STRATS SM TRUST FOR U.S. CELLULAR CORP SEC SERIES 2004-6 — Cyborg Score 4/10

Strategic Profile

The Trust holds securities of United States Cellular Corporation as its sole assets and issues certificates that entitle holders to distributions derived from those underlying securities. This publicly listed company in Asset-Backed Securities trades on NYSE under the ticker GJH. The trust structure serves as a repackaging vehicle for U.S. Cellular debt, distributing principal and interest payments to certificate holders.

Cyborg Score Rationale

This is a specialized asset-backed securities trust with minimal operational activity—primarily pass-through distributions from underlying U.S. Cellular securities. Limited transparency, aging structure (established 2003–2004), and narrow investor appeal constrain value creation.

Top Insights

• Passive trust structure: No operational business; primarily holds and distributes U.S. Cellular Corp securities
• Established 2004: Long-standing synthetic fixed-income instrument with semi-annual distributions (June/December)
• Low trading activity and visibility: Minimal SEC filing data; typical for specialized ABS products
• (December 2025) Regular distributions: Latest 8-K filing confirms ongoing distribution payments to certificate holders

Recent Developments

• (December 2025) Semi-annual distribution made to STRATS certificate holders
• (June 2025) Trust distribution payment date executed
• (December 2024) Distribution payment to certificate holders

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