[DEFA14A] Pioneer Municipal High Income Opportunities Fund, Inc. Additional Proxy Soliciting Materials
UBS AG is marketing a new structured product – Trigger Callable Contingent Yield Notes – that mature on or about 19 July 2028 and are linked to the least-performing of three U.S. equity indices: the Nasdaq-100 Technology Sector Index (NDXT), the Russell 2000 Index (RTY) and the S&P 500 Index (SPX). Each US$1,000 note pays a contingent coupon of 8.25% p.a. (≈ US$6.875 per month) only if, on the relevant monthly observation date, all three indices close at or above 53 % of their initial levels (the “coupon barrier”). If that condition is not met, the coupon for that month is forgone.
Issuer call right: UBS may redeem the notes in whole, after six months, on any observation date prior to maturity. Called notes are repaid at par plus the applicable coupon; no further payments are made. This exposes investors to reinvestment risk and caps potential income.
Principal repayment: • If the notes are not called and the final level of every index is ≥ 53 % of its initial level (the “downside threshold”), investors receive 100 % of principal. • If any index finishes below its threshold, repayment is reduced 1-for-1 with the worst-performing index, potentially to zero.
Key economics:
- Issue price: US$1,000; estimated initial value: US$943.40–US$973.40 (reflects fees and hedging costs).
- Underwriting discount: US$2.50 per note; additional marketing fee up to US$4.00.
- Settlement: T+3 (17 Jul 2025); monthly observation calendar through July 2028.
Risks highlighted by UBS: credit exposure to UBS AG; loss of principal below threshold; possibility of receiving few or no coupons; negative correlation risk among indices; illiquid secondary market (notes will not be listed); potential FINMA resolution actions.
Investor profile: suitable only for investors who (1) can absorb full loss of principal, (2) do not require guaranteed income, (3) understand complex structured products, and (4) accept UBS credit risk and early-call uncertainty.
UBS AG propone un nuovo prodotto strutturato – Trigger Callable Contingent Yield Notes – con scadenza intorno al 19 luglio 2028, collegato all'indice peggiore tra tre indici azionari statunitensi: Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) e S&P 500 Index (SPX). Ogni nota da 1.000 US$ corrisponde un coupon condizionato dell'8,25% annuo (circa 6,875 US$ al mese) solo se, alla data di osservazione mensile, tutti e tre gli indici chiudono almeno al 53% del loro livello iniziale (la “barriera coupon”). Se questa condizione non è soddisfatta, il coupon di quel mese non viene corrisposto.
Diritto di rimborso anticipato dell’emittente: UBS può rimborsare integralmente le note dopo sei mesi, in qualsiasi data di osservazione precedente alla scadenza. Le note richiamate sono rimborsate a valore nominale più il coupon applicabile; non sono previsti ulteriori pagamenti. Ciò espone gli investitori al rischio di reinvestimento e limita il potenziale rendimento.
Rimborso del capitale: • Se le note non vengono richiamate e il livello finale di ogni indice è ≥ 53% del livello iniziale (la “soglia di ribasso”), gli investitori ricevono il 100% del capitale. • Se anche solo un indice chiude sotto la soglia, il rimborso è ridotto in proporzione 1 a 1 rispetto all’indice peggiore, fino a un potenziale azzeramento.
Principali caratteristiche economiche:
- Prezzo di emissione: 1.000 US$; valore iniziale stimato: 943,40–973,40 US$ (comprensivo di commissioni e costi di copertura).
- Sconto di sottoscrizione: 2,50 US$ per nota; commissione di marketing fino a 4,00 US$ aggiuntivi.
- Regolamento: T+3 (17 luglio 2025); calendario di osservazioni mensili fino a luglio 2028.
Rischi evidenziati da UBS: esposizione creditizia a UBS AG; possibile perdita del capitale sotto la soglia; possibilità di ricevere pochi o nessun coupon; rischio di correlazione negativa tra gli indici; mercato secondario illiquido (le note non saranno quotate); potenziali azioni di risoluzione FINMA.
Profilo dell’investitore: adatto solo a investitori che (1) possono sopportare la perdita totale del capitale, (2) non necessitano di un reddito garantito, (3) comprendono prodotti strutturati complessi e (4) accettano il rischio di credito UBS e l’incertezza legata al richiamo anticipato.
