_:n0f1c71af3d7a448e99bc0fac1c4cdaebxb42
<http://schema.org/text>
"<p>1. The <strong>terms of the trade are agreed</strong> between the lending agent and the borrower, and collateral is delivered.<br> 2. Once the collateral has been received by the lending agent, the <strong>lent/borrowed securities are transferred</strong> to the borrower.<br> 3. The lender (i.e. the ETF) remains the beneficial owner of the security on loan. As such, the <strong>lending agent collects all entitlements paid on each security</strong> whilst on loan and passes these back to the lender as a manufactured payment. The lender is in the same economic position as if the security had not been lent.<br> 4. The borrower pays the lending agent the preagreed lending fee. <strong>Payments are agreed</strong> and made on a monthly basis.<br> 5. The <strong>borrower returns the securities</strong> once the demand is fulfilled, or earlier if the lender liquidates a position. All trades are recallable on demand on a daily basis and no fixed term trades are entered into.<br> 6. Once the security has been returned to the lender's custody account, the <strong>lending agent returns the collateral held to the borrower</strong>.<br></p>"
<https://www.ubs.com/global/en/assetmanagement/capabilities/etfs.html>