Subject: File No. SR-Amex-2005-072
From: Michael Pellascio Pellascio, Esquire

February 1, 2006

The iShare Silver ETF will permit a majority of investors to participate in what heretofore was a privilege of a few: to readily transact silver bullion. Unless a person could pay for and take delivery of 5000 ounces/contract from the COMEX, or 1000 ounces from other exchanges, he/she could not participate in relatively large dollar silver transactions. Yes, of course he/she could purchase a couple hundred ounces from a neighborhood dealer. But could he/she find a market when he/she wanted to sell? Probably not. With the iShare Silver ETF, through the technology of the internet, the smaller investor will be able to participate in the market, in real time, with efficiency, and with a freedom to sell or buy a commodity which has increasing interest. That such access to this market can, on this exchange at this time, be subject to SEC oversight is only natural and proper. If it is not done now, then other exchanges will, perhaps in Europe or Asia. There needs to be new and interesting investment vehicles for all investors whether US or foreign to purchase shares denominated in US dollars. The interest in immediate access to this the silver market must not be denied.