UBS AG está lanzando un nuevo producto estructurado – Trigger Callable Contingent Yield Notes – que vence alrededor del 19 de julio de 2028 y está vinculado al índice con peor desempeño entre tres índices bursátiles estadounidenses: Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) y S&P 500 Index (SPX). Cada nota de 1.000 US$ paga un cupón contingente del 8,25% anual (≈ 6,875 US$ mensuales) solo si, en la fecha de observación mensual correspondiente, los tres índices cierran en o por encima del 53% de sus niveles iniciales (la “barrera del cupón”). Si esta condición no se cumple, el cupón de ese mes se pierde.
Derecho de rescate del emisor: UBS puede redimir las notas en su totalidad, después de seis meses, en cualquier fecha de observación antes del vencimiento. Las notas redimidas se pagan al valor nominal más el cupón aplicable; no se realizan pagos adicionales. Esto expone a los inversores al riesgo de reinversión y limita el ingreso potencial.
Reembolso del principal: • Si las notas no son redimidas y el nivel final de cada índice es ≥ 53% de su nivel inicial (el “umbral a la baja”), los inversores reciben el 100% del principal. • Si algún índice termina por debajo de su umbral, el reembolso se reduce 1 a 1 con el índice de peor desempeño, potencialmente hasta cero.
Aspectos económicos clave:
- Precio de emisión: 1.000 US$; valor inicial estimado: 943,40–973,40 US$ (incluye comisiones y costos de cobertura).
- Descuento de suscripción: 2,50 US$ por nota; tarifa adicional de marketing hasta 4,00 US$.
- Liquidación: T+3 (17 de julio de 2025); calendario de observación mensual hasta julio de 2028.
Riesgos destacados por UBS: exposición crediticia a UBS AG; pérdida de principal bajo el umbral; posibilidad de recibir pocos o ningún cupón; riesgo de correlación negativa entre índices; mercado secundario ilíquido (las notas no estarán listadas); posibles acciones de resolución FINMA.
Perfil del inversor: adecuado solo para inversores que (1) puedan absorber la pérdida total del principal, (2) no requieran ingresos garantizados, (3) comprendan productos estructurados complejos y (4) acepten el riesgo crediticio de UBS y la incertidumbre del rescate anticipado.
UBS AG는 2028년 7월 19일경 만기되는 새로운 구조화 상품인 Trigger Callable Contingent Yield Notes를 출시합니다. 이 상품은 미국 주식 지수 세 개 중 최저 성과 지수에 연동됩니다: 나스닥-100 기술 섹터 지수(NDXT), 러셀 2000 지수(RTY), S&P 500 지수(SPX). 각 1,000달러 노트는 연 8.25%의 조건부 쿠폰(월 약 6.875달러)를 지급하며, 이는 해당 월 관찰일에 세 지수 모두 최초 수준의 53% 이상에서 마감할 경우에만 지급됩니다(“쿠폰 장벽”). 조건이 충족되지 않으면 그 달의 쿠폰은 지급되지 않습니다.
발행자 콜 권리: UBS는 6개월 후부터 만기 전 관찰일에 노트를 전부 상환할 수 있습니다. 콜된 노트는 액면가와 해당 쿠폰을 지급하며, 추가 지급은 없습니다. 이로 인해 투자자는 재투자 위험에 노출되고 잠재 수익이 제한됩니다.
원금 상환: • 노트가 콜되지 않고 모든 지수의 최종 수준이 최초 수준의 53% 이상(“하락 임계값”)일 경우 투자자는 원금 100%를 받습니다. • 한 지수라도 임계값 이하로 마감하면, 최저 성과 지수에 따라 1:1 비율로 상환액이 줄어들며, 최악의 경우 원금 전액 손실이 발생할 수 있습니다.
주요 경제 조건:
- 발행 가격: 1,000달러; 예상 초기 가치: 943.40–973.40달러(수수료 및 헤지 비용 반영).
- 인수 할인: 노트당 2.50달러; 추가 마케팅 수수료 최대 4.00달러.
