Category: Open Ended Investment Company
The Fund seeks to track performance of the Australian market by tracking the performance of the MSCI Australia Index (the "Index"). The Index is designed to measure the performance of mid and large capitalisation companies which are listed on markets in Australia. The Fund will seek to hold all of the shares of the Index, in the same proportions as the Index, so that essentially the portfolio of the Fund will be a near mirror image of the Index. The Fund may, for the purpose of reducing risk, reducing costs or generating additional capital or income, use derivative instruments. The use of derivative instruments may multiply the gains or losses made by the Fund on given investment or on its investments generally. Investors other than certain appointed intermediaries may not buy shares directly from the Fund but may buy and sell shares daily through an intermediary on one of the stock exchanges listed for the share class on the website www.ubs.com/etf. Shares may be bought from and sold directly to the Fund by intermediares on each business day in accordance with the conditions detailed in the prospectus and supplement for the Fund. In certain circumstances, where required by the applicable law of country where the shares are registered for sale, investors may sell their shares directly to the Fund. In exceptional circumstances, secondary market investors will be permitted to redeem their shares directly from the Company in accordance with the redemption procedure set out in the prospectus, subject to any applicable laws and relevant charges. Through instruction to an intermediary, shareholders will be entitled on a daily basis to convert any or all of their shares in a share class into shares of any other share class in the Fund, provided that they meet all of the normal criteria for buying shares of that share class. Fund income is not paid out, but instead will be reinvested. The impact of currency fluctuations between any foreign currency to the Index currency is reduced by selling foreign currency forwards at one month forward rate in line with the currency version of the Index. Hedging reduces the effect of the fluctuations in the exchange rate between the currencies of the equity securities (i.e. shares) that make up the Index and EUR, the currency of the Share Class.