1394 ＵＢＳ先進国株 2019-04-16 16:30:00
平成30年12月期 決算短信（平成30年1月1日～平成30年12月31日）（1/2） [pdf]
平成 30 年 12 月期 決算短信（平成 30 年 1 月 1 日∼平成 30 年 12 月 31 日）
Earnings Report for Fiscal Year ending December 2018 (January 1, 2018 – December 31, 2018)
平成 31 年 4 月 16 日
April 16, 2019
コード 上場取引所 売買単位 主要投資資産
連動対象指標
ファンド名(Fund name) 番号 (Listed (Trading (Primary
(Underlying indicator)
(Code) Exchange) unit) invested assets)
UBS ETF ユーロ圏大型株 50 ユーロ・ストックス 50®インデッ
（ユーロ・ストックス 50） クス（ネットリターン）
1385 東 1口 株式
UBS ETF EURO STOXX 50
UCITS ETF-JDR
UBS ETF 欧州株（MSCI ヨー MSCI ヨーロッパ・インデックス
ロッパ） （ネットリターン）
1386 東 1口 株式
UBS ETF MSCI Europe
UCITS ETF-JDR
UBS ETF ユーロ圏株（MSCI MSCI EMU インデックス（ネット
EMU） リターン）
1387 東 1口 株式
UBS ETF MSCI EMU UCITS
ETF-JDR
UBS ETF ユ ー ロ 圏 小 型 株 MSCI EMU 小 型 株 イ ン デ ッ ク ス
（MSCI EMU 小型株） （ネットリターン）
1388 東 1口 株式
UBS ETF MSCI EMU Small
Cap UCITS ETF-JDR
UBS ETF 英 国 大 型 株 100 FTSE 100 インデックス（トータ
（FTSE 100） ルリターン）
1389 東 1口 株式
UBS ETF FTSE 100 UCITS
ETF-JDR
UBS ETF MSCI アジア太平 MSCI パシフィック（除く日本）
洋株（除く日本） インデックス（ネットリターン）
1390 東 1口 株式
UBS ETF MSCI Pacific (ex
Japan) UCITS ETF-JDR
UBS ETF スイス株（MSCI ス MSCI スイス 20/35 インデックス
イス 20/35）
1391 東 1口 株式
UBS ETF MSCI Switzerland
20/35 UCITS ETF-JDR
UBS ETF 英国株（MSCI 英 MSCI 英国インデックス（ネット
国） リターン）
1392 東 1口 株式
UBS ETF MSCI United
Kingdom UCITS ETF-JDR
UBS ETF 米国株（MSCI 米 MSCI 米国インデックス（ネット
国） リターン）
1393 東 1口 株式
UBS ETF MSCI USA UCITS
ETF-JDR
UBS ETF 先進国株（MSCI ワ MSCI ワールド・インデックス
ールド） （ネットリターン）
1394 東 1口 株式
UBS ETF MSCI World UCITS
ETF-JDR
外 国 投 資 法 人 ＵＢＳ ＥＴＦ・シキャブ
代 表 者 (役職名) 取締役 (氏名) アンドレアス・ハーバーツェト
管 理 会 社 ＵＢＳファンド・マネジメント（ルクセンブルク）エス・エイ
Ｕ Ｒ Ｌ www.ubs.com/etf
代 表 者 (役職名) CEO (氏名) ギルバート・シントゲン
問合せ先責任者 (役職名) 代理人 (氏名) 大西 信治 (TEL) 03(6212)8316
Foreign Investment
UBS ETF, Sicav
Corporation:
Representative: (Title) Member of the Board of Directors (Name) Andreas Haberzeth
Management co.: UBS Fund Management (Luxembourg) S.A.
URL: www.ubs.com/etf
Representative: (Title) Chief Executive Officer (Name) Gilbert Schintgen
Contact person: (Title) Attorney-in-Fact (Name) Nobuharu Onishi (TEL) 03(6212)8316
有価証券報告書提出予定日 平成 31 年 6 月
Scheduled submission date of Annual Securities
June, 2019
Report:
Ⅰ ファンドの運用状況
I Fund Management
１． 平成 30 年 12 月期の運用状況（平成 30 年 1 月 1 日∼平成 30 年 12 月 31 日）
1. Management Status for Fiscal Year ended December 2018 (from January 1, 2018 to December 31, 2018)
（１）信託財産である外国 ETF の資産内訳 （百万円未満切捨て）
(1) Assets of Trust Asset Foreign ETF (amounts below 1 mil. yen are discarded)
現金・預金・その他の
主要投資資産 資産（負債控除後） 合計（純資産）
Primary Invested Assets Cash/Deposits/Other Assets Total (Net Assets)
(excluding liabilities)
構成
金額 構成比 金額 構成比 金額
比
Amount ratio Amount ratio Amount
ratio
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF ユーロ圏大型株 30 年 12 月期
50（ユーロ・ストックス FY ended 56,916 99.96 24 0.04 56,941 100
50） December 2018
UBS ETF EURO STOXX 29 年 12 月期
50 UCITS ETF-JDR FY ended 73,736 99.93 50 0.07 73,786 100
December 2017
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF 欧州株（MSCI ヨ 30 年 12 月期
ーロッパ） FY ended 35,382 100 0 0.00 35,383 100
UBS ETF MSCI Europe December 2018
UCITS ETF-JDR 29 年 12 月期
FY ended 34,100 99.95 16 0.05 34,117 100
December 2017
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF ユ ー ロ 圏 株 30 年 12 月期
（MSCI EMU） FY ended 334,009 99.02 3,301 0.98 337,310 100
UBS ETF MSCI EMU December 2018
UCITS ETF-JDR 29 年 12 月期
FY ended 478,049 99.48 2,488 0.52 480,537 100
December 2017
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF ユーロ圏小型株 30 年 12 月期
（MSCI EMU 小型株） FY ended 14,527 100 0 0.00 14,527 100
UBS ETF MSCI EMU December 2018
Small Cap UCITS ETF- 29 年 12 月期
JDR FY ended 19,381 99.92 15 0.08 19,397 100
December 2017
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF 英国大型株 100 30 年 12 月期
（FTSE 100） FY ended 10,713 100.36 (38) (0.36) 10,675 100
UBS ETF FTSE 100 December 2018
UCITS ETF-JDR 29 年 12 月期
FY ended 15,584 99.98 2 0.02 15,587 100
December 2017
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF MSCI アジア太 30 年 12 月期
平洋株（除く日本） FY ended 19,318 99.98 3 0.02 19,321 100
UBS ETF MSCI Pacific (ex December 2018
Japan) UCITS ETF-JDR 29 年 12 月期
FY ended 25,005 99.97 7 0.03 25,012 100
December 2017
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF スイス株（MSCI 30 年 12 月期
スイス 20/35） FY ended 80,103 99.99 4 0.01 80,107 100
UBS ETF MSCI December 2018
Switzerland 20/35 UCITS 29 年 12 月期
ETF-JDR FY ended 105,775 100.01 (14) (0.01) 105,761 100
December 2017
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF 英国株（MSCI 英 30 年 12 月期
国） FY ended 83,517 99.72 233 0.28 83,751 100
UBS ETF MSCI United December 2018
Kingdom UCITS ETF-JDR 29 年 12 月期
FY ended 82,614 99.11 745 0.89 83,360 100
December 2017
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF 米国株（MSCI 米 30 年 12 月期
国） FY ended 57,963 99.96 24 0.04 57,988 100
UBS ETF MSCI USA December 2018
UCITS ETF-JDR 29 年 12 月期
FY ended 65,687 99.90 64 0.10 65,752 100
December 2017
百万円 ％ 百万円 ％ 百万円 ％
JPY mil. % JPY mil. % JPY mil. %
UBS ETF 先進国株（MSCI 30 年 12 月期
ワールド） FY ended 112,992 100.04 (48) (0.04) 112,943 100
UBS ETF MSCI World December 2018
UCITS ETF-JDR 29 年 12 月期
FY ended 144,405 99.89 158 0.11 144,564 100
December 2017
（２）信託財産である外国 ETF の設定・交換実績
(2) Creation and Redemption of Trust Asset Foreign ETF
（千口未満切捨て）
(amounts below 1 thousand shares are discarded)
前計算期間末発 当計算期間末発行
行済口数 設定口数 交換口数 済口数
No. of Issued Shares No. of Shares No. of Shares No. of Issued Shares at
at End of Previous Created Redeemed End of Calculation
Calculation Period (②) (③) Period
(①) (①＋②−③)
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF ユーロ圏大型株 50 30 年 12 月期
（ユーロ・ストックス 50） FY ended 16,921 3,100 4,880 15,141
December 2018
UBS ETF EURO STOXX 50
29 年 12 月期
UCITS ETF-JDR FY ended 24,362 2,292 9,734 16,921
December 2017
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF 欧州株（MSCI ヨー 30 年 12 月期
ロッパ） FY ended 4,124 1,641 1,264 4,501
UBS ETF MSCI Europe December 2018
UCITS ETF-JDR 29 年 12 月期
FY ended 4,015 1,071 962 4,124
December 2017
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF ユーロ圏株（MSCI 30 年 12 月期
EMU） FY ended 18,857 1,441 3,624 16,674
UBS ETF MSCI EMU UCITS December 2018
ETF-JDR 29 年 12 月期
FY ended 14,088 8,507 3,738 18,857
December 2017
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF ユ ー ロ 圏 小 型 株 30 年 12 月期
（MSCI EMU 小型株） FY ended 1,516 1,170 1,278 1,408
