8-K: STRATS Trust 2004-6 Distributes Funds on June 15, 2026

STRATS Trust for United States Cellular Corporation Securities, Series 2004-6 announced a distribution to certificate holders on June 15, 2026, with specific amounts detailed for Class A-1 and Class A-2 certificates.

Summary

• The STRATS Trust for United States Cellular Corporation Securities, Series 2004-6 made a distribution to its certificate holders on June 15, 2026.
• The distribution included principal and interest payments for Class A-1 and Class A-2 certificates.
• No principal was distributed for either class of certificates.
• Interest distributed per $10 Class A-1 Certificate was $0.318750.
• Interest distributed per $1,000 Notional Amount of Class A-2 Certificates was $1.625000.
• There were no amounts of interest due and unpaid as of the distribution date.
• No fees were paid to the Trustee or any other party from the proceeds of the underlying securities.
• The Trust holds $12,500,000 aggregate principal amount of United States Cellular Corporation 6.70% Senior Notes due December 15, 2033, as its sole assets.
• 1,250,000 Class A-1 Certificates representing $12,500,000 aggregate Certificate Principal Balance and $12,500,000 Notional Amount of Class A-2 Certificates were outstanding at the close of business on the distribution date.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily reporting a routine distribution event with no significant positive or negative developments. The lack of principal distribution and the absence of underlying security ratings are points of note but do not indicate immediate distress.

Positives

• Full interest payments were made to certificate holders as scheduled.
• No fees were deducted from the distribution proceeds, meaning the full amount was passed on to certificate holders.
• There were no accrued unpaid interest amounts as of the distribution date.
• The underlying securities, United States Cellular Corporation Senior Notes, are held by the trust.

Negatives

• No principal was distributed to any certificate holders.
• The filing does not provide the current rating of the underlying securities.

Risks

• The accuracy and completeness of publicly available documents regarding United States Cellular Corporation cannot be guaranteed by the depositor or trustee.
• There is no assurance that events affecting the issuer of the underlying securities or the securities themselves have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of publicly available documents.
• The current rating of the Underlying Securities is not provided in this report, which could impact investor assessment of risk.

Future Outlook

The filing primarily reports on a past event (distribution on June 15, 2026) and does not contain forward-looking statements or guidance regarding future distributions or the performance of the underlying securities.

Management Comments

• "Neither Synthetic Fixed-Income Securities, Inc. nor the Trustee has participated in the preparation of such reporting documents, or made any due diligence investigation with respect to the information provided therein."
• "Neither Synthetic Fixed-Income Securities, Inc. nor the Trustee has verified the accuracy or completeness of such documents or reports."
• "There can be no assurance that events affecting the issuer of the underlying securities or the underlying securities themselves have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available documents described above."

Industry Context

StockSavvy.ai notes that this filing pertains to a structured product (STRATS Trust) backed by corporate debt, a common financial instrument in the past. The distribution event is routine for such trusts, and the lack of principal distribution suggests the underlying debt is either not being paid down or the trust structure is designed for interest-only payments until maturity.

Stakeholder Impact

• Shareholders (Certificateholders): Will receive scheduled interest payments, but no principal repayment is indicated in this distribution.
• Creditors of United States Cellular Corporation: The Trust holds senior notes, indicating the Trust is a creditor.
• Trustee (U.S. Bank Trust National Association) and Depositor (Synthetic Fixed-Income Securities, Inc.): Perform administrative duties related to the trust and distribution.

Next Steps

• Holders of STRATS Certificates, Series 2004-6 will receive their scheduled interest payments.
• The Trust will continue to hold the United States Cellular Corporation Senior Notes until their maturity date.

Key Dates

Keywords

STRATS Trust, United States Cellular Corporation, Securities, Distribution, Certificates, Senior Notes, Trustee, 8-K, Wells Fargo