DB_ETC_Plc-2023-12-31-ESEF

DB ETC plc

Directors' report and audited financial statements

For the year ended 31 December 2023

Registered number : 103781

DB ETC plc

Contents

Page (s)

Directors and other information 1

Directors' report 2- 5

Statement of Directors' responsibilities 6

Independent auditor's report 7 - 13

Statement of comprehensive income 14

Statement of financial position 15

Statement of changes in equity 16

Statement of cash flows 17

Notes to the financial statements 18 - 37

DB ETC plc

Page 1

Directors and other information

Directors

Marc Harris

Registered Office

4th Floor

St Paul's Gate

22-24 New Street

St Helier

Jersey JE1 4TR

Channel Islands

Company Secretary

Vistra Secretaries Limited

4th Floor

St Paul's Gate

22-24 New Street

St Helier

Jersey JE1 4TR

Channel Islands

Administrator

Vistra Fund Services Limited

4th Floor

St Paul's Gate

22-24 New Street

St Helier

Jersey JE1 4TR

Channel Islands

Determination Agent

Apex Fund Services (Ireland) Limited

2nd Floor

Block 5

Irish Life Centre

Abbey Street Lower

Dublin D01 P767

Ireland

Lead Authorised Participant, Arranger,

Deutsche Bank AG, London Branch

Issuing and Paying Agent, Programme

21 Moorfields

Counterparty and Metal Agent

London EC2Y 9DB

United Kingdom

25 Bank Street

Canary Wharf

London E14 5JP

United Kingdom

Note Trustee

Deutsche Trustee Company Limited

21 Moorfields

London EC2Y 9DB

United Kingdom

Independent Auditor

KPMG Channel Islands Limited

Chartered Accountants and Recognised Auditor

37 Esplanade

St Helier

Jersey JE4 8WQ

Channel Islands

Visdirect Services Limited

Viscom Services Limited

Secured and Subscription Account

Custodian

(Previously the address was Winchester House, 1 Great Winchester Street, London, EC2N

2DB,

United Kingdom up until 1 February 2024)

(Previously the address was Winchester House, 1 Great Winchester Street, London, EC2N

2DB,

United Kingdom up until 1 February 2024)

DB ETC plc

Page 2

Directors' report

Principal activities and business review

Key performance indicators

Maturity date CCY

Nominal

Series 1 Xtrackers Physical Gold ETC 15-Jun-60 USD

410,972

Series 2 Xtrackers Physical Gold EUR hedged ETC 15-Jun-60 EUR

3,437,424

Series 4 Xtrackers Physical Silver EUR Hedged ETC 15-Jun-60 EUR

749,180

Series 6 Xtrackers Physical Platinum EUR Hedged ETC 14-Jul-60 EUR

1,438,758

Series 9 Xtrackers Physical Gold ETC (EUR) 27-Aug-60 USD

1,477,125

Series 10 Xtrackers Physical Silver ETC (EUR) 27-Aug-60 USD

158,613

Series 13 Xtrackers Physical Gold GBP Hedged ETC 01-Apr-61 GBP

849,937

The directors (the "Directors") present the Directors' report and audited financial statements of DB ETC plc (the for the year ended

31 December 2023.

The Company was incorporated on 06 August 2009 as a public limited liability company in Jersey under the Companies (Jersey) Law 1991 with

registration number 103781.

The principal activity of the Company, under the Secured ETC Precious Metal Securities Programme (the is to issue from time

time series (each a "Series") of secured precious metal linked securities (the where recourse in respect of each Series is limited

to the proceeds of enforcement of the security over each respective Series' assets.

The Directors confirm that the key performance indicators as disclosed below are those that are used to assess the performance of the Company.

the Company made a profit of EUR nil (2022: EUR nil);

the net fair value gain on Precious metals held by the Company at fair value and Precious metals due from Deutsche Bank AG, London

Branch (the "Programme Counterparty") at fair value amounted to EUR 276,457,897 (2022: EUR 226,481,155);

With respect to each Series of ETC Securities, the main assets are its holdings of underlying Precious metals (the "Precious

metals")

and its interests under the related balancing agreement (the ''Balancing Agreement''). The obligations of the Company under the ETC Securities

a Series will be secured in favour of the Trustee by an assignment by way of security of all the 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'') and any sub-custodian (the ''Sub-Custodian'') relating to the underlying metal in respect of this Series of ETC Securities.

The net proceeds from the issue of a Series of ETC Securities are used to purchase an amount of metal which, in accordance with the

custody

agreement (the ''Custody Agreement'') for secured accounts will, to the extent possible, be allocated to physical metal bars or other metal

shapes

and be held in the secured allocated account. Any remaining metal is held in the secured unallocated account. Such underlying metal is used

The ETC Securities issued are listed on various exchanges including London Stock Exchange, Swiss Stock Exchange, XETRA, Borsa

Italiana

and Euronext Dublin.

The Company is a Special Purpose Vehicle (the ''SPV'') whose sole business is the issue of asset-backed securities. The Company has established

a programme for the issue of ETC Securities whose return is linked to the performance of a specified Precious metal: either gold, silver,

platinum,

or rhodium. Each series of ETC Securities will be separate (or from each other series of ETC Securities. The best benchmark is

the

price of the relevant metal in which the proceeds of the ETC Securities are invested in. For all Series, the performance closely follows

the

movement in the metal linked to the Series.

During the year ended:

the net fair value loss on financial liabilities designated at fair value through profit or loss amounted to EUR 276,457,897 (2022: EUR

226,481,155); and

DB ETC plc

Page 3

Directors' report (continued)

Key performance indicators (continued)

During the year ended (continued):

Series Description Maturity date CCY

Nominal

Series 1 Xtrackers Physical Gold ETC 15-Jun-60 USD

567,475

Series 2 Xtrackers Physical Gold EUR hedged ETC 15-Jun-60 EUR

8,558,637

Series 4 Xtrackers Physical Silver EUR Hedged ETC 15-Jun-60 EUR

686,758

Series 6 Xtrackers Physical Platinum EUR Hedged ETC 14-Jul-60 EUR

882,229

Series 9 Xtrackers Physical Gold ETC (EUR) 27-Aug-60 USD

3,797,347

Series 10 Xtrackers Physical Silver ETC (EUR)

27-Aug-60

USD

319,392

Series 11 Xtrackers Physical Rhodium ETC

19-May-61

USD

499

Series 12 Xtrackers Physical Rhodium ETC (EUR) 19-May-61 EUR

315

Series 13 Xtrackers Physical Gold GBP Hedged ETC 01-Apr-61 GBP

1,110,500

the prices of Precious metals movement are as follows:

Series CCY

Price per ounce as

at 31 Dec 2023

Price per ounce as

at 31 Dec 2022

Movement (%)

Series 1 USD 2,062.40 1,812.35

13.80

Series 2 EUR 1,865.67 1,699.03

9.81

Series 4 EUR 21.48 22.42

(4.21)

Series 6 EUR 910.57 999.39

(8.89)

Series 9 USD 2,062.40 1,812.35

13.80

Series 10 USD 23.79 23.95

(0.67)

Series 11 USD 4,330.00 11,750.00

(63.15)

Series 12 EUR 3,912.18 10,998.78

(64.43)

Series 13 GBP 1,622.85 1,505.46

7.80

31-Dec-23 31-Dec-22

Movement (%)

in 31-Dec-23

USD - EUR 0.9059 0.9341

-3.02%

GBP - EUR 1.1535 1.1295

2.12%

the net assets were EUR 30,002 (2022: EUR 30,002).

the Company had the following ETC Securities in issue:

Series Description Maturity date CCY

Metals held

1 Xtrackers Physical Gold ETC 15-Jun-60

USD

2,040,659 Gold

2 Xtrackers Physical Gold EUR hedged ETC 15-Jun-60

EUR

9,408,969 Gold

4 Xtrackers Physical Silver EUR Hedged ETC 15-Jun-60

EUR

974,422

Silver

6 Xtrackers Physical Platinum EUR Hedged ETC

14-Jul-60 EUR

1,384,127 Platinum

9 Xtrackers Physical Gold ETC (EUR)

27-Aug-60 USD

9,870,227 Gold

10 Xtrackers Physical Silver ETC (EUR)

27-Aug-60 USD

976,853

Silver

11 Xtrackers Physical Rhodium ETC 19-May-61

USD

72,561 Rhodium

12 Xtrackers Physical Rhodium ETC (EUR) 19-May-61

EUR

26,444 Rhodium

13 Xtrackers Physical Gold GBP Hedged ETC

01-Apr-61 GBP

2,671,340 Gold

Precious metals with a value of EUR 7,674,066 (2022: EUR 555,970) was due to the Company from the Programme Counterparty under

the

terms of the Balancing Agreement; and

Nominal (in

units)

the following Series of ETC Securities were partially redeemed:

Precious

metals

The price of Rhodium has significantly decreased since Rhodium trades in a market influenced by a combination of supply and demand

dynamics, thus often resulting in price volatility. On the other hand, due to market forces, the price of Gold has increased while the prices

Silver and Platinum have slightly decreased. Further details are provided below in the going concern section.

As at 31 December 2023:

the Company has invested in Precious metals with a fair value of EUR 3,785,751,088 (2022: EUR 4,555,663,770);

Platinum

Gold

Silver

Rhodium

Gold

Silver

The table below highlights the movement in foreign exchange during the year.

DB ETC plc

Page 4

Directors' report (continued)

Significant events

ISIN Difference

Date of First

Impact

Series 1 Xtrackers Physical Gold ETC GB00B5840F36 2,504,172 11-May-21

Series 2 Xtrackers Physical Gold EUR Hedged ETC DE000A1EK0G3 2,634,101 10-May-21

Series 4 Xtrackers Physical Silver EUR Hedged ETC DE000A1EK0J7 137,270 01-Jun-21

Series 6 Xtrackers Physical Platinum EUR Hedged ETC DE000A1EK0H1 123,362 04-May-21

Series 9 Xtrackers Physical Gold ETC (EUR) DE000A1E0HR8 2,244,351 20-May-21

Series 10 Xtrackers Physical Silver ETC (EUR) DE000A1E0HS6 325,108 21-May-21

Series 13 Xtrackers Physical Gold GBP Hedged ETC GB00B68FL050 435,700 28-Apr-21

Future developments

Going concern

Russia- Ukraine conflict

The financial statements for the year ended 31 December 2023 have been prepared on a going concern basis. Each Series of ETC

Securities is referenced to a specific asset and any loss derived from the asset will be ultimately borne by the relevant ETC Securityholders.

The

Directors anticipate that assets are readily realisable under the terms of base prospectus and the Balancing Agreement with the

Programme

Counterparty and hence, the Company will always have sufficient assets to meet the obligation of the ETC Securities as they fall due. The ETC

Securities in issue as at 31 December 2023 have final maturities ranging from 2060 to 2061. The Directors do not foresee any material

net

redemptions in the next 12 months that would trigger going concern issues.

Russia began an invasion of Ukraine on 24 February 2022. The conflict has led to increased market price volatility in precious metals which

reflected in the daily value per ETC Security. There is also a general increase in the bid/offer spread of our ETC securities quoted by third

party

market makers on the secondary market as a consequence to increased volatility across the market. It is expected that prolonged conflict and

sanctions could affect the structural supply of metal and therefore the price of metal on the international market given Russia is a large

producer

of gold, silver and platinum. On 7 March 2022, the London Bullion Market Association (the "LBMA") announced sanctions in respect to 6

Russian gold/silver refiners. Following the sanctions, the 6 refiners are no longer accepted as Good Delivery by LBMA. For precious

metals,

sanctions are applied from the date of the sanction to bars refined from that point onwards. Anything refined prior to the sanctions date is

still

considered and as such, can still be held by the Company. There is no impact on the ability of investors to redeem due to

the

sanctions.

