Xtrackers IE Physical Gold ETC Securities: Tranche 646 Final Terms Filed for 80,000 New ETC Securities Due 2080

Structure and Purpose of This Tranche 646 Issuance Under the Secured Programme

The Final Terms, dated 25 June 2026, represent the latest tranche issued under the long-standing Secured Xtrackers ETC Precious Metal Linked Securities Programme. The Base Prospectus underpinning the programme was approved by the United Kingdom Financial Conduct Authority on 12 February 2026, in accordance with the UK Prospectus Regulation as it forms part of retained EU law under the European Union (Withdrawal) Act 2018. The FCA's approval confers regulatory legitimacy on the issuance and obliges the issuer to make the full Base Prospectus available to investors wishing to assess the complete terms of the securities.

Xtrackers ETC plc was incorporated in Ireland as a public company limited by shares on 21 May 2018, bearing registration number 627079, and operates exclusively as a special purpose vehicle. Its sole function, as stated in the announcement, is the issuance of asset-backed securities. The issuer holds no material Assets beyond its paid-up Capital/">Share Capital and the secured assets backing each series of ETC Securities it has issued. All ordinary shares of the issuer are held by Wilmington Trust SP Services (Dublin) Limited on trust for charitable purposes, a structure typical of special purpose entity arrangements designed to ensure Bankruptcy remoteness.

Gold Metal Entitlement and USD Pricing for the New ETC Securities

Each ETC Security issued under this tranche provides exposure to physical gold without requiring investors to take physical delivery of the metal. The Metal Entitlement per ETC Security as at the Subscription Trade Date of 23 June 2026 is 0.015377237 fine troy ounces of gold. This figure reflects the gradual reduction in metal entitlement that occurs over time as a result of the daily accrual and periodic deduction of the product fee, which reduces the metal entitlement on a daily basis rather than being charged as a separate cash payment.

The issue price per ETC Security for this tranche is USD 55.8344. For reference, the series was originally established with an initial metal entitlement of 0.0155 fine troy ounces and an initial issue price of USD 26.91 per security, calculated at the series issue date of 22 April 2020. The substantial movement in the implied gold value per security between the series issue date and the current tranche reflects the appreciation in gold prices over the intervening period, though the announcement does not provide commentary on gold price movements and investors should consult independent market data for current price information.

J.P. Morgan's Role as Metal Agent and Account Bank in the Custody Framework

The custody and operational infrastructure underpinning this series relies heavily on the J.P. Morgan group. J.P. Morgan Chase Bank, N.A., London Branch, serves as the Metal Agent, responsible for buying and selling the physical gold that backs investor exposure. J.P. Morgan SE acts as Account Bank, maintaining the Series Cash Account into which proceeds from the periodic and final disposal of metal are deposited. The announcement notes that no sub-Custodian has been appointed for this series.

The physical gold backing the ETC Securities is generally held on an allocated basis, meaning that specific, identifiable physical gold is segregated from metal held for other clients of the custodian and attributed directly to the issuer. However, the Final Terms acknowledge that for operational purposes small amounts of metal may be held on an unallocated basis, under which circumstances the issuer becomes an unsecured creditor of the custodian and is consequently exposed to custodial Credit risk. Each counterparty in the structure — including the Account Bank and Metal Agent — is required to maintain minimum S&P credit ratings of BBB- for long-term and A-3 for short-term counterparty credit, providing a floor on the creditworthiness of key transaction parties.

Redemption Mechanics: How Final and Early Redemption Amounts Are Calculated

The Final Terms set out detailed redemption mechanics applicable to both the scheduled maturity and any early redemption scenario. On the Scheduled Maturity Date of 23 April 2080, each ETC Security will become payable at the greater of the Final Metal Redemption Amount plus a Specified Interest Amount, or 10 per cent of the original issue price per ETC Security (the Minimum Debt Principal Amount) plus the Specified Interest Amount. The Final Redemption Valuation Date is specified as 9 March 2080, and the Final Redemption Disposal Period during which the Metal Agent will sell the underlying gold lasts 45 days from four non-disrupted Business days following that date.

The same minimum redemption floor applies in early redemption scenarios: investors receive the greater of the Early Metal Redemption Amount or the Minimum Debt Principal Amount, in each case plus any Specified Interest Amount. The announcement explicitly warns that there can be no assurance the redemption amount will equal or exceed the original amount invested, and that if the metal sale proceeds fall below the minimum floor, securityholders may, due to the limited recourse nature of the securities, receive zero. This is a material risk disclosure that investors in physical Commodity-linked ETPs should consider carefully alongside broader gold market risks.

Fee Structure: Base Fee Set at 0.11 Per Cent Per Annum With Contractual Cap

The Base Fee Percentage applicable to this series as at the Tranche Issue Date of 25 June 2026 is 0.11 per cent per annum. This is among the lower end of the fee range for physically backed gold ETP products available in European markets, reflecting competitive pricing within the DWS Xtrackers product range. The fee does not impact investors through a direct cash charge; instead, it operates through a daily reduction in the Metal Entitlement per ETC Security, meaning the amount of gold backing each security gradually declines over time at a rate tied to the fee percentage.

Crucially, the Final Terms specify a Maximum Base Fee Percentage of 1.00 per cent per annum, representing the contractual ceiling to which the fee could theoretically be raised. The announcement does not indicate any imminent intention to raise the fee, and the current level of 0.11 per cent per annum has been the operative rate since the series inception. Investors may wish to monitor any future programme supplements or updated Final Terms that could disclose a change to this figure, as any increase would incrementally reduce the metal entitlement per security at a faster rate over the long term of the instrument, which runs until 2080.

