#151; United States Dollar or Dollars. </FONT></P>

<BR><BR><BR><BR><BR><BR><BR><BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Statement Regarding
Forward-Looking Statements </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This prospectus and information
incorporated by reference in this prospectus includes &#147;forward-looking
statements&#148; which generally relate to future events or future performance. In some
cases, you can identify forward-looking statements by terminology such as &#147;may,&#148;
&#147;will,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148;
&#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;predict,&#148;
&#147;potential&#148; or the negative of these terms or other comparable terminology. All
statements (other than statements of historical fact) included in this prospectus or
incorporated by reference 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&#146;s operations, the Sponsor&#146;s plans and references to the Trust&#146;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&#146;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 &#147;Risk
Factors.&#148; Consequently, all forward-looking statements made in this prospectus or
incorporated by reference 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&#146;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&#146;s
expectations or predictions. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Use of Proceeds </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The proceeds received by the Trust
from the issuance and sale of Baskets are Canadian Dollars. Such proceeds are 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&#146;s expenses and (3)
distributed to Authorized Participants upon the redemption of Baskets. </FONT></P>

<BR><BR><BR><BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Overview of the
Foreign Exchange Industry </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The foreign exchange market is the
largest and most liquid financial market in the world. As of April 2007, the foreign
exchange market experienced an estimated average daily turnover of approximately $3.2
trillion, which was a 71% increase (at current exchange rates) from the 2004 estimated
average daily turnover. The foreign exchange market is predominantly an over-the-counter
market, with no fixed location and 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
United Kingdom, United States and Japan. Other, smaller markets include Singapore, Zurich
and Frankfurt. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There are three major kinds of
transactions in the traditional foreign exchange markets: spot transactions, outright
forwards and foreign exchange swaps. &#147;Spot&#148; trades are foreign exchange
transactions that settle typically within two business days with the counterparty to the
trade. &#147;Forward&#148; trades are transactions that settle on a date beyond spot and
&#147;swap&#148; transactions are 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. 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). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Typically, banks engage in
transactions ranging from $1 million to $500 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Sponsor believes that the Trust
was the first exchange-traded product whose assets were 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>SM</SUP> Euro Currency Trust (NYSE Arca: FXE), also sponsored by Rydex
Investments. Rydex also sponsors six additional exchange-traded products limited solely to
foreign currency, as follows: CurrencyShares<SUP>SM </SUP>Australian Dollar Trust (NYSE
Arca: FXA); CurrencyShares<SUP>SM</SUP> British Pound&nbsp;Sterling Trust (NYSE Arca:
FXB); CurrencyShares<SUP>SM</SUP> Japanese Yen (NYSE Arca: FXY);
CurrencyShares<SUP>SM</SUP> Mexican Peso Trust (NYSE Arca: FXM); and
CurrencyShares<SUP>SM</SUP> Swedish Krona Trust (NYSE Arca: FXS); and
CurrencyShares<SUP>SM</SUP> Swiss Franc Trust (NYSE Arca: FXF). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust does 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 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 are traded on NYSE Arca, investors may access the market for the Canadian Dollar
through a traditional brokerage account which provides investors with an efficient means
of implementing investment tactics and strategies that involve the Canadian Dollar. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16 </FONT></P>


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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Much of the foregoing information is
taken from the &#147;Triennial Central Bank Survey&#148; published by the Bank for
International Settlements in December 2007 (the BIS Survey), 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). </FONT></P>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Canadian Dollar </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According to the State Department,
the United States and Canada share the world&#146;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. 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
&#147;CAD.&#148; As with U.S. currency, 100 Canadian cents are equal to one Canadian
Dollar. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According to the BIS Survey, the USD
accounts for approximately 86% of global foreign exchange transactions, which makes it the
most-traded currency in the world. Average daily turnover of the Canadian Dollar in the
foreign exchange market accounts for approximately 4% of global foreign exchange
transactions which makes it the seventh-most-traded currency in the world. The
USD/Canadian Dollar pair has an average daily turnover of approximately $115 billion,
which makes it the sixth-most-traded currency pair, accounting for approximately 4% of the
global foreign exchange transactions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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&#146;s website and the BIS
Survey. </FONT></P>