On 21 February 2023, the Company informed Securityholders of each of the Series that each set of Final Terms relating to each Series set out in

the table below issued from the of First to 09 February 2023 (as defined in the table below) incorrectly overstated the

aggregate

number of ETC securities in issuance under section 5 of the Final Terms (Aggregate number of ETC Securities of Series) by the number set

out

The Directors expect that the present level of activity will be sustained for the foreseeable future. The board of Directors of the Company

(the

''Board'') will continue to seek new opportunities for the Company and will continue to ensure proper management of the current portfolio

Series of the Company.

Security Name

Since the Final Terms relate to a transposition error, it does not have an impact on the financials of the Company.

Final Terms issued after 09 February 2023 contain the correct number. The information relating to aggregate number of securities outstanding

set

out in other parts of the website www.etf.dws.com and the financial statements were correct.

The Directors believe that none of the Authorised Participants in the primary market are Russian entities and hence would not be subject to

the

Russian sanctions. The Directors also assessed that none of the operations of the counterparties are based in Ukraine. The Directors will

continue

to monitor the situation and appropriate steps will be taken for the smooth running of the Companies' business.

A high-level analysis was made on the liquidity and performance of the Company following the financial year end 31 December 2023.

The

Directors note that there has mainly been a positive change in the value of Gold due to an increase in its price as compared to the financial

year

end 31 December 2022, while the price of Rhodium has significantly decreased due to market forces. Rhodium trades in a market influenced by

combination of supply and demand dynamics often resulting in price volatility. The demand for Rhodium has been reliant on the production

exhaust catalytic converters in the automotive industry, which has seen a fall in production in 2023 due to rising demand for electric (and

hybrid)

vehicles where Rhodium components are not applied, and this is reflected in the declining price in 2023. Additionally, China

fiberglass

producers significantly reduced Rhodium demand in 2023; these demand side factors along with a general deterioration in the economic outlook

have put pressure on the price in 2023. The level of activity has remained stable post the financial year end. The Directors have also noted

that the Administrator has taken measures to ensure business continuity.

On 04 December 2023, the Company informed Securityholders of the Series below that the Programme Counterparty determined to change

the

metal fixing time for the scheduled valuation days on 22 and 29 December 2023.

Series 1 Xtrackers Physical Gold ETC (ISIN: GB00B5840F36),

Series 2 Xtrackers Physical Gold EUR Hedged ETC (ISIN: DE000A1EK0G3),

Series 6 Xtrackers Physical Platinum EUR Hedged ETC (ISIN: DE000A1EK0H1),

Series 9 Xtrackers Physical Gold ETC (EUR) (ISIN: DE000A1E0HR8) and

Series 13 Xtrackers Physical Gold GBP Hedged ETC (ISIN: GB00B68FL050).

DB ETC plc

Page 5

Directors' report (continued)

Business risks and principal uncertainties

Climate risk

Results and dividends for the year

Changes in Directors, Secretary and Registered Office

Directors, Secretary and their interests

Shares and shareholders

Subsequent events

Subsequent events have been disclosed in note 21 to the financial statements.

Independent auditor

On behalf of the Board

Director

Date:

The Company is subject to various risks. The key risks facing the Company relate to their use of financial instruments and other risks (i.e.

market

risk, credit risk, liquidity risk, operational risk and climate risk) arising from the Precious metals which are set out in note 14 to the

financial

statements.

There has been no change in Directors, Secretary and Registered Office during the year.

None of the Directors or the Secretary who held office on 31 December 2023 held any shares or ETC Securities in the Company at that date,

during the year. There were no contracts of any significance in relation to the business of the Company in which the Directors had any interest. As

disclosed in note 18, Related Party Transactions, Marc Harris, a director of the Company is an employee of an affiliate company of

the

administrator and Visdirect Services Limited and Viscom Services Limited are affiliates of the administrator. See note 18 for full details of

the

relationships entered into between the Company and its related parties.

The authorised share capital of the Company is GBP 10,000 divided into 10,000 limited shares of GBP 1 each (the "Shares") of which 2

are

issued and fully paid and are directly or indirectly held by Vistra Nominees I Limited and Vistra Nominees II Limited (the "Share

Trustees")

under the terms of a declaration of trust (the "Declaration of Trust") under which the Share Trustees hold the benefit of the shares on trust

for

charitable purposes. There are no other rights that pertain to the shares and the shareholders.

In accordance with the Companies (Jersey) Law 1991, KPMG Channel Islands Limited, Chartered Accountants and Recognised Auditor has been

appointed to continue in office.

The Directors acknowledge that climate change is an emerging risk impacting the global economy and will continue to be of interest to

all

stakeholders with a focus on how climate change is expected to impact the operations of the precious metals industry in areas such as

mining,

processing, warehousing, transportation, societal response and the regulatory environment in the future. However, having considered such

factors

relating to climate change, the Directors have determined that there are no direct or immediate impacts of climate change on the

business

operations of the Company. Further details are provided in note 14 to the financial statements.

The results for the year are set out on page 14. The Directors do not recommend the payment of a dividend for the year under review (2022: nil).

22 March 2024

DB ETC plc

Page 6

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable, relevant and reliable;

We confirm that to the best of our knowledge:

On behalf of the Board

Director

Date:

the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the

assets,

liabilities, financial position and profit or loss of the Company; and

the report includes a fair review of the development and performance of the business and the position of the issuer, together with

description of the principal risks and uncertainties that they face. The principal risks facing the Company are outlined in note 14 of

the

financial statements.

We consider the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary

for

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no

realistic

alternative but to do so.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the transactions and

disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that its financial

statements

comply with the Companies (Jersey) Law, 1991. They are responsible for such internal control as they determine is necessary to enable

the

preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility

for

taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

The Directors are also required by the Transparency (Directive 2004/109/EC) (Amendment) (No. 2) Regulations 2015 (the ''Regulations'')

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the

website.

Legislation in Jersey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they are required to prepare

the

financial statements in accordance with International Financial Reporting Standards as adopted by the EU and applicable law.

Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of

the

state of affairs of the Company and of its profit or loss for that year. In preparing these financial statements, the Directors are required to:

state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the

financial

statements;

Statement of Directors' responsibilities

22 March 2024

I n d e p e n d e n t A u d i t o r ' s R e p o r t t o t h e M e m b e r s o f D B E T C p l c

Our opinion is unmodified

We have audited the financial statements of DB ETC plc (the “Company”), which comprise the statement of financial position as at 31 December

2023, the statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising material

accounting policies and other explanatory information.

In our opinion, the accompanying financial statements:

give a true and fair view of the financial position of the Company as at 31 December 2023, and of the Company’s financial performance and

cash flows for the year then ended;

are prepared in accordance with International Financial Reporting Standards as adopted by the EU; and

have been properly prepared in accordance with the Companies (Jersey) Law, 1991.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are

described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical

requirements including the FRC Ethical Standard as required by the Crown Dependencies' Audit Rules and Guidance. We believe that the audit

evidence we have obtained is a sufficient and appropriate basis for our opinion.

Key audit matters: our assessment of the risks of material misstatement

Key audit matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements and

include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the

greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These

matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not

provide a separate opinion on these matters. In arriving at our audit opinion above, the key audit matters were as follows (unchanged from 2022):

The risk Our response

Valuation of precious metals at

fair value

3,785,751,088; (2022:

4,555,663,770)

Refer to note 3(e) accounting

policy and note 9 disclosures

Basis:

Precious metals at fair value (the “Metals”) represent

98.9% of the Company’s total assets at 31 December 2023

(2022: 99.9%).

The metals act as collateral for the financial liabilities

designated at fair value through profit or loss (“the ETC

Securities”) issued by the Company. The Metals are

accounted for at fair value.

The Company determines fair value by revaluing the

quantity of Metals held at the reporting date to the last

market prices published by the sources described in the

financial statements.

Risk:

The reported fair value of the Metals held may be

materially misstated.

Our audit procedures included:

Assessed the design and implementation

of controls over valuation of the Metals.

Engaged our valuation specialists

(iRadar) to independently price all of

the Metals to a third party pricing

source and compare the recalculated

values to those determined by the

Company.

Assessed the fair value disclosures in

the financial statements for

compliance with IFRS requirements.

Valuation of financial liabilities

designated at fair value through

profit or loss (“ETC Securities”)

3,793,425,154; (2022

4,556,219,740)

Refer to note 3(e) accounting

policy and note 11 disclosures

Basis:

The issuance of ETC Securities is central to the Company’s

principal activity. ETC Securities allow investors to gain

exposure to movements in prices of Metals without needing to

take physical delivery.

ETC Securities are accounted for at fair value.

Our audit procedures included:

Assessed the design and

implementation of the controls over

the valuation of ETC Securities.

Assessed the appropriateness of

the methodology used to value

the ETC Securities, and consider

whether it represents fair value in

accordance with IFRS.

Recalculated the fair value of ETC

Securities using published market

I n d e p e n d e n t A u d i t o r ' s R e p o r t t o t h e M e m b e r s o f D B E T C p l c

( c o n t i n u e d )

The risk Our response

Our audit procedures included:

Obtained a portfolio listing of

physical metals from the

administrator of the Company as at

31 December 2023.

Obtained independent confirmation

from the custodian and sub custodian

of the quantity of Metals held in

custody at the reporting date.

Agreed the amounts per the

accounting records to the independent

custody records and agreed any

reconciling items to support documents.

Attended the custodian’s premises

and observed procedures performed

with respect to the security measures

employed and installed at the physical

vault by the custodian and, obtained

an understanding of the custodian’s

controls that it undertakes as part of its

business to fulfil its contractual

obligations under the custodian

contract for safeguarding client assets.

Existence of precious metals at

fair value

3,785,751,088; (2022:

4,555,663,770)

Refer to note 3(e) accounting

policy and note 9 disclosures

Basis:

Precious metals at fair value (the “Metals”) represent 98.9%

of the Company’s total assets at 31 December 2023 (31

December 2022: 99.9%).

The Metals act as collateral for the financial liabilities

designated at fair value through profit or loss (“the ETC

Securities”) issued by the Company. The Metals are

accounted for at fair value.

The Metals are held on behalf of the Company by JP Morgan

as custodian (for all metals other than Rhodium) and Johnson

Matthey as sub custodian (for Rhodium).

Risk:

The Metals recorded do not exist.

The risk Our response

I n d e p e n d e n t A u d i t o r ' s R e p o r t t o t h e M e m b e r s o f D B E T C p l c ( c o n t i n u e d )

The risk Our response

The Company determines fair value in accordance with the

formula set out in the prospectus to reflect the contractual price

at which the ETC Securities will be issued or redeemed by the

Company at the reporting date. This formula takes into account

the quantity of ETC Securities in issue at the reporting date, and

the price of the relevant metals, adjusted for product fees.

Risk:

A discrepancy in the inputs or incorrect application of the formula

used to determine the fair value of the ETC Securities may cause

the reported fair value of financial liabilities designated at fair value

through profit or loss to be materially misstated.

data on metals prices and compare the

recalculated values to those determined by

the Company.

