_:n0f1c71af3d7a448e99bc0fac1c4cdaebxb44
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"<p>1. <strong>UBS ETFs have given the securities lending mandate to UBS Switzerland AG, acting as principal securities lending provider.</strong><br> 2. UBS Switzerland AG re-uses the borrowed securities in line with demand from street-side borrowers and from UBS-internal sources. UBS deals with external and internal borrowers on an at-arms-length basis. <br> 3. UBS ETFs only have credit risk towards UBS Switzerland AG, but not to street-side borrowers. <br> 4. Fees received from the market borrower are shared according to a pre-agreed <strong>fee split arrangement</strong> between the UBS ETF and UBS Switzerland AG. <br> 5. In case a security is on loan over a record date, UBS Switzerland AG <strong>passes on all corporate actions to the ETF</strong>. Coupons and dividends will be paid to the ETF via a substitute payment ensuring the ETF is economically at least in the same position as it would be if the securities had not been on loan over record date. <br> 6. UBS Switzerland AG will <strong>return the securities to the ETF upon termination</strong> of the loan, or if the ETF wishes to regain the securities, for example in case of a sale. The ETF portfolio manager can sell securities anytime even if they are on loan. For this reason, securities lending does not interfere with the main investment process.<br></p>"
<https://www.ubs.com/global/en/assetmanagement/capabilities/etfs.html>