MLPB: linked to the Alerian MLP Infrastructure Index,
Series B
AMNA: linked to the Alerian Midstream Energy Index
AMND: linked to the Alerian Midstream Energy Dividend
Index
MLPR: linked to the Alerian MLP Index
BDCZ: linked to the MarketVector US Business Development
Companies Liquid Index
BDCX: linked to the MarketVector US Business Development
Companies Liquid Index
HDLB: linked to the Solactive US High Dividend Low
Volatility Index Series B
SMHB: linked to the Solactive US Small Cap High Dividend
Index Series B
PFFL: linked to the Solactive Preferred Stock ETF
Index
CEFD: linked to the S-Network Composite Closed-End Fund
Index
MVRL: linked to the Market Vectors Global Mortgage REITs
Index
GLDI: linked to the Credit Suisse Nasdaq Gold FLOWSTM 103
Index
SLVO: linked to the Credit Suisse Nasdaq Silver FLOWSTM
106 Index
USOI: linked to the Credit Suisse Nasdaq WTI Crude Oil
FLOWSTM 106 Index
UBS Investment Bank today announced coupon payments for 11
ETRACS Exchange Traded Notes traded on the NYSE Arca and expected
coupon payments for 3 ETRACS Exchange Traded Notes traded on NASDAQ
(together, the “ETNs”).
NYSE Ticker
ETN Name and Prospectus
Supplementa
Coupon Valuation Date
Ex-Date
Record Date
Payment Date
Coupon Amount
Payment Schedule
Current Yield (annualized)
MLPBb
ETRACS Alerian MLP Infrastructure Index
ETN Series B
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$0.3927
Quarterly
6.34%
AMNAb
ETRACS Alerian Midstream Energy Index
ETN
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$0.585
Quarterly
5.32%
AMNDb
ETRACS Alerian Midstream Energy High
Dividend Index ETN
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$0.7026
Quarterly
6.21%
MLPRb
ETRACS Quarterly Pay 1.5x Leveraged
Alerian MLP Index ETN
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$1.5061
Quarterly
10.10%
BDCZb
ETRACS MarketVector Business Development
Companies Liquid Index ETN
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$0.4462
Quarterly
9.04%
BDCXb
ETRACS Quarterly Pay 1.5x Leveraged
MarketVector BDC Liquid Index ETN
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$1.2498
Quarterly
14.69%
HDLBC
ETRACS Monthly Pay 2xLeveraged US High
Dividend Low Volatility ETN Series B
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$0.1578
Monthly
11.07%
SMHBC
ETRACS Monthly Pay 2xLeveraged US Small
Cap High Dividend ETN Series B
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$0.1531
Monthly
23.21%
PFFLC
ETRACS Monthly Pay 2x
Leveraged Preferred Stock ETN
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$0.1429
Monthly
11.92%
CEFDC
ETRACS Monthly Pay 1.5X Leveraged
Closed-End Fund Index ETN
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$0.2909
Monthly
13.50%
MVRLC
ETRACS Monthly Pay 1.5x Leveraged Mortgage
REIT ETN
7/1/2024
7/15/2024
7/15/2024
7/23/2024
$0.5588
Monthly
18.09%
a The table above provides a hyperlink to the relevant
prospectus and supplements thereto for each of our ETRACS ETNs,
which are identified by their names. For more information on each
ETRACS ETN, see “List of ETNs”.
b “Current Yield (annualized)” equals the current quarterly
Coupon Amount, multiplied by four (to annualize such coupon),
divided by the closing Current Indicative Value of the ETN on its
current Coupon Valuation Date rounded to two decimal places for
ease of analysis. The Current Yield is not indicative of future
coupon payments, if any, on the ETN. You are not guaranteed any
coupon or distribution amount under the ETN.
c “Current Yield (annualized)” equals the current monthly Coupon
Amount and the two immediately preceding monthly Coupon Amounts,
multiplied by four (to annualize such coupons), divided by the
closing Current Indicative Value of the ETN on its current Coupon
Valuation Date rounded to two decimal places for ease of analysis.