<BR><BR><BR><BR><BR><BR><BR><BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Attributes
of the Trust </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REASONS FOR INVESTING IN
CANADIAN DOLLAR </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All forms of investment carry some
degree of risk. Although the Shares have certain unique risks described in &#147;Risk
Factors,&#148; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 USD 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 USD may choose to sell Shares. Sales may also include short
sales that are permitted under SEC and exchange regulations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s exchange rate risk. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COST-EFFICIENT
PARTICIPATION IN THE MARKET FOR CANADIAN DOLLAR </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Easily
Accessible</I>. Investors are able to access the market for the Canadian Dollar through a
traditional brokerage account. The Shares are bought and sold on NYSE Arca like any other
exchange-listed security. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Cost-Effective</I>.
            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 are traded as securities, transaction costs are substantially
reduced.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Exchange-Traded</I>.
            Because they are traded on NYSE Arca, the Shares will provide investors with
an           efficient means of implementing investment tactics and strategies that
involve           the Canadian Dollar. NYSE Arca-listed securities are eligible for
margin           accounts. Accordingly, investors are able to purchase and hold Shares
with           borrowed money to the extent permitted by law.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Transparent</I>.
            The Shares are backed by the assets of the Trust, which does not hold or use
          derivative products. The value of the holdings of the Trust are reported on the
          Trust&#146;s website, www.currencyshares.com, every business day.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTEREST ON DEPOSITED
CANADIAN DOLLARS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JPMorgan Chase Bank, N.A., London
Branch maintains two deposit accounts for the Trust, a primary deposit account which earns
interest and a secondary deposit account which does not earn interest. Interest on the
primary deposit account accrues daily and is paid monthly. The Depository may change the
rate at which interest accrues based upon changes in the BBA rate, other market conditions
or the Depository&#146;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 Depository notifies the Sponsor of the interest rate applied each business day
after the close of such business day. The Sponsor discloses the current interest rate on
the Trust&#146;s website. If the Sponsor believes that an interest rate proposed to be
paid by the Depository is not competitive, the Sponsor&#146;s recourse will be to remove
the Depository by terminating the Deposit Account Agreement and closing the accounts. The
secondary deposit account is used to account for interest received and paid out on
creations and redemptions of Baskets. The secondary deposit account is also used to
account for interest earned on the primary deposit account, pay Trust expenses and
distribute any excess interest to Shareholders on a monthly basis. In the event that the
interest deposited exceeds the sum of the Sponsor&#146;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). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TRUST EXPENSES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust&#146;s only ordinary
recurring expense is expected to be the Sponsor&#146;s fee. The Sponsor is responsible for
payment of the following administrative and marketing expenses of the Trust: the
Trustee&#146;s monthly fee, typical maintenance and transaction fees of the Depository,
NYSE listing fees, NYSE Arca listing fees, SEC registration 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 also paid the costs of the Trust&#146;s organization
and the costs of the initial sale of the Shares, including the applicable SEC registration
fees. The Sponsor&#146;s fee accrues daily at an annual nominal rate of 0.40% of the
Canadian Dollar in the Trust. Each month, the Trust first withdraws Canadian Dollars the
Trust has earned as interest to pay the Sponsor&#146;s fee and any other Trust expenses
that have been incurred. If that interest is not sufficient to fully pay the
Sponsor&#146;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 were to incur expenses in USD (which is not
anticipated), 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 &#147;United States Federal Tax
Consequences &#151; Taxation of U.S. Shareholders.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In certain exceptional cases the
Trust will pay for some expenses in addition to the Sponsor&#146;s fee. These exceptions
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 expenses in excess of $100,000 per year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the event that none of the
extraordinary expenses described 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. </FONT></P>

<BR><BR><BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of the
Trust </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust was formed under the laws
of the State of New York on June 8, 2006. The Trust holds Canadian Dollars and, from time
to time, issues Baskets in exchange for deposits of Canadian Dollars and distributes
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 &#147;Description of
the Depositary Trust Agreement.&#148; 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
&#147;United States Federal Tax Consequences &#151; Taxation of U.S. Shareholders.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust is not registered as an
investment company under the Investment Company Act and is not required to register under
such Act. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 USD. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 total Canadian Dollars represented by 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 &#147;Plan of
Distribution.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee calculates, and the
Sponsor publishes, the Trust&#146;s NAV each business day. To calculate the NAV, the
Trustee adds 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 subtracts the accrued but unpaid Sponsor&#146;s
fee, Canadian Dollars payable under pending redemption orders and other Trust expenses and
liabilities, if any. The NAV is 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 &#147;Description of the Depositary Trust Agreement
&#151; Valuation of Canadian Dollar, Definition of Net Asset Value&#148; for a more
detailed description of how the NAV of the Trust and the NAV per Share are calculated. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust&#146;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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s website, www.currencyshares.com, provides ongoing pricing information for
Canadian Dollar spot 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 NYSE Arca is open for regular trading and is posted on the
Trust&#146;s website. </FONT></P>


