Exhibit 4.5

AMENDMENT TO PARTICIPANT AGREEMENTS

THIS AMENDMENT TO PARTICIPANT AGREEMENTS (this “Amendment”) is made as of the 15 day of January, 2011 by and between The Bank of New York Mellon, a New York banking corporation, not in its individual capacity but solely as trustee (the “Trustee”) of the CurrencyShares Trusts set forth on Schedule A hereto (the “Trusts”) and Rydex Specialized Products LLC, a Delaware limited liability company d/b/a “Rydex Investments” (the “Sponsor”) as sponsor of the Trusts.

W I T N E S S E T H

WHEREAS, various authorized participants (the “Authorized Participants”), the Trustee and the Sponsor are parties to those certain Participant Agreements set forth on Schedule B hereto, as the same may have previously been amended (collectively the “Agreements” and individually, an “Agreement”); and

WHEREAS, the Trustee and the Sponsor desire to amend each of the Agreements on the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the terms and conditions contained herein, and in accordance with Section 18(a) of each Agreement, each of the Agreements is hereby amended as follows:

1. Definitions. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Agreements.

2. Amendments. Section 7 of each Agreement is hereby revised in its entirety to read as follows:

“Section 7. Redemption.

The Authorized Participant represents and warrants that it will not obtain an Order Number (as described in the Procedures) from the Trustee for the purpose of redeeming a Basket unless it first ascertains that (i) it or its customer, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Baskets have not been loaned or pledged to another party, borrowed or temporarily obtained from another party and are not the subject of any repurchase agreement, reverse repurchase agreement or securities lending agreement, or any other arrangement which would preclude the delivery of such Baskets to the Trustee on the third Business Day following the date of the Redemption Order.”

3. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.

4. Other. In the event of any conflict between the terms of this Amendment and the terms of the Agreements, the terms of this Amendment shall control. All other terms and conditions of the Agreements shall remain in full force and effect.

[Signature Page Follows]

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IN WITNESS WHEREOF, the undersigned have signed and delivered this Amendment as of the date first written above.

SCHEDULE A

THE TRUSTS

CurrencyShares Australian Dollar Trust

CurrencyShares British Pound Sterling Trust

CurrencyShares Canadian Dollar Trust

CurrencyShares Euro Trust

CurrencyShares Japanese Yen Trust

CurrencyShares Mexican Peso Trust

CurrencyShares Russian Ruble Trust

CurrencyShares Swedish Krona Trust

CurrencyShares Swiss Franc Trust

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SCHEDULE B

THE PARTICIPANT AGREEMENTS

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SCHEDULE B

THE PARTICIPANT AGREEMENTS

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SCHEDULE B

THE PARTICIPANT AGREEMENTS

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SCHEDULE B

THE PARTICIPANT AGREEMENTS

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