UBS Core MSCI Japan UCITS ETF

The UBS ETF - MSCI Japan UCITS ETF sub-fund will take proportionate exposure on the components of the MSCI Japan Index (Net Return) either through direct investments in all or substantially all of the component securities and/or through the use of derivatives in particular where it may not be possible or practicable to replicate the index through direct investments or in order to generate efficiencies in gaining exposure to the index. Exposure to the index through direct replication may be affected by rebalancing costs, while exposure to the index through derivatives may be affected by derivative trading costs. The use of OTC derivatives further engenders counterparty risk which is however mitigated by UBS ETF SICAV's collateral policy. The sub-fund will invest its net assets predominantly in shares, transferable securities, money market instruments, units of undertakings for collective investment, deposits with credit institutions, structured notes listed or dealt in on a regulated market and other assets eligible under the prospectus. Currency hedged share classes may also be available in the sub-fund. This class distributes its net income in order to maintain the maximum tracking accuracy of the MSCI Japan Index (Net Return). Investors other than Authorized Participants may not subscribe shares directly with the UBS ETF SICAV, but may purchase and sell shares, through an intermediary, on one of the stock exchanges listed for the share class on the website www.ubs.com/etf. Direct redemptions with the UBS ETF SICAV are however possible on each business day in Luxembourg. Authorized Participants may subscribe and redeem shares with the UBS ETF SICAV under the conditions detailed in the relevant Authorized Participant Agreement.