<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust will terminate upon the
occurrence of any of the termination events listed in the Depositary Trust Agreement and
will otherwise terminate on June 8, 2046. See &#147;Description of the Depositary Trust
Agreement &#151; Termination of the Trust.&#148; </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Sponsor </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 solely owned
by Rydex Holdings, Inc., a Maryland corporation. The Sponsor and its affiliates
collectively do business as &#147;Rydex Investments.&#148; 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rydex Specialized Products LLC
sponsored the first exchange-traded products limited solely to particular foreign
currency, the CurrencyShares<SUP>SM</SUP> Euro Trust (NYSE Arca: FXE). Rydex also sponsors
six additional exchange-traded products limited solely to foreign currency, as follows:
CurrencyShares<SUP>SM</SUP> Australian Dollar Trust (NYSE Arca: FXA);
CurrencyShares<SUP>SM</SUP> British Pound&nbsp;Sterling Trust (NYSE Arca: FXB);
CurrencyShares<SUP>SM</SUP> Japanese Yen (NYSE Arca: FXY); CurrencyShares<SUP>SM
</SUP>Mexican Peso Trust (NYSE Arca: FXM); and CurrencySharesSM Swedish Krona Trust (NYSE
Arca: FXS); and CurrencyShares<SUP>SM</SUP> Swiss Franc Trust (NYSE Arca: FXF). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Sponsor established the Trust and
is responsible for the registration of the Shares. The Sponsor generally oversees the
performance of the Trustee and the Trust&#146;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 provides any required
certification for such reports. The Sponsor designates the independent registered public
accounting firm of the Trust and, from time to time, employs legal counsel for the Trust. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Distributor assists the Sponsor
in marketing the Shares. The Sponsor may determine to engage additional or successor
distributors. See &#147;The Distributor&#148; for more information about the Distributor. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. If the market capitalization of the Trust is less than $300 million at any time for
five consecutive trading days, then the Sponsor may, 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 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 &#147;Description of the Depositary Trust Agreement
&#151; The Trustee &#151; Resignation, discharge or removal of trustee; successor
trustees&#148; for more information. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fees are paid to the Sponsor as
compensation for services performed under the Depositary Trust Agreement. The
Sponsor&#146;s fee accrues daily at an annual nominal rate of 0.40% of the Canadian
Dollars in the Trust. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>M7 Ventures, LLC, a Delaware limited
liability company, provided 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 has invested
significant resources in the development of the Shares. In consideration of M7&#145;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. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s trust office identified above and on
the SEC&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee earns a monthly fee that
is paid by the Sponsor. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee is generally responsible for
the day-to-day administration of the Trust, including keeping the Trust&#146;s operational
records. The Trustee&#146;s principal responsibilities include withdrawing the
Trust&#146;s Canadian Dollars, as needed to pay the Trust&#146;s expenses, 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 &#147;The Depository.&#148; The Trustee is not
responsible for the overall performance of the Trust. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Following payment of the
Sponsor&#146;s fee and other Trust expenses, if any, the Trustee will direct that any
interest on the primary deposit account that exceeds the Trust&#146;s expenses be
converted into USD and the Trustee will distribute the USD as promptly as practicable to
Shareholders. See &#147;Investment Attributes of the Trust &#151; Interest on Deposited
Canadian Dollars.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee intends to regularly
communicate with the Sponsor regarding administration of the Trust. The Trustee, along
with the Sponsor, consults with the Trust&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depository </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depository will pay interest on
the primary deposit account. Interest on the primary deposit account accrues daily and is
paid monthly. Each month the Depository deposits accrued but unpaid interest into the
secondary deposit account. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depository is not paid a fee for
its services to the Trust. The Depository earns a &#147;spread&#148; or &#147;margin&#148;
over the rate of interest it pays to the Trust on the Canadian Dollar deposit balances. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depository is not a trustee for
the Trust or the Shareholders. For further information about the function of the
Depository, see &#147;Description of the Deposit Account Agreement.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Distributor </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rydex Distributors, Inc., a Maryland
corporation, is the Distributor. The Distributor is a registered broker-dealer with the
SEC and is a member of the Financial Industry Regulatory Authority, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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 Plan of Distribution. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of the
Shares </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee is authorized under the
Depositary Trust Agreement to create and issue an unlimited number of Shares. The Trustee
creates 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 NYSE Arca) of the additional Shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LIMITED RIGHTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Shares are not a traditional
investment. They are dissimilar from the &#147;shares&#148; 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 &#147;oppression&#148; or &#147;derivative&#148; actions.
Shareholders&#146; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Distributions</I>.           Each
month the Depository deposits into the secondary deposit account accrued           but
unpaid interest and the Trustee withdraws Canadian Dollars from the           secondary
deposit account to pay the accrued Sponsor&#146;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&#146;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). If the Trust were to incur           expenses in USD
(which is not anticipated), 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 &#147;United States Federal Tax Consequences &#151;          Taxation
of U.S. Shareholders.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Voting and Approvals</I>.
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, acting
on behalf of the Shareholders, 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Redemption of Shares</I>. The
Shares may be redeemed only by or through an Authorized Participant and only in Baskets.
See &#147;Creation and Redemption of Shares&#148; for details on the redemption of Shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOOK-ENTRY FORM </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All Shares are 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 evidence all of the Shares outstanding at any
time. In order to transfer Shares through DTC, Shareholders must be DTC Participants. The
Shares are transferable only through the book-entry system of DTC. A Shareholder that is
not a DTC Participant is able to transfer its Shares through DTC by instructing the DTC
Participant holding its Shares to transfer the Shares. Transfers are made in accordance
with standard securities industry practice. </FONT></P>

<BR><BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of the
Deposit Account Agreement </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DUAL ACCOUNTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depository maintains two deposit
accounts for the Trust, a primary deposit account which earns interest and a secondary
deposit account which does not earn interest. The secondary deposit account is used to
account for interest received and paid out on creations and redemptions of Baskets. The
secondary deposit account is also used to account for interest earned on the primary
deposit account, pay Trust expenses and distribute any excess interest to Shareholders on
a monthly basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REPORTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 is 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depository&#146;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&#146;s business (usually 4:00 PM, London time) on that
business day. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FEES AND EXPENSES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 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 is not paid a fee for its services to the Trust. The Depository earns a
&#147;spread&#148; or &#147;margin&#148; on the Canadian Dollar deposit balances it holds. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DEPOSIT ACCOUNT BALANCES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Canadian Dollars received by the
Trust upon the creation of Baskets are 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&#146;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&#146;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 &#147;Description of the Depositary Trust
Agreement.&#148; Interest earned on the balance of the primary deposit account will be
used primarily to pay the Trust&#146;s expenses. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INTEREST </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. 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 deposits
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&#146;s
expenses; any interest remaining after payment of the Sponsor&#146;s fee and other
expenses, if any, will be distributed to the Shareholders approximately ten days after the
end of the month. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MAXIMUM BALANCE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXCLUSION OF LIABILITY </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depository will be responsible
only for direct loss or damage that the Trust suffers resulting from the Depository&#146;s
gross negligence or willful misconduct. Unless such loss or damages are due to the
Depository&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INDEMNITY </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust will, solely out of the
Trust&#146;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&#146;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&#146;s communication or because of anything done under or as contemplated
by the Deposit Account Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORCE MAJEURE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TERMINATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depository may terminate the
Deposit Account Agreement for any reason whatsoever upon 90 business days&#146; prior
notice. Before the expiration of such notice, the Depository will transfer any cleared
balance in the Deposit Accounts in accordance with the Trustee&#146;s reasonable
instructions. Any termination of the Deposit Account Agreement will cause the termination
of the Trust. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GOVERNING LAW;
JURISDICTION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<BR><BR><BR><BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Creation and
Redemption of Shares </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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, the Sponsor and
the relevant Authorized Participant. 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.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 &#147;Plan of Distribution.&#148; </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s direct activities
in the foreign exchange and 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 Financial Industry Regulatory Authority, 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.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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, Credit Suisse Securities (USA) LLC, Goldman
Sachs Execution &amp; Clearing, L.P., Goldman, Sachs &amp; Co., Merrill Lynch
Professional Clearing Corp. and Timber Hill LLC 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.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 forms of the Depositary Trust Agreement and
Participant Agreement, each of which is an exhibit to the registration statement of which
this prospectus is a part. See &#147;Where You Can Find More Information&#148; for
information about where you can obtain the registration statement.  </FONT></P>

