The abrdn Silver ETF Trust (NYSE Arca: SIVR) has officially terminated its custody agreements with JPMorgan Chase (NYSE:JPM) Bank N.A. as of Wednesday, with the transition of its silver holdings to a new custodian, ICBC Standard Bank Plc. The change in custodianship, which took effect on August 14, 2024, involves no additional costs to the Trust or its ETF shareholders.
The termination of the allocated and unallocated account agreements with the former custodian, JPMorgan, was completed as the Trust's silver was fully transferred to the accounts managed by ICBC Standard Bank. This move consolidates the custody of all the Trust's silver under the new agreements with ICBC Standard Bank.
The abrdn Silver ETF Trust, which is structured as a grantor trust, offers investors exposure to the physical silver market. The Trust's shares are designed to reflect the price of silver owned by the Trust less the Trust's expenses and liabilities. The ETF is commonly used by investors seeking to gain direct exposure to silver prices.
The transition of custodianship was announced in a Form 8-K filed with the Securities and Exchange Commission (SEC) on August 15, 2024, detailing the event that occurred on the previous day. The filing also noted that the Trust, sponsored by abrdn ETFs Sponsor LLC, will not incur any costs from this change, ensuring that the impact on shareholders will be neutral in terms of expenses.
Brian Kordeck, Chief Financial Officer and Treasurer of abrdn ETFs Sponsor LLC, the Sponsor of the abrdn Silver ETF Trust, signed off on the SEC filing. The Trust is domiciled in Delaware and operates under the regulatory framework of the United States SEC.
The abrdn Silver ETF Trust's shares trade on the NYSE Arca, providing investors with a liquid market for buying and selling the ETF. The Trust's business address and primary executive offices are located in Philadelphia, PA.
The change in custodianship is a significant administrative update for the Trust, which has previously undergone name changes from Aberdeen Standard Silver ETF Trust and ETFS Silver Trust.
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