PYPE — UBS ETRACS NYSE Pickens Core Midstream Index ETN ☆

The investment seeks to provide exposure to potential price appreciation in the NYSE® Pickens Core Midstream™ Index (the “index”). The securities are senior unsecured medium-term notes issued by UBS with a return linked to the performance of the index. The securities may pay a quarterly coupon during their term. The index measures the performance of the common stock of corporations and units of master limited partnerships (“MLPs”) which represent U.S. midstream energy fundamentals, agnostic of entity structure.