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Legal Information

 

INVESTORS CONSIDERING INVESTING IN A CURRENCYSHARES PRODUCT SHOULD READ THE ENTIRE ASSOCIATED PROSPECTUS, INCLUDING THE “RISK FACTORS” SECTION, FILED WITH THE SECURITIES EXCHANGE COMMISSION (“SEC”), MADE AVAILABLE ON THE SEC’S WEB SITE, SEC.GOV, AND AT CURRENCYSHARES.COM BEFORE INVESTING. IT IS ALSO HIGHLY RECOMMENDED THAT BEFORE INVESTING IN A CURRENCYSHARES PRODUCT, INVESTORS READ ALL SEC FILINGS ASSOCIATED WITH THAT PRODUCT THAT ARE AVAILABLE ON THE SEC’S WEB SITE.

NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THE CURRENCYSHARES PROSPECTUSES, OR DETERMINED IF THE PROSPECTUSES ARE TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

 

Terms and Conditions of Use

The CurrencyShares web pages (called “this web site”) is operated and published by Guggenheim Investments. Your use of this web site or any of its sections or pages is governed by the terms and conditions on this web site. You are granted a limited, non-exclusive, revocable and non-transferable license to utilize and access the web site pursuant to the requirements and restrictions of these Terms of Use. 

Guggenheim Investments reserves the right, without notice, to change or modify any of the terms and conditions on this web site in any manner and at any time. You are responsible for regularly reviewing all such terms and conditions and you will not receive notice of any kind advising you of changes or modifications.

These Terms of Use supersede all other written and oral communications or agreements with regard to the subject matters discussed in these Terms of Use.  A waiver or modification of these Terms of Use will only be effective if made in writing signed by an authorized officer of Guggenheim Investments.

 

Use of this Web Site

This web site is for U.S. investors and the information and materials on this web site are provided for general informational and educational purposes. You are permitted to save, display or print out information contained on this web site only for your personal, non-commercial use. Except as otherwise permitted by these terms and conditions, you are not permitted to modify, copy, distribute, transmit, display, reproduce, publish, license, frame, link, create derivative works from, transfer or otherwise use in any manner, in whole or in part, this web site or the information and materials on this web site without the prior written authorization of Guggenheim Investments and with suitable accreditation to Guggenheim Investments. To request such authorization, please contact us at 800.820.0888.

This web site may not be used by you for any commercial purposes such as to conduct sales of merchandise or services of any kind. You must obtain Guggenheim Investments’ prior written consent to make commercial offers of any kind on the web site, whether by advertising, solicitations, links, or any other form of communication.  Guggenheim Investments will investigate and take appropriate legal action against anyone who violates this provision, including without limitation, removing the offending communication from the web site and barring such violators from use of the web site.

If you violate these Terms of Use, Guggenheim Investments may terminate your use of the web site, bar you from future use of the web site, and/or take appropriate legal action against you.

 

Important Notice

The information in this web site is directed at, and is intended for distribution to, and for use by, persons in the U.S. only, and is not intended for distribution to or use by any person in any other jurisdiction. Guggenheim Investments does not warrant the accuracy or completeness of any price, tax, cost basis, or other information on this web site, or any investment, tax or other benefits associated with CurrencyShares.

The information on CurrencyShares contained in this web site is solely for informational purposes and does not constitute either an offer to sell or the solicitation of an offer to buy CurrencyShares. This information on CurrencyShares is not, and is not intended to be, a complete discussion of all material information you should know about CurrencyShares. If you are considering whether to purchase a CurrencyShares Trust security, you should carefully read the relevant prospectus prior to making a purchase. You should not rely on the information contained in this web site.

 

Important Legal Information and Risk Statement

The information provided by this web site has been prepared by Guggenheim Investments for information purposes only. Neither the information nor any opinions contained or expressed in the web site constitutes or should be construed as a solicitation or offer by CurrencyShares, Guggenheim Investments, or either of their affiliates to buy or sell any currency-based securities or other financial instruments or to provide any investment advice, recommendations, or services of any kind.

The information in the web site is descriptive of CurrencyShares Trust and may not be available to or suitable for you. Not all investment strategies are appropriate at all times. The opinions expressed in the web site do not constitute investment advice and should not be construed to be a warranty or guarantee of a return on an investment. Independent advice should be sought in cases of doubt.

