abrdn Silver ETF Trust switches silver custodian to ICBC Standard Bank from JPMorgan
The trust signed new custody agreements with ICBC Standard Bank Plc to hold its silver and gave notice to terminate its agreements with JPMorgan Chase Bank N.A. The trust also amended its Depositary Trust Agreement to change the benchmark price definition, effective June 18, 2024, and moved creation and redemption settlement to T+1 from May 28, 2024. The filing states no cost or expense was or will be incurred by the trust or shareholders from the custodian change.
- New custody agreements with ICBC Standard Bank Plc dated May 23, 2024
- Notice of termination of JPMorgan agreements delivered May 23, 2024; effective once all silver is transferred to the new custodian
- Trust Amendment effective June 18, 2024 replaces London Fix with LBMA Silver Price
- Creation and redemption moves to T+1 settlement beginning May 28, 2024