- 결제: T+3 (2025년 7월 17일); 2028년 7월까지 월별 관찰 일정.
UBS가 강조하는 위험: UBS AG에 대한 신용 노출; 임계값 이하에서 원금 손실 가능성; 쿠폰 지급이 적거나 없을 수 있음; 지수 간 음의 상관관계 위험; 유동성 낮은 2차 시장(노트 비상장); FINMA의 잠재적 해산 조치.
투자자 프로필: (1) 원금 전액 손실을 감내할 수 있고, (2) 보장된 수입이 필요 없으며, (3) 복잡한 구조화 상품을 이해하고, (4) UBS 신용 위험과 조기 상환 불확실성을 수용하는 투자자에게만 적합합니다.
UBS AG commercialise un nouveau produit structuré – Trigger Callable Contingent Yield Notes – arrivant à échéance vers le 19 juillet 2028, lié à l'indice le moins performant parmi trois indices boursiers américains : Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) et S&P 500 Index (SPX). Chaque note de 1 000 US$ verse un coupon conditionnel de 8,25 % par an (environ 6,875 US$ par mois) uniquement si, à la date d’observation mensuelle, les trois indices clôturent à au moins 53 % de leur niveau initial (la « barrière du coupon »). Si cette condition n’est pas remplie, le coupon du mois est perdu.
Droit de remboursement anticipé de l’émetteur : UBS peut racheter les notes en totalité, après six mois, à toute date d’observation avant l’échéance. Les notes rappelées sont remboursées au pair plus le coupon applicable ; aucun paiement supplémentaire n’est effectué. Cela expose les investisseurs au risque de réinvestissement et limite le revenu potentiel.
Remboursement du principal : • Si les notes ne sont pas rappelées et que le niveau final de chaque indice est ≥ 53 % de son niveau initial (le « seuil de baisse »), les investisseurs reçoivent 100 % du principal. • Si un indice termine en dessous de son seuil, le remboursement est réduit à due concurrence selon l’indice le moins performant, pouvant aller jusqu’à zéro.
Principaux aspects économiques :
- Prix d’émission : 1 000 US$ ; valeur initiale estimée : 943,40–973,40 US$ (incluant frais et coûts de couverture).
- Remise de souscription : 2,50 US$ par note ; frais marketing supplémentaires jusqu’à 4,00 US$.
- Règlement : T+3 (17 juillet 2025) ; calendrier d’observations mensuelles jusqu’en juillet 2028.
Risques soulignés par UBS : exposition au risque de crédit UBS AG ; perte de capital en dessous du seuil ; possibilité de recevoir peu ou pas de coupons ; risque de corrélation négative entre indices ; marché secondaire illiquide (notes non cotées) ; potentielles mesures de résolution FINMA.
Profil de l’investisseur : adapté uniquement aux investisseurs qui (1) peuvent supporter une perte totale du capital, (2) ne nécessitent pas de revenu garanti, (3) comprennent les produits structurés complexes et (4) acceptent le risque de crédit UBS et l’incertitude liée au remboursement anticipé.
UBS AG bringt ein neues strukturiertes Produkt auf den Markt – Trigger Callable Contingent Yield Notes – mit Fälligkeit um den 19. Juli 2028, das an den schwächsten von drei US-Aktienindizes gekoppelt ist: Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) und S&P 500 Index (SPX). Jede Note im Wert von 1.000 US$ zahlt einen bedingten Kupon von 8,25 % p.a. (ca. 6,875 US$ pro Monat) nur, wenn an dem jeweiligen monatlichen Beobachtungstag alle drei Indizes auf oder über 53 % ihres Anfangswerts schließen (die „Kuponbarriere“). Wird diese Bedingung nicht erfüllt, entfällt der Kupon für diesen Monat.
Emittenten-Kündigungsrecht: UBS kann die Notes ganz oder teilweise nach sechs Monaten an jedem Beobachtungstag vor Fälligkeit zurückzahlen. Zurückgerufene Notes werden zum Nennwert plus fälligem Kupon zurückgezahlt; weitere Zahlungen erfolgen nicht. Dies birgt für Anleger ein Wiederanlagerisiko und begrenzt das potenzielle Einkommen.
