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For marketing and information purposes by UBS. CNMV registration number (Comisión Nacional del Mercado de Valores): .  Representative in Spain for UBS funds established under foreign law: UBS Bank, S.A., MARÍA DE MOLINA, 4, E-28006 MADRID. Prospectuses, simplified prospectuses or Key investor information, the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available free of charge from UBS, MARÍA DE MOLINA Nº 4, 28006 MADRID / AVENIDA DIAGONAL Nº 640, 2º A, E-08017 BARCELONA / FERNÁNDEZ Y GONZÁLEZ Nº 2, PLANTA PRINCIPAL, E-41001 SEVILLA / C/ROGER DE LAURIA Nº 7, 1ª PLANTA, 46002 VALENCIA / COSO Nº 33, 5º A, 50003 ZARAGOZA, CANTÓN PEQUEÑO 15, 4º, 15003 A CORUÑA. Before investing in a product please read the latest prospectus carefully and thoroughly. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS AG. Source for all data and charts (if not indicated otherwise): UBS Asset Management

Competitive pricing

UBS is the first ETF provider to introduce the drag level for synthetically replicated ETFs – a unique "all-in fee concept" for ETFs that enables investors to be informed in advance about any costs they can expect, thereby offering them full cost control.

What is drag level?

The drag level is the sum of all costs applied to the fund. It comprises the total expense ratio (TER) in addition to all costs charged to the fund (including swap costs). In other words, the drag level is the predefined future performance differential between the ETF and the index, offering investors full cost transparency.

Full cost transparency before investing

Retrospective concepts such as realized tracking error or total cost of ownership publish historical costs for the previous one-year period only. Owing to the dynamic nature of financial markets, past costs are not a reliable indicator of future costs.

Unique "all-in fee concept"

UBS is the only ETF provider to publish the drag level for synthetically replicated ETFs. The drag level is defined every year on July 31 and is applicable through to July 31 of the following year. In this way, investors are informed already before investing about any costs they can expect. UBS introduced this unique "all-in fee concept" in order to satisfy the highest transparency requirements.

«Drag Level»

Drag levels for synthetically replicated UBS ETFs are applicable as of August 1 of each year through to July 31 of the following year and are published on the UBS ETF Website, in the product overview, in the fact sheets and in other informational material of UBS ETFs.

How the drag level concept works

The drag level not only comprises all costs applied to the fund but also applies one year in advance.