The Who's Who of the SLV ETF
Major Players:
| Organization | Role | Description |
|---|---|---|
| iShares® Delaware Trust Sponsor LLC Patrick Dunne - President, CEO, Director Jack Gee - CFO Philip Jensen - Board Peter F. Landini - Board Peter F. Landini - Board Manish Mehta - Board | Sponsor | Receives the 0.50% annual fee. Assumes admin and marketing expenses (trustee's fee, custodian's fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees, and up to $100,000/year in legal fees. The Sponsor does not oversee day-to-day operations of the trustee or custodian. The Sponsor can also replace the trustee in certain cases, and has the right to approve any new or additional custodian the trustee wishes to appoint. |
| The Bank of New York Mellon | Trustee | Responsible for the day-to-day administration of the trust. This includes processing orders for the creation and redemption of baskets, coordinating the receipt and delivery of silver, calculating the NAV, selling the silver to cover expenses, and preparing financial statements. Only the trustee can authorize the custodian to release silver. They are paid by the Sponsor, and get paid $500 for each basket deposited or withdrawn. They can appoint new or additional custodians in certain cases. |
| JPMorgan Chase Bank N.A., London branch | Custodian | Responsible for the safekeeping of the silver. Appointed by the Trustee. The custodian receives and holds silver that is deposited for the account of the trust, and release the silver only when instructed in writing by the Trustee. The custodian may use sub-custodians. The custodian must use reasonable care, and is responsible for loss in the case of negligence, fraud, or willful deceit. They operate the "JPM London V" and "JPM New York" vaults that hold SLV silver. |
| Brinks | Sub-Custodian | Runs the "Brinks London" and "Brinks London A" vaults that hold silver for SLV. |
| Inspectorate | Inspector | Audits the silver in the vaults about every 9 months. |
Authorized Participants (as of 14 Nov 2012):
| Organization | Role | Description |
|---|---|---|
| Barclays Capital Inc | Authorized Participant | Can create or redeem shares. |
| Citigroup Global Markets Inc. | Authorized Participant | Can create or redeem shares. |
| Credit Suisse Securities (USA) LLC | Authorized Participant | Can create or redeem shares. |
| Goldman Sachs & Co. | Authorized Participant | Can create or redeem shares. |
| Goldman Sachs Execution & Clearing L.P. | Authorized Participant | Can create or redeem shares. |
| JP Morgan Securities Inc. | Authorized Participant | Can create or redeem shares. |
| Knight Clearing Services LLC | Authorized Participant | Can create or redeem shares. |
| Merrill Lynch Professional Clearing Corp. | Authorized Participant | Can create or redeem shares. |
| Newedge Group USA | Authorized Participant | Can create or redeem shares. |
| RBC Capital Markets, LLC | Authorized Participant | Can create or redeem shares. |
| Scotia Capital (USA) Inc. | Authorized Participant | Can create or redeem shares. |
| UBS Securities LLC | Authorized Participant | Can create or redeem shares. |
| Virtu Financial BD LLC | Authorized Participant | Can create or redeem shares. |
| Virtu Financial Capital Markets LLC | Authorized Participant | Can create or redeem shares. |
Other Players:
| Organization | Role | Description |
|---|---|---|
| BlackRock Asset Management International Inc. | Previous Sponsor | The original sponsor of the trust. |
| BlackRock Fund Advisors | Owner of iShares trademark | |
| HSBC | Previous Sub-Custodian | Was a sub-custodian from an undetermined date until early 2010. |
| Johnson Matthey UK | Previous Sub-Custodian | Was a sub-custodian from about 10 Mar 2011 to 21 Jan 2013. |
| Via Mat | Previous Sub-Custodian | Was a sub-custodian until late 2011 (with some silver coming in/out after the vault emptied 01 Jun 2011). |
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