Assessed the fair value

disclosures in the financial

statements, for compliance with

IFRS requirements.

Our application of materiality and an overview of the scope of our audit

Materiality for the financial statements as a whole was set at 41.1 million, determined with reference to a planning benchmark of total assets of

4,105,026,000, of which it represents approximately 1.0% (2022: 1.0%).

In line with our audit methodology, our procedures on individual account balances and disclosures were performed to a lower threshold, performance

materiality, so as to reduce to an acceptable level the risk that individually immaterial misstatements in individual account balances add up to a

material amount across the financial statements as a whole. Performance materiality for the Company was set at 75% (2022: 75%) of materiality for

the financial statements as a whole, which equates to 30.8 million. We applied this percentage in our determination of performance materiality

because we did not identify any factors indicating an elevated level of risk.

We reported to the Audit Committee any corrected or uncorrected identified misstatements exceeding 2.06 million, in addition to other identified

misstatements that warranted reporting on qualitative grounds.

Our audit of the Company was undertaken to the materiality level specified above, which has informed our identification of significant risks of

material misstatement and the associated audit procedures performed in those areas as detailed above.

Going concern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its

operations, and as they have concluded that the Company's financial position means that this is realistic. They have also concluded that there

are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date

of approval of the financial statements (the “going concern period").

I n d e p e n d e n t A u d i t o r ' s R e p o r t t o t h e M e m b e r s o f D B E T C p l c ( c o n t i n u e d )

In our evaluation of the directors' conclusions, we considered the inherent risks to the Company's business model and analysed how those risks might

affect the Company's financial resources or ability to continue operations over the going concern period. The risks that we considered most likely to affect

the Company's financial resources or ability to continue operations over this period were:

The Arranger’s requirement to continue using the Company; and

The risk of securityholders redeeming a significant amount of the securities;

We considered whether this risk could plausibly affect the liquidity in the going concern period by comparing severe, but plausible downside scenarios that

could arise from this risk against the level of available financial resources indicated by the Company’s financial forecasts.

We considered whether the going concern disclosure in note 2a to the financial statements gives a full and accurate description of the directors' assessment

of going concern.

Our conclusions based on this work:

we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate;

we have not identified, and concur with the directors' assessment that there is not, a material uncertainty related to events or conditions that,

individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period; and

we found the going concern disclosure in the notes to the financial statements to be acceptable.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements

that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to

commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

enquiring of management as to the Company’s policies and procedures to prevent and detect fraud as well as enquiring whether management have

knowledge of any actual, suspected or alleged fraud;

reading minutes of meetings of those charged with governance; and

using analytical procedures to identify any unusual or unexpected relationships.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that

management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue

recognition because the Company’s revenue streams are simple in nature with respect to accounting policy choice, and are easily verifiable to

external data sources or agreements with little or no requirement for estimation from management. We did not identify any additional fraud risks.

We performed procedures including

Identifying journal entries and other adjustments to test based on risk criteria and comparing any identified entries to supporting documentation; and

incorporating an element of unpredictability in our audit procedures.

I n d e p e n d e n t A u d i t o r ' s R e p o r t t o t h e M e m b e r s o f D B E T C p l c ( c o n t i n u e d )

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector

experience and through discussion with management (as required by auditing standards), and from inspection of the Company’s regulatory and

legal correspondence, if any, and discussed with management the policies and procedures regarding compliance with laws and regulations. As

the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures

for complying with regulatory requirements.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation

legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement

items.

The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or

disclosures in the financial statements, for instance through the imposition of fines or litigation or impacts on the Company’s ability to operate. We

identified financial services regulation as being the area most likely to have such an effect, recognising the regulated nature of the Company’s

activities and its legal form. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to

enquiry of management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not

disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the

financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the

further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely

the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible

for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report but does

not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information

and we do not express an audit opinion or any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the

other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be

materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we

are required to report that fact. We have nothing to report in this regard.

I n d e p e n d e n t A u d i t o r ' s R e p o r t t o t h e M e m b e r s o f D B E T C p l c ( c o n t i n u e d )

We have nothing to report on other matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies (Jersey) Law 1991 requires us to report to you if, in our

opinion:

adequate accounting records have not been kept by the Company; or

the Company's financial statements are not in agreement with the accounting records; or

we have not received all the information and explanations we require for our audit.

Respective responsibilities

Directors' responsibilities

As explained more fully in their statement set out on page 6, the directors are responsible for: the preparation of the financial statements including

being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial

statements that are free from material misstatement, whether due to fraud or error; assessing the Company’s ability to continue as a going concern,

disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate

the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether

due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee

that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud

or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users

taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of this report and restrictions on its use by persons other than the Company's members, as a body

This report is made solely to the Company’s members, as a body, in accordance with Article 113A of the Companies (Jersey) Law 1991. Our

audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s

report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the

Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Report on Regulatory Requirements

European Single Electronic Format (ESEF)

The Company has prepared its annual report in ESEF. The requirements for this format are set out in the Commission Delegated Regulation (EU)

2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (these requirements are hereinafter

referred to as: the RTS on ESEF).

In our opinion, the annual report prepared in the XHTML format, including the financial statements as included in the reporting package by the

Company, has been prepared in all material respects in accordance with the RTS on ESEF.

I n d e p e n d e n t A u d i t o r ' s R e p o r t t o t h e M e m b e r s o f D B E T C p l c ( c o n t i n u e d )

The directors are responsible for preparing the annual report including the financial statements in accordance with the RTS on ESEF, whereby the directors

combine the various components into a single reporting package. Our responsibility is to obtain reasonable assurance for our opinion whether the annual

report in this reporting package, is in accordance with the RTS on ESEF.

Our procedures included amongst others:

obtaining an understanding of the Company's financial reporting process, including the preparation of the annual report in XHTML format;

examining whether the annual report in XHTML-format is in accordance with the RTS on ESEF.

Shaun Robert Farley

For and on behalf of KPMG Channel Islands Limited

Chartered Accountants and Recognized Auditors

Jersey

22 March 2024

DB ETC plc

Page 14

Statement of comprehensive income

For the year ended 31 December 2023

Year ended Year ended

31-Dec-23 31-Dec-22

Notes EUR EUR

4 276,457,897 226,481,155

5 (276,457,897)

(226,481,155)

Operating profit before taxation

6 -

Net fair value gain on Precious metals at fair value and Precious metal due from

the

Programme Counterparty

Net fair value loss on financial liabilities designated at fair value through profit or

loss

Taxation

Profit or loss and total comprehensive income for the year

The notes on pages 18 to 37 form an integral part of the financial statements.

DB ETC plc

Page 15

Statement of financial position

As at 31 December 2023

31-Dec-23 31-Dec-22

Notes EUR EUR

7 2 2

8 33,315,933 4,288,775

9 3,785,751,088 4,555,663,770

Precious metal due from the Programme Counterparty 9 7,674,066 555,970

3,826,741,089 4,560,508,517

Other payables 10 33,285,933 4,258,775

11 3,793,425,154 4,556,219,740

3,826,711,087 4,560,478,515

12 2 2

30,000 30,000

30,002 30,002

3,826,741,089 4,560,508,517

Director

Date:

Precious metals at fair value

Retained earnings

Total equity

Total liabilities and equity

On behalf of the Board

Total assets

The notes on pages 18 to 37 form an integral part of the financial statements.

Liabilities and equity

Liabilities

Financial liabilities designated at fair value through profit or loss

Total liabilities

Equity

Share capital

Assets

Cash and cash equivalents

Other receivables

22 March

22 March 2024

DB ETC plc

Page 16

Statement of changes in equity

For the year ended 31 December 2023

EUR EUR EUR

2 30,000 30,002

- -

2 30,000 30,002

Balance as at 01 January 2023 2 30,000 30,002

- -

2 30,000 30,002

Total comprehensive income for the year

Balance as at 31 December 2022

Total comprehensive income for the year

Profit for the year

Total comprehensive income for the year

Balance as at 31 December 2023

capital

Retained

earnings

Total

equity

Balance as at 01 January 2022

Total comprehensive income for the year

Profit for the year

The notes on pages 18 to 37 form an integral part of the financial statements.

DB ETC plc

Page 17

Statement of cash flows

For the year ended 31 December 2023

Year ended Year ended

31-Dec-23 31-Dec-22

Notes EUR EUR

(29,027,158)

(4,009,103)

29,027,158 4,009,103

5 276,457,897

226,481,155

4 (276,457,897)

(226,481,155)

2 2

7 2 2

Non-cash Transactions during the year include:

Issuance of ETC Securities 11 956,979,079

1,546,133,393

Redemptions of ETC Securities 11 (1,996,231,562)

(3,119,432,119)

Additions of Precious metals

9 (956,979,079)

(1,546,133,393)

Disposals of Precious metals

9 1,996,231,562

3,119,432,119

Net cash generated from operating activities

Movement in cash and cash equivalents

Cash and cash equivalents at start of the year

Cash flows from operating activities

Profit before taxation

Adjustments for:

Increase in other receivables

Increase in other payables

Net fair value loss on financial liabilities designated at fair value through profit or

loss

Net fair value gain on Precious metals at fair value and Precious metal due from

the

Programme Counterparty

Cash and cash equivalents at end of the year

The notes on pages 18 to 37 form an integral part of the financial statements.

DB ETC plc

Page 18

Notes to the financial statements

For the year ended 31 December 2023

1 General information

2 Basis of preparation

(a) Statement of compliance

Going concern

Russia- Ukraine conflict

With respect to each Series of ETC Securities, the main assets are its holdings of underlying metal and its interests under

the

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 rights, title, interest and benefit present and future against the Secured

Account

Custodian, the Subscription Account Custodian and any Sub-Custodian relating to the underlying metal in respect of this Series of ETC

Securities.

The net proceeds from the issue of a Series of ETC Securities are used to purchase an amount of metal which, in accordance with the

Custody

Agreement for secured accounts will, to the extent possible, be allocated to physical metal bars or other metal shapes and be held in

the

secured allocated account. Any remaining metal is held in the secured unallocated account. Such underlying metal is used to meet

the

The ETC Securities issued are listed on various exchanges including London Stock Exchange, Swiss Stock Exchange, XETRA,

Borsa

Italiana and Euronext Dublin.

The financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by

the

European Union ("IFRS") and in accordance with the Companies (Jersey) Law 1991.

The accounting policies set out below have been applied in preparing the financial statements for the year ended 31

December

2023; the comparative information for the year ended 31 December 2022 presented in these financial statements has been prepared

using the same accounting policies.

The financial statements for the year ended 31 December 2023 have been prepared on a going concern basis. Each

Series of ETC Securities is referenced to a specific asset and any loss derived from the asset will be ultimately borne by

the

relevant ETC Securityholders. The Directors anticipate that assets are readily realisable under the terms of base prospectus and

the

Balancing Agreement with the Programme Counterparty and hence, the Company will always have sufficient assets to meet

the

obligation of the ETC Securities as they fall due. The ETC Securities in issue as at 31 December 2023 have final

maturities

ranging from 2060 to 2061. The Directors do not foresee any material net redemptions in the next 12 months that would

trigger

going concern issues.

The Company was incorporated on 6 August 2009 as a public limited company in Jersey under the Companies (Jersey) Law 1991,

amended, with company number 103781.