UBS ETF MSCI EMU Small December 2018
Cap UCITS ETF-JDR 29 年 12 月期
FY ended 341 1,174 0 1,516
December 2017
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF 英 国 大 型 株 100 30 年 12 月期
（FTSE 100） FY ended 1,445 68 393 1,119
UBS ETF FTSE 100 UCITS December 2018
ETF-JDR 29 年 12 月期
FY ended 1,811 5 371 1,445
December 2017
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF MSCI アジア太平洋 30 年 12 月期
株（除く日本） FY ended 4,785 239 716 4,308
UBS ETF MSCI Pacific (ex December 2018
Japan) UCITS ETF-JDR 29 年 12 月期
FY ended 4,727 548 490 4,785
December 2017
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF スイス株（MSCI ス 30 年 12 月期
イス 20/35） FY ended 8,656 3,629 4,055 8,230
UBS ETF MSCI Switzerland December 2018
20/35 UCITS ETF-JDR 29 年 12 月期
FY ended 8,235 2,493 2,071 8,656
December 2017
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF 英 国 株 （ MSCI 英 30 年 12 月期
国） FY ended 374 190 194 369
UBS ETF MSCI United December 2018
Kingdom UCITS ETF-JDR 29 年 12 月期
FY ended 530 217 373 374
December 2017
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF 米 国 株 （ MSCI 米 30 年 12 月期
国） FY ended 2,279 498 625 2,151
UBS ETF MSCI USA UCITS December 2018
ETF-JDR 29 年 12 月期
FY ended 3,051 85 858 2,279
December 2017
千口 千口 千口 千口
‘000 shares ‘000 shares ‘000 shares ‘000 shares
UBS ETF 先進国株（MSCI ワ 30 年 12 月期
ールド） FY ended 6,161 488 1,284 5,366
UBS ETF MSCI World UCITS December 2018
ETF-JDR 29 年 12 月期
FY ended 7,748 1,633 3,220 6,161
December 2017
（３）信託財産である外国 ETF の基準価額
(3) Net Asset Value of Trust Asset Foreign ETF
（百万円未満切捨て）
(amounts below 1 mil. yen are discarded)
1 口当たり基準価額
((③/当計算期間末（前
計算期間末）発行済口
総資産 負債 純資産 数)×1)
Total Assets Liabilities Net Assets Net Asset Value per 1 unit
(①) (②) (③(①−②)) ((③/No. of Issued Shares at
End of Calculation Period
(Previous Calculation
Period))×1)
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF ユーロ圏大型株 50 30 年 12 月期
（ユーロ・ストックス 50） FY ended 57,251 309 56,941 3,760
UBS ETF EURO STOXX 50 December 2018
UCITS ETF-JDR 29 年 12 月期
FY ended 74,171 384 73,786 4,360
December 2017
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF 欧州株（MSCI ヨー 30 年 12 月期
ロッパ） FY ended 35,532 149 35,383 4,508
UBS ETF MSCI Europe December 2018
UCITS ETF-JDR 29 年 12 月期
FY ended 34,178 61 34,117 6,979
December 2017
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF ユーロ圏株（MSCI 30 年 12 月期
EMU） FY ended 338,237 927 337,310 4,636
UBS ETF MSCI EMU UCITS December 2018
ETF-JDR 29 年 12 月期
FY ended 481,572 1,035 480,537 4,839
December 2017
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF ユ ー ロ 圏 小 型 株 30 年 12 月期
（MSCI EMU 小型株） FY ended 14,579 51 14,527 10,315
UBS ETF MSCI EMU Small December 2018
Cap UCITS ETF-JDR 29 年 12 月期
FY ended 19,408 11 19,397 12,792
December 2017
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF 英 国 大 型 株 100 30 年 12 月期
（FTSE 100） FY ended 10,753 78 10,675 7,657
UBS ETF FTSE 100 UCITS December 2018
ETF-JDR 29 年 12 月期
FY ended 15,631 44 15,587 9,064
December 2017
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF MSCI アジア太平洋 30 年 12 月期
株（除く日本） FY ended 19,373 52 19,321 4,168
UBS ETF MSCI Pacific (ex December 2018
Japan) UCITS ETF-JDR 29 年 12 月期
FY ended 25,092 80 25,012 4,829
December 2017
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF スイス株（MSCI ス 30 年 12 月期
イス 20/35） FY ended 80,433 326 80,107 1,913
UBS ETF MSCI Switzerland December 2018
20/35 UCITS ETF-JDR 29 年 12 月期
FY ended 105,976 215 105,761 2,106
December 2017
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF 英 国 株 （ MSCI 英 30 年 12 月期
国） FY ended 84,210 458 83,751 2,961
UBS ETF MSCI United December 2018
Kingdom UCITS ETF-JDR 29 年 12 月期
FY ended 83,454 94 83,360 3,298
December 2017
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF 米 国 株 （ MSCI 米 30 年 12 月期
国） FY ended 58,501 513 57,988 26,369
UBS ETF MSCI USA UCITS December 2018
ETF-JDR 29 年 12 月期
FY ended 65,805 52 65,752 27,020
December 2017
百万円 百万円 百万円 円
JPY mil. JPY mil. JPY mil. JPY
UBS ETF 先進国株（MSCI ワ 30 年 12 月期
ールド） FY ended 113,401 457 112,943 21,046
UBS ETF MSCI World UCITS December 2018
ETF-JDR 29 年 12 月期
FY ended 146,426 1,861 144,564 23,462
December 2017
（４）上場外国 ETF 信託受益証券に係る設定・交換実績
(4) Creation and Redemption of Listed Foreign ETF Trust Beneficiary Certificates (JDR)
前計算期間
末発行済口
数 設定口数 交換口数 当計算期間末発行済口数
No. of Issued No. of Units No. of Units No. of Issued Units at End of
Units at End of Created Redeemed Calculation Period
Previous
(②) (③) (①＋②−③)
Calculation
Period
(①)
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF ユーロ圏大型株 50 30 12
年 月期
（ユーロ・ストックス 50） FY ended 100 30 25 105
UBS ETF EURO STOXX 50
UCITS ETF-JDR December 2018
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF 欧州株（MSCI ヨー 30 年 12 月期
ロッパ）
UBS ETF MSCI Europe FY ended 38 5 - 43
December 2018
UCITS ETF-JDR
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF ユーロ圏株（MSCI 30 12
EMU） 年 月期
FY ended 4 - - 4
UBS ETF MSCI EMU UCITS December 2018
ETF-JDR
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF ユ ー ロ 圏 小 型 株 30 12
年 月期
（MSCI EMU 小型株） FY ended 3 - - 3
UBS ETF MSCI EMU Small
Cap UCITS ETF-JDR December 2018
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF 英 国 大 型 株 100 30 年 12 月期
（FTSE 100）
UBS ETF FTSE 100 UCITS FY ended 5 - - 5
December 2018
ETF-JDR
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF MSCI アジア太平洋 30 12
株（除く日本） 年 月期
FY ended 27 2 - 29
UBS ETF MSCI Pacific (ex December 2018
Japan) UCITS ETF-JDR
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF スイス株（MSCI ス 30 12
年 月期
イス 20/35） FY ended 76 - - 76
UBS ETF MSCI Switzerland
20/35 UCITS ETF-JDR December 2018
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF 英 国 株 （ MSCI 英 30 年 12 月期
国）
UBS ETF MSCI United FY ended 21 10 - 31
December 2018
Kingdom UCITS ETF-JDR
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF 米 国 株 （ MSCI 米 30 12
国） 年 月期
FY ended 3 2 - 5
UBS ETF MSCI USA UCITS December 2018
ETF-JDR
千口 千口 千口 千口
‘000 units ‘000 units ‘000 units ‘000 units
UBS ETF 先進国株（MSCI ワ 30 年 12 月期
ールド）
UBS ETF MSCI World UCITS FY ended 2 2 - 4
December 2018
ETF-JDR
（５）上場外国 ETF 信託受益証券の分配金
(5) Dividend Payment of Listed Foreign ETF Trust Beneficiary Certificates (JDR)
1 口当たり分配金
Dividend per 1 unit
円
JPY
UBS ETF ユーロ圏大型株 50 30 年 12 月期
（ユーロ・ストックス 50） FY ended 22
UBS ETF EURO STOXX 50 December 2018
UCITS ETF-JDR 30 年 6 月中間