Kapitalrückzahlung: • Werden die Notes nicht gekündigt und schließt jeder Index am Ende ≥ 53 % seines Anfangswerts (die „Abwärtsgrenze“), erhalten Anleger 100 % des Kapitals zurück. • Schließt ein Index unter seiner Grenze, wird die Rückzahlung 1:1 mit dem schlechtesten Index reduziert, bis hin zu Null.
Wesentliche wirtschaftliche Eckdaten:
- Ausgabepreis: 1.000 US$; geschätzter Anfangswert: 943,40–973,40 US$ (inkl. Gebühren und Absicherungskosten).
- Underwriting-Discount: 2,50 US$ pro Note; zusätzliche Marketinggebühr bis zu 4,00 US$.
- Abwicklung: T+3 (17. Juli 2025); monatlicher Beobachtungskalender bis Juli 2028.
Von UBS hervorgehobene Risiken: Kreditrisiko gegenüber UBS AG; Kapitalverlust unterhalb der Schwelle; Möglichkeit, wenige oder keine Kupons zu erhalten; negatives Korrelationsrisiko zwischen den Indizes; illiquider Sekundärmarkt (Notes werden nicht börsennotiert); mögliche FINMA-Restrukturierungsmaßnahmen.
Anlegerprofil: Geeignet nur für Anleger, die (1) einen Totalverlust des Kapitals verkraften können, (2) keine garantierten Erträge benötigen, (3) komplexe strukturierte Produkte verstehen und (4) das UBS-Kreditrisiko sowie die Unsicherheit eines vorzeitigen Rückrufs akzeptieren.
- High potential income: contingent coupon set at 8.25 % per annum, well above current Treasury yields.
- Moderate protection level: 53 % coupon barrier and downside threshold provide buffer against moderate market declines before principal is impaired.
- Monthly call and observation frequency: investors receive rapid coupon assessment and, if called, quick return of capital plus accrued coupon.
- Full downside participation below threshold: any index finishing <53 % of initial level at maturity triggers loss of principal in proportion to worst performer, up to 100 % loss.
- Issuer call risk: UBS can redeem after six months, capping upside and creating reinvestment uncertainty when coupons are most valuable.
- Credit and resolution risk: payments depend on UBS AG’s solvency; Swiss FINMA could impose write-downs in a stress scenario.
- Illiquidity and valuation discount: notes will not be exchange-listed; estimated initial value is up to 5.7 % below purchase price, and secondary markets, if any, may trade at further discounts.
- No participation in equity gains: investors forego any upside beyond fixed coupons despite exposure to equity downside.
Insights
TL;DR: 8.25 % coupon looks attractive, but principal is at risk below a 47 % drop and UBS can call the notes once coupons favour investors.
The note offers high contingent income relative to current rates, yet investors sacrifice upside because returns are capped at the coupon stream and face 1-for-1 downside below a 53 % barrier on any index. Early-call optionality sits solely with UBS; if rates fall or index volatility subsides, UBS will likely redeem, truncating yield. Conversely, if markets sell off, the issuer will typically leave the notes outstanding, increasing loss probability. Estimated fair value is 2.6 %–5.7 % below issue price, so buyers incur an immediate mark-to-market drag. Liquidity is limited; secondary bids will reflect dealer markdown plus model value. Overall, risk/return is balanced but hardly compelling versus simpler income strategies.
UBS AG propone un nuovo prodotto strutturato – Trigger Callable Contingent Yield Notes – con scadenza intorno al 19 luglio 2028, collegato all'indice peggiore tra tre indici azionari statunitensi: Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) e S&P 500 Index (SPX). Ogni nota da 1.000 US$ corrisponde un coupon condizionato dell'8,25% annuo (circa 6,875 US$ al mese) solo se, alla data di osservazione mensile, tutti e tre gli indici chiudono almeno al 53% del loro livello iniziale (la “barriera coupon”). Se questa condizione non è soddisfatta, il coupon di quel mese non viene corrisposto.
Diritto di rimborso anticipato dell’emittente: UBS può rimborsare integralmente le note dopo sei mesi, in qualsiasi data di osservazione precedente alla scadenza. Le note richiamate sono rimborsate a valore nominale più il coupon applicabile; non sono previsti ulteriori pagamenti. Ciò espone gli investitori al rischio di reinvestimento e limita il potenziale rendimento.
