UBS ETRACS Monthly Pay 2xLeveraged US Small Cap High Dividend ETN
SMHD
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- UBS ETRACS Monthly Pay 2xLeveraged US Small Cap High Dividend ETN (NYSE Arca: SMHD) is a senior, unsecured exchange-traded note issued by UBS AG that seeks to provide 2 times leveraged long exposure to the compounded monthly performance of the Solactive US Small Cap High Dividend Index, less fees and financing costs; it may pay a variable monthly coupon linked to the leveraged cash distributions of the underlying index constituents selected from qualifying U.S.-listed small capitalization dividend-yielding equity securities across diversified sectors. The underlying index measures the performance of 100 relatively small capitalization, high dividend-yielding securities from U.S. public equity markets. SMHD trades on the NYSE Arca exchange, with an annual tracking fee of 0.85% accrued daily and an annual financing fee based on 3m CME Term SOFR plus adjustments. The ETN targets investors seeking amplified exposure to small cap high dividend strategies in the U.S. equity market. Issued by UBS AG, a global financial services firm headquartered in Zurich, Switzerland, with principal U.S. operations in Stamford, Connecticut, the original SMHD Series A ETN launched prior to 2019 and matures on February 6, 2045. In late 2019, UBS AG proposed redemption of the Series A version and offered holders the opportunity to exchange into the SMHD Series B ETN, which features modified payment structures while tracking the same underlying index; the Series B trades under the same ticker with CUSIP 90274D838, initial trade date around 2018-2019, and maturity extended to November 10, 2048 under CUSIP 90274E166. UBS continues regular monthly coupon declarations for SMHD, including payments such as $0.122 on October 21, 2025, $0.1545 on April 22, 2025, and $0.086 on January 22, 2025, reflecting ongoing operations amid market volatility. No major acquisitions, funding rounds, or new product launches specific to SMHD have been announced in 2024-2025; the ETN maintains its core leveraged income focus with recent emphasis on distribution payments amid fluctuating indicative values around $4.10-$4.32 as of late 2025. UBS AG operates globally across major financial centers, providing investment banking, wealth management, and structured products like ETRACS ETNs to institutional and retail investors worldwide.