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UBS ETF (CH) SXI Real Estate® (CHF) A-dis
Asset Class: Real Estate
Securities lending is the temporary transfer of securities from the lender (the fund management company) in the name of and for the account of the investment fund to a third party (the borrower). In exchange, the borrower provides the lender with collateral before the delivery of securities, and pays a fee over the period of the loan. All loans within our lending programme are open and rolled daily such that they can be extended or terminated on demand. The fund can thus generate additional income. UBS ETFs engage in securities lending for selected, physically replicated UBS ETFs with the aim of reducing the investor’s net costs. Securities lending with UBS ETFs is always over-collateralised with at least 105% over-collateralization across all asset classes. In addition, on-loan balances are capped at 50% of each sub-fund’s AUM. Collateral is held in separate custody accounts that are specific to the fund in order to secure the liabilities arising from lending securities. The collateral is held in the name of the fund management company (with title transfer) on behalf of the respective fund. Daily revaluation at market prices ensures that the value of the collateral provided is always adjusted correctly.The following types of securities are accepted as collateral (excl. securities of the lending counterparty):1. Bonds issued by the governments of G10 countries. Bonds issued by governments other than the governments of the US, Japan, UK, Germany or Switzerland must have at least an “A” or equivalent rating.2. Corporate bonds with a minimum rating of “A” or equivalent.3. Equities in the form of world stock indices
Collateral requirements are continually reviewed and adjusted as necessary. It can therefore be subject to change.
Collateral 12 month lending summary (as of last month end)
Min % balance on loan:
Max % balance on loan:1)
Average % balance on loan:2)
Net return to fund in bps:3)
Source: UBS AG
1) The maximum loan value is calculated from the maximum value of the lent securities on a single day within the past 12 months.
2) The average loan value is calculated by dividing the average percentage value of the securities lent on a daily basis by the fund's daily assets under management (AuM) over the past 12 months.
3) The fund's annualised net return generated by securities lending is calculated by dividing the fund's securities lending income over a period of 12 months by the fund's average net asset value (NAV) for the same period.
Of the revenue received by the borrower on the market, 60% is credited to the relevant sub-fund while UBS AG receives 40% to cover the due diligence and operational costs resulting from the transactions carried out in relation to the securities lending.
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