Rimborso del capitale: • Se le note non vengono richiamate e il livello finale di ogni indice è ≥ 53% del livello iniziale (la “soglia di ribasso”), gli investitori ricevono il 100% del capitale. • Se anche solo un indice chiude sotto la soglia, il rimborso è ridotto in proporzione 1 a 1 rispetto all’indice peggiore, fino a un potenziale azzeramento.
Principali caratteristiche economiche:
- Prezzo di emissione: 1.000 US$; valore iniziale stimato: 943,40–973,40 US$ (comprensivo di commissioni e costi di copertura).
- Sconto di sottoscrizione: 2,50 US$ per nota; commissione di marketing fino a 4,00 US$ aggiuntivi.
- Regolamento: T+3 (17 luglio 2025); calendario di osservazioni mensili fino a luglio 2028.
Rischi evidenziati da UBS: esposizione creditizia a UBS AG; possibile perdita del capitale sotto la soglia; possibilità di ricevere pochi o nessun coupon; rischio di correlazione negativa tra gli indici; mercato secondario illiquido (le note non saranno quotate); potenziali azioni di risoluzione FINMA.
Profilo dell’investitore: adatto solo a investitori che (1) possono sopportare la perdita totale del capitale, (2) non necessitano di un reddito garantito, (3) comprendono prodotti strutturati complessi e (4) accettano il rischio di credito UBS e l’incertezza legata al richiamo anticipato.
UBS AG está lanzando un nuevo producto estructurado – Trigger Callable Contingent Yield Notes – que vence alrededor del 19 de julio de 2028 y está vinculado al índice con peor desempeño entre tres índices bursátiles estadounidenses: Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) y S&P 500 Index (SPX). Cada nota de 1.000 US$ paga un cupón contingente del 8,25% anual (≈ 6,875 US$ mensuales) solo si, en la fecha de observación mensual correspondiente, los tres índices cierran en o por encima del 53% de sus niveles iniciales (la “barrera del cupón”). Si esta condición no se cumple, el cupón de ese mes se pierde.
Derecho de rescate del emisor: UBS puede redimir las notas en su totalidad, después de seis meses, en cualquier fecha de observación antes del vencimiento. Las notas redimidas se pagan al valor nominal más el cupón aplicable; no se realizan pagos adicionales. Esto expone a los inversores al riesgo de reinversión y limita el ingreso potencial.
Reembolso del principal: • Si las notas no son redimidas y el nivel final de cada índice es ≥ 53% de su nivel inicial (el “umbral a la baja”), los inversores reciben el 100% del principal. • Si algún índice termina por debajo de su umbral, el reembolso se reduce 1 a 1 con el índice de peor desempeño, potencialmente hasta cero.
Aspectos económicos clave:
- Precio de emisión: 1.000 US$; valor inicial estimado: 943,40–973,40 US$ (incluye comisiones y costos de cobertura).
- Descuento de suscripción: 2,50 US$ por nota; tarifa adicional de marketing hasta 4,00 US$.
- Liquidación: T+3 (17 de julio de 2025); calendario de observación mensual hasta julio de 2028.
Riesgos destacados por UBS: exposición crediticia a UBS AG; pérdida de principal bajo el umbral; posibilidad de recibir pocos o ningún cupón; riesgo de correlación negativa entre índices; mercado secundario ilíquido (las notas no estarán listadas); posibles acciones de resolución FINMA.
Perfil del inversor: adecuado solo para inversores que (1) puedan absorber la pérdida total del principal, (2) no requieran ingresos garantizados, (3) comprendan productos estructurados complejos y (4) acepten el riesgo crediticio de UBS y la incertidumbre del rescate anticipado.