Investing in CurrencyShares products described in this web site involves significant risks. You should carefully read the relevant prospectus before buying CurrencyShares. With respect to information about CurrencyShares you should rely only upon the information contained in the relevant prospectus. The value of the shares of each Trust can fall and rise and an investor may lose money. Past performance may not be indicative of future performance.

Each CurrencyShares product is structured as a Trust and the Shares represent fractional undivided interests in the Trust. CurrencyShares are not interests in, nor obligations of Guggenheim Investments or any of its affiliates, Authorized Participants, Trustees, Depositories or any other party. There entities may, at any time, have a position, or otherwise be interested, in financial instruments which are directly or indirectly the subject of information contained in this web site.

The information in this web site is directed at, and is intended for distribution to, and use by, persons in the U.S. only. It is not intended for distribution to, or use by, any person in any other jurisdiction. By visiting the web site, you represent, warrant and covenant that (a) you are a resident of the United States; and (b) all materials of any kind submitted by you to Guggenheim Investments through the web site or for inclusion on the web site will not plagiarize, violate or infringe upon the rights of any third-party including trade secret, copyright, trademark, trade dress, privacy, patent, or other personal or proprietary rights. Access to the information contained in this web site may be restricted by laws or regulations applicable to you. None of the services or investments referred to in the web site are available, and prospectuses in respect of them will not be distributed to persons resident in any state or territory where such distribution would be contrary to local law or regulation. It is your responsibility as the user to be informed of and to observe all applicable laws and regulations of any relevant jurisdiction.

 

Proprietary Rights

This web site and all information and materials on this web site are protected by U.S.and international copyright and trademark laws and other intellectual property laws, and any unauthorized use of any information and materials on this web site may violate such laws. All information and materials on this web site are owned or controlled by CurrencyShares or Guggenheim Investments, as the case may be, or are used by Guggenheim Investments with the permission of the third party owner or provider of such information or materials. These terms and conditions are not intended to, and do not, transfer or grant any rights in or to this web site or the information and materials on this web site other than those which are specifically described in these terms and conditions, and all rights not expressly granted in these terms and conditions are reserved by Guggenheim Investments, or by the third party owners or providers from whom Guggenheim Investments have obtained information and materials on this web site and Guggenheim Investments and all their associated companies together with their logos, trademarks and graphics (including symbols and artwork) and the trade address of this web site are all trade names, trademarks or service marks of Guggenheim Investments and may not be used without permission from Guggenheim Investments. In no event may trademarks, service marks or other proprietary elements on this web site owned by CurrencyShares or Guggenheim Investments be reproduced separately from the textual content associated with them. In addition, you are not permitted to alter, obscure or remove any copyright, trademark or other notice on this web site or in the information and materials on this web site. The name of other actual companies and third party products or services identified on this web site may be the trade names, trademarks or service marks of their respective owners.

 

Changes to this Web Site

Guggenheim Investments reserves the right, without notice, (i) to change, add, modify or remove any information and materials on this web site in any manner and at any time, and (ii) to suspend, limit, restrict and/or deny access to any aspect or part of this web site at any time for any reason, including, without limitation, for any scheduled or unscheduled maintenance, upgrades, improvements or corrections. Neither CurrencyShares, Guggenheim Investments, nor any of their third party providers shall have any duty or responsibility (i) to maintain, update, correct or remove any information and materials on this web site for any reason or (ii) to advise or identify any information and materials on this web site which may be outdated, incomplete, inaccurate or erroneous.

 