The Current Yield is not indicative of future coupon payments, if
any, on the ETN. You are not guaranteed any coupon or distribution
amount under the ETN.
Note: HDLB, SMHB and PFFL pay a variable monthly coupon linked
to 2 times the cash distributions, if any, on the respective
underlying index constituents, less withholding taxes, if any. CEFD
and MVRL pay a variable monthly coupon, and MLPR and BDCX pay a
variable quarterly coupon, each linked to 1.5 times the cash
distributions, if any, on the respective underlying index
constituents, less withholding taxes, if any. Variations in the
amount of monthly or quarterly distributions will lead to large
variations in the Current Yield as calculated above. As such, the
Current Yield is not indicative of future coupon payments, if any,
on these ETNs.
NASDAQ Ticker
ETN Name and Pricing
Supplementd
Closing Indicative Value on
6/28/2024
Ex-Date
Record Date
Payment Date
Expected Coupon Amount per
ETNe
Payment Schedule
Expected Current
Yieldf
GLDI
ETRACS Gold Shares Covered Call ETNs due
February 2, 2033
$147.6417
7/22/2024
7/22/2024
7/25/2024
$1.4424
Monthly
12.10% g
SLVO
ETRACS Silver Shares Covered Call ETNs due
April 21, 2033
$80.3985
7/22/2024
7/22/2024
7/25/2024
$1.3613
Monthly
25.16%g
USOI
ETRACS Crude Oil Shares Covered Call ETNs
due April 24, 2037
$74.4828
7/22/2024
7/22/2024
7/25/2024
$0.7203
Monthly
13.48%g
d The table above provides a hyperlink to the relevant
prospectus and supplements thereto for each of our ETRACS ETNs,
which are identified by their names. For more information on each
ETRACS ETN, see “List of ETNs”.
e On June 17, 2024, the Credit Suisse Nasdaq Gold FLOWSTM
103 Index, the Credit Suisse Nasdaq Silver FLOWSTM 106 Index and
the Credit Suisse Nasdaq WTI Crude Oil FLOWSTM 106 Index (the
“Indices”) concluded the notional sale of options on GLD shares,
SLV shares and USO shares, respectively, with July 2024 expiration.
We expect that the notional cash distribution generated by this
sale of options will be withdrawn from the Indices on July 15,
2024, subject to adjustment in the event of any market disruption
events. Assuming no redemption or acceleration of GLDI, SLVO and
USOI, and that the notional cash distribution is withdrawn from the
Indices on July 15, 2024, we expect to declare a Coupon Amount for
GLDI, SLVO and USOI, respectively, equal to the corresponding
Expected Coupon Amount. The Expected Coupon Amount is subject to
change upon the occurrence of a disruption event or other
unforeseen circumstances.
f For each ETN, the Expected Current Yield equals the
Expected Coupon Amount annualized and divided by the Closing
Indicative Value, as discussed in more detail below. The Expected
Current Yield, which is based on an ETN’s Expected Coupon Amount
and its two most recent coupon payments, is not indicative of
future coupon payments, if any, on the ETNs. In particular, future
coupon payments on an ETN may differ significantly from its
Expected Current Yield, if its Closing Indicative Value fluctuates
widely in a volatile market. You are not guaranteed any coupon
payment or distribution under the ETNs. Coupon payments for the
ETNs (if any) are variable and do not represent fixed, periodic
interest payments. The Expected Coupon Amount for any ETN may vary
significantly from coupon period to coupon period and may be zero.
