Subject: File No. SR-Amex-2005-072
From: Jerry D Franklin

February 23, 2006

A silver ETF such as this would provide a convienient way for investors to invest in physical silver without taking possession of the metal. This would reduce shipping and other costs.

It is a better option than the futures market for small investors. A significant number of investors do not trust the futures market for fair unmanipulated trading.

The comments from the SUA about disruptions in the market would not hold true. A greater number of investors in the silver market would allow supply and demand to more quickly adjust. Over the long term this would serve to quiet the market.

The question is why not approve this ETF? If any disruptions occur in the silver market it would show that the market has not been correctly responding to market forces. Most silver mines have operated on the edge of profitability for over a decade and would benifit from a price increase. This would benefit jobs in the mining and processing industry. It would also help assure the availabiliy of this critical commodity.

I would appreciate and use the ETF if approved.

Thanks