UBS MSCI EMU Universal UCITS ETF hGBP accIndex, costs, backtest, listings and taxation

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The Fund is passively managed and seeks to track performance of the MSCI EMU Universal Low Carbon Select 5% Issuer Capped Index (Net Total Return) (the 'Index'). The Index is designed to measure the performance of an investment strategy that, by tilting away from free-float market cap weights, seeks to gain exposure to those companies demonstrating both a robust Environmental, Social and Governance (ESG) profile as well as a positive trend in improving that profile, using minimal exclusions from the MSCI EMU Index. At least 90% of the securities in the Fund, excluding cash, money market funds and derivatives have an ESG rating. By adopting the ESG methodology of the Index, the Fund applies the extra-financial indicator upgrade approach for the purposes of the AMF Rules, aiming for a better non-financial indicator value. The weighted average environmental indicator (Carbon Intensity (1 and 2)) emissions indicator of the Fund as the relevant extrafinancial indicator of the Fund will be at least 20% lower than the weighted average environmental indicator of the Parent Index (as defined below) based on a reduction of carbon emission intensity. Fund will seek to hold all of the shares of the Index, in the same proportions as the Index, so that essentially the portfolio of the Fund will be a near mirror image of the Index. In seeking to implement its investment objective of tracking the performance of the Index, the Fund may also in exceptional circumstances hold securities which are not comprised in its Index, including, for example, securities in respect of which there has been an announcement or it is expected that they will shortly be included in the Index. This sub-fund promotes environmental and/or social characteristics but does not have a sustainable investment objective. The Fund will not enter into any securities lending. The return of the fund depends mainly on the performance of the tracked index. Fund income is not paid out, but instead will be reinvested. The exchange rate risk of the share class currency is to a large extent hedged against the currency of the fund.

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Intended retail investorThis fund applies to retail investors with a basic financial understanding, who can accept a possible loss on the investment amount. The fund is aimed at growing the investment value and addresses a preference for Sustainable Investing, while granting daily access to the capital under normal market conditions. With their investment in this fund, investors can satisfy medium term investment needs. The fund is suited to be acquired by the target client segments without any restriction of the distribution channel or platform. Depositary State Street Custodial Services (Ireland) Limited Further Information Information about UBS MSCI EMU Universal UCITS ETF and the available share classes, the full prospectus, and the latest annual and semiannual reports, as well as additional information can be obtained free of charge from the fund management company, the central administrator, the custodian bank, the fund distributors or online at www.ubs.com/etf. Latest price can be found at www.ubs.com/etf

this share class is hedged to GBP; the index the issuer places next to it in its documents is the unhedged, foreign-currency version. Subtracting one from the other does not measure replication quality: it measures the exchange rate. In a year when the currency moves 5%, “the TD” would come out near 5 points — a plausible-looking number, with decimals, and wrong.

Other sites publish that number. We would rather show one figure less than one figure wrong: the TD will return here the day we have the GBP-hedged index series, which the issuer does not publish today.

What tracking difference is and how we compute it →