Disclaimer of Warrenties and Limitation of Liability

Neither CurrencyShares nor Guggenheim Investments make any express or implied representation or warranty of any kind, including, without limitation, any representation or warranty of title, non- infringement, merchantability or fitness for a particular purpose or use, concerning this web site and any information or materials on or accessible through this web site. Neither CurrencyShares, Guggenheim Investments, nor any of their subsidiaries or affiliates nor any director, officer or employee of the foregoing shall be liable or have any responsibility for any loss, liability or damage that you may incur in connection with (i) your use of this web site and any information or materials on or accessible through this web site, (ii) any erroneous connection or communication between you and CurrencyShares or you and Guggenheim Investments made through this web site, (iii) the transmission of any computer viruses or other harmful components that may cause damage to another’s computer system or network although every reasonable effort has been made to ensure that the web site is free from viruses, (iv) any aspect of the performance of this web site, including, without limitation, any failure, delay, interruption or disruption of this web site or your access to this web site, (v) the delivery of any information and materials or services available on or through this web site or the execution of any transactions made on or through this web site, (vi) any other cause relating to your access, or use of this web site and any of the information or materials on this web site, and (vii) any unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure, regardless of whether any of the foregoing circumstances in this paragraph giving rise to such loss, liability or damage may have been within the control of Guggenheim Investments or any third party servicing this web site. Without limiting any of the foregoing, in no event will Guggenheim Investments or any of their subsidiaries or affiliates or any director, officer or employee of the foregoing be liable for any consequential, special, punitive, incidental, indirect or similar damages arising from, related to or connected with your access and use of this web site and the information and materials on this web site, even if notified or advised of the possibility of such damages.

 

Security

While every reasonable effort has been made to ensure that the content of this web site is secure, neither CurrencyShares nor Guggenheim Investments make any representation or warranty, express or implied, concerning the security of this web site, including, without limitation, with respect to the ability of unauthorized persons to access, intercept or use information or materials transmitted by you to this web site or from this web site to you. CurrencyShares, Guggenheim Investments, nor any of their subsidiaries or affiliates nor any director, officer or employee of the foregoing shall be liable or have any responsibility for any loss, liability or damage that you may incur from any third party access, interception or use of any information, materials or services on or accessible through this web site or any tampering with your computer system done by unauthorized parties.

 

Accuracy of Information

Although the information and materials on this web site were obtained or compiled from sources CurrencyShares and Guggenheim Investments believe to be reliable, neither CurrencyShares nor Guggenheim Investments make any express or implied representation, warranty or guarantee as to the accuracy, validity, reliability, timeliness or completeness of any such information or materials in general or in connection with any particular use or purpose. Neither CurrencyShares nor Guggenheim Investments represent or endorse the accuracy or reliability of any third party advice, opinion, statement, information or materials on (including links from) or accessible through this web site.

 

Investment Advice - No Offer or Recommendation

This web site and the information and materials on this web site do not, and shall not be construed as, making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of any currency products or any other regulated products, securities or investments, including, without limitation, any advice to the effect that any currency-related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor.

 

Local Legal Restrictions

The information and materials on this web site are not directed to and may not be used by any person or entity in any jurisdiction where the direction or use of such information and materials is prohibited or would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory organization.

 

Third-Party Links

This web site may contain links to web sites owned, sponsored or maintained by third parties, including, without limitation, links to members, affiliates, or subsidiaries of either CurrencyShares or Guggenheim Investments. These links are provided only as a convenience to you. The inclusion of any link on this web site to a third party web site is not and does not imply any affiliation, sponsorship, endorsement, approval, investigation, verification or authorization by CurrencyShares or Guggenheim Investments of such third party web site or the information or materials on such third party web site. Neither CurrencyShares nor Guggenheim Investments make any representations, warranties or guarantees with respect to, and is not responsible for, any third party web site or the information and materials on such third party web site or your use of or inability to use such third party web site. You should also be aware that the terms and conditions of use for any third party web site and such web site’s privacy policies may be different from those applicable to your use of this web site.

By using the web site to search for or link to another site, you agree and understand that you may not make any claim against Guggenheim Investments for any damages or losses, whatsoever, resulting from your use of the web site to obtain search results or to link to another site.  If you have a problem with a link from the web site, you may notify the Guggenheim Investments Web help desk at 800.487.9339

 

Governing Law

This Agreement will be governed by and construed under the laws of the State of New York, without reference to any choice of law rules. Visitors of this web site irrevocably submit to the jurisdiction of the courts of New York.

