UBS ETF Please confirm you are resident in Italy to proceed.

In addition to the usual risks referring to market fluctuations, securities and index type, the investor has to be aware that the funds detailed in this document are also exposed to other risks, such as: secondary market negotiations, differences between NAV and market prices, calculation changes, differences in publications of the index on behalf of the index provider, risks connected to the listing of the index components on different markets, risks connected to the use of derivatives.

There are also further risks these funds that replicate equity or bond indexes are exposed to. The investor is therefore required to have an adequate tolerance and capacity to bear such risks.

For a complete analysis of all the risks described we recommend to read carefully the prospectus.

Tax reporting

Starting from January 1, 2012, profits realized by Italian resident private investors (e.g., private individual investors) and deriving from Italian and certain foreign investment Funds (including UCITS) are generally subject to 20% taxation (instead of the previous 12.5% tax rate). On the other hand, profits deriving from direct investment in eligible bonds/securities (i.e., Italian government bonds and other eligible securities, including government bonds issued by qualified foreign Countries – i.e., Countries which have agreed to cooperate with the Italian Tax Authorities in international tax matters through exchange of information) continue to be subject to the previous 12.5% tax rate.

In order to prevent that "indirect" (i.e., through certain Funds) investments in eligible bonds/securities be subject to the higher 20% tax rate, and therefore penalised vis-a-vis direct investments, Italy has introduced a methodology to determine the portion of profits deriving from certain Funds (investing directly and/or indirectly in eligible bonds/securities) that are exempt from the new 20% tax rate.

Once identified the portion of profits associated with "indirect" investment in eligible bonds/securities, only 62.5% of such amount should be subject to the 20% tax rate. Thus, 37.5% of these profits will be tax exempt.

Following are the calculations in respect to the UBS-ETF Funds: