i'm not sure how much silver bullion it owns, but a new silver etf starts trading today as "sivr"

The latest silver investment vehicle, the ETFS Silver Trust, starts trading on NYSE Euronext on Friday 24th July with trading symbol SIVR. The instrument is an investment trust, sponsored by ETFS Services LLC, a wholly-owned subsidiary of ETF Securities Ltd., which has a proven track record in a wide-ranging portfolio of commodity-based Exchange-Traded instruments. This offers another opportunity for investors to gain exposure to the silver market without having to have a "commodities" account with a bank or broker.

This silver instrument is the newest precious metals investment trust. It has a successful act to follow in the iShares silver fund and its successors the silver fund run by Zurich Cantonal Bank in Switzerland and the ETF Securities fund that is listed in London. The holdings in these three funds, the first of which was launched in late April 2006, currently amount to a total of 10,911 tonnes, equivalent to almost five months' global industrial silver demand and in late July they are valued at approximately $4.6 billion on the basis of silver prices in the region of $13.50/ounce. The iShares fund in New York currently accounts for 80% of the holdings in these three large-scale funds.

http://www.mineweb.co.za/mineweb/view/mineweb/en/page32?oid=86662&sn=Detail