期 110
SAN ended June
2018
29 年 12 月期
FY ended 1
December 2017
円
JPY
UBS ETF 欧州株（MSCI ヨー 30 年 12 月期
ロッパ） FY ended 54
UBS ETF MSCI Europe December 2018
UCITS ETF-JDR 30 年 6 月中間
期 176
SAN ended June
2018
29 年 12 月期
FY ended 65
December 2017
円
JPY
UBS ETF ユーロ圏株（MSCI 30 年 12 月期
EMU） FY ended 57
UBS ETF MSCI EMU UCITS December 2018
ETF-JDR 30 年 6 月中間
期 356
SAN ended June
2018
29 年 12 月期
FY ended 84
December 2017
円
JPY
UBS ETF ユ ー ロ 圏 小 型 株 30 年 12 月期
（MSCI EMU 小型株） FY ended 30
UBS ETF MSCI EMU Small December 2018
Cap UCITS ETF-JDR 30 年 6 月中間
期 220
SAN ended June
2018
29 年 12 月期
FY ended 122
December 2017
円
JPY
UBS ETF 英 国 大 型 株 100 30 年 12 月期
（FTSE 100） FY ended 163
UBS ETF FTSE 100 UCITS December 2018
ETF-JDR 30 年 6 月中間
期 216
SAN ended June
2018
29 年 12 月期
FY ended 165
December 2017
円
JPY
UBS ETF MSCI アジア太平洋 30 年 12 月期
株（除く日本） FY ended 83
UBS ETF MSCI Pacific (ex December 2018
Japan) UCITS ETF-JDR 30 年 6 月中間
期
SAN ended June 96
2018
29 年 12 月期
FY ended 102
December 2017
円
JPY
UBS ETF スイス株（MSCI ス 30 年 12 月期
イス 20/35） FY ended 0
UBS ETF MSCI Switzerland December 2018
20/35 UCITS ETF-JDR 30 年 6 月中間
期
SAN ended June 30
2018
29 年 12 月期
FY ended 1
December 2017
円
JPY
UBS ETF 英 国 株 （ MSCI 英 30 年 12 月期
国） FY ended 45
UBS ETF MSCI United December 2018
Kingdom UCITS ETF-JDR 30 年 6 月中間
期
SAN ended June 59
2018
29 年 12 月期
FY ended 28
December 2017
円
JPY
UBS ETF 米 国 株 （ MSCI 米 30 年 12 月期
国） FY ended 192
UBS ETF MSCI USA UCITS December 2018
ETF-JDR 30 年 6 月中間
期
SAN ended June 175
2018
29 年 12 月期
FY ended 153
December 2017
円
JPY
UBS ETF 先進国株（MSCI ワ 30 年 12 月期
ールド） FY ended 154
UBS ETF MSCI World UCITS December 2018
ETF-JDR 30 年 6 月中間
期 239
SAN ended June
2018
29 年 12 月期
FY ended 123
December 2017
※上場外国 ETF 信託受益証券に係る平成 30 年 6 月中間期分配金の基準日は平成 30 年 7 月 30 日であり、平成
30 年 12 月期分配金の基準日は平成 31 年 1 月 30 日です。
※The record date for the interim dividend for the SAN ended June 2018 was July 30, 2018. The record date for the
annual dividend for the FY ended December 2018 was January 30, 2019.
※上場外国 ETF 信託受益証券に係る平成 30 年 12 月期分配金の支払開始日は平成 31 年 3 月 8 日（ただし、
UBS ETF 米国株（MSCI 米国）については平成 31 年 3 月 19 日）です。
※The start date of dividend payment on the Listed Foreign ETF Trust Beneficiary Certificates (JDR) of the annual dividend for the
FY ended December 2018 was March 8, 2019, with the exception that the start date of dividend payment on UBS ETF MSCI
USA UCITS ETF-JDR of the annual dividend for the FY ended December 2018 was March 19, 2019.
注） アメリカ合衆国ドル（ 「米ドル」、イギリスポンド（
） 「英ポンド」、スイスフラン（） 「スイスフラン」 ）お
よびユーロの円貨換算は、便宜上、平成 31 年 4 月 8 日現在の株式会社三菱 UFJ 銀行の対顧客電信売買
相場の仲値（1 米ドル＝111.44 円、1 英ポンド＝145.50 円、1 スイスフラン＝111.46 円、1 ユーロ＝
125.05 円）によります。
Note: Conversion from United States Dollar ("USD"), Pound Sterling (“GBP”), Swiss Franc (“CHF”) and Euro (“EUR”)
to Japanese Yen (“JPY”) is by the telegraphic transfer middle rate of MUFG Bank, Ltd. as of 8 April 2019 (USD 1
= JPY111.44 GBP 1 = JPY145.50, CHF 1 = JPY 111.46, EUR 1 = JPY125.05 ) for convenience.
２． 信託財産である外国 ETF の会計方針の変更
2. Change in Accounting Policies of Trust Asset Foreign ETF
（１）会計基準等の改正に伴う会計方針の変更 ：無
(1)Changes accompanying revision to accounting standards, etc. ：No
（２）
（１）以外の会計方針の変更 ：無
(2)Changes other than those in (1) ：No
Annual Report 2018
Investment Company under Luxembourg Law (SICAV)
UBS ETF
Audited Annual Report as of 31 December 2018
UBS ETF – EURO STOXX 50 UCITS ETF UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF
UBS ETF – MSCI Europe UCITS ETF UBS ETF – MSCI World Socially Responsible UCITS ETF
UBS ETF – MSCI EMU UCITS ETF UBS ETF – MSCI USA Socially Responsible UCITS ETF
UBS ETF – MSCI EMU hedged to CHF UCITS ETF UBS ETF – MSCI EMU Socially Responsible UCITS ETF
UBS ETF – MSCI EMU hedged to USD UCITS ETF UBS ETF – MSCI Pacific Socially Responsible UCITS ETF
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF
UBS ETF – MSCI EMU Value UCITS ETF UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF
UBS ETF – MSCI EMU Small Cap UCITS ETF UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF
UBS ETF – Factor MSCI EMU Quality UCITS ETF UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF
UBS ETF – Factor MSCI EMU Prime Value UCITS ETF UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF
UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF
UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF
UBS ETF – FTSE 100 UCITS ETF UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF
UBS ETF – MSCI United Kingdom UCITS ETF UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF
UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF
UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF UBS ETF – SBI® Foreign AAA-BBB 1-5 UCITS ETF
UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF UBS ETF – SBI® Foreign AAA-BBB 5-10 UCITS ETF
UBS ETF – MSCI Japan UCITS ETF UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year
UBS ETF – MSCI Japan hedged to CHF UCITS ETF UCITS ETF
UBS ETF – MSCI Japan hedged to EUR UCITS ETF UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF
UBS ETF – MSCI Japan hedged to USD UCITS ETF UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged
UBS ETF – MSCI Japan Socially Responsible UCITS ETF UCITS ETF
UBS ETF – MSCI Pacific (ex Japan) UCITS ETF UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF
UBS ETF – MSCI USA UCITS ETF UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable
UBS ETF – MSCI Canada UCITS ETF UCITS ETF
UBS ETF – MSCI Singapore UCITS ETF UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates
UBS ETF – MSCI Hong Kong UCITS ETF Sustainable UCITS ETF
UBS ETF – MSCI Switzerland 20/35 UCITS ETF UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS
UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF ETF
UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF
UBS ETF – MSCI World UCITS ETF UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond
UBS ETF – MSCI Emerging Markets UCITS ETF UCITS ETF
UBS ETF – Bloomberg Barclays EUR High Quality Liquid Assets 1-5 Bond
UCITS ETF
UBS ETF – Sustainable Development Bank Bonds UCITS ETF
No subscriptions can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of
the current Prospectus supplemented by the latest Annual Report and latest Semi-Annual Report if published
thereafter.