 

Information for Non-U.S. Investors

The products and services described on this web site are intended to be made available only to persons in the Unites States, and the information on this web site is only for such persons. Nothing on this web site shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such an offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

 

No Reliance

Information contained in the web site is checked and updated by Guggenheim Investments with due diligence on a regular basis. However, data on the web site may become outdated. Therefore, Guggenheim Investments does not assume any liability or guarantee for the timeliness, accuracy, and completeness of the information provided. Guggenheim Investments uses reasonable efforts to obtain information from sources that it believes to be reliable; however, Guggenheim Investments makes no representation that the information or opinions contained on the web site is accurate, reliable, or complete. The information on this web site is provided for information purposes only and is subject to change without notice. The investments and strategies discussed in the contents may not be suitable for all investors. The investments are not bank deposits and are not insured by the FDIC, CIFP, CDIC, the Financial Services Compensation Scheme of England or any other entity and are subject to investment risks, including the loss of the principal amount invested. Nothing contained on the web site constitutes investment, legal, tax, or other advice nor is to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

You understand and agree that in Guggenheim Investments’ sole discretion, and without prior notice, Guggenheim Investments may terminate your access to the web site, or exercise any other remedy available and remove any unauthorized user information, if Guggenheim Investments believes that the information you provide has violated or is inconsistent with these Terms of Use, or violates the rights of Guggenheim Investments, or any third party, or violates the law. You agree that monetary damages may not provide a sufficient remedy to Guggenheim Investments for violations of these Terms of Use and you consent to injunctive or other equitable relief for such violations. Guggenheim Investments may release user information about you if required by law or subpoena.

You agree to indemnify and hold Guggenheim Investments, its subsidiaries, affiliates, officers, agents and other partners and employees, harmless from any loss, liability, claim or demand, including reasonable attorneys’ fees, made by any third party due to or arising out of or relating to your use of the web site, including also your use of the web site to provide a link to another site or to upload content or other information to the web site, or your breach of the Terms of Use.

 

Privacy

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Spot Price BidSpot Price AskIntraday Indicative Value data 5-10 second delay.

Performance displayed represents past performance, which is no guarantee of future results.
Investment return and principal value will fluctuate so that when shares of the CurrencyShares Trusts are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. Performance results are short-term and may not provide an adequate basis for evaluating the performance potential of the product over varying market conditions or economic cycles. Prices shown are in U.S. Dollars unless otherwise noted.


The Current Interest Rate accrues daily and pays out monthly for the respective currency's interest bearing account. The Current Interest Rate, set by the Depository, can fluctuate as frequently as daily to reflect the local overnight rate, market conditions and the Depository's liquidity needs. The 40 bps management fee charged by the sponsor will be paid out of interest earned and has not been accounted for in the Current Interest Rate stated above. Interest earned by the trust, if any, will accrue daily and will be used to pay trust expenses. Any excess interest will be distributed to shareholders monthly. There is no assurance any interest will be paid, and if paid, may not be the best available. If the trust’s expenses exceed interest earned, the trustee will withdraw the respective currency from the Trust to pay the excess, thereby reducing the amount of the currency represented by each share on an ongoing basis and may result in adverse tax consequences for shareholders.

Each of the CurrencyShares® Australian Dollar (FXA) Trust, CurrencyShares® British Pound Sterling (FXB) Trust, CurrencyShares® Canadian Dollar (FXC) Trust, CurrencyShares® Chinese Renminbi (FXCH) Trust, CurrencyShares® Euro (FXE) Trust, CurrencyShares® Japanese Yen (FXY) Trust, CurrencyShares® Singapore Dollar (FXSG) Trust, CurrencyShares® Swedish Krona (FXS) Trust and CurrencyShares® Swiss Franc (FXF) Trust (each a “Trust” and collectively, the “Trusts”) has filed a registration statement (including a prospectus) with the SEC for the offerings to which this communication relates. Before you invest in the shares of a Trust, you should read the prospectus in the registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and its offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, you may click the links above or the Trust will arrange to send you its prospectus if you request it by calling toll-free 800.820.0888.

The CurrencyShares Trusts are not investment companies registered under the Investment Company Act of 1940. The Trust(s) are not subject to the regulatory requirement of investment companies.

The value of the shares of each CurrencyShares Trust relates directly to the value of the foreign currency held by the particular Trust. This creates a concentration risk associated with fluctuations in the price of the applicable foreign currency. Accordingly, a decline in the price of that currency will have an adverse effect on the value of the shares of the particular CurrencyShares Trust. Factors that may have the effect of causing a decline in the price of a foreign currency include national debt levels and trade deficits, domestic and foreign inflation rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Shares of each CurrencyShares Trust are also subject to risks similar to those of stocks and may not be suitable for all investors.

