Directors' report

The Board of Directors (the “Board”) present the Directors' report and audited financial statements of Xtrackers ETC Plc (the “Company”) for the year ended

30 September 2025.

Principal activities, business review and future activities

Xtrackers ETC Plc (the “Company”) was incorporated in Ireland under registration number 627079 on 21 May 2018 with limited liability and is organised under

the laws of Ireland as a Public Limited Company (“plc”) pursuant to the Companies Act, 2014 (the “Companies Act”). It has been established as a special

purpose vehicle for the purpose of issuing asset backed securities. The Company is taxable as a securitisation company pursuant to section 110 of the Taxes

Consolidation Act 1997. Profits arising to the Company is taxable at a rate of 25 per cent. The Company has commenced trading on 16 April 2020.

The principal activity of the Company, under the Secured Xtrackers ETC Precious Metal Linked Securities Programme (the “Programme”), is issuance of

The ETC Securities are designed to provide purchasers with exposure to a Metal without having to take physical delivery of the Metal. Each ETC Security

relates to a specific amount in weight of Metal, specified in the relevant Final Terms, known as the metal entitlement per ETC Security. On any particular day,

the ETC Security can be viewed as giving an exposure to that amount of Metal as the amount payable in respect of the ETC Securities and the Value per ETC

Security is linked to the value of the Metal. In order to back its obligations under the ETC Securities, the Company will seek to hold enough Metal to meet its

obligations under the ETC Securities. The precise amount it holds at any time may be more or less than the aggregate amount of the metal entitlement per ETC

Security to reflect the periodic payment of product fees and, in respect of FX Hedged ETC Securities, an adjustment for any foreign exchange gains or losses.

Because the Company obtains its exposure to the precious Metal by physically investing directly in the relevant Metal, these types of ETC Securities are known

the proceeds of such disposal less any negative interest, net of any deductions (and, in the case of FX Hedged ETC Securities, converted into the currency of

the ETC Securities at the rate the Metal Agent determines would be obtainable at the time of conversion which shall be on or about the day of such sale (or, if

Company and the Series Counterparty so that, as a result of such deliveries, the amount of Underlying Metal held by the Company should equal the aggregate

metal entitlement in the foreign currency of the ETC Security in respect of all outstanding ETC Securities of the relevant Series. Where there are foreign

exchange gains and the metal entitlement per ETC Security consequently increases, the Series Counterparty will be required to deliver additional Metal

equivalent to such increase to the Company under the Balancing Agreement. Where there are losses and the metal entitlement per ETC Security consequently

decreases, the Company will be required to deliver Metal equivalent to such decrease to the Series Counterparty under the Balancing Agreement.

With respect to each Series of ETC Securities, the Company’s primary assets are its holdings of underlying metal and its interests under the related Balancing

Agreement. The obligations of the Company under the ETC Securities of a Series will be secured in favour of the Trustee by an assignment by way of security

of all the Company’s rights, title, interest and benefit present and future against the secured account custodian (the ''Secured Account Custodian''), the

subscription account custodian (the ''Subscription Account Custodian'') relating to the underlying metal in respect of this Series of ETC Securities. Subscription

and redemption terms of the ETC Securities are disclosed in the notes of the financial statements.

DWS Investments UK Limited (the "New Programme Administrator"), effective as of 1 February 2025. The New Programme Administrator's address is 21

Moorfields, London EC2Y 9DB, United Kingdom.

On 21 July 2025, the Company informed Securityholders of a change of the Maximum FX Bid-Offer Spread Adjustment, as set out in the table below; and the

change of the FX Bid-Offer Spread Adjustment in relation to Series 5 Xtrackers IE Physical Gold EUR Hedged ETC (ISIN: DE000A2T5DZ1).

Directors and secretary and their interests in of the Company

The Directors and secretary who served the Company during the period together with their beneficial interests, or those of any close family members, in the

shares of the Company were as follows:

The Board of Directors are not aware of any contracts or arrangements of any significance in relation to the business of the Company in which the Directors had

General information

The Company is a public company limited by shares incorporated in Ireland with registered office at Fourth Floor, 3 George’s Dock, IFSC, Dublin 1.

ETC Securities Details

The following Series of ETC Securities were in operation at 30 September 2025 and 30 September 2024. The Series are priced daily, based on the metal

reference price source from the London Bullion Market Association (“LBMA”) and London Platinum and Palladium Market (“LPPM”) in the table below. In

respect of FX Hedged ETC Securities, an adjustment is also required for any exchange gains or losses under the relevant Balancing Agreement:

of 30 September 2025 and is applied to the Metal Entitlement on a daily basis to determine a daily deduction of an amount of Metal from the Metal Entitlement:

* with a EUR/USD hedge in terms of the Balancing Agreement.

** with a GBP/USD hedge in terms of the Balancing Agreement.

* with a EUR/USD hedge in terms of the Balancing Agreement.