(“Company Guide”) will be based upon the year-end aggregate number of shares in all series of
Silver Trusts outstanding at the end of each calendar year.
Silver Shares are equity securities subject to Amex Rules governing the trading of equity
securities, including, among others, rules governing priority, parity and precedence of orders,
specialist responsibilities and account opening and customer suitability (Amex Rule 411). Initial
equity margin requirements of 50% will apply to transactions in Silver Shares. Silver Shares will
trade on the Amex until 4:15 p.m. ET each business day and will trade in a minimum price
variation of $0.01 pursuant to Amex Rule 127. Trading rules pertaining to odd-lot trading in
Amex equities (Amex Rule 205) will also apply.
Amex Rule 154, Commentary .04(c) provides that stop and stop limit orders to buy or
sell a security (other than an option, which is covered by Amex Rule 950(f) and Commentary
thereto), the price of which is derivatively priced based upon another security or index of
securities, may with the prior approval of a Floor Official, be elected by a quotation, as set forth
in Commentary .04(c) (i-v). The Exchange has designated Silver Shares as eligible for this
Silver Shares will be deemed “Eligible Securities,” as defined in Amex Rule 230, for
purposes of the Intermarket Trading System Plan and therefore will be subject to the trade
through provisions of Amex Rule 236, which require that Amex members avoid initiating trade-
throughs for ITS securities.
See Securities Exchange Act Release No. 29063 (April 10, 1991), 56 FR 15652 (April 17, 1991) at note 9, regarding the Exchange’s designation of equity derivative securities as eligible for such treatment under Amex Rule 154, Commentary .04(c).