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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 30 / 32





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Dissemination of Information About the Silver Shares

The Commission finds that sufficient venues for obtaining reliable silver price

information exist so that investors in the Silver Shares can adequately monitor the underlying

spot market in silver relative to the NAV of their Silver Shares. As discussed more fully above,

the Commission notes that there is a considerable amount of silver price and silver market

information available 24 hours per day on public Web sites and through professional and

subscription services. The Trust at its Web site (http://www.iShares.com) will provide a real

time indicative silver spot price through TheBullionDesk at http://www.thebuilliondesk.com. In

addition, the Trustee will disseminate each day an estimated amount representing the Basket

Silver Amount. The Exchange will also disseminate through the CTA the Indicative Trust Value

on a per share basis at least every 15 seconds during regular Amex trading hours of 9:30 a.m. to

4:15 p.m. New York time. The last sale price for Silver Shares will also be disseminated on a

real-time basis over the CTA.

The Commission also notes that the Trust’s Web site at http://www.iShares.com is and

will be publicly accessible at no charge and will contain the NAV of the Silver Shares and the

Basket Silver Amount as of the prior business day, the Indicative Basket Amount, the Bid-Ask

Price, and a calculation of the premium or discount of the Bid-Ask Price in relation to the closing

NAV. Additionally, the Trust’s Web site, to which the Amex will link, will also provide 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 previous calendar quarters, the

Prospectus, and other applicable quantitative information. The Commission believes that

dissemination of this information will facilitate transparency with respect to the Silver Shares

and diminish the risk of manipulation or unfair informational advantage.


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