<BR><BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27 </FONT></P>





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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREATION PROCEDURES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following chart is intended to
help you understand the creation process: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Creation Process</U></FONT></H1>


<p align=center><IMG SRC="canadiancreation.gif"></p>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Summary</U></I><U></U>: 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 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 NYSE Arca or any other market in which the Shares may trade. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 &#147;business day&#148;
means any day other than a day when NYSE Arca 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Determination of
required deposits </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 a Basket Canadian Dollar Amount are
finally determined by the Trustee. The Trustee&#146;s determination of the Basket Canadian
Dollar Amount shall be final and binding on all persons interested in the Trust. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delivery of required
deposits </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An Authorized Participant who places
a purchase order is responsible for delivering the Basket Canadian Dollar Amount to the
Trust&#146;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 directs DTC to credit the number of Baskets ordered to
the Authorized Participant&#146;s DTC account. 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. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rejection of purchase
orders </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REDEMPTION PROCEDURES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following chart is intended to
help you understand the redemption process: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Redemption Process</U> </FONT></H1>





<p align=center><IMG SRC="canadianredemption.gif"></p>







<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><U>Summary</U></I><U></U>: 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&#146;s Shares that were redeemed. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By placing a redemption order, an
Authorized Participant agrees to deliver the Baskets to be redeemed through DTC&#146;s
book-entry system to the Depository as directed in the Authorized Participant&#146;s
Participant Agreement. 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Determination of
redemption distribution </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s determination of the amount shall be final and binding on all persons
interested in the Trust. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delivery of redemption
distribution </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The redemption distribution due from
the Trust is delivered to the Authorized Participant as directed in the Authorized
Participant&#146;s Participant Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depository wires the redemption
amount from the Trust&#146;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&#146;s insolvency.
See &#147;Risk Factors &#151; Canadian Dollars deposited in the Deposit Accounts by an
Authorized Participant are commingled. . .&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Suspension or rejection
of redemption orders </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CREATION AND REDEMPTION
TRANSACTION FEE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TAX RESPONSIBILITY </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of the
Depositary Trust Agreement </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust operates 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE SPONSOR </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s role concerning the Trust, see &#147;The
Sponsor.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Limitation on
Sponsor&#146;s liability </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indemnification of the
Sponsor </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee indemnifies the Sponsor
Indemnified Parties 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30 </FONT></P>