UBS AG는 2028년 7월 19일경 만기되는 새로운 구조화 상품인 Trigger Callable Contingent Yield Notes를 출시합니다. 이 상품은 미국 주식 지수 세 개 중 최저 성과 지수에 연동됩니다: 나스닥-100 기술 섹터 지수(NDXT), 러셀 2000 지수(RTY), S&P 500 지수(SPX). 각 1,000달러 노트는 연 8.25%의 조건부 쿠폰(월 약 6.875달러)를 지급하며, 이는 해당 월 관찰일에 세 지수 모두 최초 수준의 53% 이상에서 마감할 경우에만 지급됩니다(“쿠폰 장벽”). 조건이 충족되지 않으면 그 달의 쿠폰은 지급되지 않습니다.
발행자 콜 권리: UBS는 6개월 후부터 만기 전 관찰일에 노트를 전부 상환할 수 있습니다. 콜된 노트는 액면가와 해당 쿠폰을 지급하며, 추가 지급은 없습니다. 이로 인해 투자자는 재투자 위험에 노출되고 잠재 수익이 제한됩니다.
원금 상환: • 노트가 콜되지 않고 모든 지수의 최종 수준이 최초 수준의 53% 이상(“하락 임계값”)일 경우 투자자는 원금 100%를 받습니다. • 한 지수라도 임계값 이하로 마감하면, 최저 성과 지수에 따라 1:1 비율로 상환액이 줄어들며, 최악의 경우 원금 전액 손실이 발생할 수 있습니다.
주요 경제 조건:
- 발행 가격: 1,000달러; 예상 초기 가치: 943.40–973.40달러(수수료 및 헤지 비용 반영).
- 인수 할인: 노트당 2.50달러; 추가 마케팅 수수료 최대 4.00달러.
- 결제: T+3 (2025년 7월 17일); 2028년 7월까지 월별 관찰 일정.
UBS가 강조하는 위험: UBS AG에 대한 신용 노출; 임계값 이하에서 원금 손실 가능성; 쿠폰 지급이 적거나 없을 수 있음; 지수 간 음의 상관관계 위험; 유동성 낮은 2차 시장(노트 비상장); FINMA의 잠재적 해산 조치.
투자자 프로필: (1) 원금 전액 손실을 감내할 수 있고, (2) 보장된 수입이 필요 없으며, (3) 복잡한 구조화 상품을 이해하고, (4) UBS 신용 위험과 조기 상환 불확실성을 수용하는 투자자에게만 적합합니다.
UBS AG commercialise un nouveau produit structuré – Trigger Callable Contingent Yield Notes – arrivant à échéance vers le 19 juillet 2028, lié à l'indice le moins performant parmi trois indices boursiers américains : Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) et S&P 500 Index (SPX). Chaque note de 1 000 US$ verse un coupon conditionnel de 8,25 % par an (environ 6,875 US$ par mois) uniquement si, à la date d’observation mensuelle, les trois indices clôturent à au moins 53 % de leur niveau initial (la « barrière du coupon »). Si cette condition n’est pas remplie, le coupon du mois est perdu.
Droit de remboursement anticipé de l’émetteur : UBS peut racheter les notes en totalité, après six mois, à toute date d’observation avant l’échéance. Les notes rappelées sont remboursées au pair plus le coupon applicable ; aucun paiement supplémentaire n’est effectué. Cela expose les investisseurs au risque de réinvestissement et limite le revenu potentiel.
Remboursement du principal : • Si les notes ne sont pas rappelées et que le niveau final de chaque indice est ≥ 53 % de son niveau initial (le « seuil de baisse »), les investisseurs reçoivent 100 % du principal. • Si un indice termine en dessous de son seuil, le remboursement est réduit à due concurrence selon l’indice le moins performant, pouvant aller jusqu’à zéro.
Principaux aspects économiques :
- Prix d’émission : 1 000 US$ ; valeur initiale estimée : 943,40–973,40 US$ (incluant frais et coûts de couverture).
- Remise de souscription : 2,50 US$ par note ; frais marketing supplémentaires jusqu’à 4,00 US$.
- Règlement : T+3 (17 juillet 2025) ; calendrier d’observations mensuelles jusqu’en juillet 2028.
Risques soulignés par UBS : exposition au risque de crédit UBS AG ; perte de capital en dessous du seuil ; possibilité de recevoir peu ou pas de coupons ; risque de corrélation négative entre indices ; marché secondaire illiquide (notes non cotées) ; potentielles mesures de résolution FINMA.
