VXDD

UBS ETRACS 4-Month S&P 500 VIX Futures ETN

There are six different series of ETRACS S&P 500 VIX Futures ETNs (each, an ""ETN"" and collectively, the ""ETNs""). Each series of the ETNs is linked to the daily performance of a particular index in the S&P 500 VIX Futures Index Series (each, an ""Index"" and collectively, the ""Indices""), reduced by investor fees. Each series of the ETNs is designed as a trading vehicle for sophisticated investors. The ETNs are not intended to be a ""buy and hold"" investment. Each Index is a total return index and is composed of futures contracts on the CBOE Volatility Index (the ""VIX Index"") having a constant weighted average maturity ranging from one month to six months, depending on the series of the ETNs purchased, plus an interest component linked to the 91-day Treasury Bill rate. The Indices are rolling Indices, each of which rolls on a daily basis according to a pre-determined schedule that has the effect of keeping constant the weighted average maturity of the underlying futures contracts.
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