X hits on this document

PDF document

SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 12 / 32





12 / 32

http://www.iShares.com. The Amex will also disclose the NAV, Basket Silver Amount, and

Indicative Basket Silver Amount on its Web site.

The Sponsor fee, in the absence of any extraordinary expenses and liabilities, is

established at 0.50% of the net assets of the Trust. As a result, assuming there is no

extraordinary movement in the intra-day market price of silver, the amount of silver by which the

Basket Silver Amount will decrease each day will be predictable (i.e., 1/365th of the net asset

value of the Trust multiplied by 0.50%). Given the anticipated predictability of the daily decline

in the Basket Silver Amount, as stated, BNY will disclose and disseminate the Indicative Basket

Silver Amount for the next business day shortly after 4:00 p.m. Authorized Participants may use

the Indicative Basket Silver Amount as guidance regarding the amount of silver expected to be

deposited with the custodian, JP Morgan Chase, in connection with the issuance of Silver Shares

on the next business day.

As a result, the amount of silver required for the Basket Silver Amount is not

disseminated during the trading day to correspond to changes in the value of silver as measured

by spot silver prices.33 Before 4:00 p.m., the Authorized Participants may use the Indicative

Basket Silver Amount published by the Sponsor and BNY the day before as guidance in respect

of the amount of silver that they may expect to be required to deposit. But if the Indicative

Basket Silver Amount published by the Sponsor and BNY turns out to be incorrect (for example,

because the Trust incurred an extraordinary expense such as legal fees in excess of the amount

assumed by the Sponsor), the amount actually determined by BNY will control.


The Amex will disseminate via the facilities of the CTA an “Indicative Trust Value” at least every 15 seconds during the trading day that represents an indicative value for the Silver Shares based silver dealer pricing. Telephone conference between Jeffrey Burns,


Document info
Document views132
Page views132
Page last viewedSun Jan 22 08:51:00 UTC 2017