RCS Number: B-83626
Audited Annual Report as of 31 December 2018
Contents
Page
Management and Administration 4
Letter to Shareholders 6
Performance tables 9
Audit report 15
Statement of Net Assets 19
Statement of Operations 47
Statement of Changes in Net Assets 63
Schedule of Investments — UBS ETF – EURO STOXX 50 UCITS ETF 83
Schedule of Investments — UBS ETF – MSCI Europe UCITS ETF 85
Schedule of Investments — UBS ETF – MSCI EMU UCITS ETF 95
Schedule of Investments — UBS ETF – MSCI EMU hedged to CHF UCITS ETF 101
Schedule of Investments — UBS ETF – MSCI EMU hedged to USD UCITS ETF 107
Schedule of Investments — UBS ETF – MSCI EMU Select Factor Mix UCITS ETF 113
Schedule of Investments — UBS ETF – MSCI EMU Value UCITS ETF 126
Schedule of Investments — UBS ETF – MSCI EMU Small Cap UCITS ETF 130
Schedule of Investments — UBS ETF – Factor MSCI EMU Quality UCITS ETF 140
Schedule of Investments — UBS ETF – Factor MSCI EMU Prime Value UCITS ETF 142
Schedule of Investments — UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF 145
Schedule of Investments — UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF 148
Schedule of Investments — UBS ETF – FTSE 100 UCITS ETF 151
Schedule of Investments — UBS ETF – MSCI United Kingdom UCITS ETF 154
Schedule of Investments — UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF 157
Schedule of Investments — UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF 160
Schedule of Investments — UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF 163
Schedule of Investments — UBS ETF – MSCI Japan UCITS ETF 166
Schedule of Investments — UBS ETF – MSCI Japan hedged to CHF UCITS ETF 173
Schedule of Investments — UBS ETF – MSCI Japan hedged to EUR UCITS ETF 180
Schedule of Investments — UBS ETF – MSCI Japan hedged to USD UCITS ETF 187
Schedule of Investments — UBS ETF – MSCI Japan Socially Responsible UCITS ETF 194
Schedule of Investments — UBS ETF – MSCI Pacific (ex Japan) UCITS ETF 197
Schedule of Investments — UBS ETF – MSCI USA UCITS ETF 201
Schedule of Investments — UBS ETF – MSCI Canada UCITS ETF 212
Audited Annual Report as of 31 December 2018
Contents (continued)
Page
Schedule of Investments — UBS ETF – MSCI Singapore UCITS ETF 215
Schedule of Investments — UBS ETF – MSCI Hong Kong UCITS ETF 216
Schedule of Investments — UBS ETF – MSCI Switzerland 20/35 UCITS ETF 218
Schedule of Investments — UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF 220
Schedule of Investments — UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF 222
Schedule of Investments — UBS ETF – MSCI World UCITS ETF 224
Schedule of Investments — UBS ETF – MSCI Emerging Markets UCITS ETF 251
Schedule of Investments — UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF 269
Schedule of Investments — UBS ETF – MSCI World Socially Responsible UCITS ETF 274
Schedule of Investments — UBS ETF – MSCI USA Socially Responsible UCITS ETF 282
Schedule of Investments — UBS ETF – MSCI EMU Socially Responsible UCITS ETF 286
Schedule of Investments — UBS ETF – MSCI Pacific Socially Responsible UCITS ETF 289
Schedule of Investments — UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF 292
Schedule of Investments — UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF 294
Schedule of Investments — UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF 295
Schedule of Investments — UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF 296
Schedule of Investments — UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF 297
Schedule of Investments — UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF 298
Schedule of Investments — UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF 299
Schedule of Investments — UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF 300
Schedule of Investments — UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF 301
Schedule of Investments — UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF 303
Schedule of Investments — UBS ETF – SBI® Foreign AAA-BBB 1-5 UCITS ETF 305
Schedule of Investments — UBS ETF – SBI® Foreign AAA-BBB 5-10 UCITS ETF 310
Schedule of Investments — UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS
ETF 314
Schedule of Investments — UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF 322
Schedule of Investments — UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged
UCITS ETF 326
Schedule of Investments — UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF 327
Schedule of Investments — UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable
UCITS ETF 335
Schedule of Investments — UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates
Sustainable UCITS ETF 340
Audited Annual Report as of 31 December 2018
Contents (continued)
Page
Schedule of Investments — UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF 349
Schedule of Investments — UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF 361
Schedule of Investments — UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond
UCITS ETF 371
Schedule of Investments — UBS ETF – Bloomberg Barclays EUR High Quality Liquid Assets 1-5 Bond
UCITS ETF 377
Schedule of Investments — UBS ETF – Sustainable Development Bank Bonds UCITS ETF 382
Notes to Financial Statements 383
Appendix I - Supplementary Information (unaudited) 439
Appendix II - Remuneration Policy (unaudited) 461
Sales Restrictions
Shares of these Sub-Funds may not be offered, sold or distributed within the United States of America.
The applicable selling restrictions are set out in the sales prospectus.
Management and Administration
Registered Office Paying Agent in Austria
49, Avenue J.F. Kennedy Erste Bank der oesterreichischen Sparkassen AG
L-1855 Luxembourg Am Belvedere 1, A-1100 Vienna
R.C.S. Luxembourg Nr. B-83626
Paying Agent in Germany
Portfolio Managers of Sub-Funds
UBS Europe SE
UBS Asset Management (UK) Ltd Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main
5 Broadgate
EC2M 2QS London, United Kingdom Paying Agent in Switzerland
UBS AG, UBS Switzerland AG
UBS Asset Management, Basel and Zurich Bahnhofstrasse 45, CH-8098 Zurich
Aeschenvorstadt 1, CH-4002 Basel, Switzerland and its branches in Switzerland
and
Bahnhofstrasse 45, CH-8098 Zurich, Switzerland
Paying Agent in Liechtenstein
UBS Asset Management (Americas) Inc.
UBS Tower, One North Wacker Drive Liechtensteinische Landesbank AG
IL 60606, Chicago, United States Städtle 44, FL-9490 Vaduz
Auditor Paying Agent in the United Kingdom
PricewaterhouseCoopers, Société coopérative UBS Asset Management (UK) Ltd
2, rue Gerhard Mercator 5, Broadgate, EC2M 2QS London
B.P. 1443
L-1014 Luxembourg Paying Agent in Belgium
Depositary BNP Paribas Securities Services S.C.A.,
Brussels branch
State Street Bank Luxembourg S.C.A. Rue de Loxum, 25, 1000 Brussels, Belgium
49, Avenue J.F. Kennedy
L-1855 Luxembourg Distributor
Board of Directors UBS AG
Aeschenvorstadt 1, CH-4002 Basel
• Mr Clemens Reuter (Chairman) and
Managing Director, UBS AG, Basel and Zurich Bahnhofstrasse 45, CH-8098 Zurich
• Mr Frank Müsel (Vice-Chairman) Representation Agent in Austria
Executive Director, UBS AG, Basel and Zurich
Erste Bank der oesterreichischen Sparkassen AG
• Mr Ian Ashment Am Belvedere 1, A-1010 Vienna
Managing Director, UBS Asset Management (UK) Ltd, London
Information Agent in Germany
• Mr Andreas Haberzeth
Executive Director, UBS AG, Basel and Zurich UBS Europe SE
Bockenheimer Landstrasse 2-4
• Mr Jörgen Jessen D-60306 Frankfurt am Main
Independent Board Member, Grevenmacher
Representation Agent in Switzerland
Management Company
UBS Fund Management (Switzerland) AG
UBS Fund Management (Luxembourg) S.A. Aeschenplatz 6, CH-4052 Basel
33A, Avenue J.F. Kennedy
L-1855 Luxembourg Centralising and Financial Agent in France
R.C.S. Luxemburg N° B 154 210
Société Générale S.A.