Accordingly, the Expected Current Yield will change over time, and
such change may be significant. Any payment on the ETNs is subject
to UBS AG’s ability to pay its obligations as they become due. For
more information regarding any ETN's coupon payments, please refer
to such ETN's pricing supplement.
g “Expected Current Yield” equals the sum of (i) the
Expected Coupon Amount, plus (ii) the amount of the ETN's two most
recent coupon payments, multiplied by four (to annualize such
coupons), divided by the Closing Indicative Value, and rounded to
two decimal places for ease of analysis. The Expected Current Yield
is subject to change upon the occurrence of a disruption event or
other unforeseen circumstances.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains statements that constitute
“forward-looking statements” that are subject to risks and
uncertainties, and actual results may differ materially. These
statements could contain words such as “possible,” “intend,”
“will,” “may,” “intends,” “would,” “if,” “expect,” “potentially” or
other similar expressions. Forward-looking statements, including
those relating to UBS AG’s plans for the ETNs, are based on
management’s current expectations and assumptions, and are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. While these forward-looking statements
represent UBS’s judgments, expectations and objectives concerning
the matters described, a number of risks, uncertainties and other
important factors, including whether UBS AG will actually declare a
Coupon Amount for the 3 ETNs traded on NASDAQ, could cause actual
developments and results to differ materially from UBS’s
expectations. For a discussion of the risks and uncertainties that
may affect the ETNs please refer to the "Risk Factors" in the
prospectus supplements and pricing supplement relating to the 3
ETNs traded on NASDAQ. UBS is not under any obligation to (and
expressly disclaims any obligation to) update or alter its
forward-looking statements, whether as a result of new information,
future events, or otherwise.
About ETRACS
ETRACS ETNs are senior unsecured notes issued by UBS AG, are
traded on either NYSE Arca or Nasdaq, and can be bought and sold
through a broker or financial advisor. An investment in ETRACS
ETNs is subject to a number of risks, including the risk of loss of
some or all of the investor’s principal, and is subject to the
creditworthiness of UBS AG. Investors are not guaranteed any coupon
or distribution amount under the ETNs. We urge you to read
the more detailed explanation of risks described under “Risk
Factors” in the applicable prospectus supplement for the ETRACS
ETN.
UBS AG has filed registration statements (including a prospectus
and supplements thereto) with the Securities and Exchange
Commission, or SEC, for the offerings of securities to which this
communication relates. Before you invest, you should read the
relevant prospectus, along with the applicable prospectus
supplement and pricing supplements to understand fully the terms of
the securities and other considerations that are important in
making a decision about investing in the ETRACS ETNs. The
applicable offering document for each ETRACS ETN may be obtained by
clicking on the name of each ETRACS ETN identified above. You may
also get these documents without cost by visiting EDGAR on the SEC
website at www.sec.gov. Alternatively, you can request the
prospectus and the applicable prospectus supplement, by calling
toll-free (+1-877-387 2275). The securities related to the
offerings are not deposit liabilities and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any
other governmental agency of the United States, Switzerland or any
other jurisdiction.
About UBS
UBS is a leading and truly global wealth manager and the leading
universal bank in Switzerland. It also provides diversified asset
management solutions and focused investment banking capabilities.
With the acquisition of Credit Suisse, UBS manages 5.7 trillion
dollars of invested assets as per fourth quarter 2023. UBS helps
clients achieve their financial goals through personalized advice,
solutions and products. Headquartered in Zurich, Switzerland, the
firm is operating in more than 50 markets around the globe. UBS
Group shares are listed on the SIX Swiss Exchange and the New York
Stock Exchange (NYSE).
In the US, securities underwriting, trading and brokerage
activities and M&A advisor activities are provided by UBS
Securities LLC, a registered broker/dealer that is a wholly owned
subsidiary of UBS AG, a member of the New York Stock Exchange and
other principal exchanges, and a member of SIPC
(http://www.sipc.org/). UBS Financial Services Inc. is a registered
broker/dealer and affiliate of UBS Securities LLC.
This material is issued by UBS AG and/or any of its subsidiaries
and/or any of its affiliates ("UBS"). This document was produced by
and the opinions expressed are those of UBS as of the date of
writing and are subject to change. It has been prepared solely for
information purposes and for the use of the recipient. It does not
constitute an offer or an invitation by or on behalf of UBS to any
person to buy or sell any security. The information and analysis
contained in this publication have been compiled or arrived at from
sources believed to be reliable but UBS does not make any
representation as to their accuracy or completeness and does not
accept liability for any loss arising from the use hereof. Products
and services mentioned in this material may not be available for
residents of certain jurisdictions. Past performance is not
necessarily indicative of future results. Please consult the
restrictions relating to the product or service in question for
further information.
