UBS AG

UBS AG ETRACS Crude Oil Shares' most striking Q1 2026 data point isn't a new buyer — it's the issuer's parent. UBS Group AG, closely tied to UBS AG, the bank whose balance sheet backs this note, held 32,610 shares last quarter and reported just 1 share this quarter — a reduction of 32,609 shares worth $1.54 million, easily the largest single dollar move in the entire $8.55 million tracked book, and enough to erase what had been a meaningful position down to a rounding error. Jane Street Group, LLC — tagged in this dataset as a market maker — also cut hard, from 71,067 shares to 44,167 (down 37.9%, -$817,460), though for a market maker in an exchange-traded note that kind of swing typically reflects inventory and hedging flow tied to creation/redemption activity rather than a directional bet on crude oil, and is best read that way rather than as a loss of conviction. Even after the cut, Jane Street remains the second-largest holder at $2.55 million (29.8% of the book), just behind Cavalier Investments, LLC, which added 3,746 shares (+8.9%) to reach $2.65 million and the top spot (31.0%). The capital that replaced what the issuer and the market maker gave up came almost entirely from new entrants: Old Mission Capital LLC opened a $1.85 million position (21.6% of the book), Navis Wealth Advisors LLC added $1.04 million (12.2%), and Mariner, LLC and Sound Income Strategies, LLC opened smaller new stakes — together, positions that did not exist last quarter now make up $3.23 million, or 37.8%, of the entire tracked total.