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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 16 / 32





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Availability of Information Regarding Silver Shares

The Web site for the Trust, which will be publicly accessible at no charge, will contain

the following information: (a) the prior business day’s NAV and the reported closing price; (b)

the mid-point of the bid-ask price37 in relation to the NAV as of the time the NAV is calculated

(the “Bid-Asked Price”); (c) calculation of the premium or discount of such price against such

NAV; (d) data in chart form displaying the frequency distribution of discounts and premiums of

the Bid-Ask Price against the NAV, within appropriate ranges for each of the four (4) previous

calendar quarters; (e) the Basket Silver Amount; (f) the Indicative Basket Silver Amount: (h) the

Prospectus; and (g) other applicable quantitative information.

As described above, the NAV for the Trust will be calculated and disseminated daily.

The Amex also intends to disseminate for the Trust on a daily basis by means of CTA/CQ High

Speed Lines information with respect to the Indicative Trust Value (as discussed below), recent

NAV, and shares outstanding. As stated, the Trust Web site will also provide a real time

indicative silver spot price through TheBullionDesk at http://www.thebulliondesk.com.38

Notwithstanding that they will be provided free of charge, the indicative spot price from

TheBullionDesk on the Trust Web site and the Indicative Trust Value per Share disseminated via

the CTA will be provided essentially on a real-time basis.39 The Exchange will also make


The bid-ask price of Shares is determined using the highest bid and lowest offer as of the time of calculation of the NAV.


Telephone conference between Jeffrey Burns, Associate General Counsel, Amex, and Florence Harmon, Senior Special Counsel, Division of Market Regulation, Commission, on January 13, 2006.


These values are subject to an average delay of 5 to 10 seconds. The Indicative Trust Value per Share will not be posted on the Trust’s Web site but will be disseminated via the facilities of the CTA. Telephone conference between Jeffrey Burns, Associate


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