Company Administrator, Domiciliary, Depositary, 29, Boulevard Haussmann,
Corporate and Paying Agent F-75009 Paris
State Street Bank Luxembourg S.C.A. Representation and Paying Agent in Spain
49, Avenue J.F. Kennedy
L-1855 Luxembourg UBS Europe SE
4, Calle Maria de Molina, 3 planta
28006 Madrid
4
Management and Administration
Representation Agent in Portugal Securities Lending Agent
Best – Banco Electrónico de Serviço Total, S.A. State Street Bank International GmbH London Branch
Praça Marquês de Pombal, 3A - 3º and
1250-161 Lisboa State Street Bank and Trust Company
Portugal 20, Churchill Place, Canary Wharf
E14 5HJ London
Legal Advisers
as to Luxembourg Law
Clifford Chance
10, boulevard G.D. Charlotte
B.P. 1147
L-1011 Luxembourg
Shareholders may obtain the Prospectus, the Key Investor Information Document (KIID), the latest annual and semi-annual reports,
the changes in the composition of the securities portfolio during the reporting period and copies of the Memorandum and Articles of
Association free of charge from the registered office of the Manager, the Administrator, or the local representatives in the
countries where the Company is registered and in Switzerland at UBS Switzerland AG, Bahnhofstrasse 45, 8098 Zurich,
Switzerland.
5
Annual report as of 31 December 2018
Letter to Shareholders
We are pleased to present the 17th annual report for the UBS Exchange Traded Funds (UBS ETF)
covering the reporting period from 1 January 2018 to 31 December 2018. We look back on a negative
year for financial equity markets across the globe. The market environment was less supportive for fixed
income markets in 2018 with softer global economic growth and concerns around international trade
and political uncertainty. UBS ETF's AuM slightly declined during the year.
The Fund range saw total net outflows of EUR 543 million, decreasing the total AuM in UBS ETFs to
EUR 20.5 billion as at 31 December 2018.
In 2018, we have further broadened our ESG-oriented and Emerging Markets offering with three fixed
income ETFs, a short maturity, high quality liquid assets sub-fund in collaboration with Bloomberg
Barclays to meet Basel III LCR regulations, a sub-fund that invests into multilateral development bank
bond issues and an Emerging Markets multi-factor local currency bond ETF based on a J.P. Morgan
index. Finally, with the MSCI EMU Select Factor Mix UCITS ETF, we added an additional sub-fund to our
factor-oriented equity fund offering.
In recent years, UBS ETF has solidified its position as a top 5 provider in Europe with consistent inflows,
and a push towards product shelf expansion. Sales activities in Europe will continue to focus on core
markets, with a dedicated push into the newer regions of Scandinavia, France and Israel. UBS ETFs
were registered for sale in Finland and Belgium in 2018 and in Israel for distribution directed to
professional clients only. UBS ETFs will focus on established client relationships in the European
market, as well as on efforts to offer clients a broad shelf of choice, the later being particularly vital in
times of political uncertainty as well as equity market volatility. Passive investing and ETFs in particular,
remain a focus of UBS Asset Management in its continued efforts to position UBS AM as a leading asset
manager globally. Finally, the potential expansion of dedicated sales market coverage into Asia-Pacific
remains an additional option which management is reviewing.
In the first quarter of 2018, volatile trading conditions returned to equity markets in particular from late
January onwards. Yields on some benchmark government bonds, particularly in the US, also rose
sharply over the quarter. Fears around the direction of the US administration's economic policy,
particularly in relation to trade, rose as the quarter progressed. This was despite economic data
remaining broadly positive globally, although there may be signs that the rate of acceleration is
beginning to moderate. There were a number of political developments over the quarter which were also
of interest to investors, particularly in Europe. German Chancellor Angela Merkel secured another term
after successfully concluding coalition talks. An election in Italy resulted in a hung parliament despite
strong gains for populist parties. There were also definitive signs of progress in the UK's Brexit
negotiations with the EU.
Equity markets worldwide delivered a negative start to 2018 despite a strong January, as the positive
mood engendered by the tax reform passed in the US late in 2017 continued into the new year and
economic data remained strong. Concerns about the prospects for increased inflation, and a resulting
faster pace of monetary policy tightening from the Fed, caused equity markets to sell off sharply in early
February as US Treasury yields rose. As the volatile conditions continued, it became clear that technical
factors were playing a major role. While these gyrations lessened and the focus switched to more
fundamental factors as February continued, fears of rising trade protectionism in March saw equity
markets fall back once more.
Yields on many benchmark government bonds rose sharply, though moderated later in the quarter, as
investors considered evidence that the rate of acceleration in global demand growth may be set to ease
off. Overall, yields on US and UK government bonds saw the largest increases over the three months
while yields on markets such as Italy, Spain and Greece fell in contrast.
In the second quarter of 2018, the outlook for the global trading environment and wider international
relations became more unsettled. Initial tariffs proposed by the US in the areas of steel and aluminium
seemed likely to expand to other import areas, with retaliation from major trading partners such as the
EU, China and Canada also taking shape. Over the quarter, it became clearer that the rate of
acceleration in global economic growth has moderated from the very strong pace seen at the turn of the
The figures stated in this report are historical and not necessarily indicative of future performance.
6
Annual report as of 31 December 2018
Letter to Shareholders (continued)
year. While the US remains relatively robust, there could be little doubt that the pace of expansion in
Europe in particular has slowed. However, paced by the US, earnings season globally was very strong.
While the US Federal Reserve (Fed) increased interest rates further in June, the Bank of England and
European Cental Bank remained on hold.
Equity markets globally advanced in the second quarter of 2018. However, emerging markets - which
have been strong performers over much of 2017 in particular - fared less well, and fell in value overall. A
range of factors, such as the ongoing arguments on trade, the strength of the US dollar, a rising oil
price and geopolitical events involving countries as diverse as Italy, Iran and Argentina, all impacted
markets at different times over the quarter. A further rate rise from the Fed in June, and expectations for a
further two rises later this year, passed with little impact.
Given the sharp rises in bond yields seen the first quarter, there was considerable attention focused on
the price action for US Treasuries as Q2 began. The yield on the 10 year Treasury rose above 3% in April,
for the first time since 2014. However, longer dated yields fell back over the quarter even as yields on
short dated bonds rose as the likelihood of further monetary tightening from the Federal Reserve was
seen to increase.
The vexed topic of trade remained a major focus worldwide in the third quarter as tensions increased
between the US and China in particular. Relations continued to sour as the US moved to impose a 10 per
cent tariff on about USD 200bn of Chinese imports. The decision led China to announce retaliatory
tariffs on a range of products, and cancel planned trade talks. However, Canada reached an agreement
with the US and Mexico to overhaul the North American Free Trade Agreement (NAFTA) in late
September. Geopolitical events were to the fore in Europe in particular, with acrimony at a key summit to
discuss the UK's exit from the European Union in September. Italy's populist government agreed a
budget with larger spending plans than expected, increasing the likelihood of conflict with the EU over
fiscal policy.
Developed markets advanced strongly, while emerging markets overall were flat in local currency terms.
US equities fared particularly well, while Japanese equities also gained. Other markets were more
muted. Hardening expectations for further rate rises from the US Federal Reserve seemed to have little
impact on equity investors however. Indeed, closely watched US benchmarks such as the S&P 500,
Russell 1000 and Nasdaq 100 all hit new record levels as GDP growth reached its fastest level since
2014.
Within bond markets, yields on 10 year US Treasuries made a decisive break back over the 3% barrier
later in the quarter after falling back earlier on, as expectations for further interest rate increases in the
US grew. Other widely followed markets such as the UK and Germany saw similar rises in yields, as did
index-linked government bonds.
The fourth quarter saw increased concern about the implications of the continuing rises in US interest
rates, which was further exacerbated by some disappointing growth numbers, ongoing trade tensions
between the US and China, and European political developments. The outlook for a breakthrough in
Sino-US trade discussions seemed to improve however, following a meeting of their respective leaders
at the G-20 summit in December. A later agreement by the US to postpone new tariffs on Chinese
imports scheduled for January, as well as a promise from China to cut tariffs on imported American cars,
were taken as concrete signs of progress. Geopolitical developments beyond trade remained in the
headlines, with congressional elections in the US in November and further changes in personnel in the
Trump administration. In Europe, there was news of a compromise between the Italian government and
the European Commission on a budget for 2019. However, Brexit related turbulence continued with no
agreement on the form of the UK exit from the European Union, which is scheduled for the 29 March
2019.
Equity markets worldwide saw sharp falls in both October and December as 2018 proved to be the worst
year since the global financial crisis for many markets. US stocks gave up the gains seen earlier in 2018,
with technology stocks particularly affected. Japanese stocks fared especially badly over the quarter as
The figures stated in this report are historical and not necessarily indicative of future performance.
