[424B3] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Prospectus Filed Pursuant to Rule 424(b)(3)
UBS AG is offering $1.17 million of Trigger Callable Contingent Yield Notes maturing 6 July 2028 and linked to the worst performer among the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a contingent coupon of 11.60% p.a. (monthly $9.6667 per $1,000) only if every index closes at or above 75 % of its initial level (coupon barrier) on the relevant observation date. UBS may call the notes in whole on any monthly observation date beginning October 2025; investors would then receive par plus any due coupon. If the notes are not called and, on the final valuation date, every index is at or above 70 % of its initial level (downside threshold), investors receive par. Otherwise, the redemption value equals par multiplied by 1 + the worst-performing index’s return, exposing holders to full downside below the 30 % buffer.
Key economic terms: Initial levels—NDX 22,679.01; RTY 2,175.035; SPX 6,204.95. Coupon barrier 75 % of each initial level; downside threshold 70 %. Estimated initial value $973.10 (≈97.3 % of issue price) reflects underwriting discount, hedging and funding costs. Issue price $1,000, underwriting discount up to $9 per note, and a structuring fee up to $9.
Principal risks: 1) Investors may lose up to 100 % of principal if any index breaches its downside threshold at maturity. 2) Coupons are not guaranteed; any single index below its barrier eliminates the coupon for that period. 3) Early call creates reinvestment risk and caps total return. 4) Secondary liquidity is limited; notes will not list on an exchange. 5) All payments depend on UBS’s credit; the notes are unsecured, senior obligations of UBS AG London Branch. 6) The product’s valuation is below issue price at inception, and bid/ask spreads plus dealer mark-ups may further reduce secondary prices.
These notes may appeal to yield-oriented investors comfortable with equity market and issuer credit risk, willing to forego dividends, accept potential loss of principal, and tolerate early redemption.
UBS AG offre 1,17 milioni di dollari in Trigger Callable Contingent Yield Notes con scadenza il 6 luglio 2028, collegati al peggior rendimento tra gli indici Nasdaq-100, Russell 2000 e S&P 500. Le note pagano un coupon condizionato dell'11,60% annuo (9,6667 dollari mensili per ogni 1.000 dollari) solo se ogni indice chiude al di sopra del 75% del livello iniziale (barriera del coupon) nella data di osservazione pertinente. UBS può richiamare le note integralmente in qualsiasi data di osservazione mensile a partire da ottobre 2025; in tal caso gli investitori riceverebbero il valore nominale più eventuali coupon maturati. Se le note non vengono richiamate e, alla data di valutazione finale, ogni indice è pari o superiore al 70% del livello iniziale (soglia di ribasso), gli investitori ricevono il valore nominale. Altrimenti, il valore di rimborso è pari al valore nominale moltiplicato per 1 + il rendimento dell'indice peggiore, esponendo i detentori a un rischio di ribasso completo al di sotto del buffer del 30%.
Termini economici chiave: Livelli iniziali—NDX 22.679,01; RTY 2.175,035; SPX 6.204,95. Barriera del coupon al 75% di ciascun livello iniziale; soglia di ribasso al 70%. Valore iniziale stimato 973,10 dollari (circa il 97,3% del prezzo di emissione) che riflette lo sconto di sottoscrizione, i costi di copertura e finanziamento. Prezzo di emissione 1.000 dollari, sconto di sottoscrizione fino a 9 dollari per nota e commissione di strutturazione fino a 9 dollari.
Principali rischi: 1) Gli investitori possono perdere fino al 100% del capitale se un indice scende sotto la soglia di ribasso alla scadenza. 2) I coupon non sono garantiti; qualsiasi indice sotto la barriera elimina il coupon per quel periodo. 3) Il richiamo anticipato comporta rischio di reinvestimento e limita il rendimento totale. 4) La liquidità secondaria è limitata; le note non saranno quotate in borsa. 5) Tutti i pagamenti dipendono dal credito di UBS; le note sono obbligazioni senior non garantite della filiale londinese di UBS AG. 6) Il valore del prodotto è inferiore al prezzo di emissione all'inizio, e gli spread denaro-lettera più i ricarichi dei dealer possono ridurre ulteriormente i prezzi secondari.
Queste note possono interessare investitori orientati al rendimento, a proprio agio con il rischio di mercato azionario e di credito dell’emittente, disposti a rinunciare ai dividendi, accettare la possibile perdita del capitale e tollerare il rimborso anticipato.
