[144] EchoStar Corporation SEC Filing

Rhea-AI Filing Summary

UBS AG is marketing a new structured product, the Trigger Callable Contingent Yield Notes, due July 30, 2029. The notes are unsubordinated, unsecured debt obligations linked to the least-performing of three U.S. equity indices: the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index.

Key economic terms:

• Issue price: $1,000 per note; estimated initial value: $939.60 – $969.60 (UBS internal models).
• Contingent coupon: 9.75% p.a. (quarterly $24.375) paid only if the closing level of each index is ≥ 75 % of its initial level (coupon barrier) on the relevant observation date.
• Issuer call: UBS may call the notes in whole on any quarterly observation date beginning after 6 months; call payment equals par plus any due coupon.
• Downside threshold: 65 % of each index’s initial level. If not called and any index closes < threshold on final valuation date, maturity payment equals par × (1 + return of worst-performing index), exposing investors to full downside with losses up to 100 %.
• Term: ~4 years (trade date 25 Jul 2025; maturity 30 Jul 2029) with 16 scheduled observation dates.
• Distribution: sold only to fee-based advisory accounts; UBS Securities LLC will pay third-party dealers a $6.00 structuring fee per note.

Risk highlights: Investors may receive no coupons, may lose a significant portion or all principal, face early-call reinvestment risk, lack secondary market liquidity, and are subject to UBS credit risk. The product is not insured by the FDIC and will not be listed on any exchange.

Positive

• High contingent coupon of 9.75% per annum provides above-market income when all indices satisfy the coupon barrier.
• Issuer call feature may return par plus coupon in as little as six months, offering potential early monetisation.
• Diversification across three major U.S. indices gives exposure to large-cap (DJIA, SPX) and small-cap (RTY) segments.

Negative

• Principal at risk down to 0% if any index falls more than 35% by final valuation date.
• Coupon payments are conditional; a single index breach cancels that quarter’s income.
• Worst-of payoff structure increases likelihood of loss versus single-index notes.
• UBS may call the notes when favourable to issuer, creating reinvestment risk for holders.
• No exchange listing and limited secondary market could force investors to hold to maturity or accept large bid-ask spreads.
• Subject to UBS credit and Swiss resolution risk; noteholders rank as unsecured creditors.

Insights

Structured Products Analyst

TL;DR – High coupon offsets high principal risk; suitable only for yield-seeking, risk-tolerant buyers.

The note offers an attractive 9.75 % contingent yield and a relatively short four-year tenor, but payments hinge on all three indices staying above 75 % of initial levels each quarter. The 65 % downside barrier is tight; a 35 % drop in any index triggers loss of principal proportionate to that decline. Because UBS can redeem after 6 months, investors may be forced out when coupons are most attractive, creating reinvestment risk. The estimated initial value (≈94–97 % of issue price) shows standard embedded fees. Overall impact is neutral: the instrument fills demand for elevated income in a low-rate environment, yet does not change UBS’s fundamentals nor provide investors with upside participation.

Risk Analyst

TL;DR – Multi-asset worst-of payoff magnifies downside; liquidity and credit risks are material.

Linking the payoff to the worst performer of DJIA, RTY and SPX raises the probability of coupon skips and capital loss, especially given differing volatility profiles (small-cap RTY heightens risk). Lack of listing plus T+3 initial settlement may constrain exits, and secondary bids will reflect UBS’s internal funding spread. Investors must also price Swiss resolution risk under FINMA. The structure is capital-markets sensitive, but issuance itself is routine for UBS; therefore, market impact is limited.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	25000	825000.00	156030172	07/09/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A	07/09/2025	Options Granted 04/01/2024	Issuer			25000	07/09/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What is the contingent coupon rate on UBS's Trigger Callable Contingent Yield Notes?

The notes pay a 9.75% per-annum coupon, credited quarterly only when all three indices close at or above 75 % of their initial levels.

When can UBS call the notes (symbol not applicable)?

UBS can redeem the notes in whole on any quarterly observation date starting after six months; investors then receive par plus any due coupon.

What triggers a loss of principal at maturity?

If the final level of any index is below its 65 % downside threshold and the notes have not been called, repayment equals par multiplied by the worst index return, potentially down to zero.

Are the notes principal protected?

No. Investors risk losing their entire investment if the worst-performing index falls sufficiently.

Will the notes be listed on an exchange?

No. The notes will not be listed; secondary liquidity depends solely on dealer willingness to transact.

How does the estimated initial value compare to the issue price?

UBS estimates an initial value of $939.60 – $969.60 per $1,000 note, reflecting embedded fees and hedging costs.