SEC Division of Trading and Markets no-action letter: iShares COMEX Gold Trust

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December 12, 2005

David Yeres, Esq. Clifford Chance US LLP 31 West 52nd Street New York, NY 10019

Re:

Modification of Prior No-Action Relief with respect to iShares COMEX Gold Trust

Dear Mr. Yeres:

By letter dated January 27, 2005, the staff of the Division of Market Regulation ("Staff"), among other things, provided no-action relief from Section 11(d)(1) of the Securities Exchange Act of 1934 ("Exchange Act") to allow broker-dealers that do not create or redeem shares ("Shares") issued by the iShares COMEX Gold Trust ("Trust"), but engage in both proprietary and customer transactions in Shares exclusively in the secondary market, to extend or maintain or arrange for the extension or maintenance of credit on Shares in connection with such secondary market transactions. In the letter requesting relief ("COMEX Gold Letter"), counsel stated: "The Trust notes that no broker-dealer, or any natural person associated with such broker-dealer, directly or indirectly (including through any affiliate of such broker-dealer), receives from the Trust complex any payment, compensation or other economic incentive to promote or sell Shares to persons outside of the Trust complex, other than non-cash compensation permitted under NASD Rule 2830(1)(5)(A), (B) or (C)" (footnotes deleted).