The principal activity of the Company, under the Programme, is to issue from time to time Series of the ETC Securities, where recourse in

respect of each Series is limited to the proceeds of enforcement of the security over each respective Series' assets.

Russia began an invasion of Ukraine on 24 February 2022. The conflict has led to increased market price volatility in

precious

metals which is reflected in the daily value per ETC Security. There is also a general increase in the bid/offer spread of our ETC

securities quoted by third party market makers on the secondary market as a consequence to increased volatility across the

market.

It is expected that prolonged conflict and sanctions could affect the structural supply of metal and therefore the price of metal on

the international market given Russia is a large producer of gold, silver and platinum. On 7 March 2022, the London Bullion

Market Association (the "LBMA") announced sanctions in respect to 6 Russian gold/silver refiners. Following the sanctions, the 6

refiners are no longer accepted as Good Delivery by LBMA. For precious metals, sanctions are applied from the date of

the

sanction to bars refined from that point onwards. Anything refined prior to the sanctions date is still considered

and as such, can still be held by the Company. There is no impact on the ability of investors to redeem due to the sanctions.

The Directors believe that none of the Authorised Participants in the primary market are Russian entities and hence would not

subject to the Russian sanctions. The Directors also assessed that none of the operations of the counterparties are based in

Ukraine.

The Directors will continue to monitor the situation and appropriate steps will be taken for the smooth running of the

Companies'

business.

A high-level analysis was made on the liquidity and performance of the Company following the financial year end 31

December

2023. The Directors note that there has mainly been a positive change in the value of Gold due to an increase in its price

compared to the financial year end 31 December 2022, while the price of Rhodium has significantly decreased due to

market

forces. Rhodium trades in a market influenced by a combination of supply and demand dynamics often resulting in price

volatility.

The demand for Rhodium has been reliant on the production of exhaust catalytic converters in the automotive industry, which

has

seen a fall in production in 2023 due to rising demand for electric (and hybrid) vehicles where Rhodium components are

not

applied, and this is reflected in the declining price in 2023. Additionally, China fiberglass producers significantly reduced

Rhodium demand in 2023; these demand side factors along with a general deterioration in the economic outlook have put

pressure

on the price in 2023. The level of activity has remained stable post the financial year end. The Directors have also noted

that the Administrator has taken measures to ensure business continuity.

DB ETC plc

Page 19

Notes to the financial statements (continued)

For the year ended 31 December 2023

2 Basis of preparation (continued)

(b) Basis of measurement

Precious metal due from the Programme Counterparty is measured at fair value;

Precious metals at fair value are measured at fair value; and

Financial liabilities designated at fair value through profit or loss are measured at fair value.

The method used to measure fair values are discussed further in note 3(e, f) and 15.

(d) Use of estimates and judgements

Determination of measurement basis for precious metals

Determination of fair value of financial liabilities issued at fair value through profit or loss

Product fees

In the absence of a specific precious metals or gold bullion accounting standard under IFRS, the Directors believe that the

most

appropriate basis for accounting for precious metals and gold bullion is at fair value. Please refer to note 3(e) metals

The financial liabilities designated at fair value through profit or loss are measured using the prices calculated by Apex Fund

Services (Ireland) Limited (the "Determination Agent"), and not based on the quoted secondary price available on the recognised

stock exchanges for the financial liabilities at fair value through profit and loss as the Company does not have access to

these

markets and can only transact at the prices calculated by the Determination Agent. Accordingly, consistent with IFRS 13.19,

the

Directors have determined that the principal market from the perspective of the Company is the market created between

the

Company and the Authorised Particpant. In the opinion of the Directors, this is the most appropriate method of estimating

fair

value, as the Company is contractually obliged to settle the ETC Securities at their calculated price. Please refer to note

3(f)

The product fees are a transaction cost borne by investors through a daily reduction in the metal entitlement of each ETC

Security.

Accordingly, the product fees form an integral component of the determination of the daily fair values of the ETC Securities, and

The financial statements have been prepared on the historical cost basis except for the following material items in the Statement

financial position:

Functional currency is the currency of the primary economic environment in which the entity operates. The Company does not

have

an investment strategy limited to one currency, as such the currency of the assets held and Notes in issue is expected to

change

periodically as a result of investor demand. The Directors believe that the functional and the presentation currency should be

EUR,

in line with prior year, as EUR is the currency that most faithfully represents the economic effects of the transactions, events and

conditions of the Company's underlying operations.

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and

assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and

expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to

reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of

assets

and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in

the period in which the estimates are revised and in any future periods affected. Details of material judgements and estimates

have

been further described in accounting policy note 3(e) "Precious metals at fair value and Precious metal due from the

Programme

The following are the critical judgements, apart from those involving estimations (which are presented separately below), that

the

Directors have made in the process of applying the accounting policies and that have the most significant effect on

the

amounts recognised in financial statements.

DB ETC plc

Page 20

Notes to the financial statements (continued)

For the year ended 31 December 2023

2 Basis of preparation (continued)

(d) Use of estimates and judgements (continued)

Key sources of estimation uncertainty

Precious metals at fair value and Precious metal due from the Programme Counterparty

(e) Changes in accounting standards

(i)

Effective date

1 January 2023*

(ii)

Effective date

1 January 2024*

1 January 2024**

1 January 2025**

** Not endorsed.

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have

significant risk of causing a material adjustment to the carrying amounts of Precious metals and liabilities within the next

financial

year, are discussed below.

The Directors have determined that the main estimates are in relation to the determination of the fair value of Precious metals

fair value and Precious metal due from the Programme Counterparty using prices quoted by the London Bullion

Market

Association, London Platinum and Palladium Market Association and Comdaq. Further details have been described in accounting

policy note 3(e) "Precious metals at fair value and Precious metal due from the Programme Counterparty" to the

financial

statements.

Financial liabilities issued at fair value through profit or loss

Standards not yet effective, but available for early adoption

Description

Amendments to IAS 1 Presentation of Financial Statements : Classification of liabilities

Amendments to IAS 21 The effects of changes in Foreign Exchange Rates

*Where new requirements are endorsed, the EU effective date is disclosed. For un-endorsed standards and

interpretations,

the effective date is noted. Where any of the requirements are applicable to the Company, it will apply them from

their EU effective date.

The Directors have determined that prices calculated by the Determination Agent are used as the measurement basis at 31

December 2023 and 31 December 2022 these prices most accurately reflect the obligations of the Company under the terms of

the

New standards, amendments and interpretations issued effective as of 01 January 2023:

Description

The Directors have considered the impact of the new standards, amendments and interpretations and do not consider

there

to be a significant impact from these newly effective standards, amendments and interpretations.

Amendments to IFRS 17 Insurance Contract

Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures

Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure

of Accounting policies

Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors

Amendments to IAS 12 Income Taxes

Amendments to IFRS 16 Leases

Directors have considered the new standards, amendments and interpretations as detailed in the above table and do

not

plan to adopt these standards early. The Directors anticipate that the adoption of those standards or interpretations

will

have no material impact on the financial statements of the Company in the period of initial application.

DB ETC plc

Page 21

Notes to the financial statements (continued)

For the year ended 31 December 2023

3 Material accounting policies

(a) Foreign currency transactions

(b) Net fair value gain on Precious metals at fair value and Precious metal due from the Programme Counterparty

(c)

Net fair value loss on financial liabilities designated at fair value through profit or loss

(d) Other expenses

(e) Precious metals at fair value and Precious metal due from the Programme Counterparty

Initial recognition

The Precious metal is recognised when the Company has the contractual rights to the assets as a result of past events.

Derecognition

Transactions in foreign currencies are translated into the functional currency at the date of the transactions. Monetary assets and

liabilities denominated in foreign currencies at the reporting date are retranslated into the functional currency at the exchange

rate

at that date.

Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated into

the

functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign

currency

that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign

currency

differences arising on retranslation are recognised in the Statement of comprehensive income.

Gains and losses arising on retranslation of financial liabilities designated at fair value through profit or loss and Precious metals

fair value are included in the Statement of comprehensive income together with fair value gains and losses as noted below.

Net fair value gain on Precious metal relates to the movement in the prices of metals and includes all realised and unrealised

fair

value changes and foreign exchange differences. Any gains and losses arising from changes in fair value of Precious metals and

changes in fair value of Precious metals due from the Programme Counterparty are recorded in net fair value gain on

Precious

metals at fair value and Precious metals due from the Programme Counterparty at fair value in the Statement of

comprehensive

income. Under normal circumstances, there is no realised gain on metals as realisation occurs based on the market price of

the

metal, which is revalued daily, and on the metal entitlement of the associated series. Consequently, there is no realised gain on

metals. Details of recognition and measurement of Precious metals are disclosed in the accounting policy for Precious metals

(note

3(e)).

Net fair value loss on financial liabilities designated at fair value through profit or loss relates to ETC Securities issued by

the

Company and includes all realised and unrealised fair value changes and foreign exchange differences. Any gains and

losses

arising from changes in the fair value of the financial liabilities designated at fair value through profit or loss are recorded in

net

fair value loss on ETC Securities in the Statement of comprehensive income. Details of recognition and measurement of

financial

liabilities are disclosed in the accounting policy of financial instruments (note 3(f)).

All expenses, other than product fees recorded as a reduction in metal entitlement, are paid by the Arranger and as such, are

not

reflected in these financial statements. Product fees are recorded as a reduction in metal entitlement in calculation of the fair

value

of the ETC Securities.

The Company holds Precious metals and Precious metals due from the Programme Counterparty equal to the amount due

holders of ETC Securities solely for the purposes of meeting its obligations under the ETC Securities.

The Precious metals are measured at fair value and changes in fair value are recognised in the Statement of

Comprehensive

Income. Any costs to sell precious metal that arise in the course of settling the obligations under the ETC Securities

are

The Company derecognises Precious metals held at fair value when the contractual rights to the asset have expired, or

the

Company has transferred the rights to the asset in a transaction in which substantially all the risks and rewards of ownership

are

transferred.

DB ETC plc

Page 22

Notes to the financial statements (continued)

For the year ended 31 December 2023

3 Material accounting policies (continued)

(e) Precious metals at fair value and Precious metal due from the Programme Counterparty (continued)

Fair value measurement principles

The metal assets are valued using the appropriate metal prices:

Precious metals due from Programme Counterparty

(f) Financial instruments

Initial recognition

Classification

Accordingly, the financial assets and financial liabilities are classified into the following categories:

Financial liabilities at fair value through profit or loss:

Financial liabilities designated at fair value through profit or loss

Financial assets at amortised cost:

Cash and cash equivalents and other receivables

Financial liabilities at amortised cost:

Other payables

the gold is recorded at fair value using the last available price, nearest or at year-end, quoted by the London Bullion

Market Association. The morning ("AM") fix on 29 December 2023 was used to value the gold as this was the last

fix

price available from the London Bullion Market Association for the year.

the silver is recorded at fair value using the last available price, nearest or at year-end, quoted by the London Bullion

Market Association. The fix on 29 December 2023 was used to value the silver as this was the last fix price available from

the London Bullion Market Association for the year.

