CurrencyShares Euro 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 Euro and distributes Euro in connection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the price of euro plus accrued interest, less the expenses of the Trust’s operations. The Shares seeks to provide institutional and retail investors with a means of gaining investment benefits similar to those of holding Euro. The Trust’s assets primarily consist of euro on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account, which earns interest and a secondary deposit account, which does not earn interest. The Trust’s sponsor is Rydex Specialized Products LLC, doing business as Rydex Investments. The Bank of New York serves as the trustee of the Trust.