Issuer Financial Position: Total Assets Surpass USD 9.4 Billion at September 2025

The announcement discloses key financial information for Xtrackers ETC plc drawn from the most recently audited financial statements. As at 30 September 2025, the issuer reported total assets of USD 9,444,414,693, total current liabilities of USD 9,444,373,921, and total Equity of USD 40,772. As at 30 September 2024, the comparable figures were total assets of USD 6,749,076,488, total current liabilities of USD 6,749,038,358, and total equity of USD 38,130. The year-on-year growth in total assets of approximately USD 2.7 billion reflects the substantial increase in the value and scale of the ETC Securities programme over the period.

The near-perfect balance between assets and liabilities is consistent with the special purpose vehicle structure of the issuer, which holds no proprietary assets beyond minimal equity capital. The extremely thin equity buffer — USD 40,772 against a USD 9.4 billion Balance Sheet — underlines the limited recourse nature of these instruments: the assets securing each series are ring-fenced for the benefit of that series' securityholders and are not available to meet claims from holders of any other series. The issuer's statutory auditors are KPMG Ireland, and its key managing directors are named as Eileen Starrs and Claudio Borza.

Listing Applications Across Frankfurt, London, and Borsa Italiana

Applications have been made for the ETC Securities to be admitted to listing and trading on the Frankfurt Stock Exchange, Borsa Italiana, and the London Stock Exchange, in each case on the relevant regulated market or main market. The admission to trading on these exchanges was targeted with effect from or around 22 April 2020 — a date that relates to the original series launch rather than the current tranche, reflecting the continuing nature of the multi-tranche structure under which additional securities are admitted on the basis of the same listing framework.

The ETC Securities are held in CBF GN form and are cleared through Clearstream Frankfurt. CREST Indirect Clearing is noted as applicable, enabling UK-based investors to access the securities through the CREST settlement infrastructure. The securities are not intended to be held in a manner that would allow Eurosystem eligibility, meaning they cannot be used as Collateral in Eurosystem Monetary Policy operations. This is a standard feature of many ETC structures and does not affect the primary Investment characteristics of the product for retail or institutional investors.

Early Redemption Triggers and Investor Protections Built Into the Programme Terms

The Final Terms identify several circumstances under which the ETC Securities could be redeemed prior to the 2080 scheduled maturity. These include certain legal or regulatory changes affecting the issuer, the resignation or termination of any agent where no replacement is appointed within 60 calendar days, or a scenario in which the Value per ETC Security falls to or below 20 per cent of the original issue price for two consecutive valuation days. Additional triggers relate to VAT Liability arising in connection with metal deliveries, and an issuer call redemption option, though the announcement text for the final trigger was truncated in the source document.

The existence of these early redemption provisions provides a degree of structural protection against scenarios in which the product's underlying Economics deteriorate severely. Investors should nonetheless note that early redemption proceeds are calculated on the same basis as the final redemption — namely the Volume-weighted average metal sale price achieved by the Metal Agent during the disposal period — and are subject to the same limited recourse provisions. The Early Redemption Disposal Period is also 45 days, consistent with the Final Redemption Disposal Period, and the Scheduled Early Redemption Date falls on the eighth business day following the expiry of that period.

Regulatory Notifications and Cross-Border Prospectus Passporting

The Central Bank of Ireland has provided certificates of approval to the competent authorities of Austria, Belgium, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, and Sweden, confirming that the Base Prospectus was prepared in accordance with the Prospectus Regulation. This cross-border notification process, sometimes referred to as passporting, facilitates the Marketing and distribution of the ETC Securities across multiple European jurisdictions without requiring the submission of a separate national prospectus in each country.

The Base Prospectus itself was approved by the UK Financial Conduct Authority, with its registered head office at 12 Endeavour Square, London. The FCA's role as competent authority reflects the post-Brexit regulatory architecture under which the UK has retained its own version of the Prospectus Regulation as part of domestic law. No credit ratings have been assigned to the ETC Securities for this series. The announcement states that no person involved in the offer of the ETC Securities has an interest material to the offer, save as discussed in the Subscription and Sale section of the Base Prospectus.

Operational Identifiers and Where Investors Can Access the Full Programme Documentation

Investors seeking to research or trade these ETC Securities can identify them by the following codes: ISIN DE000A2T0VU5, WKN A2T0VU, and SEDOL BLQ0NB2. The issuer's Legal entity identifier is 549300FXP9JMVJDIO346. Settlement is on a delivery free of payment basis through Clearstream Frankfurt. The registered address of the issuer is Fourth Floor, 3 George's Dock, IFSC, Dublin 1, Ireland, and its telephone contact number is +353 1 612 5555.

The full Base Prospectus, programme supplements, and all relevant translations of summaries are available on the DWS ETC documents website at https://etf.dws.com/en-gb/information/etc-documents/, as well as at the registered office of the issuer and the specified offices of the Issuing and Paying Agents. Investors are encouraged by the announcement to read the Base Prospectus in its entirety before making any investment decision, as the Final Terms alone do not constitute complete disclosure of all terms and risk factors applicable to the ETC Securities. The immediate share price impact of this tranche issuance was not clear from available public information at the time of publication.