Xtrackers ETC PLC (XGDU) has published final terms for the issuance of 30,172 Xtrackers IE Physical Silver ETC Securities under its Secured Precious Metal Linked Securities Programme, designated as Tranche 184 of Series 3. The securities carry an issue price of USD 74.7326 per unit and are denominated in US dollars, with a scheduled maturity date of 30 April 2080. The issuance brings the total number of Series 3 securities outstanding to 3,075,667, with estimated net proceeds of approximately USD 2.25 million. Investors in silver-backed exchange-traded products may note the expansion of this long-dated physical silver programme.

Key Points

  • Xtrackers ETC PLC (XGDU), an Ireland-incorporated special purpose vehicle managed under the DWS Xtrackers platform
  • 30,172 new Physical Silver ETC Securities issued as Tranche 184 of Series 3, with a tranche issue date of 12 November 2026
  • Issue price of USD 74.7326 per security; metal entitlement of 1.429331424 fine troy ounces of silver per security at subscription trade date
  • Investors may watch how silver price movements affect the metal entitlement and redemption values over the security's long-dated life to 2080

Tranche 184 of Series 3 Physical Silver Securities Issued at USD 74.73 Per Unit

The final terms, dated 12 November 2026, confirm the issue of 30,172 ETC Securities at USD 74.7326 each, with a subscription trade date of 10 November 2026. Each security carries a metal entitlement of 1.429331424 fine troy ounces of silver as at the subscription trade date, reduced from the original 1.45 fine troy ounces set at the series issue date of 29 April 2020. The reduction reflects the daily accrual of the product's base fee of 0.20 per cent per annum, which is deducted through a periodic reduction in metal entitlement rather than a direct cash charge to investors.

Physical Silver Held on Allocated Basis by JPMorgan Chase Bank as Metal Agent

The underlying silver backing these securities is held predominantly on an allocated basis by JPMorgan Chase Bank, N.A., London Branch, acting as Metal Agent, meaning specifically identifiable physical silver is segregated from assets held for other custodian clients. J.P. Morgan SE serves as Account Bank. The announcement states that small amounts may at times be held on an unallocated basis, under which the issuer would become an unsecured creditor of the custodian, representing a specific counterparty credit risk for securityholders. J.P. Morgan SE and JPMorgan Chase Bank must maintain minimum S&P credit ratings of BBB- and A-3 on both long and short-term measures.

Xtrackers ETC PLC Reported Total Assets of USD 9.44 Billion at September 2025

As a special purpose vehicle incorporated in Ireland in May 2018, Xtrackers ETC PLC exists solely to issue asset-backed securities and holds no independent operating assets. Its most recently audited balance sheet, as at 30 September 2025, recorded total assets of USD 9,444,414,693 and total equity of USD 40,772, with virtually all liabilities representing obligations to ETC securityholders. This compares with total assets of USD 6,749,076,488 at 30 September 2024, indicating substantial growth in assets under the programme over twelve months.

Securities Listed on Frankfurt, Borsa Italiana and London Stock Exchange with 2080 Maturity

Application has been made to admit the securities to trading on the Frankfurt Stock Exchange, Borsa Italiana, and the London Stock Exchange. The scheduled maturity date is 30 April 2080, with a Final Redemption Valuation Date of 15 March 2080 and a 45-day disposal period. The securities are cleared through Clearstream Frankfurt with ISIN DE000A2T0VS9. Total estimated issue expenses amount to USD 5,000, with USD 2,000 attributed to admission to trading costs. The Base Prospectus was approved by the UK Financial Conduct Authority on 12 February 2026.