Xtrackers ETC plc (XGDU) has published final terms for the issuance of 1,731 new ETC Securities under Tranche 183 of its Series 3 Xtrackers IE Physical Silver ETC programme, priced at USD 74.3134 per security. The issue, dated 6 November 2026, brings the total number of Series 3 securities outstanding to 3,079,758, against a programme maximum of 100 billion units. The securities are physically backed by silver held on an allocated basis and carry a scheduled maturity date of 30 April 2080. Investors tracking physically backed precious metals products may note the tranche's modest size relative to the programme's overall capacity.

Key Points

  • Xtrackers ETC plc (XGDU) — Irish-incorporated special purpose vehicle issuing precious metal-linked securities under its Secured Xtrackers ETC Precious Metal Linked Securities Programme
  • 1,731 new Physical Silver ETC Securities issued as Tranche 183 of Series 3, with a subscription trade date of 4 November 2026
  • Issue price of USD 74.3134 per security; metal entitlement of 1.429379069 fine troy ounces of silver per security as at the subscription trade date; estimated net proceeds of USD 128,636.4954
  • Investors may watch for further tranche issuances and any changes to the base fee, currently set at 0.20 per cent per annum

Series 3 Silver ETC Securities: Tranche 183 Structure and Silver Entitlement

The final terms confirm that each newly issued ETC Security carries a metal entitlement of 1.429379069 fine troy ounces of silver as at the subscription trade date of 4 November 2026, reduced from the initial entitlement of 1.45 fine troy ounces set at the series issue date of 29 April 2020. The reduction reflects the daily accrual of the product fee, which is deducted through a progressive reduction in metal entitlement rather than a direct cash charge. The securities are denominated in US dollars, are not FX-hedged, and are structured in CBF global note form, with clearing through Clearstream Frankfurt.

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

The announcement states that underlying silver is held primarily on an allocated basis by JPMorgan Chase Bank, N.A., London Branch, acting as metal agent, with J.P. Morgan SE serving as account bank. Allocated storage means that specific, identifiable physical silver bars are segregated from assets held for other custodian clients. However, the final terms note 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 — a risk factor specific to this structure that investors should consider when assessing counterparty exposure.

Listings on Frankfurt, Borsa Italiana and London Stock Exchange; FCA-Approved Base Prospectus

Application has been made for the ETC Securities to be admitted to trading on the Frankfurt Stock Exchange, Borsa Italiana, and the London Stock Exchange. The Base Prospectus underpinning the programme was approved by the UK Financial Conduct Authority on 12 February 2026. Total estimated issue expenses are disclosed at USD 5,000, with USD 2,000 attributed to admission-to-trading costs. The securities carry ISIN DE000A2T0VS9 and SEDOL BKVD9G6, and are not intended to be held in a manner qualifying for Eurosystem eligibility.

Issuer Financial Position and Key Risk: Special Purpose Vehicle Structure

Xtrackers ETC plc reported total assets of USD 9,444,414,693 as at 30 September 2025, up from USD 6,749,076,488 at 30 September 2024, reflecting growth across the broader programme. Total equity stood at USD 40,772 as at September 2025, consistent with the company's nature as a special purpose vehicle whose balance sheet is dominated by programme-related liabilities. The issuer holds no assets beyond its paid-up share capital and the collateral securing each series, meaning securityholders have limited recourse and could receive less than their invested capital, or zero, in adverse scenarios.