UBS AG ofrece 1,17 millones de dólares en Notas de Rendimiento Contingente Callable con Disparador que vencen el 6 de julio de 2028 y están vinculadas al peor desempeño entre los índices Nasdaq-100, Russell 2000 y S&P 500. Las notas pagan un cupón contingente del 11,60% anual (9,6667 dólares mensuales por cada 1.000 dólares) solo si cada índice cierra en o por encima del 75% de su nivel inicial (barrera del cupón) en la fecha de observación correspondiente. UBS puede llamar a las notas en su totalidad en cualquier fecha de observación mensual a partir de octubre de 2025; los inversores recibirían entonces el valor nominal más cualquier cupón adeudado. Si las notas no se llaman y, en la fecha de valoración final, cada índice está en o por encima del 70% de su nivel inicial (umbral de caída), los inversores reciben el valor nominal. De lo contrario, el valor de reembolso es igual al valor nominal multiplicado por 1 + el rendimiento del índice con peor desempeño, exponiendo a los tenedores a la pérdida total por debajo del margen del 30%.
Términos económicos clave: Niveles iniciales—NDX 22,679.01; RTY 2,175.035; SPX 6,204.95. Barrera del cupón al 75% de cada nivel inicial; umbral de caída al 70%. Valor inicial estimado 973,10 dólares (aproximadamente 97,3% del precio de emisión) que refleja el descuento de suscripción, costos de cobertura y financiación. Precio de emisión 1.000 dólares, descuento de suscripción hasta 9 dólares por nota y una comisión de estructuración hasta 9 dólares.
Riesgos principales: 1) Los inversores pueden perder hasta el 100% del capital si algún índice rompe su umbral de caída al vencimiento. 2) Los cupones no están garantizados; cualquier índice por debajo de su barrera elimina el cupón para ese período. 3) La llamada anticipada genera riesgo de reinversión y limita el rendimiento total. 4) La liquidez secundaria es limitada; las notas no se cotizarán en bolsa. 5) Todos los pagos dependen del crédito de UBS; las notas son obligaciones senior no garantizadas de la sucursal de UBS AG en Londres. 6) La valoración del producto está por debajo del precio de emisión al inicio, y los diferenciales bid/ask junto con los márgenes de los distribuidores pueden reducir aún más los precios secundarios.
Estas notas pueden atraer a inversores orientados al rendimiento que se sientan cómodos con el riesgo del mercado accionario y crediticio del emisor, dispuestos a renunciar a dividendos, aceptar la posible pérdida de capital y tolerar el reembolso anticipado.
UBS AG는 2028년 7월 6일 만기되는 117만 달러 규모의 트리거 콜러블 컨틴전트 수익 노트를 제공합니다. 이 노트는 나스닥-100, 러셀 2000, S&P 500 지수 중 최저 성과 지수에 연동됩니다. 노트는 연 11.60%의 조건부 쿠폰(월 1,000달러당 9.6667달러)을 해당 관찰일에 모든 지수가 최초 수준의 75% 이상으로 마감할 경우에만 지급합니다(쿠폰 장벽). UBS는 2025년 10월부터 시작하는 월별 관찰일에 노트를 전액 조기 상환할 수 있으며, 이 경우 투자자는 액면가와 미지급 쿠폰을 받게 됩니다. 노트가 조기 상환되지 않고 최종 평가일에 모든 지수가 최초 수준의 70% 이상(하락 임계치)일 경우 투자자는 액면가를 받습니다. 그렇지 않으면 상환 가치는 액면가에 최저 성과 지수의 수익률을 더한 값에 해당하며, 투자자는 30% 완충 구간 아래에서 전액 손실 위험에 노출됩니다.
주요 경제 조건: 최초 수준—NDX 22,679.01; RTY 2,175.035; SPX 6,204.95. 쿠폰 장벽은 각 최초 수준의 75%, 하락 임계치는 70%. 추정 초기 가치는 973.10달러(발행가의 약 97.3%)로 인수 할인, 헤지 및 자금 조달 비용을 반영합니다. 발행가는 1,000달러이며, 인수 할인은 노트당 최대 9달러, 구조화 수수료도 최대 9달러입니다.
