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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072) - page 1 / 32

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SECURITIES AND EXCHANGE COMMISSION (Release No. 34-53521; File No. SR-Amex-2005-072)

March 20, 2006

Self-Regulatory Organizations; American Stock Exchange LLC; Order Granting Approval of Proposed Rule Change and Amendment No. 1 Thereto Relating to the Listing and Trading of Shares of the iShares® Silver Trust

I. Introduction

On June 30, 2005, the American Stock Exchange LLC (“Amex” or “Exchange”) filed

with the Securities and Exchange Commission (the “SEC” or “Commission”), pursuant to

Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)1 and Rule 19b-4 thereunder,2 a

proposed rule change to list and trade under Amex Rules 1200A et seq. iShares® Silver Trust

shares (the “Silver Shares” or “Shares”). 3 On September 15, 2005, the Exchange submitted

Amendment No. 1 to the proposed rule change.4 The proposed rule change, as amended, was

published for comment in the Federal Register on January 23, 2006.5 The Commission received

255 comment letters regarding the proposed rule change.6 On February 28, 2006, the Exchange

filed a response to these comments. 7 This order approves the proposed rule change, as amended.

1

2

3

15 U.S.C. 78s(b)(1). 17 CFR 240.19b-4. iShares® is a registered trademark of Barclays Global Investors, N.A.

4

Amendment No. 1 to the proposed rule change clarifies the valuation procedure that would be used by the Bank of New York to determine the daily value of the silver contained in the iShares® Silver Trust.

5

See Securities Exchange Act Release No. 53130 (January 17, 2006), 71 FR 3570 (January 23, 2006) (“Notice”).

6

These comment letters are available for review on the Commission’s Web site at http://www.sec.gov/rules/sro/amex/amex2005072.shtml.

7

See letter from Neal L Wolkoff, Chairman and Chief Executive Officer, Amex, to Nancy M. Morris, Secretary, Commission, dated February 28, 2006 (“Wolkoff Letter”).

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