28/05/2020 Deals

Arthur Cox is pleased to announce that it acted for Xtrackers ETC plc and DWS International GmbH on the establishment of the Irish law governed Secured Xtrackers ETC Precious Metal Linked Securities Programme for the issue of exchange traded certificates (“ETC”) linked to the physical holdings of gold, silver, platinum, and palladium denominated in Euro, pounds or US dollars.

These certificates provide investors with exposure to the relevant precious metal without having to take physical delivery of the metal itself. The Programme was established in March 2020 and so far seven series of certificates have been issued.

This is the second ETC platform that Arthur Cox has acted on. In May 2019, Arthur Cox acted for a French asset manager on the establishment of its Irish law governed ETC Securities Programme. This platform is linked to the physical holding of Gold.  This Programme was recently updated.

The Arthur Cox team was led by Glenn Butt (Partner, Debt Capital Markets Group) on both transactions. Caroline Devlin (Partner, Tax) led the team advising on Irish tax law.

Commenting on the transactions, Glenn Butt said: “We are pleased to see, in the context of Brexit, that both clients established their programmes with Irish issuers under Irish law, indicating that Ireland is an attractive location for commodities transactions”