We are initiating a review of the UBS Factor MSCI USA Quality ESG UCITS ETF owing to recent changes in its benchmark index. The fund has transitioned from tracking the MSCI USA Quality Total Return (Net) Index to the MSCI USA Quality ESG Low Carbon Select Index. As a result, we have not previously rated any funds that follow this new index, prompting the need for a comprehensive assessment. The decision to shift to the MSCI USA Quality ESG Low Carbon Select Index introduces a material change in the fund's investment strategy. The new index's tracking error, relative to the parent universe - the MSCI USA - has shown to be significantly higher than that of the old index.