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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each Sponsor Indemnified Party is
indemnified by the Trust and held harmless against any loss, liability or expense incurred
without (1) 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 (2) 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Resignation of the
Sponsor; successor sponsor </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE TRUSTEE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s role concerning the Trust, see &#147;The
Trustee.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Qualifications of the
Trustee </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 it fails to maintain
capital, surplus and undivided profits of not less than $500 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Limitation on
Trustee&#146;s liability </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indemnification of the
Trustee </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 (1) any offer or sale by the Trust of Baskets, (2) acts performed
or omitted pursuant to the Depositary Trust Agreement, and (3) 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 (1) the negligence or
bad faith of, or material breach of the terms of the Depositary Trust Agreement by, the
Trustee, (2) 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 (3) any misrepresentations or omissions made by an Authorized Participant (other
than the Sponsor) in connection with the offer and sale of Shares. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Taxes </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Protection for amounts
due to Trustee </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee withdraws 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&#146;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&#146;s request. This lien will be
superior to the interest of the beneficial owners of the Shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Resignation, discharge
or removal of Trustee; successor trustees </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Resignation.           The Trustee
may resign at any time by delivering written notice to the Sponsor.           The Trustee&#146;s
resignation will take effect upon the appointment of a           successor trustee and
its acceptance of such appointment.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Removal by the Sponsor</I>. 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Removal by Shareholders</I>. 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Removal for Material Breach</I>.
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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Appointing Successor Trustees</I>.
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. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Trustee&#146;s liability for
successor trustee</I>. 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DISTRIBUTIONS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each month the Depository deposits
into the secondary deposit account accrued but unpaid interest and the Trustee withdraws
Canadian Dollars from the secondary deposit account to pay the accrued Sponsor&#146;s fee
for the previous month plus other Trust expenses, if any. In the event that the
Sponsor&#146;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&#146;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). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ACTIONS TAKEN TO PROTECT
THE TRUST </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>VALUATION OF CANADIAN
DOLLARS, DEFINITION OF NET ASSET VALUE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee calculates, and the
Sponsor publishes, the Trust&#146;s NAV each business day. To calculate the NAV, the
Trustee adds 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 subtracts the accrued but unpaid Sponsor&#146;s
fee, Canadian Dollars payable under pending redemption orders and other Trust expenses and
liabilities, if any. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The result is the NAV of the Trust
for that business day. The Trustee also divides the NAV of the Trust by the number of
Shares outstanding for the date of the evaluation then being made, which figure is the
&#147;NAV per Share.&#148; For purposes of the preceding sentence, the number of Shares
deemed outstanding includes Shares to be delivered under purchase orders having order
dates on or before the preceding business day and excludes Shares to be surrendered under
redemption orders having order dates on or before the preceding business day. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPENSES OF THE TRUST </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust&#146;s only ordinary
recurring expense is the Sponsor&#146;s fee. The Sponsor is obligated under the Depositary
Trust Agreement to pay the following administrative and marketing expenses of the Trust:
the Trustee&#146;s monthly fee, typical maintenance and transaction fees of the
Depository, NYSE listing fees, NYSE Arca 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 also paid the costs of the Trust&#146;s organization and the
costs of the initial sale of the Shares, including the applicable SEC registration fees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Sponsor&#146;s fee accrues daily
at an annual nominal rate of 0.40% of the Canadian Dollars in the Trust. Each month, the
Trust first withdraws Canadian Dollars the Trust has earned as interest to pay the
Sponsor&#146;s fee and any other Trust expenses that have been incurred. If that interest
is not sufficient to fully pay the Sponsor&#146;s fee and Trust expenses, then the Trustee
withdraws Canadian Dollars from the primary deposit account as needed. If the Trust incurs
expenses in USD (which is not anticipated), Canadian Dollars will be converted to USD at
the prevailing market rate at the time of conversion to pay expenses. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In certain exceptional cases the
following expenses may be charged to the Trust in addition to the Sponsor&#146;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. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In order to pay the Trust&#146;s
expenses, the Trustee first withdraws Canadian Dollars the Trust has earned as interest.
In the event the Sponsor&#146;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&#146;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 &#147;United
States Federal Tax Consequences &#151; Taxation of U.S. Shareholders&#148; for information
on the tax treatment of Canadian Dollar sales. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE SECURITIES
DEPOSITORY; BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DTC is the 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 &#147;clearing
corporation&#148; within the meaning of the New York Uniform Commercial Code and a
&#147;clearing agency&#148; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Because the Shares are eligible for
book-entry settlement with DTC, individual certificates will not be issued for the Shares.
Instead, global certificates have been 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 are made and intended for the purpose of binding
only the Trust and not the Trustee or the Sponsor individually. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Upon the settlement date of any
creation, transfer or redemption of Shares, DTC credits or debits, 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 designate the accounts to be credited and charged in the case of
creation or redemption of Shares. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 a written confirmation relating to the
purchase from or through the DTC Participant maintaining the account through which the
Shareholder purchased its Shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 are made in accordance with standard
securities industry practice. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SHARE SPLITS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the Sponsor believes that the
per-Share price on NYSE Arca 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. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BOOKS AND RECORDS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trustee keeps books for the
registration of Shares that are open to inspection at reasonable times during the usual
business hours of the Trustee and upon reasonable advance notice by any person who
establishes to the Trustee&#146;s satisfaction that such person is a registered
Shareholder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STATEMENTS, FILINGS AND
REPORTS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 shall contain such additional information as the Sponsor deems
appropriate. The annual report is filed with the SEC and NYSE Arca and distributed to DTC
and to such other persons as required by applicable laws, rules and regulations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Sponsor is responsible for the
registration and qualification of the Shares under the federal securities laws. The
Sponsor also prepares, or causes to be prepared, and files any periodic reports or current
reports required under the Securities Exchange Act. The Trustee assists and supports the
Sponsor in the preparation of such reports. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Deposit Accounts are 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&#146; report will
be furnished by the Trustee to Shareholders upon request. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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
&#147;Investment Attributes of the Trust &#151; Trust Expenses.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TERMINATION OF THE TRUST </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders
holding at least 75% of the outstanding Shares notify the Trustee that they elect to
terminate the Trust;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Depository resigns or is removed; or</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 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: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Trustee is notified that the Shares are delisted from NYSE Arca and have not been
approved for listing on another national securities exchange within five business days of
their delisting; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
NAV of the Trust remains less than $100 million for 30 consecutive business days;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>all
of the Trust&#146;s assets are sold;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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; or </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DTC
stops providing book-entry settlement services for the Shares. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust will terminate on June 8,
2046 if it has not been terminated prior to that date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDMENTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 written 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 and receive the amount of Trust property
represented by the Baskets, except in order to comply with mandatory provisions of
applicable law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GOVERNING LAW; CONSENT
TO NEW YORK JURISDICTION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Depositary Trust Agreement, and
the rights of the Sponsor, the Trustee and DTC (as registered owner of the Trust&#146;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. </FONT></P>

