Xtrackers ETC plc Launches 106,000 Physical Gold ETC Securities Priced at USD 55.98 with Maturity in 2080

Overview of Xtrackers ETC plc and Its Commodity-Linked Securities Programme

Incorporated in Ireland on 21 May 2018 under registration number 627079, Xtrackers ETC plc functions as a special purpose vehicle dedicated to issuing asset-backed securities. Its registered office is at Fourth Floor, 3 George's Dock, IFSC, Dublin 1, Ireland, with legal entity identifier 549300FXP9JMVJDIO346. The company operates under the Secured Xtrackers ETC Precious Metal Linked Securities Programme, governed by a Base Prospectus approved by the UK Financial Conduct Authority on 12 February 2026.

The Issuer holds an authorised share capital of uro1,000,000 with 25,000 fully paid ordinary shares, all held in trust by Wilmington Trust SP Services (Dublin) Limited for charitable purposes, ensuring independent governance. Managed by Eileen Starrs and Claudio Borza, with KPMG Ireland as statutory auditors, the governance framework supports the special purpose vehicle structure that isolates operations and guarantees ETC Securities are backed exclusively by segregated precious metal assets.

Physical Gold Holdings and Metal Entitlement Details

The Xtrackers IE Physical Gold ETC Securities provide direct exposure to allocated physical gold securely held. Each ETC Security in Tranche 660 carries a Metal Entitlement of 0.015375875 fine troy ounces of gold, calculated as of the Subscription Trade Date on 22 July 2026. This represents a reduction from the initial Metal Entitlement of 0.0155 fine troy ounces at the Series Issue Date on 22 April 2020, reflecting the accrual and payment of the base fee deducted daily from Metal Entitlement rather than in cash.

JPMorgan Chase Bank, N.A. serves as both Secured Account Custodian and Metal Agent, holding the underlying gold on an allocated basis—meaning specific physical gold bars are assigned to the Issuer and segregated from other clients' holdings. Some unallocated metal may be held for operational reasons, exposing the Issuer to custodian credit risk. The Metal Agent manages sales of the underlying metal during redemption periods at volume-weighted average prices, depositing proceeds into the Series Cash Account maintained by J.P. Morgan SE.

Tranche 660 Pricing, Proceeds, and Subscription Information

Tranche 660 of Series 2 includes 106,000 ETC Securities issued at USD 55.976052 per unit on 24 July 2026, with the Subscription Trade Date being 22 July 2026. The estimated net proceeds total USD 5,933,461, with estimated issue expenses of USD 5,000 and admission-related expenses of USD 2,000.

The original Series Issue Date price on 22 April 2020 was USD 26.91, based on the initial Metal Entitlement multiplied by the Metal Reference Price at that time. Denominated in U.S. dollars without currency hedging, investors bear full foreign exchange risk. Following this issuance, total Series 2 ETC Securities outstanding rose from 97,568,791 to 97,674,791 units, continuing growth within the programme's maximum capacity of 100 billion securities.

Fee Structure and Cost Implications

The ETC Securities incur a base fee of 0.11% per annum as of the Tranche Issue Date, capped at 1.00% per annum. This fee accrues daily and is paid by reducing the Metal Entitlement per security, rather than via cash payments. The Metal Agent periodically realises accrued fees by selling metal at market prices and crediting proceeds to the Series Cash Account. The Programme Administrator Agreement governs the use of fees to cover programme and issuer costs. No FX hedging fees apply, as these are not FX-hedged securities. Investors should note that Metal Entitlement declines over time due to fee accrual, impacting gold exposure the longer the holding period.

Redemption Terms and Maturity Conditions

The securities mature on 23 April 2080, with a final redemption valuation date of 9 March 2080 and a 45-day final redemption disposal period. On maturity, each security is redeemed at the Final Redemption Amount, calculated as the greater of (i) the Final Metal Redemption Amount plus Specified Interest Amount or (ii) the Minimum Debt Principal Amount (10% of original issue price) plus Specified Interest Amount.