7
Annual report as of 31 December 2018
Letter to Shareholders (continued)
fears over the outlook for global trade and economic growth weighed on the country's exporters. The
gloomier outlook for the Chinese economy also had a detrimental impact. UK stocks were impacted by
Brexit uncertainty increased and there was increased evidence of companies planning for a 'no deal'
exit.
It was an eventful quarter within bond markets to end the year. US Treasury yields continued to increase
early in the quarter, as further rate rises were seen as increasingly likely amidst a hawkish tone from the
Fed. However, these moves were more than reversed later in the quarter, with government bond prices
rising globally as safe haven assets were in demand. Italian bonds fared well on news of a budget deal
with the EU.
Our UBS ETFs seek to closely track the performance of the underlyng market indices. The investment
returns of the Sub-Funds reflected the underlying market environment in 2018 and are shown in the
table on the following page, expressed in the base currency of each share class as well as the tracking
difference and the tracking error.
We thank you for the confidence you have shown in our family of UBS exchange-traded funds. We look
forward to your continued support and to meeting your investment goals in the years ahead.
Sincerely, 27 February 2019
Chairman of the Board of Directors
The figures stated in this report are historical and not necessarily indicative of future performance.
8
Annual report as of 31 December 2018
Performance tables
Performance from 1 January 2018 to 31 December 2018
Performance
Performance of the tracked Tracking Tracking error Total Expense
of the Sub-Fund index difference (ex post) Ratio (TER)
(in %) (1) (in %) (in %) (2) (in %) (3) (in %) (4)
Sub-Funds (unaudited) (unaudited) (unaudited) (unaudited) (audited)
UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-dis (11.61) (12.03) 0.42 0.28 0.15
UBS ETF – MSCI Europe UCITS ETF (EUR) A-dis (10.45) (10.57) 0.12 0.14 0.20
UBS ETF – MSCI Europe UCITS ETF (hedged to EUR) A-acc (10.84) (10.86) 0.02 0.15 0.30
UBS ETF – MSCI Europe UCITS ETF (hedged to USD) A-acc (8.21) (8.20) (0.01) 0.14 0.30
UBS ETF – MSCI Europe UCITS ETF (hedged to GBP) A-acc (9.85) (9.87) 0.02 0.14 0.30
UBS ETF – MSCI Europe UCITS ETF (hedged to CHF) A-acc (11.18) (11.18) 0.00 0.15 0.30
UBS ETF – MSCI EMU UCITS ETF (EUR) A-dis (12.40) (12.71) 0.31 0.24 0.18
UBS ETF – MSCI EMU UCITS ETF (EUR) A-acc (12.39) (12.71) 0.32 0.24 0.18
UBS ETF – MSCI EMU UCITS ETF (EUR) A-UKdis (12.40) (12.71) 0.31 0.24 0.18
UBS ETF – MSCI EMU UCITS ETF (hedged to GBP) A-dis (11.63) (11.83) 0.20 0.24 0.28
UBS ETF – MSCI EMU UCITS ETF (hedged to GBP) A-acc (11.62) (11.83) 0.21 0.24 0.28
UBS ETF – MSCI EMU UCITS ETF (hedged to SGD) A-acc (10.70) (10.81) 0.11 0.23 0.28
UBS ETF – MSCI EMU hedged to CHF UCITS ETF (CHF) A-acc (12.98) (13.09) 0.11 0.23 0.28
UBS ETF – MSCI EMU hedged to USD UCITS ETF (USD) A-dis (9.91) (10.05) 0.14 0.24 0.28
UBS ETF – MSCI EMU hedged to USD UCITS ETF (USD) A-acc (9.90) (10.05) 0.15 0.23 0.28
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF (EUR) A-acc (a) (12.00) (11.94) (0.06) N/A* 0.34
UBS ETF – MSCI EMU Value UCITS ETF (EUR) A-dis (13.97) (14.36) 0.39 0.30 0.25
UBS ETF – MSCI EMU Small Cap UCITS ETF (EUR) A-dis (17.27) (17.40) 0.13 0.15 0.33
UBS ETF – Factor MSCI EMU Quality UCITS ETF (EUR) A-dis (10.46) (10.52) 0.06 0.16 0.28
UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to USD) A-acc (7.91) (7.85) (0.06) 0.16 0.38
UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to GBP) A-dis (9.58) (9.53) (0.05) 0.15 0.38
UBS ETF – Factor MSCI EMU Quality UCITS ETF (hedged to CHF) A-acc (11.12) (11.04) (0.08) 0.17 0.38
UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (EUR) A-dis (14.67) (15.02) 0.35 0.40 0.28
UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to USD) A-acc (12.18) (12.42) 0.24 0.39 0.38
UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to GBP) A-dis (13.89) (14.13) 0.24 0.40 0.38
UBS ETF – Factor MSCI EMU Prime Value UCITS ETF (hedged to CHF) A-acc (15.22) (15.40) 0.18 0.40 0.38
UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (EUR) A-dis (6.76) (7.03) 0.27 0.23 0.28
UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to USD) A-acc (4.18) (4.32) 0.14 0.23 0.38
UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to GBP) A-dis (5.88) (6.03) 0.15 0.23 0.38
UBS ETF – Factor MSCI EMU Low Volatility UCITS ETF (hedged to CHF) A-acc (7.34) (7.46) 0.12 0.23 0.38
UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (EUR) A-dis (12.02) (12.21) 0.19 0.33 0.28
UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to USD) A-acc (9.36) (9.42) 0.06 0.33 0.38
UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to GBP) A-dis (11.22) (11.29) 0.07 0.33 0.38
UBS ETF – Factor MSCI EMU Total Shareholder Yield UCITS ETF (hedged to CHF) A-acc (12.36) (12.41) 0.05 0.33 0.38
UBS ETF – FTSE 100 UCITS ETF (GBP) A-dis (8.99) (8.73) (0.26) 0.03 0.20
UBS ETF – FTSE 100 UCITS ETF (GBP) A-UKdis (8.99) (8.73) (0.26) 0.03 0.20
UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-dis (9.06) (8.82) (0.24) 0.03 0.20
UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-acc (9.06) (8.82) (0.24) 0.03 0.20
UBS ETF – MSCI United Kingdom UCITS ETF (GBP) A-UKdis (9.05) (8.82) (0.23) 0.03 0.20
UBS ETF – MSCI United Kingdom UCITS ETF (hedged to SGD) A-acc (8.36) (7.93) (0.43) 0.05 0.30
UBS ETF – MSCI United Kingdom hedged to CHF UCITS ETF (CHF) A-acc (10.56) (10.17) (0.39) 0.05 0.30
UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF (EUR) A-dis (10.16) (9.82) (0.34) 0.04 0.30
UBS ETF – MSCI United Kingdom hedged to EUR UCITS ETF (EUR) A-acc (10.16) (9.82) (0.34) 0.04 0.30
UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF (USD) A-dis (7.75) (7.33) (0.42) 0.05 0.30
UBS ETF – MSCI United Kingdom hedged to USD UCITS ETF (USD) A-acc (7.75) (7.33) (0.42) 0.05 0.30
UBS ETF – MSCI Japan UCITS ETF (JPY) A-dis (b) (15.44) (15.15) (0.29) 0.07 0.35
UBS ETF – MSCI Japan UCITS ETF (JPY) A-acc (b) (15.45) (15.15) (0.30) 0.07 0.35
UBS ETF – MSCI Japan UCITS ETF (JPY) A-UKdis (b) (15.44) (15.15) (0.29) 0.07 0.35
UBS ETF – MSCI Japan UCITS ETF (hedged to GBP) A-dis (b) (15.73) (15.29) (0.44) 0.10 0.45
UBS ETF – MSCI Japan UCITS ETF (hedged to GBP) A-acc (b) (15.74) (15.29) (0.45) 0.10 0.45
UBS ETF – MSCI Japan UCITS ETF (hedged to SGD) A-acc (b) (14.74) (14.26) (0.48) 0.13 0.45
UBS ETF – MSCI Japan hedged to CHF UCITS ETF (CHF) A-acc (b) (16.88) (16.43) (0.45) 0.08 0.45
UBS ETF – MSCI Japan hedged to EUR UCITS ETF (EUR) A-dis (b) (16.54) (16.15) (0.39) 0.06 0.45
UBS ETF – MSCI Japan hedged to EUR UCITS ETF (EUR) A-acc (b) (16.56) (16.15) (0.41) 0.06 0.45
UBS ETF – MSCI Japan hedged to USD UCITS ETF (USD) A-dis (b) (14.02) (13.57) (0.45) 0.09 0.45
UBS ETF – MSCI Japan hedged to USD UCITS ETF (USD) A-acc (b) (14.03) (13.57) (0.46) 0.09 0.45
UBS ETF – MSCI Japan Socially Responsible UCITS ETF (JPY) A-dis (b) (16.24) (15.90) (0.34) 0.04 0.40
UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to EUR) A-acc (b) (17.42) (16.91) (0.51) 0.05 0.50
UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to USD) A-acc (b) (14.86) (14.39) (0.47) 0.09 0.50
UBS ETF – MSCI Japan Socially Responsible UCITS ETF (hedged to CHF) A-dis (b) (17.74) (17.18) (0.56) 0.05 0.50
UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-dis (10.54) (10.30) (0.24) 0.05 0.30
UBS ETF – MSCI Pacific (ex Japan) UCITS ETF (USD) A-UKdis (10.54) (10.30) (0.24) 0.05 0.30
UBS ETF – MSCI USA UCITS ETF (USD) A-dis (5.18) (5.04) (0.14) 0.02 0.14
UBS ETF – MSCI USA UCITS ETF (USD) A-UKdis (5.17) (5.04) (0.13) 0.03 0.14
UBS ETF – MSCI Canada UCITS ETF (CAD) A-dis (9.92) (9.74) (0.18) 0.04 0.33
UBS ETF – MSCI Canada UCITS ETF (CAD) A-acc (9.92) (9.74) (0.18) 0.04 0.33
UBS ETF – MSCI Canada UCITS ETF (CAD) A-UKdis (9.92) (9.74) (0.18) 0.04 0.33
UBS ETF – MSCI Canada UCITS ETF (hedged to EUR) A-acc (11.54) (11.32) (0.22) 0.07 0.43
UBS ETF – MSCI Canada UCITS ETF (hedged to USD) A-acc (9.01) (8.74) (0.27) 0.07 0.43
UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-dis (10.56) (10.30) (0.26) 0.06 0.43
UBS ETF – MSCI Canada UCITS ETF (hedged to GBP) A-acc (10.58) (10.30) (0.28) 0.06 0.43
UBS ETF – MSCI Canada UCITS ETF (hedged to CHF) A-acc (12.07) (11.77) (0.30) 0.08 0.43
UBS ETF – MSCI Canada UCITS ETF (hedged to SGD) A-acc (9.71) (9.36) (0.35) 0.05 0.43
UBS ETF – MSCI Singapore UCITS ETF (SGD) A-dis (8.00) (7.61) (0.39) 0.04 0.45
UBS ETF – MSCI Hong Kong UCITS ETF (HKD) A-dis (8.09) (7.69) (0.40) 0.02 0.45
UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-dis (b) (8.14) (8.03) (0.11) 0.03 0.20
UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-acc (b) (8.14) (8.03) (0.11) 0.03 0.20
UBS ETF – MSCI Switzerland 20/35 UCITS ETF (CHF) A-UKdis (b) (8.14) (8.03) (0.11) 0.03 0.20
UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-dis (b) (7.11) (6.89) (0.22) 0.04 0.30
UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to GBP) A-acc (b) (7.12) (6.89) (0.23) 0.04 0.30
UBS ETF – MSCI Switzerland 20/35 UCITS ETF (hedged to SGD) A-acc (b) (6.06) (5.84) (0.22) 0.05 0.30
UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF (EUR) A-dis (b) (8.07) (7.88) (0.19) 0.04 0.30
UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF (EUR) A-acc (b) (8.06) (7.88) (0.18) 0.04 0.30
UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF (USD) A-dis (b) (5.38) (5.15) (0.23) 0.06 0.30
UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF (USD) A-acc (b) (5.38) (5.15) (0.23) 0.06 0.30
UBS ETF – MSCI World UCITS ETF (USD) A-dis (8.92) (8.71) (0.21) 0.04 0.30
UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-dis **, (b) (14.99) (14.85) (0.14) 0.15 0.35
UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-acc **, (b), (c) (11.66) (11.54) (0.12) N/A* 0.23
UBS ETF – MSCI Emerging Markets UCITS ETF (USD) A-UKdis **, (b) (14.99) (14.85) (0.14) 0.15 0.35
UBS ETF – MSCI Emerging Markets Socially Responsible UCITS ETF (USD) A-dis **, (b) (11.90) (11.19) (0.71) 0.20 0.49
UBS ETF – MSCI World Socially Responsible UCITS ETF (USD) A-dis ** (7.40) (7.18) (0.22) 0.06 0.34
UBS ETF – MSCI World Socially Responsible UCITS ETF (USD) A-acc **, (d) (7.33) (7.16) (0.17) N/A* 0.33
UBS ETF – MSCI USA Socially Responsible UCITS ETF (USD) A-dis (3.86) (3.54) (0.32) 0.02 0.33
UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to EUR) A-dis (6.92) (6.52) (0.40) 0.06 0.43
UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CHF) A-dis (7.53) (7.12) (0.41) 0.06 0.43
UBS ETF – MSCI USA Socially Responsible UCITS ETF (hedged to CHF) A-acc (7.51) (7.12) (0.39) 0.05 0.43
UBS ETF – MSCI EMU Socially Responsible UCITS ETF (EUR) A-dis (8.14) (8.46) 0.32 0.35 0.28
UBS ETF – MSCI EMU Socially Responsible UCITS ETF (EUR) A-acc (8.13) (8.46) 0.33 0.35 0.28
UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to USD) A-acc (5.49) (5.67) 0.18 0.35 0.38
UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CHF) A-dis (8.66) (8.82) 0.16 0.35 0.38
UBS ETF – MSCI EMU Socially Responsible UCITS ETF (hedged to CHF) A-acc (8.66) (8.82) 0.16 0.35 0.38
UBS ETF – MSCI Pacific Socially Responsible UCITS ETF (USD) A-dis (b) (13.94) (13.58) (0.36) 0.08 0.40
UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (USD) A-dis ** 1.36 1.56 (0.20) 0.02 0.17
UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (USD) A-acc **, (e) 1.70 1.88 (0.18) N/A* 0.15
UBS ETF – Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF (hedged to EUR) A-dis ** (1.45) (1.22) (0.23) 0.04 0.23
UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF (USD) A-dis ** 0.71 0.90 (0.19) 0.03 0.19
UBS ETF – Bloomberg Barclays US 7-10 Year Treasury Bond UCITS ETF (USD) A-acc **, (e) 2.96 3.13 (0.17) N/A* 0.14
UBS ETF – Bloomberg Barclays US 10+ Year Treasury Bond UCITS ETF (hedged to EUR) A-dis (4.88) (4.60) (0.28) 0.04 0.25
9
Annual report as of 31 December 2018
Performance tables (continued)
Performance from 1 January 2018 to 31 December 2018 (continued)
Performance
Performance of the tracked Tracking Tracking error Total Expense
of the Sub-Fund index difference (ex post) Ratio (TER)
(in %) (1) (in %) (in %) (2) (in %) (3) (in %) (4)
Sub-Funds (unaudited) (unaudited) (unaudited) (unaudited) (audited)
UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-dis (0.42) (0.25) (0.17) 0.05 0.15
UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (USD) A-acc (0.42) (0.25) (0.17) 0.05 0.15
UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to EUR) A-acc (3.19) (3.01) (0.18) 0.07 0.20
UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to GBP) A-acc (2.09) (1.90) (0.19) 0.06 0.20
UBS ETF – Bloomberg Barclays TIPS 1-10 UCITS ETF (hedged to CHF) A-acc (3.62) (3.44) (0.18) 0.08 0.20
UBS ETF – Bloomberg Barclays TIPS 10+ UCITS ETF (USD) A-dis (6.04) (5.82) (0.22) 0.05 0.20
UBS ETF – Bloomberg Barclays Euro Inflation Linked 1-10 UCITS ETF (EUR) A-dis (1.27) (1.02) (0.25) 0.11 0.20
UBS ETF – Bloomberg Barclays Euro Inflation Linked 10+ UCITS ETF (EUR) A-dis (2.62) (2.40) (0.22) 0.10 0.20
UBS ETF – Markit iBoxx € Germany 1-3 UCITS ETF (EUR) A-dis (0.55) (0.36) (0.19) 0.05 0.17
UBS ETF – Markit iBoxx € Liquid Corporates UCITS ETF (EUR) A-dis (1.11) (0.99) (0.12) 0.04 0.20
UBS ETF – Bloomberg Barclays EUR Treasury 1-10 UCITS ETF (EUR) A-dis 0.20 0.40 (0.20) 0.04 0.17
UBS ETF – SBI® Foreign AAA-BBB 1-5 UCITS ETF (CHF) A-dis (b) (0.37) (0.12) (0.25) 0.06 0.20
UBS ETF – SBI® Foreign AAA-BBB 5-10 UCITS ETF (CHF) A-dis (b) (0.63) (0.42) (0.21) 0.07 0.20
UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (EUR) A-dis (0.84) (0.63) (0.21) 0.02 0.18
UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to USD) A-
acc 1.89 2.19 (0.30) 0.03 0.23
UBS ETF – Bloomberg Barclays Euro Area Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-
acc (1.34) (1.04) (0.30) 0.03 0.23
UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (USD) A-dis 0.50 0.73 (0.23) 0.05 0.18
UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (USD) A-acc (e) 1.10 1.32 (0.22) N/A* 0.18
UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to EUR) A-acc (2.29) (2.05) (0.24) 0.05 0.23
UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to GBP) A-dis (1.18) (0.92) (0.26) 0.04 0.23
UBS ETF – Bloomberg Barclays US Liquid Corporates 1-5 Year UCITS ETF (hedged to CHF) A-acc (2.76) (2.49) (0.27) 0.05 0.23
UBS ETF – Bloomberg Barclays US Liquid Corporates Interest Rate hedged UCITS ETF (USD) A-dis (1.73) (1.48) (0.25) 0.16 0.05
UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (USD) A-dis (2.98) (2.77) (0.21) 0.06 0.18
UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (USD) A-acc (e) (1.82) (1.62) (0.20) N/A* 0.18
UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to EUR) A-acc (5.73) (5.52) (0.21) 0.06 0.23
UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to GBP) A-dis (4.66) (4.43) (0.23) 0.06 0.23
UBS ETF – Bloomberg Barclays US Liquid Corporates UCITS ETF (hedged to CHF) A-acc (6.20) (5.96) (0.24) 0.07 0.23
UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (USD) A-dis (3.05) (2.73) (0.32) 0.09 0.20
UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to EUR)
A-acc (5.81) (5.49) (0.32) 0.08 0.25
UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to GBP)
A-dis (4.74) (4.39) (0.35) 0.08 0.25
UBS ETF – Bloomberg Barclays MSCI US Liquid Corporates Sustainable UCITS ETF (hedged to CHF)
A-dis (6.26) (5.93) (0.33) 0.08 0.25
UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-
dis (1.96) (1.76) (0.20) 0.06 0.20
UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-
acc (1.96) (1.76) (0.20) 0.05 0.20
UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to
CHF) A-dis (2.47) (2.15) (0.32) 0.06 0.25
UBS ETF – Bloomberg Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (hedged to
CHF) A-acc (2.49) (2.15) (0.34) 0.07 0.25
UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (3.93) (3.52) (0.41) 0.12 0.42
UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (USD) A-acc (e) (4.00) (3.65) (0.35) N/A* 0.42
UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to EUR) A-acc (6.82) (6.39) (0.43) 0.12 0.47
UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to GBP) A-dis (5.75) (5.33) (0.42) 0.13 0.47
UBS ETF – Bloomberg Barclays USD Emerging Markets Sovereign UCITS ETF (hedged to CHF) A-acc (7.16) (6.71) (0.45) 0.13 0.47
UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (USD) A-dis (0.53) (0.25) (0.28) 0.19 0.42
UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to EUR) A-acc (f) (2.47) (2.05) (0.42) N/A* 0.47
UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to GBP) A-dis (f) (1.50) (1.12) (0.38) N/A* 0.47
UBS ETF – J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to CHF) A-acc (f) (2.78) (2.35) (0.43) N/A* 0.47
UBS ETF – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF (USD) A-dis (g) 6.29 6.34 (0.05) N/A* 0.47
UBS ETF – Bloomberg Barclays EUR High Quality Liquid Assets 1-5 Bond UCITS ETF (EUR) A-dis (h) 0.62 0.71 (0.09) N/A* 0.18
UBS ETF – Sustainable Development Bank Bonds UCITS ETF (USD) A-dis (i) 2.03 2.05 (0.02) N/A* 0.18
UBS ETF – Sustainable Development Bank Bonds UCITS ETF (USD) A-acc (i) 2.03 2.05 (0.02) N/A* 0.18
* The ETF Share Class was launched less than 12 months before the end of the reporting year. Therefore, no tracking error (ex post) has been calculated for this ETF Share Class.
** Management fee changes took place during the reporting year. Please see more details in Note 3.
(a) from 27 June 2018 to 31 December 2018
(b) last official NAV’s per share was 28 December 2018
(c) from 18 June 2018 to 31 December 2018
(d) from 14 February 2018 to 31 December 2018
(e) from 31 January 2018 to 31 December 2018
(f) from 28 February 2018 to 31 December 2018
(g) from 5 September 2018 to 31 December 2018
(h) from 31 May 2018 to 31 December 2018
(i) from 8 November 2018 to 31 December 2018
1) The figures relating to the performances of the Sub-Funds reflect the percentages changes of official NAV's per shares (cum dividends) over the reporting period. 31 December was the last official NAV's per
shares unless otherwise stated. The same period was used for the figures relating to the performance of the tracked index.
2) The tracking difference is attributable to fund expenses (see "TER"), as well as non reclaimable withholding taxes and to generation of securities lending income.
The Sub-Fund's portfolio manager aims to achieve a level of tracking accuracy whereby the expected annual difference in returns, after expenses, between the performance of the shares of a Sub-Fund and that Sub-
Fund's index will not exceed 1% under normal market conditions. However, exceptional circumstances may arise which cause a Sub-Fund's tracking accuracy to exceed 1%.
3) Tracking error: annualised standard deviation.
The Sub-Fund's portfolio manager aims to keep the tracking error, defined as the volatility of the tracking difference between the performance of the shares of a Sub-Fund and that Sub-Fund's index, below or
equal to 1% under normal market conditions. However, exceptional circumstances may arise which cause a Sub-Fund's tracking error to exceed 1%.
Tracking error calculation:
The tracking error for the last 12 months is calculated as follows: =STANDARD DEVIATION(Monthly Excess calculated each month over a 12-month period)*SQUARE ROOT(12)
4) Total Expense Ratio (TER): this ratio is calculated in accordance with the Swiss Funds & Asset Management Association (SFAMA) "Guidelines on the calculation and disclosure of the TER" in the current version
and expresses the sum of all costs and commissions charged on an ongoing basis to the net assets (operating expenses) taken retrospectively as a percentage of the net assets.
The performance of the Sub-Fund is calculated in accordance with Swiss Funds & Asset Management Association (SFAMA) guidelines.
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.
10
Annual report as of 31 December 2018
Performance tables (continued)
Performance from 1 January 2017 to 31 December 2017
Performance
Performance of the tracked Tracking Tracking error Total Expense
of the Sub-Fund index difference (ex post) Ratio (TER)
(in %) (1) (in %) (in %) (2) (in %) (3) (in %) (4)
Sub-Funds (unaudited) (unaudited) (unaudited) (unaudited) (audited)
UBS ETF – EURO STOXX 50 UCITS ETF (EUR) A-dis 9.68 9.15 0.53 0.24 0.15
UBS ETF – MSCI Europe UCITS ETF (EUR) A-dis 10.41 10.24 0.17 0.11 0.20
UBS ETF – MSCI Europe UCITS ETF (hedged to EUR) A-acc (a) 2.15 2.21 (0.06) N/A* 0.30
UBS ETF – MSCI Europe UCITS ETF (hedged to USD) A-acc (a) 3.17 3.21 (0.04) N/A* 0.30
UBS ETF – MSCI Europe UCITS ETF (hedged to GBP) A-acc (a) 2.38 2.47 (0.09) N/A* 0.30
UBS ETF – MSCI Europe UCITS ETF (hedged to CHF) A-acc (a) 1.92 1.98 (0.06) N/A* 0.30
UBS ETF – MSCI EMU UCITS ETF (EUR) A-dis 12.88 12.49 0.39 0.21 0.18
UBS ETF – MSCI EMU UCITS ETF (EUR) A-acc 12.87 12.49 0.38 0.21 0.18
UBS ETF – MSCI EMU UCITS ETF (EUR) A-UKdis 12.88 12.49 0.39 0.21 0.18
UBS ETF – MSCI EMU UCITS ETF (hedged to GBP) A-dis (b),**