<BR><BR><BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States Federal
Tax Consequences </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For purposes of this discussion, a
&#147;U.S. Shareholder&#148; is a Shareholder that is: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An
individual who is treated as a citizen or resident of the United States for U.S. federal
income tax purposes;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
corporation created or organized in or under the laws of the United States or any
political subdivision thereof;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An
estate, the income of which is includible in gross income for U.S. federal income tax
purposes regardless of its source;  or </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For purposes of this discussion, a
&#147;Non-U.S. Shareholder&#148; 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 &#147;disregarded entity.&#148; 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 &#147;disregarded
entity&#148; and that has a single member are generally deemed to be held directly by such
member. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TAXATION OF THE TRUST </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust is classified as a
&#147;grantor trust&#148; 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&#146;s income and
expenses &#147;flow through&#148; to the Shareholders, and the Trustee will report the
Trust&#146;s income, gains, losses and deductions to the Internal Revenue Service on that
basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TAXATION OF U.S.
SHAREHOLDERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s income, if any, and as if
they directly incurred their respective pro-rata shares of the Trust&#146;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 the Shares will not be a taxable
event to the Shareholder. With respect to the increase in the amount of the U.S.
Shareholder&#146;s share of the Canadian Dollars held in the Trust that results from such
a delivery, the Shareholder&#146;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&#146;s aggregate tax basis in the
Shares received upon such delivery, will each be the same as the Shareholder&#146;s
aggregate tax basis (as determined immediately prior to such delivery) in the Canadian
Dollars that are delivered by the Shareholder to the Trust. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37 </FONT></P>

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<!-- MARKER PAGE="sheet: 153; page: 153" -->
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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any Shares that are received by a
U.S. Shareholder to evidence the Shareholder&#146;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&#146;s pro-rata share of the interest earnings. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When the Trust converts Canadian
Dollars to USD &#151; for example, to pay expenses incurred in USD (which is not
anticipated) or to make distributions to Shareholders &#151; 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&#146;s pro-rata share of the
amount realized by the Trust upon the conversion, or the Shareholder&#146;s pro-rata share
of the USD-equivalent of the Canadian Dollars used to pay expenses, and (2) the
Shareholder&#146;s tax basis for its pro-rata share of the Canadian Dollars that were
converted or used to pay expenses. As described in &#147;Investment Attributes of the
Trust &#151; Trust Expenses&#148; and &#147;Description of the Depositary Trust Agreement
&#151; Expenses of the Trust&#148;, 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 &#147;last in first
out&#148; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Sponsor&#146;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&#146;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&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Redemption of some or all of a U.S.
Shareholder&#146;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&#146;s tax basis for the Canadian Dollars received in the redemption generally
will be the same as the Shareholder&#146;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&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. In
the case of a U.S. Shareholder that uses the USD 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.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BROKERAGE FEES AND TRUST
EXPENSES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any brokerage or other transaction
fee incurred by a Shareholder in purchasing Shares will be treated as part of the
Shareholder&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INVESTMENT BY REGULATED
INVESTMENT COMPANIES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mutual funds and other investment
vehicles which are &#147;regulated investment companies&#148; 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           &#147;security&#148; within the
meaning of the Investment Company Act, 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.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES
INFORMATION REPORTING AND BACKUP WITHHOLDING FOR U.S. AND NON-U.S. SHAREHOLDERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The amount of any backup withholding
will be allowed as a credit against a Shareholder&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INCOME TAXATION OF
NON-U.S. SHAREHOLDERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A Non-U.S. Shareholder&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ESTATE AND GIFT TAX
CONSIDERATIONS FOR NON-U.S. SHAREHOLDERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. &#147;situs.&#148; 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 &#147;generation-skipping
transfer tax&#148; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TAXATION IN
JURISDICTIONS OTHER THAN THE UNITED STATES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ERISA and Related
Considerations </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The fiduciary investment rules of the
Employee Retirement Income Security Act of 1974, as amended (ERISA) generally apply to
private employee benefit plans and to certain investment funds in which such plans
participate (ERISA Investors). These rules are generally not applicable to individual
retirement arrangements (IRAs), plans covering only self-employed individuals,
governmental plans, church plans or foreign plans (Non-ERISA Investors). 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FIDUCIARY ISSUES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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&#146;s entire
portfolio. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Before investing in the Shares,
fiduciaries of ERISA Investors should review and determine </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)           ERISA&#146;s fiduciary
standards, (2) whether an investment in the Shares would           be consistent with
ERISA&#146;s prudence and diversification requirements,           including consideration
of the &#147;Risk Factors&#148; 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.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 &#147;plan assets&#148; with persons
who are &#147;parties in interest&#148; under ERISA or &#147;disqualified persons&#148;
under the Internal 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each IRA Non-ERISA Investor should
consult with its counsel to determine whether investment in the Shares may be a prohibited
transaction for purposes of Section 4975 of the Code. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PLAN ASSET ISSUES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It is anticipated that the Shares
will constitute &#147;publicly offered securities&#148; 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 &#147;plan
assets&#148; for purposes of ERISA. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plan of Distribution </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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
&#147;distribution&#148; (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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dealers who are neither Authorized
Participants nor &#147;underwriters&#148; but are nonetheless participating in a
distribution (as contrasted to ordinary secondary trading transactions), and thus dealing
with Shares that are part of an &#147;unsold allotment&#148; 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note to Secondary Market Investors:
The Shares can be purchased or redeemed directly from the Trust only in Baskets. Each
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 are listed and traded on NYSE Arca 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Legal Matters </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The validity of the Shares has been
passed upon for the Sponsor by Foley &amp; Lardner LLP, who, as special United States tax
counsel to the Trust, also rendered an opinion regarding the material federal income tax
consequences relating to the Shares. In addition to receiving customary legal fees, Foley
&amp; Lardner LLP is paid an annual fee for the life of the Trust, which is 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>License </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;s affiliate a non-exclusive, personal and
non-transferable license under BNY&#146;s patent application(s) covering systems and
methods for securitizing a commodity. The license grant is limited to only allow the
Sponsor&#146;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&#146;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&#146;s prior written consent. The Sponsor&#146;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 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&#146;s or any of BNY&#146;s
affiliates&#146; use of any improvement, enhancement, modification, derivative work or
upgrade made by the Sponsor to the rights sublicensed to it. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Experts </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The financial statements incorporated
in this Prospectus by reference to the Annual Report on Form 10-K for
the year ended October 31, 2007 have been so incorporated in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the
authority of said firm as experts in auditing and accounting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Where You Can Find
More Information </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Sponsor has filed on behalf of
the Trust a registration statement on Form S-3 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&#146;s website. The internet address of the Trust&#146;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&#146;s website. The information contained on or
connected to the Trust&#146;s website is not part of this prospectus or the registration
statement of which this prospectus is part. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Trust is subject to the
informational requirements of the Securities Exchange Act. The Sponsor, on behalf of the
Trust, files quarterly and annual reports and other information with the SEC. 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
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. </FONT></P>