Financial assets and financial liabilities are recognised initially at the trade date at which the Company becomes a party to

the

contractual provisions of the instrument and are measured initially at fair value plus, for an item not at fair value through profit

loss, transaction costs that are directly attributable to their acquisition or issue.

the platinum is recorded at fair value using the last available price, nearest or at year-end, quoted by the London Platinum

and Palladium Market. The AM fix on 29 December 2023 was used to value the platinum as this was the last available

fix

price available from the London Platinum and Palladium Market for the year.

the rhodium is recorded at fair value using the last available price, nearest or at year-end, quoted by Comdaq. The fix on

29 December 2023 was used to value the rhodium as this was the last fix price available from Comdaq for the year.

The valuation of metal assets held at fair value in the Statement of financial position is calculated after taking account

adjustments to the metal entitlement arising from the accrual of product fees and other rebalancing

adjustments,

consistent with the Balancing Agreements which are in place for each Series.

The Precious metals due from the Programme Counterparty represents the amount of metal entitlement of ETC Securities which

not held physically by the custodian / sub custodian on behalf of the Company as at the reporting date but is due to be received

from the Programme Counterparty under the Balancing Agreement. Precious metals due from the Programme Counterparty

are

accounted for at fair value through profit or loss.

The Company has designated the debt financial liabilities issued at fair value through profit or loss. For other financial

instruments,

the classification is based on both the Company's business model for managing those Instruments and the contractual cash flow

characteristics of the instruments.

The value per ETC Security is calculated by multiplying the metal entitlement per ETC Security with the metal prices derived from

the above sources. The metal entitlement per ETC Security is obtained by subtracting the product fees for the relevant date.

The

product fees are equal to product fee percentage that is, 0.25% to 0.95%, multiplied by the Metal Entitlement per ETC Security

for

the prior Scheduled Valuation Day and are accrued on a daily basis.

Per the base prospectus, these metal prices have fully transparent benchmarks, which are globally accepted as the basis for pricing

a variety of transactions, including industrial contracts and averaging business.

DB ETC plc

Page 23

Notes to the financial statements (continued)

For the year ended 31 December 2023

3 Material accounting policies (continued)

(f) Financial instruments (continued)

Subsequent measurement

Derecognition

Offsetting

(g) Other receivables

(h) Cash and cash equivalents

(i) Share capital

(j) Segment reporting

After initial measurement, the instruments at amortised cost are recorded at the amount at initial recognition, minus

principal

repayments, plus or minus the cumulative amortisation using the effective interest rate method or any difference between the

initial

amount recognised and the maturity amount, minus any reduction for impairment. The effective interest method is a method

calculating the amortised cost of an instrument and of allocating interest over the relevant period. The effective interest rate is

the

rate that exactly discounts estimated future cash flows (including all fees paid or received that form an integral part of the

effective

interest rate, transaction costs and other premiums or discounts) through the expected life of the instrument, or, where

appropriate,

a shorter period, to the net carrying amount on initial recognition. Impairment losses, including reversals of impairment losses and

impairment gains, are presented in the Statement of comprehensive income.

Financial liabilities designated at fair value through profit and loss are measured using the prices calculated by Apex Fund Services

(Ireland) Limited (the "Determination Agent"). Quoted prices are also available on recognised stock exchanges for the

financial

liabilities designated at fair value through profit or loss. However, the Directors have determined that prices calculated by

the

Determination Agent should be used as a measurement basis at 31 December 2023 and 31 December 2022 as these prices

most

accurately reflect the obligations of the Company under the terms of the Series Issue Deeds. The prices are calculated using

the

spot price of the relevant underlying metal adjusted for product fees and, in respect of FX Hedged ETC Securities, an

adjustment

for any foreign exchange gains or losses. The product fees range from 0.25% to 0.95% per annum and are accrued on a daily

basis

by reducing the metal entitlement of each ETC Security. Details of product fees for each Series is described in notes 5 and 11.

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers

the

rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards

ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by

the

Company is recognised as a separate asset or liability. The Company derecognises a financial liability when its

contractual

obligations are discharged, cancelled or expire.

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only

when,

the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle

the

liability simultaneously.

Other receivables are accounted for at amortised cost.

Cash and cash equivalents include deposits held at call with the cash custodian which are subject to insignificant risk of changes in

their fair value, and are used by the Company in the management of its short term commitments.

Share capital is issued in Pound Sterling ("GBP"). Incremental costs directly attributable to the issue of new shares are shown in

equity as a deduction from the proceeds.

An operating segment is a component of an entity that engages in business activities from which it may earn revenues and

incur

expenses (including revenues and expenses relating to transactions with other components of the same entity). The Chief Operating

Decision Maker (CODM) of the operating segment is the Board. The CODM is responsible for all the activities.

The

Company is a special purpose vehicle whose principal activities are the issuance of secured precious metal linked securities and

has invested in precious metals. The Board believes that each Series can be treated as a segment as the return on each Series

linked to a different precious metal. Refer to notes 9 and 11 for the fair values of the precious metals and ETC securities by Series.

In the statement of cash flows, the net fair value loss on financial liabilities designated at fair value through profit or loss and

net

fair value gain on Precious metals at fair value and Precious metal due from the Programme Counterparty have been reclassified

within the cashflow statement from non-cash transactions to adjustments to profit before tax. The prior year comparatives

have

been updated to reflect this presentational change.

This is is not considered a significant or material change for the purposes of the users of these financial statements and has

impact on cash movements.

DB ETC plc

Page 24

Notes to the financial statements (continued)

For the year ended 31 December 2023

4 Year ended Year ended

31-Dec-23 31-Dec-22

EUR EUR

276,457,897 226,481,155

5 Year ended Year ended

31-Dec-23 31-Dec-22

EUR EUR

Net fair value loss on ETC Securities

(276,457,897)

(226,481,155)

(276,457,897)

(226,481,155)

Series Description Year ended Year ended

31-Dec-23 31-Dec-22

EUR EUR

Series 1

Xtrackers Physical Gold ETC 901,163 1,060,565

Series 2

Xtrackers Physical Gold EUR hedged ETC 8,364,025 10,408,727

Series 4

Xtrackers Physical Silver EUR Hedged ETC 998,909 973,062

Series 6

Xtrackers Physical Platinum EUR Hedged ETC 406,331 503,427

Series 9

Xtrackers Physical Gold ETC (EUR) 4,743,572 5,531,201

Series 10

Xtrackers Physical Silver ETC (EUR) 885,052 1,580,269

Series 11 Xtrackers Physical Rhodium ETC 319,923 904,397

Series 12 Xtrackers Physical Rhodium ETC (EUR) 92,722 336,143

Series 13 Xtrackers Physical Gold GBP Hedged ETC 214,154 682,369

16,925,851 21,980,160

7 31-Dec-23 31-Dec-22

EUR EUR

Cash at bank 2 2

2 2

Taxation

The Company is not a regulated financial service company from a Jersey Income Tax perspective. Therefore, the Company is liable to

Jersey

Income Tax at 0%.

Net fair value gain on Precious metals at fair value and Precious metal due from the

Programme Counterparty

Cash and cash equivalents

Net fair value gain on Precious metals at fair value and Precious metal due from the Programme

Counterparty

Net fair value loss on financial liabilities designated at fair value through profit or loss

Product fees are recorded as a reduction in metal entitlement in calculation of the fair value of the ETC Securities with a corresponding

reduction in the fair value of Precious metals and hence not recorded separately in the statement of comprehensive income as they are

all

included in the net fair value loss on the financial liabilities and the net fair value gain on Precious metals. During the year, the

Company

incurred the following product fees:

DB ETC plc

Page 25

Notes to the financial statements (continued)

For the year ended 31 December 2023

8 31-Dec-23 31-Dec-22

EUR EUR

Other receivable 30,000 30,000

Precious metal receivables* 7,185,677 4,258,775

ETC securities receivables** 26,100,256

33,315,933 4,288,775

31-Dec-23 31-Dec-22

EUR EUR

3,785,751,088 4,555,663,770

Precious metal due from the Programme Counterparty 7,674,066 555,970

3,793,425,154 4,556,219,740

31-Dec-23 31-Dec-22

EUR EUR

4,556,219,740 5,903,037,311

Non-cash transactions

956,979,079 1,546,133,393

Disposals during the year

(1,996,231,562)

(3,119,432,119)

276,457,897 226,481,155

3,793,425,154 4,556,219,740

Metals CCY Fair value

Fair value

CCY EUR

Series 1 Gold USD 196,619

196,619 2,062.40 405,507,788

367,349,505

Series 2 Gold EUR 628,234

2,942

631,176 1,865.44 1,177,421,534

1,177,421,534

Series 4 Silver EUR 5,972,617

70,266

6,042,883 21.48 129,801,135

129,801,135

Series 6 Platinum EUR 84,941

710

85,651 910.82 78,012,586

78,012,586

Series 9 Gold USD 951,664

951,680 2,062.40 1,962,745,033

1,775,302,121

Series 10 Silver USD 9,222,033

9,222,033 23.79 219,392,162

198,089,266

Series 11 Rhodium USD 6,425

6,425 4,330.00 27,821,437

25,203,440

Series 12 Rhodium EUR 2,342

2,342 3,912.18 9,160,821

9,160,821

Series 13 Gold GBP 17,678

17,678 1,622.49 28,682,051

33,084,746

3,793,425,154

Precious metal due from the Programme Counterparty represents the amount of metal entitlement of ETC Securities which is not held

physical metal inventory as at the reporting date but which is due to be received from the Programme Counterparty under the Balancing

Agreement.

The non-cash transactions relate to physical delivery of Precious metals to meet the redemption requests on debt financial liabilities or

payment for subscriptions.

Other receivables

* Precious metal receivables relate to metals that have been traded as at 31 December 2023, but shall be settled post year end. As at 31

December 2023, there were unsettled disposals of 2,425 ounces of Gold at each, in respect to Series 2, 1,794 ounces of Platinum

each, in respect to Series 6 and 47,204 ounces of Silver at each, in respect to Series 10 (31 December 2022: unsettled

disposals of 1,449 ounces of Gold at $1,792.55 each, in respect to Series 1 and 1,063 ounces of Gold at each, in respect to

Series

9).

Precious metals at fair value and Precious metal due from the Programme Counterparty at

fair

value

Precious metals at fair value

** ETC securities receivables relate to ETC Securities that have been traded as at 31 December 2023, but shall be settled post year end.

There

were unsettled issuances of 188,500 ETC Securities at each, in respect to Series 2 Xtrackers Physical Gold EUR hedged ETC and

18,000 ETC Securities at each, in respect to Series 4 Xtrackers Physical Silver EUR Hedged ETC (31 December 2022: no unsettled

trades).

