UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                               Washington, D.C. 20549



                                    SCHEDULE 13G

                                    Under the Securities Exchange Act of 1934


                              Issuer-International Securities Exchange, Inc.

                            Securities Class-common stock

                                         CUSIP Number-46031W204

                             Event  Requiring Filing -March 2006

                              Filed pursuant to Rule 13d-1(b)

                             CUSIP  Number 46031W204

                              Reporter- Kinetics Asset Management, Inc.
                              Tax ID#13-3878346

                               Place of Organization-New York

                                Number of Shares-sole voting power-2,169,900
                                Sole dispositive power-2,169,900
                                Amount beneficially owned-2,169,900


                                Percent of Class represented by above-5.8%

                                 Type of Reporting Person-IA

Name of Issuer-International Securities Exchange, Inc.
Address of Issuer-60 Broad Street, New York, New York 10004

Name of Person Filing-Kinetics Asset Management, Inc.
Address -470 Park Avenue South, 4th Floor South, NY, NY, 10016
Citizenship-New York
 Securities Class-common stock

Filing re Section 240.13d-1(b) by investment
adviser under Section 240.13d-1(b)(1)(ii)(E).
Amount beneficially owned-2,169,600
Percent of class-5.8%
sole voting power-2,169,900 shares
shared power to vote or direct the vote-0
sole power to dispose/direct the disposition-2,169,600
shared power to dispose/direct the disposition-0

Certification pursuant to Section 240.13d-1(b):
 By signing below I certify that, to the
best of my knowledge and belief, the securities
referred to above
 were not acquired and
are not held for the purpose of or with the effect of
 changing or influencing the control of
the issuer of the securities and were not acquired
and are not held in connection with or
as a participant in any transaction
having that purpose or effect.

After reasonable inquiry and to the best of
 my knowledge and belief, I certify that the
information set forth in this statement is
 true, complete and correct.

Date-March 2, 2006
Signature-Andrew M. Fishman
Title-Chief Compliance Officer