Subject: File No. SR-Amex-2005-072
From: Stephen R St. Angelo
Affiliation: FEDEX GROUND

February 17, 2006

Hello,

I understand the Barclays Silver ETF is now in a 21 day comment period. I work for FEDEX GROUND and am typical of the middle class. I invest in physical Gold and Silver but would like the opportunity to invest in the BARCLAYS SILVER ETF.

I do not like to invest into the stock market in companies, but have no problem investing in Gold or Silver ETFs which are backed by real bullion. I understand the dilemma you are in facing with the SUA opposition. But, I believe FREE MARKETS should be valued here. I also understand what might happen to price as well as shortages if the Silver ETF is approved.

On the other hand, the SUA has had a FREE LUNCH for many decades now. If you do not pass this Silver ETF...it will prove to many just how rare silver. Please consider passing the SILVER ETF. It will allow us simple middle class people the ability to invest into another metal that is not as expensive as GOLD.

Thank you for your time...

Stephen