<BR><BR><BR><BR>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42 </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Incorporation of
Certain Information by Reference </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The SEC allows the
&#147;incorporation by reference&#148; of certain information into this prospectus, which
means that important information can be disclosed to you by referring you to other
documents which have been, or will be, filed with the SEC. The documents listed below and
all amendments or supplements to these documents are incorporated by reference in this
prospectus, as well as any future filings that may be made with the SEC before the time
that all of the securities offered by this prospectus have been sold or deregistered. </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual
Report on Form 10-K for the fiscal year ended October 31, 2007; and</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
documents filed on behalf of the Trust with the SEC pursuant to Section 13(a), 13(c), 14
or 15(d) of the Securities Exchange Act after the date of this prospectus and before the
termination or completion of this offering of the Shares shall be deemed to be
incorporated by reference in this prospectus and to be a part of it from the filing dates
of such documents. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain statements in and portions of
this prospectus update and replace information in the above listed documents incorporated
by reference. Likewise, statements in or portions of a future document incorporated by
reference in this prospectus may update and replace statements in and portions of this
prospectus or the above listed documents. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You may request a copy of these
documents at no cost by writing or telephoning the Sponsor at the following address and
telephone number: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rydex Investments<BR>Attn:
CurrencyShares<SUP>SM</SUP> Canadian Dollar Trust  <BR>9601 Blackwell Road<BR>Suite 500
 <BR>Rockville, Maryland 20850  <BR>(800) 820-0888  </FONT></P>

<BR><BR><BR><BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43 </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION NOT
REQUIRED IN PROSPECTUS </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 14. Other Expenses
of Issuance and Distribution. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The expenses incurred in connection
with the issuance and distribution of the securities being registered are as set forth
below. Other than the Securities and Exchange Commission filing fee, all fees and expenses
are estimated. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80% align=center>
<TR VALIGN=Bottom>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Securities and Exchange Commission filing fee</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   --</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Legal fees and expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>20,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Accounting fees and expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>5,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Printing expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>15,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2> 40,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=2></TD><TD></TD></TR>
</TABLE>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 15. Indemnification
of Directors and Officers. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Sponsor is a limited liability
company formed as such under Delaware law. Section&nbsp;18-108 of the Delaware Limited
Liability Company Act provides that a limited liability company may indemnify and hold
harmless any members, managers or other persons against any and all claims and demands
whatsoever, subject to any standards and restrictions set forth in the limited liability
company agreement of the limited liability company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section&nbsp;18 of the Sponsor&#146;s
Limited Liability Company Agreement provides that, to the fullest extent permitted by
applicable law, a member or officer of the Sponsor will be entitled to indemnification
from the Sponsor for any loss, damage or claim incurred by the member or officer for any
act or omission performed or omitted by the member or officer in good faith on behalf of
the Sponsor and in a manner reasonably believed to be within the scope of the authority
conferred on the member or officer by the Sponsor&#146;s Limited Liability Company
Agreement; provided, however, that no member or officer will be entitled to be indemnified
if the loss, damage or claim was due to the member&#146;s or officer&#146;s fraud or
willful misconduct. A member&#146;s or officer&#146;s reasonably incurred costs and
expenses in defending pending or threatened actions, suits or proceedings will be paid in
advance by the Sponsor if the member or officer provides an undertaking to repay the
amounts advanced if it is ultimately determined that the member or officer is not entitled
to be indemnified by the Sponsor. The indemnity and the advance of expenses are limited to
the Sponsor&#146;s assets, and no member of the Sponsor will have personal liability for
such indemnity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section&nbsp;7.1(d)           of the
Depositary Trust Agreement provides that the Sponsor and its directors,
          Shareholders, officers, employees, affiliates and subsidiaries will be
          indemnified from the Trust and held harmless against any loss, liability or
          expense incurred by an indemnified party without (1)&nbsp;negligence, bad
faith,           willful misconduct or willful malfeasance on the part of the indemnified
party           arising out of or in connection with the performance of its obligations
under           the Depositary Trust Agreement or any actions taken in accordance with
the           provisions of the Depositary Trust Agreement or (2)&nbsp;the indemnified
          party&#146;s reckless disregard of its obligations and duties under the
          Depositary Trust Agreement. The indemnity will include payment from the Trust
of           the indemnified party&#146;s costs and expenses of defending itself against
any           claim or liability based on its capacity as Sponsor under the Depositary
Trust           Agreement.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 16. Exhibits and
Financial Statement Schedules. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The exhibits listed in the
accompanying Exhibit Index are filed or incorporated by reference as part of this
Registration Statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 17. Undertakings. </FONT></H1>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Registrant hereby undertakes: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
file, during any period in which offers or sales are being made, a
               post-effective amendment to this Registration Statement:  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 3-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>i </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-1 </FONT></P>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 158; page: 158" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Para Hang Lv 3-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ii </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
reflect in the prospectus any facts or events arising after the effective date of the
Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in the Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus filed
with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20% change in the maximum aggregate offering price set
forth in the &#147;Calculation of Registration Fee&#148; table in the effective
Registration Statement;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 3-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>iii </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
include any material information with respect to the plan of distribution not previously
disclosed in the Registration Statement or any material change to such information in the
Registration Statement;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 3-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in the Registration
Statement. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>That,
for the purpose of determining any liability under the Securities Act of
               1933, each such post-effective amendment shall be deemed to be a new
               Registration Statement relating to the securities offered therein, and the
               offering of such securities at that time shall be deemed to be the initial
bona                fide offering thereof.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
remove from registration by means of a post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Registrant hereby undertakes that, for purposes of determining any liability
               under the Securities Act of 1933, each filing of the Registrant&#146;s
annual                report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act                of 1934 that is incorporated by reference in the Registration
Statement shall be                deemed to be a new Registration Statement relating to
the securities offered                therein, and the offering of such securities at
that time shall be deemed to be                the initial <I>bona fide</I> offering
thereof. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insofar
as indemnification for liabilities arising under the Securities Act of
               1933 may be permitted to directors, officers and controlling persons of
the                Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant                has been advised that in the opinion of the Securities and
Exchange Commission                such indemnification is against public policy as
expressed in the Securities Act                of 1933 and is, therefore, unenforceable.
In the event that a claim for                indemnification against such liabilities
(other than the payment by the                Registrant of expenses incurred or paid by
a director, officer or controlling                person of the Registrant in the
successful defense of any action, suit or                proceeding) is asserted by such
director, officer or controlling person in                connection with the securities
being registered, the Registrant will, unless in                the opinion of its
counsel the matter has been settled by controlling precedent,                submit to a
court of appropriate jurisdiction the question whether such
               indemnification by it is against public policy as expressed in the
Securities                Act of 1933 and will be governed by the final adjudication of
such issue. </FONT></TD>
</TR>
</TABLE>
<BR>