Movement in Precious metals and Precious metals due from Programme counterparty at

fair

value

At beginning of the year

Additions during the year

Net changes in fair value during the year

At end of the year

The fair values of the Precious Metal and Precious metals due from Programme counterparty by Series as at 31 December 2023 are

follows:

Series

name

Total Metal holdings

(Ounce)

Price CCY (Clean

Price)

Precious metals due

from counterparty

(Ounce)

Total Bullion

Holdings

(Ounce)

DB ETC plc

Page 26

Notes to the financial statements (continued)

For the year ended 31 December 2023

Metals CCY Fair value

Fair value

CCY EUR

Series 1 Gold USD

212,234

- 212,234 1,812.35

384,642,988

359,295,015

Series 2 Gold EUR

968,191

281 968,472 1,699.08

1,645,511,746

Series 4 Silver EUR

5,653,334

3,486 5,656,820 22.43

126,882,467

Series 6 Platinum EUR

51,134

- 51,134 999.06

51,085,623

Series 9 Gold USD

1,182,478

- 1,182,478 1,812.35

2,143,064,536

2,001,836,583

Series 10 Silver USD

10,780,384

- 10,780,384 23.95

258,190,204

241,804,020

Series 11 Rhodium USD

6,265

- 6,265 12,250.00

76,749,877

71,692,060

Series 12 Rhodium EUR

2,300

- 2,300 11,442.73

26,313,253

Series 13 Gold GBP

18,704

- 18,704 1,505.16

28,153,141

31,798,973

4,556,219,740

Movement in fair values by Series for the year ended 31 December 2023

Series Acquisitions Disposals Closing

balance

01-Jan-23 31-Dec-23

EUR EUR EUR EUR EUR

Series 1 Gold USD

359,295,015 71,475,964 (99,243,826) 35,822,352

367,349,505

Series 2 Gold EUR

1,645,511,746 408,445,204 (1,032,856,458) 156,321,042

1,177,421,534

Series 4 Silver EUR

126,882,467 99,109,442 (92,570,333) (3,620,441)

129,801,135

Series 6 Platinum EUR

51,085,623 75,496,841 (47,978,343) (591,535)

78,012,586

Series 9 Gold USD

2,001,836,583 260,173,860 (643,888,110) 157,179,788

1,775,302,121

Series 10 Silver USD

241,804,020 32,273,415 (66,120,178) (9,867,991)

198,089,266

Series 11 Rhodium USD

71,692,060 - (337,533) (46,151,087)

25,203,440

Series 12 Rhodium EUR

26,313,253 - (184,689) (16,967,743)

9,160,821

Series 13 Gold GBP

31,798,973 10,004,353 (13,052,092) 4,333,512

33,084,746

4,556,219,740 956,979,079 (1,996,231,562) 276,457,897

3,793,425,154

Movement in fair values by Series for the year ended 31 December 2022

Series Acquisitions Disposals Closing

balance

01-Jan-22 31-Dec-22

EUR EUR EUR EUR EUR

Series 1 Gold USD

433,649,608 83,492,445 (182,241,760) 24,394,722

359,295,015

Series 2 Gold EUR

1,720,867,242 575,068,135 (575,416,378) (75,007,253)

1,645,511,746

Series 4 Silver EUR

169,259,897 103,096,308 (145,555,001) 81,263

126,882,467

Series 6 Platinum EUR

138,542,894 24,485,884 (128,246,536) 16,303,381

51,085,623

Series 9 Gold USD

2,282,372,620 687,068,716 (1,140,665,815) 173,061,062

2,001,836,583

Series 10 Silver USD

859,511,180 42,875,830 (765,196,601) 104,613,611

241,804,020

Series 11 Rhodium USD

83,845,671 - (1,803,371) (10,350,240)

71,692,060

Series 12 Rhodium EUR

32,163,763 - (2,502,479) (3,348,031)

26,313,253

Series 13 Gold GBP

182,824,436 30,046,075 (177,804,178) (3,267,360)

31,798,973

5,903,037,311 1,546,133,393 (3,119,432,119) 226,481,155

4,556,219,740

Total Metal holdings

(Ounce)

Metal

description

CCY

Opening balance

Net changes in

fair values

Precious metals at fair value and Precious metal due from the Programme Counterparty at fair value (continued)

Series

name

Price CCY (Clean

Price)

Metal

description

CCY

Opening balance

Net changes in

fair values

The fair values of the Precious Metal and Precious metals due from Programme counterparty by Series as at 31 December 2022 are

follows:

The metal holding and price columns have been re-presented in the current year financial statements. This is is not considered a significant

material change for the purposes of the users of these financial statements and has no impact on fair value but is aimed at better disclosing

the

way the inputs into the metal value calculation are applied.

Total Bullion

Holdings

(Ounce)

Precious metals due

from counterparty

(Ounce)

DB ETC plc

Page 27

Notes to the financial statements (continued)

For the year ended 31 December 2023

Other payables

31-Dec-23 31-Dec-22

EUR EUR

ETC securities payables* 7,185,677 4,258,775

Payable against Precious metals contracts** 26,100,256

33,285,933 4,258,775

Nominal

Fair value

Nominal

Fair value

units units

issued

EUR

issued

EUR

ETC Securities issued 27,425,602 3,793,425,154 34,826,745 4,556,219,740

31-Dec-23 31-Dec-22

EUR EUR

4,556,219,740 5,903,037,311

Non-cash transactions

Issue of ETC Securities issued during the year 956,979,079 1,546,133,393

Redemption of ETC Securities issued during the year (1,996,231,562)

(3,119,432,119)

276,457,897 226,481,155

3,793,425,154 4,556,219,740

Series Description CCY Product fees Maturity Units Value per unit

Fair value

date Outstanding (CCY)

EUR

31-Dec-23 31-Dec-23 31-Dec-23

Series 1 USD

0.25%

15-Jun-60

2,040,659 198.71 367,349,505

Series 2 EUR

0.59%

15-Jun-60

9,408,969 125.14 1,177,421,534

Series 4 EUR

0.75%

15-Jun-60

974,422 133.21 129,801,135

Series 6 EUR

0.75%

14-Jul-60

1,384,127 56.36 78,012,586

Series 9 USD

0.25%

27-Aug-60

9,870,227 198.55 1,775,302,121

* ETC securities payables relate to ETC securities that have been traded as at 31 December 2023, but shall be settled post year end. As at 31

December 2023, there were unsettled redemptions of 36,000 units of Xtrackers Physical Gold EUR Hedged ETC at each, 28,900

units of Xtrackers Physical Platinum EUR Hedged ETC at each and 5,000 units of Xtrackers Physical Silver ETC (EUR) at

each (31 December 2022: unsettled redemptions of 15,000 units of Xtrackers Physical Gold ETC at $173.17 each and 11,000 units

Financial liabilities designated at fair value through profit or loss

** Payable against Precious metals contracts relate to metals that have been traded as at 31 December 2023, but shall be settled post year

end.

There were unsettled acquisitions of 12,698 ounces of Xtrackers Physical Gold EUR Hedged ETC at each and 111,517 ounces

The

ETC

Securities

issued

are

listed

various

exchanges

including

London,

Switzerland,

Milan,

Dublin

and

Frankfurt.

Refer

note

for

a description of the key risks regarding the issue of these instruments. The obligations under the financial liabilities issued

are

secured by the precious metals as per note 9. The recourse per Series is limited to the assets of that particular Series. The

Series

have an option for early redemption.

The financial liabilities in issue at 31 December 2023 are as follows:

Xtrackers

Physical Gold

ETC

Xtrackers

Physical Gold

EUR Hedged

ETC

Xtrackers

Physical

Silver EUR

Hedged ETC

Xtrackers

Physical

Platinum

EUR Hedged

ETC

31-Dec-23 31-Dec-22

Movement in ETC Securities issued

At beginning of the year

Net changes in fair value during the year

At end of the year

The non-cash transactions relate to physical delivery of ETC Securities to meet the redemption requests on debt financial liabilities or

payment for subscriptions.

Xtrackers

Physical Gold

ETC (EUR)

DB ETC plc

Page 28

Notes to the financial statements (continued)

For the year ended 31 December 2023

Series Description CCY Product fees Maturity Units Value per unit

Fair value

date Outstanding (CCY)

EUR

31-Dec-23 31-Dec-23 31-Dec-23

Series 10 USD

0.40%

27-Aug-60

976,853 223.85 198,089,266

Series 11 USD

0.95%

19-May-61

72,561 383.42 25,203,440

Series 12 EUR

0.95%

19-May-61

26,444 346.42 9,160,821

Series 13 GBP

0.69%

01-Apr-61

2,671,340 10.74 33,084,746

27,425,602 3,793,425,154

The financial liabilities in issue at 31 December 2022 are as follows:

Series Description CCY Product fees Maturity

Units

Value per unit

Fair value

date

outstanding

(CCY)

EUR

31-Dec-22 31-Dec-22 31-Dec-22

Series 1 USD

0.25%

15-Jun-60 2,197,162 175.06

359,295,015

Series 2 EUR 0.59% 15-Jun-60

14,530,182 113.25

1,645,511,746

Series 4 EUR 0.75% 15-Jun-60

912,000 139.13

126,882,467

Series 6 EUR 0.75% 14-Jul-60

827,598 61.73

51,085,623

Series 9

USD 0.25%

27-Aug-60 12,190,449 175.79

2,001,836,583

Series 10 USD 0.40% 27-Aug-60

1,137,632 227.55

241,804,020

Xtrackers

Physical Gold

GBP Hedged

ETC

Xtrackers

Physical Gold

ETC

Xtrackers

Physical Gold

EUR Hedged

ETC

Financial liabilities designated at fair value through profit or loss (continued)

The financial liabilities in issue at 31 December 2023 are as follows: (continued)

Xtrackers

Physical

Silver ETC

(EUR)

Xtrackers

Physical

Rhodium ETC

Xtrackers

Physical

Rhodium ETC

(EUR)

Xtrackers

Physical

Silver EUR

Hedged ETC

Xtrackers

Physical

Platinum

EUR Hedged

ETC

Xtrackers

Physical Gold

ETC (EUR)

Xtrackers

Physical

Silver ETC

(EUR)

DB ETC plc

Page 29

Notes to the financial statements (continued)

For the year ended 31 December 2023

The financial liabilities in issue at 31 December 2022 are as follows: (continued)

Series Description CCY Product fees Maturity

Units

Value per unit

Fair value

date

outstanding

(CCY)

EUR

31-Dec-22 31-Dec-22 31-Dec-22

Series 11 USD

0.95%

19-May-61 73,060 1,050.50

71,692,060

Series 12 EUR 0.95% 19-May-61

26,759 983.34 26,313,253

Series 13 GBP 0.69% 01-Apr-61

2,931,903

9.60

31,798,973

34,826,745 4,556,219,740

Movement in fair values by Series for the year ended 31 December 2023

Series Description Issuances Redemptions Closing

balance

01-Jan-23 31-Dec-23

EUR EUR EUR EUR EUR

Series 1 359,295,015 71,475,964 (99,243,826) 35,822,352 367,349,505

Series 2 1,645,511,746 408,445,204 (1,032,856,458) 156,321,042 1,177,421,534

Series 4 126,882,467 99,109,442 (92,570,333) (3,620,441) 129,801,135

Series 6 51,085,623 75,496,841 (47,978,343) (591,535) 78,012,586

Series 9 2,001,836,583 260,173,860 (643,888,110) 157,179,788 1,775,302,121

Series 10 241,804,020 32,273,415 (66,120,178) (9,867,991) 198,089,266

Series 11 71,692,060 - (337,533) (46,151,087) 25,203,440

Series 12 26,313,253 - (184,689) (16,967,743) 9,160,821

Series 13 31,798,973 10,004,353 (13,052,092) 4,333,512 33,084,746

4,556,219,740 956,979,079 (1,996,231,562) 276,457,897 3,793,425,154

Xtrackers

Physical

Rhodium ETC

(EUR)

Xtrackers

Physical Gold

GBP Hedged

ETC

Opening balance

Net changes in

fair values

Xtrackers Physical Gold

ETC

Xtrackers Physical Gold

EUR Hedged ETC

Financial liabilities designated at fair value through profit or loss (continued)

Xtrackers

Physical

Rhodium ETC

Xtrackers Physical Silver

EUR Hedged ETC

Xtrackers Physical Platinum

EUR Hedged ETC

Xtrackers Physical Gold

ETC (EUR)

