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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 19 / 32

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  • The Indicative Trust Value is no longer made available on at least a 15-second delayed basis.

  • If such other event shall occur or condition exists which in the opinion of the Exchange makes further dealings on the Exchange inadvisable.

It is anticipated that a minimum of 150,000 Silver Shares will be required to be

outstanding at the start of trading. The minimum number of shares required to be outstanding at

the start of trading is comparable to requirements that have been applied to previously listed

series of the iShares COMEX Gold Trust, the streetTRACKS Gold Trust, trust issues receipts

and exchange-traded funds (“ETFs”). It is anticipated that the initial price of a Silver Share will

be approximately $91.41 The Exchange believes that the anticipated minimum number of Silver

Shares outstanding at the start of trading is sufficient to provide adequate market liquidity and to

further the Trust’s objective to seek to provide a simple and cost effective means of making an

investment similar to an investment in silver.

The Exchange represents that it prohibits the initial and/or continued listing of any

security that is not in compliance with Rule 10A-3 under the Act42

H.

Original and Annual Listing Fees

The Amex original listing fee applicable to the listing of the Silver Trust is $5,000. In

addition, the annual listing fee applicable under Section 141 of the Amex Company Guide

41

Telephone conference between Jeffrey Burns, Associate General Counsel, Amex, and Florence Harmon, Senior Special Counsel, Division of Market Regulation, Commission, on January 13, 2006 (updating initial price of a Silver Share that initially will represents 10 ounces of silver).

42

See The Exchange represents that Silver Shares qualifies for the exemption in Rule 10A- 3(c)(7) under the Act.

19

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