Profil de l’investisseur : adapté uniquement aux investisseurs qui (1) peuvent supporter une perte totale du capital, (2) ne nécessitent pas de revenu garanti, (3) comprennent les produits structurés complexes et (4) acceptent le risque de crédit UBS et l’incertitude liée au remboursement anticipé.
UBS AG bringt ein neues strukturiertes Produkt auf den Markt – Trigger Callable Contingent Yield Notes – mit Fälligkeit um den 19. Juli 2028, das an den schwächsten von drei US-Aktienindizes gekoppelt ist: Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) und S&P 500 Index (SPX). Jede Note im Wert von 1.000 US$ zahlt einen bedingten Kupon von 8,25 % p.a. (ca. 6,875 US$ pro Monat) nur, wenn an dem jeweiligen monatlichen Beobachtungstag alle drei Indizes auf oder über 53 % ihres Anfangswerts schließen (die „Kuponbarriere“). Wird diese Bedingung nicht erfüllt, entfällt der Kupon für diesen Monat.
Emittenten-Kündigungsrecht: UBS kann die Notes ganz oder teilweise nach sechs Monaten an jedem Beobachtungstag vor Fälligkeit zurückzahlen. Zurückgerufene Notes werden zum Nennwert plus fälligem Kupon zurückgezahlt; weitere Zahlungen erfolgen nicht. Dies birgt für Anleger ein Wiederanlagerisiko und begrenzt das potenzielle Einkommen.
Kapitalrückzahlung: • Werden die Notes nicht gekündigt und schließt jeder Index am Ende ≥ 53 % seines Anfangswerts (die „Abwärtsgrenze“), erhalten Anleger 100 % des Kapitals zurück. • Schließt ein Index unter seiner Grenze, wird die Rückzahlung 1:1 mit dem schlechtesten Index reduziert, bis hin zu Null.
Wesentliche wirtschaftliche Eckdaten:
- Ausgabepreis: 1.000 US$; geschätzter Anfangswert: 943,40–973,40 US$ (inkl. Gebühren und Absicherungskosten).
- Underwriting-Discount: 2,50 US$ pro Note; zusätzliche Marketinggebühr bis zu 4,00 US$.
- Abwicklung: T+3 (17. Juli 2025); monatlicher Beobachtungskalender bis Juli 2028.
Von UBS hervorgehobene Risiken: Kreditrisiko gegenüber UBS AG; Kapitalverlust unterhalb der Schwelle; Möglichkeit, wenige oder keine Kupons zu erhalten; negatives Korrelationsrisiko zwischen den Indizes; illiquider Sekundärmarkt (Notes werden nicht börsennotiert); mögliche FINMA-Restrukturierungsmaßnahmen.
Anlegerprofil: Geeignet nur für Anleger, die (1) einen Totalverlust des Kapitals verkraften können, (2) keine garantierten Erträge benötigen, (3) komplexe strukturierte Produkte verstehen und (4) das UBS-Kreditrisiko sowie die Unsicherheit eines vorzeitigen Rückrufs akzeptieren.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ |
] |
Preliminary Proxy Statement |
[ |
] |
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
[ |
] |
Definitive Proxy Statement |
[X]Definitive Additional Materials
[ ] |
Soliciting Material Pursuant to §240.14a-12 |
PIONEER DIVERSIFIED HIGH INCOME FUND, INC. (HNW)
PIONEER FLOATING RATE FUND, INC. (PHD)
PIONEER HIGH INCOME FUND, INC. (PHT)
PIONEER MUNICIPAL HIGH INCOME FUND, INC. (MHI)
PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC. (MAV)
PIONEER MUNICIPAL HIGH INCOME OPPORTUNITIES FUND, INC. (MIO)
(Name of Registrant(s) as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X]No fee required.