Xtrackers Physical Silver

ETC (EUR)

Xtrackers Physical Rhodium

ETC

Xtrackers Physical Rhodium

ETC (EUR)

Xtrackers Physical Gold

GBP Hedged ETC

DB ETC plc

Page 30

Notes to the financial statements (continued)

For the year ended 31 December 2023

Movement in fair values by Series for the year ended 31 December 2022

Series Description Issuances Redemptions Closing

balance

01-Jan-22 31-Dec-22

EUR EUR EUR EUR EUR

Series 1 433,649,608 83,492,445 (182,241,760) 24,394,722 359,295,015

Series 2 1,720,867,242 575,068,135 (575,416,378) (75,007,253) 1,645,511,746

Series 4 169,259,897 103,096,307 (145,555,001) 81,264 126,882,467

Series 6 138,542,894 24,485,884 (128,246,536) 16,303,381 51,085,623

Series 9 2,282,372,620 687,068,716 (1,140,665,815) 173,061,062 2,001,836,583

Series 10 859,511,180 42,875,831 (765,196,601) 104,613,610 241,804,020

Series 11 83,845,671 - (1,803,371) (10,350,240) 71,692,060

Series 12 32,163,763 - (2,502,479) (3,348,031) 26,313,253

Series 13 182,824,436 30,046,075 (177,804,178) (3,267,360) 31,798,973

5,903,037,311 1,546,133,393 (3,119,432,119) 226,481,155 4,556,219,740

12 31-Dec-23 31-Dec-22

GBP GBP

10,000 10,000

EUR EUR

2 2

As at 31 December 2023, the ordinary share capital was held by the following non-beneficial nominees:

31-Dec-23 31-Dec-22

GBP GBP

Vistra Nominees I Limited

1 1

Vistra Nominees II Limited

1 1

2 2

Net changes in

fair values

Xtrackers Physical Gold

ETC

Xtrackers Physical Gold

EUR Hedged ETC

Xtrackers Physical Gold

GBP Hedged ETC

Share capital

Xtrackers Physical Silver

EUR Hedged EC

Xtrackers Physical Platinum

EUR Hedged ETC

Xtrackers Physical Gold

ETC (EUR)

Xtrackers Physical Silver

ETC (EUR)

Xtrackers Physical Rhodium

ETC

Xtrackers Physical Rhodium

ETC (EUR)

Financial liabilities designated at fair value through profit or loss (continued)

Opening balance

Capital risk management

The Company is a special purpose vehicle set up to issue ETC Securities for the purpose of making investments as defined under

the

programme memorandum and in each of the Series memorandum agreements. Share capital of GBP 2 was issued in line with Jersey

Company

Law and is not used for financing the investment activities of the Company. The Company is not subject to any other externally imposed

capital requirements.

Authorised:

10,000 ordinary shares of GBP 1 each

Issued and fully paid:

2 ordinary shares of GBP 1 each

The authorised share capital of the Company is GBP 10,000, out of which 2 ordinary shares have been issued and fully paid. The

nominees

have no beneficial interest in and derives no benefit from its holding of the shares. There are no other rights that pertain to the shares and

the

shareholders.

DB ETC plc

Page 31

Notes to the financial statements (continued)

For the year ended 31 December 2023

14 Financial risk management

Risk management framework

(a) Market risk;

(b) Credit risk;

(c)

Liquidity risk;

(d) Operational risk; and

(e) Climate risk.

(a) Market risk

(i) Interest rate risk

(ii) Currency risk

Metals ETC Securities Net exposure

Series name Currency EUR EUR EUR

Series 1 USD

367,349,505 367,349,505

Series 9 USD

1,775,302,121 1,775,302,121

Series 10 USD

198,089,266 198,089,266

Series 11 USD

25,203,440 25,203,440

Series 13 GBP

33,084,746 33,084,746

2,399,029,078 2,399,029,078

Metals ETC Securities Net exposure

EUR EUR EUR

Series 1 USD

359,295,015 359,295,015

Series 9 USD

2,001,836,583 2,001,836,583

Series 10 USD

241,804,020 241,804,020

Series 11 USD

71,692,060 71,692,060

Series 13 GBP

31,798,973 31,798,973

2,706,426,651 2,706,426,651

The Company, and ultimately the holders of the ETC Securities, have exposure to the following risks from its use of financial instruments:

This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes

for

measuring and managing these risks. Given the nature of the Company's activities, risk management disclosures for Precious metals at

fair

value and Precious metals due from Programme Counterparty have been included alongside the the Company's financial instruments.

Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. The ETC Securityholders

are

exposed to the market risk of the financial instruments.

Interest rate risk is the risk that the fair value or future cash flows of financials instruments will fluctuate as a result of

change in interest rates. The ETC Securities, the Precious metal due from the Programme Counterparty and the

Precious

metals do not bear interest. As such, the Company and ETC Securityholders have limited exposure to interest rate risk.

Details of the currencies under each series for the Precious Metals and Financial liabilities designated at fair value through

profit or loss have been disclosed under the respective notes 9 and 11 to the financial statements.

The value of Precious metal due from the Programme Counterparty represents quantity of metal bullion, accordingly it

not considered to be a currency exposure.

Currency risk is the risk which arises where the assets and liabilities of the Company are denominated in currencies

other

than its functional currency. As at 31 December 2023, the Company is exposed to assets and liabilities denominated in US

Dollars (USD) and Pound Sterling (GBP).

The Company is not exposed to net currency risk since the foreign exchange movements in its financial liabilities will

offset by the foreign exchange movements in its Precious metals. Any net foreign currency risk is borne by the ETC

Securityholders.

As at the reporting date, the carrying value of the assets and liabilities held in individual foreign

currencies

were as follows:

31-Dec-23

31-Dec-22

DB ETC plc

Page 32

Notes to the financial statements (continued)

For the year ended 31 December 2023

14 Financial risk management (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

The following exchange rates have been applied during the year:

31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22

USD-EUR 0.92466 0.95110 0.90590 0.93410

GBP-EUR 1.14997 1.17314 1.15350 1.12950

(iii) Price risk

(b) Credit risk

31-Dec-23 31-Dec-22

EUR EUR

Precious metals at fair value 3,785,751,088

4,555,663,770

Precious metal due from the Programme Counterparty 7,674,066 555,970

33,315,933 4,288,775

2 2

3,826,741,089 4,560,508,517

Custodian risk

Average rate - year ended Closing rate

The impact of changes in foreign exchange rates on the Precious metals at fair value is offset by the impact of foreign

exchange rate changes on the financial liabilities. Therefore any change in the exchange rates would have no net effect on

the equity or the profit or loss of the Company.

Price risk is the risk that changes in market prices of metals will affect the income, expense, Precious

metals

and financial liabilities designated at fair value through profit or loss. The liabilities are exposed to the

market

prices of the metals. However, the risk is mitigated by the Company holding quantities of physical Precious

metals

equivalent to the weight of metal entitlement for each Series of ETC Securities issued.

The Company has no net credit risk given its obligations to the ETC Securityholders are limited in recourse to the amount received

on the Precious metals for each series of ETC Securities.

As at 31 December 2023, no financial assets carried at amortised cost were past due or impaired (2022: Nil). All the assets

have

been pledged as collateral for financial liabilities and are disclosed in note 9.

The Custodian is JPMorgan Chase Bank N.A., London Branch (the and the Sub-Custodian is Johnson

Matthey (the "Sub-Custodian"). Certain unallocated Rhodium is also held by Deutsche Bank AG, London Branch, the

Programme

Counterparty. The ability to meet its obligations with respect to the ETC Securities is dependent upon

the

performance of the Custodian of its obligations under the relevant Custody Agreement. The Directors have also considered

the credit risk and counterparty risk with the Custodian, the Sub-Custodian and Deutsche Bank AG, London Branch as

the

Programme Counterparty, respectively of the allocated and unallocated Precious metals held by the Company given

the

significance of the Precious metals to the overall financial position of the Company. As at 31 December 2023, the Company held

Precious metals at fair value of EUR 3,751,386,827 (2022: EUR 4,457,658,450) with JPMorgan, EUR 32,164,960 (2022: EUR

90,112,642) with Johnson Matthey and EUR 2,199,301 (2022: EUR 7,892,678) with Deutsche Bank AG, London Branch, and

Precious metal due from the Programme Counterparty with a fair value of EUR 7,674,066 (2022: EUR 555,970) from

Deutsche

Bank AG, London Branch.

When a shortfall of Precious metal occurs, the shortfall is made up, in accordance with the terms of the Balancing

Agreement, through a balance of Precious metal being due from the Programme Counterparty. Accordingly, the ETC

Securityholders are exposed to the market price risk of their metal entitlement under the ETC Securities.

Any changes in the metal spot prices on the Precious metals held by the Company would not have any net effect on

the

equity or the profit or loss of the Company since changes in the fair value of Precious metals or in the balance of

Precious

metal due from the Programme Counterparty would be offset by corresponding changes in the fair value of the ETC

Securities and as such any price risk is ultimately borne by the ETC Securityholders.

Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its

contractual

the Programme Counterparty which represents the Company's maximum exposure to credit risk. All credit risks are

ultimately

borne by the ETC Securityholders.

Other receivables

Cash and cash equivalents

DB ETC plc

Page 33

Notes to the financial statements (continued)

For the year ended 31 December 2023

14 Financial risk management (continued)

(b) Credit risk (continued)

Custodian risk (continued)

Concentration risk

By industry 31-Dec-23 31-Dec-22

Types of collaterals

% %

Gold 88 89

Silver 9 8

Platinum 2 1

Rhodium 1 2

100 100

By Geographical location 31-Dec-23 31-Dec-22

Country of origin

% %

United Kingdom 100 100

100 100

Other receivables

EUR EUR EUR

Financial liabilities designated at fair value through profit or loss 3,793,425,154 3,793,425,154 3,793,425,154

Other payables 33,285,933 33,285,933 33,285,933

3,826,711,087 3,826,711,087 3,826,711,087

As the credit rating of JP Morgan Chase Bank NA, London Branch, is not available, the Directors have considered the overall long

term credit rating status of JPMorgan Chase Bank N.A (2023: S&P A+) (2022: S&P A+), and are of the opinion that

counterparty

risk is acceptable. The Directors have considered the overall credit rating status of Deutsche Bank AG (2023: S&P bbb+)

(2022:

S&P bbb) as the credit ratings for Deutsche Bank AG, London Branch is not available. The Directors are of the opinion

that

counterparty risk is acceptable. The Directors believe that the counterparty risk and credit risk exposure of the Company to the

Sub-

Custodian, Johnson Matthey, is not significant given that only approximately 1% (2022: 2%) of the total value of Precious

metals

are held with this Sub-Custodian.

At the reporting date, the Company's Precious metals at fair value were concentrated in the following asset types and

geographical

location:

The precious metals are held by the Custodian and the Sub-Custodian in their vault premises in the United Kingdom. They have

obligation to maintain insurance specific to the Company or specific only to the precious metal held for the Company against

theft,

damage or loss. However, they maintain insurance in connection with their own business operation. The level of insurance and

particulars remains at the discretion of the Custodian and the Sub-Custodian. There is a risk that the precious metal could be

lost,

stolen or damaged and the Company would not be able to satisfy its obligations in respect of the ETC Securities. In such an

event

the Company would adjust the Metal Entitlement of each Security of the relevant Series to the extent necessary to reflect such

damage or loss.

