Profile: CurrencyShares Japanese Yen Trust: Japanese Yen Shares (FXY.P)

The CurrencyShares Japanese Yen Trust (the Trust) is a grantor trust. The Trust issues shares (the Shares) in blocks of 50,000 (a Basket) in exchange for deposits of Japanese Yen and distributes Japanese Yen in connection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the price of Japanese Yen plus accrued interest, less the expenses of the Trust’s operations. Rydex Specialized Products LLC is the Sponsor of the Trust. The Bank of New York, a banking corporation with trust powers, serves as the Trust’s Trustee. On January 17, 2008, Rydex NV, Inc., parent company of the Sponsor, was acquired by Security Benefit Corporation.

The Trust holds Japanese Yen and issues Baskets in exchange for deposits of Japanese Yen and distributes Japanese Yen in connection with redemptions of Baskets. The Japanese Yen held by the Trust will be sold only if needed to pay Trust expenses, in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.