Xtrackers ETC PLC (XGDU) has published Final Terms for the issuance of 9,561 Xtrackers IE Physical Silver ETC Securities as Tranche 181 of Series 3 under its Secured Xtrackers ETC Precious Metal Linked Securities Programme, with a tranche issue date of 3 November 2026. The securities carry an issue price of USD 63.969529 per unit and a metal entitlement of 1.429418775 fine troy ounces of silver per security. The disclosure, filed via RNS, brings the total number of Series 3 securities in issue to 3,060,257 following the tranche. Investors tracking physical silver exposure products may note the programme's long-dated maturity of 30 April 2080 and the annual base fee of 0.20 per cent.

Key Points

  • Xtrackers ETC PLC (XGDU) — an Ireland-incorporated special purpose vehicle established by DWS to issue asset-backed precious metal securities
  • 9,561 Physical Silver ETC Securities issued as Tranche 181 of Series 3, with a tranche issue date of 3 November 2026
  • Issue price USD 63.969529 per security; estimated total net proceeds of USD 611,612.66; scheduled maturity 30 April 2080; base fee 0.20 per cent per annum
  • Investors should watch aggregate series size relative to the 100,000,000,000 maximum, and monitor J.P. Morgan's role as both Account Bank and Metal Agent

Series 3 Tranche 181: Silver Entitlement, Issue Price and Proceeds

The announcement confirms that each ETC Security in this tranche carries a metal entitlement of 1.429418775 fine troy ounces of silver as at the subscription trade date of 30 October 2026, reduced from the initial series entitlement of 1.45 fine troy ounces due to the daily accrual of product fees since the series issue date of 29 April 2020. The tranche issue price is USD 63.969529 per security, and the estimated total net proceeds of this issuance are USD 611,612.66. Estimated total issue expenses are USD 5,000, with USD 2,000 attributable to admission to trading costs. The securities are denominated in US dollars and are not FX hedged.

Physical Silver Custody and J.P. Morgan's Role as Metal Agent

The underlying silver is held on an allocated basis by JPMorgan Chase Bank, N.A., London Branch, acting as Metal Agent, meaning specific physical silver is identified and segregated from other client holdings. J.P. Morgan SE serves as Account Bank. The announcement notes that small amounts of metal may be held on an unallocated basis for operational purposes, in which case the issuer becomes an unsecured creditor of the custodian — a key risk specific to this structure. The securities are cleared through Clearstream, Frankfurt, and have been admitted to trading on the Frankfurt Stock Exchange, Borsa Italiana, and the London Stock Exchange.

Programme Structure, Fees, and the 30 April 2080 Maturity

The securities sit within a programme permitting up to 100,000,000,000 ETC Securities in Series 3, of which 3,060,257 are now in issue following this tranche. The scheduled maturity date is 30 April 2080, with a Final Redemption Valuation Date of 15 March 2080 and a 45-day Final Redemption Disposal Period. The base fee stands at 0.20 per cent per annum, accruing daily through a reduction in each security's metal entitlement. The maximum permissible base fee under the programme is 1.00 per cent per annum. The securities pay no periodic interest, though a Specified Interest Amount may form part of any redemption proceeds.

Issuer Financial Position and Key Risk Factors

Xtrackers ETC PLC is a special purpose vehicle incorporated in Ireland, registered on 21 May 2018, with all issued shares held by Wilmington Trust SP Services (Dublin) Limited on trust for charitable purposes. The Base Prospectus was approved by the UK Financial Conduct Authority on 12 February 2026. As at 30 September 2025, the issuer reported total assets of USD 9,444,414,693, total equity of USD 40,772, and total current liabilities of USD 9,444,373,921. Investors should note that, as a special purpose vehicle, the issuer holds no assets beyond its paid-up share capital and the collateral securing the ETC Securities, meaning securityholders bear direct exposure to silver price movements and custodian credit risk.