UBS AG ETRACS 2x Leveraged IFED Invest with the Fed TR Index ETN (FEDL)

FEDL was an exchange-traded note issued by UBS AG under its ETRACS brand. It offered two times leveraged exposure, reset quarterly, to the IFED Large-Cap US Equity Index, a total return index of large US stocks that are selected and weighted using several fundamental factors. The index strategy was built around the idea of tracking how Federal Reserve policy conditions affect different types of companies.

As an ETN, FEDL was an unsecured debt obligation of UBS rather than a fund that holds stocks. Investors received a return based on the leveraged index performance minus fees, and were exposed to the credit risk of UBS. The notes had a stated maturity in September 2061, and UBS kept the right to call them early.

The notes began trading on NYSE Arca on September 14, 2021. Like many leveraged ETNs, FEDL attracted relatively little in assets, and its value moved sharply with the US stock market during the 2022 downturn and the recovery that followed. The last recorded trade in FEDL was on November 26, 2024. UBS redeemed a group of its ETRACS notes around that period, and FEDL no longer trades on any exchange.