UBS AG

# UBS AG (PFFL)

PFFL is a 2x leveraged exchange-traded fund incorporated in Switzerland and listed on the NYSE. Rather than operating as a traditional financial institution, the fund tracks an equally weighted portfolio of two underlying ETFs that hold preferred securities from various issuers. The structure provides two times the beneficial exposure to favorable price movements in its benchmark index, while simultaneously subjecting investors to two times the adverse impact of negative performance, compounded on a monthly basis.

The fund's primary function is to offer leveraged exposure to the preferred securities market through a single investment vehicle. By holding two underlying ETFs rather than individual preferred securities directly, the fund provides diversification across multiple issuers while maintaining its 2x leverage profile. This dual-ETF approach enables passive tracking of preferred security price movements with amplified volatility characteristics designed for investors seeking enhanced exposure to the sector.

As a fund vehicle rather than an operating company, PFFL does not maintain traditional employee counts or generate revenue in the conventional sense. The fund's scale is measured by its assets under management and the breadth of preferred securities held across its two underlying ETF components. The preferred securities market encompasses debt instruments issued by financial institutions, utilities, and other corporations across North American and international markets.