<BR><BR>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-2 </FONT></P>

<!-- MARKER PAGE="; page: 126" -->
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, the Registrant has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of
Rockville, State of Maryland on February 8, 2008. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>CURRENCYSHARES<SUP>SM</SUP></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>CANADIAN DOLLAR TRUST</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>By:&nbsp;&nbsp;Rydex Specialized Products LLC</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sponsor of the CurrencyShares<SUP>SM</SUP></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Dollar Trust</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>By:&nbsp;&nbsp;<U>/s/ Carl G. Verboncoeur</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carl G. Verboncoeur</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO and Treasurer</FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, as amended, this Registration Statement has been signed by the
following persons in the capacities indicated below on the 8th day of February, 2008. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman" SIZE=2><U>Signature</U></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2><U>Title</U></FONT></TH>
     <TH><FONT FACE="Times New Roman" SIZE=2><U>Date</U></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><U>/s/ Carl G. Verboncoeur</U></FONT></TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Director, CEO and Treasurer</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>February 8, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Carl G. Verboncoeur</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>(Principal Executive Officer)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><U>/s/ Nick Bonos</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Director and CFO</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>February 8, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Nick Bonos</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>(Principal Financial Officer)</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><BR><U>/s/ Michael Byrum</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Director and Secretary</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2>February 8, 2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Michael Byrum</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2></FONT></TD></TR>
</TABLE>

<BR><BR><BR><BR>

<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S-1 </FONT></P>

<!-- MARKER PAGE="; page: 127" -->
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<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></H1>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=15% ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><B>Exhibit</B><BR><U><B>Number</B></U></FONT></TD>
     <TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2><B><U>Document Description</U></B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><BR>(4.1)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Form of Depositary Trust Agreement*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><BR>(4.2)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Form of Participant Agreement*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><BR>(5.1)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Opinion of Foley &amp; Lardner LLP as to legality**</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><BR>(8.1)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Opinion of Foley &amp; Lardner LLP as to tax matters**</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><BR>(23.1)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Consent of Independent Registered Public Accounting Firm</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman" SIZE=2><BR>(23.2)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Consents of Foley &amp; Lardner LLP (included in Exhibits 5.1 and 8.1)</FONT></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>* Incorporated by reference to the
Exhibit to Amendment No. 1 to Form S-1 Registration Statement filed June 8, 2006
identified with the same Exhibit number. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>** Incorporated by reference to the
Exhibit to Amendment No. 2 to Form S-1 Registration Statement filed June 13, 2006
identified with the same Exhibit number. </FONT></P>

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<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Project" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 23.1 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We hereby consent to the
incorporation by reference in this Registration Statement on Form&nbsp;S-3 of our
report<B> </B>dated January 25, 2008 relating to the financial statements, which appears in
CurrencyShares<SUP>SM</SUP> Canadian Dollar Trust&#146;s Annual Report on Form 10-K for
the year ended October&nbsp;31, 2007. We also consent to the reference to us under the
heading &#147;Experts&#148; in such Registration Statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PricewaterhouseCoopers LLP<BR>Baltimore,
MD<BR>February 8, 2008  </FONT></P>




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