Xtrackers ETC PLC (XGDU) has published Final Terms dated 5 November 2026 for the issuance of 17,770 Xtrackers IE Physical Silver ETC Securities as Tranche 182 of Series 3 under its Secured Xtrackers ETC Precious Metal Linked Securities Programme. The securities are denominated in US dollars and priced at USD 70.047100 per ETC Security, bringing the total series in issue to 3,078,027 units following this tranche. The issue carries a scheduled maturity date of 30 April 2080 and is backed by physically allocated silver held by JPMorgan Chase Bank, N.A. as Metal Agent and custodian. Investors tracking silver-backed exchange-traded products may note this as a routine but meaningful expansion of an established programme approved by the UK Financial Conduct Authority.

Key Points

  • Xtrackers ETC PLC (XGDU) — Irish-incorporated special purpose vehicle issuing precious metal-linked securities
  • 17,770 new Physical Silver ETC Securities issued as Tranche 182 of Series 3, with a Subscription Trade Date of 3 November 2026
  • Issue price of USD 70.047100 per security; estimated net proceeds of approximately USD 1,244,736.97; total issue expenses of USD 5,000
  • Investors should watch for further tranche issuances and any changes to the base fee, currently 0.20 per cent per annum

Tranche 182 Pricing and Series 3 Structure Under the Silver ETC Programme

The Final Terms confirm a tranche issue date of 5 November 2026, with 17,770 ETC Securities issued at USD 70.047100 each. The Metal Entitlement per ETC Security as at the Subscription Trade Date stands at 1.429387010 fine troy ounces of silver, reduced from the initial 1.45 fine troy ounces set at the Series Issue Date of 29 April 2020, reflecting the daily accrual of product fees over the intervening period. The securities are cleared through Clearstream Frankfurt, are admitted to the Frankfurt Stock Exchange, Borsa Italiana, and the London Stock Exchange, and carry ISIN DE000A2T0VS9.

Physical Silver Custody Arrangements and Security Structure via JPMorgan

Underlying silver is held primarily on an allocated basis by JPMorgan Chase Bank, N.A., London Branch, acting as Metal Agent, meaning specifically identifiable physical silver is segregated from metal held for other clients. The announcement notes that small amounts may be held on an unallocated basis for operational purposes, in which case the issuer becomes an unsecured creditor of the custodian. J.P. Morgan SE serves as Account Bank, holding the Series Cash Account. Security over the issuer's assets is provided through security deeds governed by both Irish and English law, enforceable if redemption amounts are not paid when due.

Xtrackers ETC PLC Financial Position and Special Purpose Vehicle Status

Xtrackers ETC PLC is an Ireland-incorporated special purpose vehicle with its registered address at Fourth Floor, 3 George's Dock, IFSC, Dublin 1. Its most recently audited financial statements, covering the period to 30 September 2025, report total assets of USD 9,444,414,693 and total equity of USD 40,772, reflecting its SPV structure where assets are substantially offset by current liabilities. The issuer has no assets beyond its paid-up share capital and the collateral securing the ETC Securities, which the announcement identifies as a key issuer-specific risk. KPMG Ireland acts as statutory auditor.

Fee Structure, Maturity Terms, and Early Redemption Conditions

The base fee is set at 0.20 per cent per annum as at the tranche issue date, with a maximum permitted level of 1.00 per cent per annum. Fees accrue daily via a reduction in the Metal Entitlement per ETC Security and are periodically realised through silver sales by the Metal Agent. The scheduled maturity date is 30 April 2080, with a Final Redemption Valuation Date of 15 March 2080 and a 45-day disposal period. Early redemption events include certain regulatory changes, agent resignations without replacement within 60 calendar days, and instances where the value per ETC Security falls to or below 20 per cent of the original issue price on two consecutive valuation days.