PAAS's CEO came out against the ETF, I believe, for this reason. The miners think that an ETF will draw money away from their shares. I tend to think it is not a zero sum game, that as the funds (and the Cramerica sheeple who will invest as wave 3) diversify into PMs, including silver, they will hit several different choices anyway. Besides, investors can already purchase CEF today, although it is not well known outside the metals circles.
Unlike gold, the silver sector list (major exchanges) is pathetically short. The QUALITY silver sector list is even shorter.