ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN

ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN is an exchange traded note launched by UBS AG, London Branch. The note seeks to track twice the monthly performance of the ISE High Income Index. The index represents the public equity markets of the United States. It represents closed-ended funds that invest in stocks of companies operating across diversified sectors. The index comprises of funds that invest in stocks of companies across all market capitalizations. The ETN will mature on December 10, 2043. ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN was formed on December 10, 2013 and is domiciled in Switzerland.