UBS MSCI ACWI SF UCITS ETF

The objective of the Fund is capital appreciation. The Fund precisely tracks the daily performance of an equity index, called the MSCI ACWI with Developed Markets 100% hedged to USD (Net Return) (the “Index”), less fees and costs. The Fund invests in financial derivative instruments (“FDIs”) with UBS AG, London Branch ("UBS") as counterparty. The Fund may also invest in securities (e.g. company shares and bonds issued by companies and governments). Under the terms of the FDIs, the performance of the Index is swapped from UBS to the Fund, and in return the performance of the securities is swapped from the Fund to UBS – consequently, the Fund's performance reflects the performance of the Index and is not impacted by the performance of the securities. The Index is a benchmark for share performance of companies around the world. It is well diversified and its components include large and mid capitalised companies in developed and emerging market countries around the world. More information on the Index is available at www.msci.com. The Fund's investment manager is not permitted, and does not attempt, to out-perform the Index. As a result of fees and costs, the performance of the Fund on any day will always be less than the performance of the Index on that day.