Xtrackers IE Physical Gold EUR Hedged ETC Securities: Tranche 331 Final Terms Published for Series 5 Under DWS Precious Metal Programme

Background to Series 5 of the Xtrackers Secured ETC Precious Metal Linked Securities Programme

Xtrackers ETC plc was incorporated in Ireland as a public company limited by shares on 21 May 2018 and operates exclusively as a special purpose vehicle for the purpose of issuing asset-backed securities under its Secured Xtrackers ETC Precious Metal Linked Securities Programme. The issuer is registered at Fourth Floor, 3 George's Dock, IFSC, Dublin 1, and its shares are held entirely by Wilmington Trust SP Services (Dublin) Limited on trust for charitable purposes, meaning there are no conventional Equity shareholders with a commercial interest in the vehicle's profitability.

Series 5 of the programme relates specifically to the Xtrackers IE Physical Gold EUR Hedged ETC Securities and was originally launched with a Series Issue Date of 20 May 2020 at an initial issue price of EUR 26.30 per security. Since inception, the series has grown substantially. Prior to this latest tranche, there were 20,636,991 securities in issue; following the issuance of Tranche 331, that figure rises to 20,764,991 securities, against a maximum programme cap of 100,000,000,000 securities, leaving considerable headroom for future issuances.

Structure of the EUR-Hedged Gold Exposure and the Metal Entitlement Mechanism

The ETC Securities are designed to give investors exposure to the price of gold without requiring physical delivery of the metal. Each security carries a Metal Entitlement — a specific weight in fine troy ounces of gold — that determines its value at any given point. The initial Metal Entitlement per security at the Series Issue Date in May 2020 was 0.0155 fine troy ounces. As at the Subscription Trade Date of 23 June 2026, the Metal Entitlement had declined to 0.013783663 fine troy ounces per security, reflecting the cumulative effect of daily fee deductions over the life of the series since its inception.

Crucially, the product structure incorporates FX hedging, meaning the ETC Securities seek to neutralise the Exchange Rate risk between the euro-denominated returns experienced by the investor and the US dollar price at which gold is typically traded in international markets. The FX hedging is referenced to the EUR/USD spot and forward points sourced from Thomson Reuters and WM Reuters, with spot fixing at 15:00 London time and forward points fixing at 10:00 London time. The Bloomberg reference screens for these rates are BFIX EURUSD SPOT and BFIX EURUSD S/N respectively.

Tranche 331 Issue Price, Proceeds, and Admission to Trading

The Final Terms confirm that the 128,000 securities comprising Tranche 331 were priced at EUR 50.048146 per security, with a Subscription Trade Date of 23 June 2026 and a Tranche Issue Date of 25 June 2026. The estimated total net proceeds of this tranche are stated as EUR 6,406,162. Estimated total expenses of the issue are USD 5,000, and estimated expenses related to admission to trading are USD 2,000. The board approval for the issuance of ETC Securities under this programme was originally obtained on 14 May 2020.

The announcement states that application has been made for the ETC Securities to be admitted to the Frankfurt Stock Exchange and Borsa Italiana, and for admission to trading on the regulated markets thereof. The securities are cleared through Clearstream, Frankfurt, and CREST Indirect Clearing is applicable. The ISIN for Series 5 is DE000A2T5DZ1, the SEDOL is BM97NK6, and the WKN is A2T5DZ. The securities are delivered free of payment and are not intended to be held in a manner that would allow Eurosystem eligibility.

Fee Structure: Base Fee, FX Hedging Fee, and Daily Accrual Impact on Metal Entitlement

The ongoing cost structure of the ETC Securities is disclosed in detail within the Final Terms. The Base Fee Percentage as at the Tranche Issue Date is 0.15 per cent per annum, with a contractual maximum of 1.00 per cent per annum. The FX Hedging Fee Percentage as at the Tranche Issue Date is 0.09 per cent per annum, again with a maximum of 1.00 per cent per annum. Together, these fees currently total 0.24 per cent per annum, which is competitive relative to many comparable physically backed gold ETC products available to European investors.

It is important for investors to understand how these fees are charged. Rather than being deducted directly from a cash account, fees accrue on a daily basis through a reduction in the Metal Entitlement per ETC Security. The issuer, acting through the Metal Agent — J.P. Morgan Chase Bank, N.A., London Branch — periodically realises physical gold equal to the accrued fee, typically on a weekly basis. The proceeds are credited to the Series Cash Account held by J.P. Morgan SE as Account Bank and used by the Programme Administrator to pay the costs of the programme. This mechanism means that, all else being equal, the weight of gold backing each security gradually declines over time, which is consistent with the observed reduction in Metal Entitlement from 0.0155 fine troy ounces at inception to 0.013783663 fine troy ounces as at the current subscription trade date.

Physical Gold Custody Arrangements and Allocation Status

The announcement confirms that physical gold backing the ETC Securities is held by JPMorgan Chase Bank, N.A. acting as Secured Account Custodian. The gold is generally held on an "allocated" basis, meaning specifically identifiable physical bars are allocated to the issuer and segregated from metal held for other clients of the custodian. This allocated structure is widely regarded as offering stronger investor protection than unallocated arrangements, as the gold is not part of the custodian's general Balance Sheet.

However, the Final Terms note that for operational purposes small amounts of metal may be held on an "unallocated" basis. Where this occurs, the issuer's right to delivery is purely contractual, and the issuer is an unsecured creditor of the custodian, exposing securityholders to the Credit risk of JPMorgan Chase Bank, N.A. in respect of those amounts. Investors should note that no sub-custodian is applicable to this series. Minimum credit rating thresholds for all key counterparties — including the Series Counterparty, Account Bank, Metal Agent, and any eligible custodian — are set at BBB- / A-3 for long and short-term counterparty credit ratings as assigned by S&P.

