Xtrackers ETC plc has published final terms for the issuance of 15,259 Xtrackers IE Physical Silver ETC Securities under its Secured Xtrackers ETC Precious Metal Linked Securities Programme, designated as Tranche 185 of Series 3. The securities carry an ISIN of DE000A2T0VS9, are denominated in US dollars, and have a scheduled maturity date of 30 April 2080. The tranche issue date is 13 November 2026, with an estimated net proceeds figure of approximately USD 1,150,043 and total issue expenses of USD 5,000, as stated in the announcement.

Key Points

  • Xtrackers ETC plc (XGDU) — Irish-incorporated special purpose vehicle managed under the DWS Xtrackers platform
  • 15,259 Physical Silver ETC Securities issued as Tranche 185 of Series 3, bringing total securities in the series to 3,090,926
  • Issue price per ETC Security: USD 75.3682; metal entitlement per security: 1.429323483 fine troy ounces of silver; base fee: 0.20% per annum
  • Investors should watch for further tranche issuances and silver price movements, which directly affect the value of each ETC Security

Series 3 Tranche 185: Silver Metal Entitlement, Issue Price, and Programme Scale

The final terms confirm that each ETC Security in this tranche carries a metal entitlement of 1.429323483 fine troy ounces of silver, reduced from the initial entitlement of 1.45 fine troy ounces set at the series issue date of 29 April 2020, reflecting the daily accrual of the product fee over time. The issue price per security in this tranche is USD 75.3682. The overarching programme permits up to 100,000,000,000 ETC Securities across all series, underscoring the considerable scale of the Xtrackers ETC Precious Metal Linked Securities Programme. The securities are cleared through Clearstream, Frankfurt, with J.P. Morgan SE acting as Account Bank and J.P. Morgan Chase Bank, N.A., London Branch serving as Metal Agent.

Physical Silver Custody Structure and JPMorgan's Role as Metal Agent

The announcement states that underlying silver is held predominantly on an allocated basis by JPMorgan Chase Bank, N.A., meaning specifically identifiable physical metal is segregated from other client holdings. However, the disclosure notes that small amounts may be held on an unallocated basis for operational purposes, under which the issuer becomes an unsecured creditor of the custodian — a risk specific to this structure that investors should consider carefully. The metal agent periodically realises silver to meet the daily product fee, with proceeds credited to the Series Cash Account maintained by J.P. Morgan SE. The base fee stands at 0.20% per annum, with a maximum permitted fee of 1.00% per annum.

Listing Applications Filed Across Frankfurt, Borsa Italiana, and London Stock Exchange

Applications have been made to admit the ETC Securities to trading on the Frankfurt Stock Exchange, Borsa Italiana, and the London Stock Exchange, covering regulated and main markets across those venues. The Base Prospectus was approved by the UK Financial Conduct Authority on 12 February 2026 under the UK Prospectus Regulation. The Central Bank of Ireland has also provided certificates of approval to competent authorities across eleven European jurisdictions, including Germany, France, Italy, and Spain, reflecting the cross-border distribution scope of the programme.

Issuer Financial Position and Key Structural Risks as at 30 September 2025

As a special purpose vehicle incorporated in Ireland in May 2018, Xtrackers ETC plc holds no independent operating assets beyond its paid-up share capital and the secured assets backing each series. The most recently audited figures show total assets of USD 9,444,414,693 as at 30 September 2025, up from USD 6,749,076,488 a year earlier, with total equity of just USD 40,772 — consistent with its SPV structure. Investors are reminded by the announcement that securityholders may receive zero in a severe loss scenario, and there is no assurance that redemption amounts will equal or exceed the original amount invested.