[ |
] |
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
|
|
|
1) |
Title of each class of securities to which transaction applies: |
|
|
2) |
Aggregate number of securities to which transaction applies: |
|
|
3) |
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0- |
|
|
|
11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
|
|
4) |
Proposed maximum aggregate value of transaction: |
|
|
5) |
Total fee paid: |
[ |
] |
Fee paid previously with preliminary materials. |
|
[ |
] |
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing |
|
|
|
for which the offsetting fee was paid previously. Identify the previous filing by registration statement |
|
|
|
number, or the Form or Schedule and the date of its filing. |
|
1)Amount Previously Paid:
2)Form, Schedule or Registration Statement No.:
3)Filing Party:
4)Date Filed:
© 2025 SEI |
2 |
A MESSAGE FROM VICTORY CAPITAL MANAGEMENT
WE NEED YOUR HELP.
Dear Valued Stockholder,
Thank you for being an investor in the Pioneer Closed-End Funds. A special meeting of stockholders of each of Pioneer
Diversified High Income Fund, Inc. (HNW), Pioneer Floating Rate Fund, Inc. (PHD), Pioneer High Income Fund, Inc. (PHT), Pioneer Municipal High Income Fund, Inc. (MHI), Pioneer Municipal High Income Advantage Fund, Inc. (MAV) and Pioneer Municipal High Income Opportunities Fund, Inc. (MIO) (each, a “Fund” and, collectively, the “Funds”), will be held on July 17, 2025. If you have not yet cast your important proxy vote, please help us by taking a moment to do so today. Your participation today will help us to avoid adjourning the meeting, or the expense of additional follow-up letters or phone calls. Please help us to proceed with the important business of the Funds by casting your vote today so that your shares may be represented at the meeting.
PLEASE HELP US BY CASTING YOUR VOTE TODAY.
Stockholders of the Funds are being asked to consider and vote on the liquidation and dissolution of your Fund pursuant to the Plan of Liquidation and Dissolution adopted by the Boards of Directors of the Funds (the “Board”) (the “Proposal”).
The Proposal has unanimously been determined by the Board to be in the best interests of the respective Funds and the Board recommends that stockholders of each Fund vote “FOR” the respective Fund proposal. The proposal is discussed in detail in the proxy materials previously sent to you. That information can be accessed at https://vote.proxyonline.com/pioneer/docs/2025proxy.pdf or by scanning the QR code below with your mobile phone.
If you have any proxy related questions, please call (800) 622-1569 for assistance. Representatives are available Monday through Friday, 9 a.m. to 10 p.m. Eastern Time. If we do not hear back from you soon, we may need to follow-up with you again by mail or by phone. Please help us to proceed with the important business of the Funds by voting today.
Sincerely,
Thomas Dusenberry
President
You may view a PDF of the proxy statement by scanning this QR code.
HOW DO I VOTE? There are three convenient methods for casting your important proxy vote:
Vote by touch-tone phone: You may cast your vote by telephone using an automated system by calling the toll-free number found on the enclosed proxy card(s).
Vote online: You may cast your vote by visiting the web address located on the enclosed proxy card(s) and following the instructions on the website.
Vote by mail: You may cast your vote by signing, dating, and mailing the enclosed proxy card(s) in the postage-prepaid return envelope provided.
© 2025 SEI |
3 |
Shareholder Name
Address 1
Address 2
Address 3
City, State, Zip
IMPORTANT NOTICE – PLEASE CALL US TODAY
Dear Stockholder:
We have been trying to contact you about an important matter regarding your investment in [Fund Name], and we need your assistance. Please contact us toll-free at (800) 622-1569 between 9 a.m. and 11 p.m. Eastern time, Monday through Friday or Saturday between 10 a.m. and 6 p.m. Eastern time. At the time of the call, please reference your investor ID listed below.
INVESTOR ID: |
xxxxxxxxx |
Security ID: xxxxxxxxx |
Shares owned: |
#####.### |
|
The call will only take a few moments of your time. We deeply appreciate your investment in the Pioneer Closed-End Funds. Thank you for your time and consideration.
Sincerely,
Thomas Dusenberry
President
OFFICIAL BUSINESS This communication relates to an investment you own in a closed-end
fund advised by Victory Capital Management Inc.
NOBO-REG
© 2025 SEI |
4 |
FAQ
What coupon rate do UBS Trigger Callable Contingent Yield Notes pay?
How much principal protection do the notes provide?
When can UBS call the notes?
Are the notes listed on an exchange?
What is the estimated initial value versus the issue price?
Which indices determine performance of the notes?
