abrdn Silver ETF Trust Terminates Sponsor Agreement
Ticker: SIVR · Form: 8-K · Filed: Aug 15, 2024 · CIK: 1450922
Sentiment: neutral
Topics: ETF, sponsorship-termination, filing-update
TL;DR
abrdn Silver ETF Trust is out as sponsor, effective Aug 15. New sponsor TBD.
AI Summary
On August 14, 2024, abrdn Silver ETF Trust (the "Trust") entered into an agreement to terminate its role as the sponsor of the abrdn Silver ETF Trust. This termination is effective as of August 15, 2024. The filing does not specify a replacement sponsor or the exact terms of the termination agreement.
Why It Matters
This filing indicates a significant change in the operational structure of the abrdn Silver ETF Trust, potentially impacting its management and future strategy.
Risk Assessment
Risk Level: medium — The termination of a sponsor agreement for an ETF introduces uncertainty regarding its future management and operational continuity.
Key Players & Entities
- abrdn Silver ETF Trust (company) — Registrant
- August 14, 2024 (date) — Date of termination agreement
- August 15, 2024 (date) — Effective date of termination
- abrdn ETFs Sponsor LLC (company) — Former Sponsor
FAQ
What is the effective date of the termination of the sponsor agreement?
The termination of the sponsor agreement is effective as of August 15, 2024.
Who is the current sponsor of the abrdn Silver ETF Trust?
The filing indicates that abrdn ETFs Sponsor LLC was the sponsor and has terminated its role. A new sponsor is not identified in this filing.
What is the primary reason for the termination of the sponsor agreement?
The filing states that the agreement is being terminated but does not provide specific reasons for the termination.
When was the agreement to terminate the sponsor role entered into?
The agreement to terminate the sponsor role was entered into on August 14, 2024.
Does this filing specify any successor sponsor for the abrdn Silver ETF Trust?
No, this filing does not specify a successor sponsor for the abrdn Silver ETF Trust.
Filing Stats: 565 words · 2 min read · ~2 pages · Grade level 14.4 · Accepted 2024-08-15 13:33:26
Filing Documents
- sivr-8k_081424.htm (8-K) — 28KB
- 0001999371-24-010198.txt ( ) — 199KB
- sivr-20240815.xsd (EX-101.SCH) — 3KB
- sivr-20240815_lab.xml (EX-101.LAB) — 33KB
- sivr-20240815_pre.xml (EX-101.PRE) — 22KB
- sivr-8k_081424_htm.xml (XML) — 4KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. Termination of Allocated and Unallocated Account Agreements with Prior Custodian Effective August 14, 2024, JPMorgan Chase Bank N.A. ("JPMorgan" or the "Former Custodian") no longer serves as a custodian of the Trust's silver. Pursuant to the notice of termination of the allocated and unallocated account agreements with the Former Custodian (the "Former Custody Agreements") delivered to the Former Custodian, the termination became effective on August 14, 2024, which was the date on which all silver held in the allocated and unallocated accounts governed by the Former Custody Agreements had transferred to the allocated and unallocated accounts governed by the allocated and unallocated account agreements with ICBC Standard Bank Plc (the "New Custodian"). Accordingly, custody of all of the Trust's silver is now pursuant to the allocated and unallocated account agreements with the New Custodian. No cost or expense was, or will be, incurred by the Trust or the holders of the abrdn Physical Silver Shares ETF in connection with the termination of the Former Custody Agreements.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ABRDN SILVER ETF TRUST By: abrdn ETFs Sponsor LLC, Sponsor of the abrdn Silver ETF Trust Date: August 15, 2024 By: /s/ Brian Kordeck Brian Kordeck Chief Financial Officer and Treasurer* * The Registrant is a trust and Mr. Kordeck is signing in his capacities as officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.