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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 18 / 32





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Share basis disseminated during Amex trading hours should not be viewed as a real time update

of the NAV, which is calculated only once a day.

The Exchange believes that dissemination of the Indicative Trust Value based on the

amount of silver required for a Basket Aggregation provides additional information that is not

otherwise available to the public and is useful to professionals and investors in connection with

Silver Shares trading on the Exchange or the creation or redemption of Silver Shares. In

addition, the Trust’s Web site at http://www.iShares.com will also provide from TheBullionDesk

continuously updated bids and offers indicative of the spot price of silver in the OTC market for

the purpose of disclosing to investors on a real-time basis the underlying or spot price of silver.


Criteria for Initial and Continued Listing

The Trust will be subject to the criteria in Amex Rules 1201A and 1202A for initial and

continued listing of Silver Shares. The continued listing criteria provides for the delisting or

removal from listing of the Silver Shares under any of the following circumstances:

  • Following the initial twelve month period from the date of commencement of trading of the Silver Shares: (i) if the Trust has more than 60 days remaining until termination and there are fewer than 50 record and/or beneficial holders of the Silver Shares for 30 or more consecutive trading days; (ii) if the Trust has fewer than 50,000 Silver Shares issued and outstanding; or (iii) if the market value of all Silver Shares is less than $1,000,000.

  • If the value of the underlying silver is no longer calculated or available on at least a 15-second delayed basis from a source unaffiliated with the Sponsor, Trust, Custodian or the Exchange or the Exchange stops providing a hyperlink on its Web site to any such unaffiliated silver value.


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