ETRACS 2x Leveraged US Size Factor TR ETN
IWML
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ROIC.AI
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- ETRACS 2xLeveraged US Size Factor TR ETN (IWML) is an exchange-traded note issued by UBS AG that provides 2x leveraged exposure to the total return of the Russell 2000ex-US Large Cap Index, focusing on small-cap US equities characterized by size factor premiums; it tracks daily performance before fees and expenses through a swap agreement with the issuer. The ETN offers investors amplified returns on a portfolio of small-capitalization companies, excluding the largest US stocks, with principal protection limited to scheduled maturities and subject to issuer credit risk. Launched in 2018 and listed on the NYSE Arca, it operates primarily in the US market with global accessibility through major brokerages, headquartered under UBS AG in Zurich, Switzerland, with key operations in New York. In recent developments, UBS AG announced enhancements to its ETRACS ETN suite in late 2024, including expanded leveraged and inverse products amid rising demand for factor-based strategies; the firm also completed a $500 million funding allocation to structured products in Q3 2025, bolstering liquidity for IWML and peers. No major acquisitions or name changes affect IWML directly, though UBS integrated AI-driven analytics for ETN performance tracking as part of a broader digital transformation initiative in early 2025.