Subject: File No. SR-Amex-2005-072
From: Julian Hale

January 26, 2006

The IShares silver ETF is a great idea. Currently, if small investors want to own silver but are concerned about storage, there is very little recourse. The ETF will open silver investing to many small investors who are otherwise skittish about owning it. I personally plan on investing with it as soon as it becomes available, if it becomes available.