Ultimately, all credit and counterparty risks associated with JP Morgan and Deutsche Bank are borne by the ETC Securityholders.

Other receivables are mainly ETC securities receivables and precious metal receivables from Authorised Participants. It

also

comprises an amount receivable from Vistra Fund Services Limited at the year end.

Liquidity risk is the risk that the Company will not be able to meet its obligations as they fall due. The Company limits its

exposure

to liquidity risk given the ability to realise the Precious metals in cash and the Precious metals held by each

series

match the securities issued and redemptions made. The ultimate amount repaid to the ETC Securityholders is limited in recourse

the proceeds from the Precious metals. All liquidity risk associated with the Precious metals are ultimately borne by the ETC

Securityholders.

The contractual maturity profile of financial liabilities as at 31 December 2023 is as follows:

Carrying amount

Gross contractual

obligations

Less than one

year

DB ETC plc

Page 34

Notes to the financial statements (continued)

For the year ended 31 December 2023

14 Financial risk management (continued)

EUR EUR EUR

Financial liabilities designated at fair value through profit or loss 4,556,219,740 4,556,219,740 4,556,219,740

Other payables 4,258,775 4,258,775 4,258,775

4,560,478,515 4,560,478,515 4,560,478,515

Subscriptions

Buy-backs

Redemptions

Final Redemption

(d) Operational risk

The contractual maturity profile of financial liabilities as at 31 December 2022 is as follows:

Carrying amount

Gross contractual

obligations

Less than one

year

Due to the fact that the ETC Securityholders have the option to redeem the securities before the final scheduled maturity date,

the

financial liabilities designated at fair value through profit or loss have been classified as due in less than one year.

Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the

processes

and infrastructure, and from external factors other than credit, markets and liquidity issues such as those arising from legal and

regulatory requirements and generally accepted standards of corporate behaviour.

Operational risks arise from all of the operations. The Company was incorporated with the purpose of engaging in

those activities outlined in note 1. All administration functions are undertaken by Vistra Fund Services Limited. Deutsche Bank

AG, London Branch acts as the Lead Authorised Participant, Arranger, Metal Agent, Issuing and Paying Agent and

Programme Counterparty.

The carrying amount and the gross contractual obligations are equal to the fair value of each liability as stated in the Statement

financial position.

Only Authorised Participants may subscribe for ETC Securities from the Issuer. The Authorised Participant(s) in respect of each

Series of ETC Securities at the Issue Date of such Series will be specified in the relevant Final Terms.

Securities may be offered to any category of potential investors provided that the offer complies with the selling restrictions

The Issuer may (without the consent of the Trustee or any Securityholder), from time to time, buy back all or some of the ETC

Securities. Only an Authorised Participant may request that the Issuer buy back ETC Securities by delivering a valid Buy-Back

Order subject to and in accordance with the terms of the Authorised Participant Agreement. The Issuer will only accept a

Buy-

Back Order and buy back ETC Securities if a valid Buy-Back Order is given by an Authorised Participant and all

conditions

precedent to a purchase of the ETC Securities are satisfied.

The ETC Securities of a Series may become due and payable prior to their Scheduled Maturity Date, which is known as an

Redemption as defined in the Prospectus. If any of the Early Redemption Events occur, each ETC Security

will

become due and payable at an amount (the Redemption equal to the greater of (i) the Early Metal Redemption

Amount (the metal entitlement per ETC Security multiply the Average metals sale Price).

Unless previously redeemed in whole or purchased and cancelled by the Issuer, the ETC Securities of each series will become

due

and payable on their scheduled maturity date at their final redemption amount. The Issuer has the discretion to set the Scheduled

Maturity Date of a series of ETC Securities prior to the issue of that series of ETC Securities.

Their Final Redemption Amount and Early Redemption Amount depend on the Value per ETC Security, which in turn depends on

the value of the Underlying Metal and, in the case of FX Hedged ETC Securities, the Value per ETC Security and any gains

losses on the foreign exchange hedge.

DB ETC plc

Page 35

Notes to the financial statements (continued)

For the year ended 31 December 2023

14 Financial risk management (continued)

(e) Climate risk

15 Fair values

Level 1: Quoted market price in an active market for an identical instrument.

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Level 1 Level 2 Level 3

Total

EUR EUR EUR EUR

Precious metal due from the Programme Counterparty 7,674,066 - - 7,674,066

Precious metals at fair value 3,785,751,088 - - 3,785,751,088

- (3,793,425,154) -

(3,793,425,154)

3,793,425,154 (3,793,425,154) -

The Company does not have any assets or liabilities at level 3. Precious metals at fair value and Precious metals due from the

Programme

Counterparty transferred from level 2 to 1 during the year ended 31 December 2023.

The Company's assets and liabilities at fair value through profit or loss are carried at fair value in the Statement of financial position.

The accounting policy on fair value measurement for Precious metals and Precious metals due from the Programme

Counterparty

is disclosed in note 3(e) to the financial statements. The Company's accounting policy on fair value measurement of financial

assets

designated at fair value through profit or loss and financial liabilities designated at fair value through profit or loss is disclosed in note

3(f).

The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making

the

measurements.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.

prices) or indirectly (i.e. derived from prices).

The Directors acknowledge that climate change is an emerging risk impacting the global economy and will continue to be

interest to all stakeholders with a focus on how climate change is expected to impact the operations of the precious metals

industry

in areas such as mining, processing, warehousing, transportation, societal response and the regulatory environment in the

future.

However, having considered such factors relating to climate change, the Directors have determined that there are no direct

immediate impacts of climate change on the business operations of the Company. Given this, there is no basis on which to

provide

extended information of analysis relating to climate change risks on the business operations of the Company. Furthermore,

the

Directors conclude that at present there is no material impact to the fair value of financial instruments, assets and liabilities of

the

Company. The Directors recognise that governmental and societal responses to climate change risks are still developing and

the

future impact cannot be predicted. Therefore, the future fair value of assets and liabilities may fluctuate as the market responds

climate change policies, physical events and changes in societal behaviours.

31-Dec-23

Financial liabilities designated at fair value through profit

or loss

The objective of valuation techniques is to arrive at a fair value determination that reflects the price of the financial instrument at

the

Level 2 prices use widely recognised valuation models for determining the fair value of common and more simple financial instruments

that

use only observable market data and require little management judgement and estimation. Availability of observable market prices and

model

inputs reduces the need for management judgement and estimation and also reduces the uncertainty associated with determination of

fair

values. Availability of observable market prices and inputs varies depending on the products and markets and is prone to changes based on

specific events and general conditions in the financial markets.

Transfers between levels are determined based on changes to the significant inputs used in their fair value measurement. The

Directors

evaluate whether significant inputs to the valuation models are observable at the year end in making a decision to change levelling from

one

level to another.

The Company determines the effective date of transfer at the beginning of the reporting year.

At 31 December 2023, the carrying amounts of Precious metals at fair value, Precious metal due from the Programme Counterparty and

financial liabilities issued by the Company are as follows:

DB ETC plc

Page 36

Notes to the financial statements (continued)

For the year ended 31 December 2023

15 Fair values (continued)

Level 1 Level 2 Level 3

Total

EUR EUR EUR EUR

Precious metal due from the Programme Counterparty - 555,970 - 555,970

Precious metals at fair value - 4,555,663,770 - 4,555,663,770

- (4,556,219,740) -

(4,556,219,740)

- - -

16 Classification of financial instruments and Precious metals

31-Dec-23 31-Dec-23 31-Dec-22 31-Dec-22

At fair value through profit or loss

EUR EUR EUR EUR

Precious metals at fair value 3,785,751,088 3,785,751,088 4,555,663,770 4,555,663,770

Precious metal due from the Programme Counterparty 7,674,066 7,674,066 555,970 555,970

(3,793,425,154) (3,793,425,154) (4,556,219,740)

(4,556,219,740)

- - - -

At amortised cost

Cash and cash equivalents 2 2 2 2

Other receivables 33,315,933 33,315,933 4,288,775 4,288,775

(33,285,933) (33,285,933) (4,258,775)

(4,258,775)

30,002 30,002 30,002 30,002

17 Operating expenses

18 Related Party Transactions and connected parties

Although the Directors believe that their estimates of fair value are appropriate, the use of different methodologies or assumptions could lead

to different measurements of fair value as fair value estimates are made at a specific point in time, based on market conditions and

information about the financial instrument.

Authorised participants are the only entities allowed to buy and sell ETC securities directly from and to the Company. Deutsche Bank

AG,

London Branch acts as the Lead Authorised Participant. As at 31 December 2023, the number of ETC Securities held by the Lead Authorised

Participant was 3,342 units (EUR 601,442) (31 December 2022: 22 units (EUR 21,629)).

Other payables

Deutsche Bank AG, London Branch, as Programme Counterparty, entered into a Balancing Agreement with the Company. The

Programme

Counterparty will provide deliveries of Precious metals to reflect deductions of fees and other rebalancing adjustments. Precious metal

due

from the Programme Counterparty amounting to EUR 7,674,066 (31 December 2022: EUR 555,970) were outstanding as at 31

December

2023.

Marc Harris, a Director of the Company is an employee of an affiliate company of the administrator and Visdirect Services Limited and

Viscom Services Limited are affiliates of the administrator.

Product fees incurred for the year ended 31 December 2023 due to the Arranger amounted to EUR 16,925,851 (2022: EUR 21,980,160).

amount was payable as at 31 December 2023 (2022: EUR Nil).

Visdirect Services Limited and Viscom Services Limited act solely in the capacity as Directors of Jersey companies, pursuant to

the

Companies (Jersey) Law 1991, as amended. Visdirect Services Limited and Viscom Services Limited are both part of the Vistra group

companies. No fee was charged or paid to the Vistra Group during the year under review by the Company for the provision of Directors.

All

expenses of the Company are borne by Deutsche Bank AG, London Branch, as Arranger, including fees paid to Vistra. During the

financial

year, the Company incurred a cost of EUR 45,000 (2022: EUR 45,000) relating to administration services provided by Vistra Fund

Services

Limited.

All costs associated with the Company are paid by the Arranger including audit fees. Audit fees incurred for the year ended 31

December

2023 amounted to EUR 107,852 (2022: EUR 96,008).

Carrying

value

Fair

value

Carrying

value

Fair

value

Financial liabilities designated at fair value through profit

or loss

At 31 December 2022, the carrying amounts of Precious metals at fair value, Precious metal due from the Programme Counterparty and

financial liabilities issued by the Company are as follows:

31-Dec-22

Financial liabilities designated at fair value through profit

or loss

DB ETC plc

Page 37

Notes to the financial statements (continued)

For the year ended 31 December 2023

19 Ultimate controlling party

20 Key management personnel

The key management personnel have been identified as being the Directors of the Company.

21 Subsequent events

The Directors of the Company consider Vistra Corporate Services Limited as trustee of the DB ETC Charitable Trust (the beneficial owner

the issued share capital of the Company) to be the ultimate controlling party of the Company.

Marc Harris is an employee of Vistra (Jersey) Limited during the year ended 31 December 2023. His emoluments are paid by Vistra Fund

Services Limited and other related entities and no re-charge is made to the Company. It is therefore not possible to make a

reasonable

apportionment of his emoluments in respect of the Company.

There have been no other significant subsequent events since the year end and up to the date of signing this report,

that

require disclosure in this financial statements.

22 March 2024