The Final Metal Redemption Amount is based on the Metal Entitlement at the Final Redemption Valuation Date multiplied by the volume-weighted average sale price during the disposal period. The Specified Interest Amount reflects accrued interest on proceeds held in the Series Cash Account, subject to a minimum of zero. Investors should be aware there is no guarantee the Final Redemption Amount will equal or exceed their initial investment; returns may be significantly lower or even zero due to the limited recourse nature of the securities.

Early Redemption Triggers and Limited Recourse Features

Early redemption may occur before the scheduled maturity due to legal or regulatory changes, resignation or non-replacement of key agents within 60 days, the security value falling to 20% or less of issue price for two consecutive days, VAT trigger events, or issuer call provisions. Early Redemption Amounts are calculated similarly to final redemption, with metal sold over a 45-day disposal period.

The securities are limited recourse instruments, granting securityholders claims only against the Secured Property (gold holdings and related contractual rights), not against other issuer assets or shareholders. Investors assume full market risk on gold prices and counterparty credit risk, notably regarding unallocated metal held by JPMorgan Chase Bank, N.A. The Issuer's minimal equity of USD 40,772 as of 30 September 2025, compared to total assets exceeding USD 9.4 billion, highlights reliance on secured metal value for investor protection.

Security Interests and Counterparty Roles

Issuer obligations are secured by Irish and English law security interests covering rights under agreements and the underlying metal. These security deeds ensure segregation of Secured Property for each Series, preventing cross-series claims. J.P. Morgan SE acts as Account Bank managing the Series Cash Account, while JPMorgan Chase Bank, N.A., London Branch, serves as Metal Agent responsible for custody, allocation, and metal sales. Both counterparties maintain minimum credit ratings of BBB- long-term and A-3 short-term from S&P, balancing operational efficiency with concentrated counterparty risk.

Listing Across Leading European and UK Exchanges

The ETC Securities are admitted to trading on the Frankfurt Stock Exchange, Borsa Italiana, and London Stock Exchange plc since the Series Issue Date of 22 April 2020. Identified by ISIN DE000A2T0VU5, SEDOL BLQ0NB2, and WKN A2T0VU, the securities are Clearstream Frankfurt eligible and clearable via CREST Indirect Clearing, facilitating broad European and UK investor access.

This multi-jurisdictional listing aligns with a pan-European distribution strategy. The UK Financial Conduct Authority approved the Base Prospectus, with the Central Bank of Ireland certifying compliance with the UK Prospectus Regulation. Notifications have been made to authorities in Austria, Belgium, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, and Sweden, enabling marketing and distribution across these markets.

Regulatory Compliance and Prospectus Availability

The Final Terms complete the documentation required for listing and trading under the Secured Xtrackers ETC Precious Metal Linked Securities Programme pursuant to the UK Prospectus Regulation (Regulation (EU) 2017/1129 as amended and retained in UK law). These must be read alongside the Base Prospectus dated 12 February 2026 and any supplements, forming the full offering documentation for investor decision-making.

Documents are accessible online at https://etf.dws.com/en-gb/information/etc-documents/, at the Issuer's Dublin registered office, and at Paying Agent and service provider offices. The announcement notes potential future listings on other exchanges or regulated markets, subject to separate Final Terms, allowing flexible expansion while maintaining consistent terms.

Financial Status and Special Purpose Vehicle Characteristics

As of 30 September 2025, Xtrackers ETC plc reported total assets of USD 9,444,414,693, equity of USD 40,772, and current liabilities of USD 9,444,373,921. This compares to 30 September 2024 figures of USD 6,749,076,488 in assets, USD 38,130 in equity, and USD 6,749,038,358 in liabilities. The asset growth reflects increased precious metal holdings backing the securities. The minimal equity reflects the special purpose vehicle’s role in holding assets in trust rather than generating shareholder returns.

Current liabilities largely represent obligations to redeem ETC Securities at maturity or early redemption amounts. The structure isolates securities from broader credit risk and ensures investor recoveries depend solely on underlying metal value and security arrangements. The absence of external debt or trading operations confirms the Issuer as a pure-play precious metal exposure vehicle without leverage or operational risk.