This web site is for U.S. investors and the information contained within it is not an offer to sell or a solicitation of an offer to buy shares in any CurrencyShares Trust, nor shall any such shares be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction.

The information on this web site is for informational purposes only and is not, and is not intended to be, a complete discussion of all material information you should know about the CurrencyShares Trusts.

CurrencyShares® are subject to risks similar to those of stocks and may not be suitable for all investors. The value of the shares of each CurrencyShares Trust relates directly to the value of the foreign currency held by the particular Trust. This creates a concentration risk associated with fluctuations in the price of the applicable foreign currency. Accordingly, a decline in the price of that currency will have an adverse effect on the value of the shares of the particular CurrencyShares Trust. Factors that may have the effect of causing a decline in the price of a foreign currency include national debt levels and trade deficits, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Investors should consider the investment objectives, risks, charges and expenses of these products carefully before investing. The prospectus pertaining to each product contains this and other information about the product. Please read the applicable prospectus, including the Risk Factors section, carefully before you invest. Shares can be bought and sold through a broker and the purchasers or sellers may have to pay brokerage commissions in connection with the transaction. Investment returns and principal value will fluctuate so that shares may be worth more or less than original cost. Shares may only be redeemed directly from the Trust by Authorized Participants via baskets (as defined in the prospectus). There can be no assurance that an active trading market for the shares will develop or be maintained.

Shares of each CurrencyShares Trust can be bought and sold through a broker; as such, investors may be required to pay brokerage commissions in connection with a purchase or sale. There can be no assurance that an active trading market for the shares of any CurrencyShares Trust will develop or be maintained. The risks associated with each of the CurrencyShares Trusts are not identical because of differences in the economies underlying each CurrencyShares Trust, as well as other considerations. For a more complete discussion of risk factors applicable to each CurrencyShares Trust, carefully read the particular Trust's prospectus.

Interest earned on the deposited currency, if any, will be used to pay the Trust's expenses. Any excess interest will be distributed to Shareholders monthly. Such interest is not expected to form a significant part of the Shareholders' investment return. If the Trust's expenses exceed interest earned, the Trustee will withdraw respective currency held by the Trust to pay the excess, thereby reducing the number of currency per Share. This may result in adverse tax consequences for shareholders. 

The NAV and Market Close performance may differ. A major reason for the difference is that timing discrepancies can exist between the NAV, which is calculated using WM/Reuters Closing Spot Rate and Market Close, which is calculated using Closing Price (last trade). WM/Reuters Closing Spot Rate is the exchange rate of the U.S. Dollar and the applicable foreign currency as determined by WM/Reuters as of 4:00 PM London time.  

NAV is calculated using WM/Reuters Closing Spot Rate. WM/Reuters Closing Spot Rate is the exchange rate of the U.S. Dollar and the applicable foreign currency as determined by WM/Reuters as of 4:00 PM London time. Prior to 11/13/2008, NAVs for each CurrencyShares Trust, except the CurrencyShares Russian Ruble Trust and the CurrencyShares Chinese Renminbi Trusts, were calculated using the Noon Buying Rate, as determined by the Federal Reserve Bank of New York. For more information, please read the prospectus. 

The WM/Reuters Closing Spot rates are provided by WM/Reuters and are used for certain currencies (the “Rates”) displayed herein. WM/Reuters shall not be liable for any errors in or delays in providing or making available the WM/Reuters Closing Spot rates, nor for any actions taken in reliance on the same. This information cannot be used, reproduced, distributed, redistributed, licensed or disclosed in any way without a written agreement with WM/Reuters. 

Spot Prices provided by FactSet. No warranty is given for the accuracy of these prices and no liability is accepted for reliance thereon. Prices are provided on a reasonable efforts basis and delays may occur both because of the delay in third parties communicating the information to the site and because of delays inherent in posting information over the Internet. Prices shown are indicative only and do not represent actionable quotations on prices of actual trades. 

The CurrencyShares Trusts are distributed by Guggenheim Funds Distributors, LLC. Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), which includes Security Investors, LLC (“SI”). Guggenheim Specialized Products, LLC (“GSP”), the sponsor for the CurrencyShares Trusts, is a wholly owned subsidiary of SI. Guggenheim Funds Distributors, LLC, is affiliated with Guggenheim, SI and GSP.

© 2017 Guggenheim Distributors, LLC. All Rights Reserved.