STRATS Trust for United States Cellular Corp. Securities, Series 2004-6 STRATS 6.375

What they do

The Trust holds assets tied to United States Cellular Corporation securities and passes collections through to holders of its Class A-1 Certificates, which are registered in the name of Cede & Co. as DTC nominee and listed on the NYSE. The Trust is a passive issuer: its 10-K reports Item 1 Business, Item 7 MD&A, Item 7A market risk and Item 8 financial statements as 'Not Applicable.' Ongoing reporting consists chiefly of trustee distribution statements filed on Form 8-K, together with annual trust compliance and accounting exhibits.

Revenue drivers

• Underlying U.S. Cellular-linked trust assets — The Trust's only cash-generating function is collecting payments on the U.S. Cellular Corporation securities it holds and passing them through to certificateholders; the filing states no portfolio size or rates.
• Class A-1 Certificate distributions — Certificateholders receive distributions tied to the underlying assets, evidenced by trustee distribution statements filed on Form 8-K; no amounts are disclosed in this 10-K.

Recent performance

The 10-K for fiscal year 2025, signed March 30, 2026, reports no financial statements, no MD&A and no results of operations, marking those items 'Not Applicable.' The only disclosed activity is two 2025 distribution dates: June 16, 2025 and December 15, 2025, filed on June 30, 2025 and December 19, 2025 respectively. No distribution amounts, certificate balances or portfolio balances appear in the excerpt. The next scheduled event shown is an 8-K dated June 30, 2026, referenced in the exhibit index.

Strategy

The Trust has no stated operating strategy; its filings describe no investments, acquisitions, product launches or capital plans. Its disclosed activity is limited to periodic pass-through distributions to certificateholders and the related trustee and accounting reports. The depositor, Synthetic Fixed-Income Securities, Inc., signed the 10-K through President Barbara Garafalo, but the filing sets out no forward-looking priorities. The only incorporated materials are the two 2025 Form 8-K distribution statements and exhibits 31.1, 99.1, 99.2, 99.3 and 99.4.

Risks

• Credit and performance risk of U.S. Cellular-linked assets — The Trust's distributions depend on payments on the United States Cellular Corporation securities it holds, and a shortfall at that level would reduce or eliminate certificateholder distributions.
• No company-level operating disclosure — The 10-K marks Business, Risk Factors, MD&A, market risk and financial statements as 'Not Applicable,' so investors receive no conventional financial reporting beyond trustee distribution statements.
• Trustee dependence — Cash movement and reporting rely on the trustee filing distribution statements on Form 8-K and an annual compliance report (exhibit 99.1); the filing does not name the trustee or describe any backup servicer.
• Liquidity of Class A-1 Certificates — The certificates are held through one or more physical Certificates registered in Cede & Co.'s name at DTC and listed on the NYSE, so trading depends on DTC book-entry transfer and listing continuity.

Outlook

The 10-K contains no management outlook, guidance or forward-looking statement; those sections are marked 'Not Applicable.' The only forward references are procedural: continued Form 8-K distribution reporting and the next listed event, an 8-K dated June 30, 2026. No projections for distributions, asset performance or certificate values are provided.