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. The Trust holds Japanese Yen and, from time to time, issues Baskets in exchange for deposits of Japanese Yen and distributes Japanese Yen in connection with redemptions of Baskets. The Sponsor of the Trust is Rydex Specialized Products LLC. The Sponsor of the Trust oversees the performance of the Trustee and the Trust’s principal service providers. The Bank of New York Mellon serves as the trustee.