The Dow Jones U.S. Select Dividend Index, and the S&P MLP
Index (“Indexes”) are products of S&P Dow Jones Indices LLC and
have been licensed for use by UBS AG. Copyright © 2020 S&P Dow
Jones Indices LLC (“S&P DJI”), a division of S&P Global.
All rights reserved. S&P® is a registered trademark of Standard
& Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow
Jones”). UBS’s ETRACS Exchange Traded Notes based on the Indexes
are not sponsored, endorsed, marketed or sold by S&P DJI,
S&P, Dow Jones, their affiliates or third party licensors and
none of such parties make any representation regarding the
advisability of investing in such product(s) nor do they have any
liability for any errors, omissions, or interruptions of the
Indexes.
The financial instrument is not sponsored, promoted, sold or
supported in any other manner by Solactive AG nor does Solactive AG
offer any express or implicit guarantee or assurance either with
regard to the results of using the Index and/or Index trade mark or
the Index Price at any time or in any other respect.
Alerian MLP Index, Alerian MLP Infrastructure Index, Alerian
Midstream Energy Index, Alerian Midstream Energy Dividend Index,
AMZ, AMZI, AMNA and AEDW are trademarks of Alerian and their use is
granted under a license from Alerian.
The S-Network Composite Closed-End Fund Index is a service mark
of S-Network Global Indexes, Inc. (“S-Network”) and its use is
granted under a license from S-Network. S-Network does not
guarantee the accuracy and/or completeness of the S-Network
Composite Closed-End Fund Index or any data included therein, and
S-Network shall have no liability for any errors, omissions,
interruptions, or defects therein. S-Network makes no warranty,
express or implied, representations or promises, as to results to
be obtained by UBS AG, or any other person or entity from the use
of the S-Network Composite Closed-End Fund Index or any data
included therein. S-Network makes no express or implied warranties,
representations or promises, regarding the originality,
merchantability, suitability, non-infringement, or fitness for a
particular purpose or use with respect to the S-Network Composite
Closed-End Fund Index or any data included therein. Without
limiting any of the foregoing, in no event shall S-Network have any
liability for any direct, indirect, special, incidental, punitive,
consequential, or other damages (including lost profits), even if
notified of the possibility of such damages.
The ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (“MVRL
ETN”) is not sponsored, endorsed, sold or promoted by MarketVector
Indexes GmbH (“Licensor”) and Licensor makes no representation or
warranty, express or implied, to the owners of the MVRL ETN or any
member of the public regarding the advisability of investing in
securities generally or in the MVRL ETN particularly or the ability
of the Market Vectors® US Mortgage REITs Index to track the
performance of the US mortgage REIT market.
The ETRACS MarketVector Business Development Companies Liquid
Index ETN and the ETRACS Quarterly Pay 1.5x Leveraged MarketVector
BDC Liquid Index ETN (“ETNs”) are not sponsored, endorsed, sold or
promoted by MarketVector Indexes GmbH (“Licensor”) and Licensor
makes no representation or warranty, express or implied, to the
owners of the ETNs or any member of the public regarding the
advisability of investing in securities generally or in the ETNs
particularly or the ability of the MarketVector US Business
Development Companies Liquid Index to track the performance of the
US BDC market.
UBS specifically prohibits the redistribution or reproduction of
this communication in whole or in part without the prior written
permission of UBS and UBS accepts no liability whatsoever for the
actions of third parties in this respect.
1Individual investors should instruct their
broker/advisor/custodian to call us or should call together with
their broker/advisor/custodian
© UBS 2024. The key symbol, UBS and ETRACS are among the
registered and unregistered trademarks of UBS. Other marks may be
trademarks of their respective owners. All rights reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20240708746153/en/
Media contact Alison Keunen +1-212-713-2296
alison.keunen@ubs.com
Institutional Investor contact1 +1-877-387 2275
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