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UBS ETF (LU) MSCI Japan UCITS ETF (hedged to GBP) A-acc

Net asset value 12.1267 GBP

Last update

12.11.2019

ISIN: LU1169822423

Asset Class:  Equities

Securities lending

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% margin across all asset classes. In addition, on-loan balances are capped at 50% of each sub-fund’s AUM. Collateral is held in a custody account that is kept separate from the intermediary’s balance sheet. Daily revaluation at market prices ensures that the value of the collateral provided is always adjusted correctly. To further minimise risks, borrowers are carefully selected. The following types of securities are accepted as collateral (excl. securities of the borrowing counterparty):

  1. Securities issued and/or guaranteed by the governments of the following countries:
    • The following G10 countries: Belgium, the Netherlands, Canada, Sweden, France, Switzerland (SNB Bills), Germany, Japan, UK and USA (including US debt securities and rights issued or guaranteed by the US administration or one of its agencies or instrumentalities.)
    • Only the following OECD countries: Australia, Austria, Denmark, Finland, Luxembourg, New Zealand and Norway.
  2. Equities in the form of world stock indices.

Collateralisation of the securities lending is continually reviewed and adjusted as necessary. It can therefore be subject to change. For more details about Securities Lending Borrowers please follow the link.

Collateral 12 month lending summary (as of last month end)

Min % balance on loan:

7.99

Max % balance on loan:1)

43.49

Average % balance on loan:2)

22.58

Net return to fund in bps:3)

5.82

Collateral %:

106.57

Source: State Street

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 and lending agent receive 40% to cover the due diligence and operational costs resulting from the transactions carried out in relation to the securities lending.

Download all data as XLS File

Top 10 collateral holdings

#

Security

ISIN

Country

Asset Type

Weight %

1

HSBC HLDGS ORD USD0.50(UK REG)

GB0005405286

United Kingdom

Equities

0.04

2

ENI SPA EUR1

IT0003132476

Italy

Equities

0.03

3

TOYOTA MOTOR CORP NPV

JP3633400001

Japan

Equities

0.03

4

Shs -H-:China Life Insurance Co Ltd:

CNE1000002L3

China

Equities

0.02

5

02FSWFRENCH REPUBLIC GOVER

FR0013313582

n.a.

Bonds

0.02

6

TENCENT HLDGS LIMI HKD0.00002

KYG875721634

China

Equities

0.02

7

NIPPON TEL&TEL CP NPV

JP3735400008

Japan

Equities

0.02

8

SUBARU CORPORATION NPV

JP3814800003

Japan

Equities

0.01

9

FRANCE, REPUBLIC OF-OAT-REG-S 1.50000% 15-25.05.31

FR0012993103

France

Bonds

0.01

10

ASML HOLDING NV EUR0.09

NL0010273215

Netherlands

Equities

0.01

The table above lists the securities that are used as collateral for the securities lent with UBS ETFs. The information presented was obtained from internal and external sources deemed reliable. However, we cannot provide any guarantee of their accuracy and completeness. It should be noted that securities lending is subject to a certain risk where the borrower does not return the borrowed securities according to his/her obligation, and where the value of the collateral provided does not cover the costs of repurchase of the securities. In this case, the borrower shall be liable for any claims arising from the securities lending and not covered by the sale of the securities concerned. Source: State Street, 12.11.2019

Collateral types and margins

Collateral Types

Loan Types

International Equities

Government Bonds

International Equities

105.00 %

105.00 %

US Equities

105.00 %

105.00 %

As per CISA regulation, the value of the collateral must at all times be equal to at least 100% of the market value of the securities lent; as such the requirements applicable to the UBS funds significantly exceed this requirement at all times. Source: State Street, 12.11.2019

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