Role of J.P. Morgan Entities as Transaction Counterparties

The Final Terms identify J.P. Morgan SE as both the Series Counterparty and the Account Bank for this tranche, while J.P. Morgan Chase Bank, N.A., London Branch, serves as Metal Agent. No sub-custodian and no ICSD Paying Agent are applicable in respect of this series. The concentration of key transaction roles within the J.P. Morgan group is a structural feature that investors may wish to consider when assessing counterparty concentration risk, notwithstanding the minimum credit rating requirements imposed on each role by the programme terms.

The Series Counterparty plays a central role in the FX hedging mechanism, and the Account Bank holds the Series Cash Account into which the proceeds of gold sales are deposited prior to distribution. The programme's rating thresholds — BBB- / A-3 as a minimum — mean that if a counterparty's credit rating were to fall below these levels, the issuer would be required to seek a successor or replacement within prescribed timeframes, with potential implications for the continuity of the hedging and custody arrangements.

Redemption Mechanics: Final and Early Redemption Provisions Explained

The Scheduled Maturity Date for Series 5 is 21 May 2080, with the Final Redemption Valuation Date set as 5 April 2080. The Final Redemption Amount per ETC Security is calculated as the greater of: (i) the Final Metal Redemption Amount — derived by multiplying the Metal Entitlement per ETC Security as at the Final Redemption Valuation Date by the Volume-weighted average price at which the Metal Agent sells the underlying gold during the Final Redemption Disposal Period — plus any Specified Interest Amount; or (ii) 10 per cent of the original issue price per ETC Security (EUR 26.30 at Series Issue Date, implying a Minimum Debt Principal Amount of EUR 2.63) plus any Specified Interest Amount. The Final Redemption Disposal Period is 45 days, commencing from the fourth non-disrupted Business day following the Final Redemption Valuation Date.

Early Redemption provisions mirror the final redemption mechanics in most respects, with an Early Redemption Disposal Period also set at 45 days. The Scheduled Early Redemption Date is the eighth business day following the end of the Early Redemption Disposal Period. The announcement explicitly cautions that there can be no assurance the Final Redemption Amount or Early Redemption Amount will equal or exceed the amount invested, and notes that if the metal sale proceeds fall below the Minimum Debt Principal Amount, securityholders may receive less than the full amount owed or potentially zero, given the limited recourse nature of the ETC Securities.

Early Redemption Events and Triggers Disclosed in the Final Terms

The Final Terms set out a number of events that could trigger early redemption of the securities prior to their 2080 scheduled maturity. These include: certain legal or regulatory changes affecting the issuer; the resignation or termination of an agent without a successor being appointed within 60 calendar days; and 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. The latter trigger is intended as a structural protection for securityholders but also signals the level of downside in the gold price that would be required to prompt an involuntary wind-down of the series.

An additional early redemption event relates to VAT and taxation changes affecting the issuer, though the text of the announcement was truncated at this point and the full description of all VAT-related triggers was not included in the version of the Final Terms published via RNS. Investors seeking a comprehensive list of all early redemption events are directed to review the full Base Prospectus dated 12 February 2026, available at etf.dws.com/en-gb/information/etc-documents/.

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

As a special purpose vehicle, Xtrackers ETC plc's balance sheet is structurally straightforward: its assets consist almost entirely of the metal and related Collateral securing its ETC Securities across all series, and its liabilities are the corresponding obligations to securityholders. As at 30 September 2025, the issuer's total assets stood at USD 9,444,414,693, with total equity of just USD 40,772 and total current liabilities of USD 9,444,373,921. This compares with total assets of USD 6,749,076,488 and total current liabilities of USD 6,749,038,358 as at 30 September 2024, indicating a significant increase in the aggregate value of securities under management over the twelve-month period, driven in large part by the appreciation in the gold price during that interval.

The minimal equity figure is consistent with the issuer's purpose-built special purpose vehicle structure and is not indicative of financial weakness; rather, it reflects the fact that the issuer holds assets precisely equal to its liabilities to securityholders, with the small Share Capital held on trust for charitable purposes. The statutory auditors of the issuer are KPMG Ireland, and the key managing directors named in the announcement are Eileen Starrs and Claudio Borza. The Base Prospectus was approved by the UK Financial Conduct Authority on 12 February 2026.

Regulatory Framework, Prospectus Approval, and Cross-Border Notifications

The Final Terms have been prepared in accordance with the UK Prospectus Regulation — specifically Regulation (EU) 2017/1129 as it forms part of retained EU law under the European Union (Withdrawal) Act 2018 — and the Base Prospectus was approved by the Financial Conduct Authority as competent authority. The FCA's head office is at 12 Endeavour Square, London, E20 1JN. The announcement also confirms that 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, attesting that the Base Prospectus was drawn up in accordance with the Prospectus Regulation, facilitating cross-border distribution across these jurisdictions.

The securities have not been rated, as confirmed by the "Not Applicable" entry under the Ratings section of the Final Terms. The issuer states that, save as discussed in the Subscription and Sale section of the Base Prospectus, no person involved in the offer has an interest material to the offer. The immediate share price impact of this issuance was not clear from available public information, as Secondary Market pricing for ETC Securities of this type is driven primarily by the prevailing gold price and EUR/USD exchange rate movements rather than by individual tranche issuances. Investors monitoring this series may wish to track gold price developments, EUR/USD hedging costs, and any future regulatory changes affecting the programme structure.