주요 위험: 1) 만기 시 어떤 지수라도 하락 임계치를 하회하면 투자자는 원금 전액을 잃을 수 있습니다. 2) 쿠폰은 보장되지 않으며, 단일 지수가 장벽 아래일 경우 해당 기간의 쿠폰이 지급되지 않습니다. 3) 조기 상환은 재투자 위험을 초래하며 총 수익을 제한합니다. 4) 2차 유동성은 제한적이며, 노트는 거래소에 상장되지 않습니다. 5) 모든 지급은 UBS 신용도에 의존하며, 노트는 UBS AG 런던 지점의 무담보 선순위 채무입니다. 6) 상품 가치는 발행 시점에 발행가보다 낮으며, 매도/매수 스프레드와 딜러 마진으로 인해 2차 가격이 더 하락할 수 있습니다.
이 노트는 배당금을 포기하고 원금 손실 가능성을 수용하며 조기 상환을 감내할 수 있는 주식시장과 발행사 신용 위험에 익숙한 수익 지향 투자자에게 적합할 수 있습니다.
UBS AG propose 1,17 million de dollars de Trigger Callable Contingent Yield Notes arrivant à échéance le 6 juillet 2028, liées à la performance la plus faible parmi les indices Nasdaq-100, Russell 2000 et S&P 500. Les notes versent un coupon conditionnel de 11,60 % par an (9,6667 $ par mois pour 1 000 $) uniquement si chaque indice clôture à ou au-dessus de 75 % de son niveau initial (barrière du coupon) à la date d’observation pertinente. UBS peut racheter les notes en totalité à n’importe quelle date d’observation mensuelle à partir d’octobre 2025 ; les investisseurs recevraient alors la valeur nominale plus tout coupon dû. Si les notes ne sont pas rachetées et que, à la date d’évaluation finale, chaque indice est à ou au-dessus de 70 % de son niveau initial (seuil de baisse), les investisseurs reçoivent la valeur nominale. Sinon, la valeur de remboursement est égale à la valeur nominale multipliée par 1 + le rendement de l’indice le moins performant, exposant les détenteurs à une perte totale en dessous de la marge de 30 %.
Principaux termes économiques : Niveaux initiaux—NDX 22 679,01 ; RTY 2 175,035 ; SPX 6 204,95. Barrière du coupon à 75 % de chaque niveau initial ; seuil de baisse à 70 %. Valeur initiale estimée à 973,10 $ (≈97,3 % du prix d’émission) reflétant la décote de souscription, les coûts de couverture et de financement. Prix d’émission 1 000 $, décote de souscription jusqu’à 9 $ par note, et frais de structuration jusqu’à 9 $.
Risques principaux : 1) Les investisseurs peuvent perdre jusqu’à 100 % du capital si un indice franchit son seuil de baisse à l’échéance. 2) Les coupons ne sont pas garantis ; si un indice est en dessous de sa barrière, le coupon pour cette période est supprimé. 3) Le rachat anticipé crée un risque de réinvestissement et plafonne le rendement total. 4) La liquidité secondaire est limitée ; les notes ne seront pas cotées en bourse. 5) Tous les paiements dépendent de la solvabilité d’UBS ; les notes sont des obligations senior non garanties de la succursale UBS AG de Londres. 6) La valorisation du produit est inférieure au prix d’émission à l’origine, et les écarts acheteur/vendeur ainsi que les marges des courtiers peuvent encore réduire les prix secondaires.
Ces notes peuvent intéresser les investisseurs recherchant du rendement, à l’aise avec le risque de marché actions et de crédit de l’émetteur, prêts à renoncer aux dividendes, à accepter une perte potentielle du capital et à tolérer un remboursement anticipé.
UBS AG bietet 1,17 Millionen US-Dollar an Trigger Callable Contingent Yield Notes mit Fälligkeit am 6. Juli 2028, die an den schlechtesten Performer unter den Nasdaq-100-, Russell 2000- und S&P 500-Indizes gekoppelt sind. Die Notes zahlen einen bedingten Kupon von 11,60 % p.a. (monatlich 9,6667 USD pro 1.000 USD) nur, wenn jeder Index am jeweiligen Beobachtungstag auf oder über 75 % seines Anfangsniveaus (Kuponbarriere) schließt. UBS kann die Notes ab Oktober 2025 an jedem monatlichen Beobachtungstag ganz zurückrufen; Anleger erhalten dann den Nennwert plus etwaige fällige Kupons. Werden die Notes nicht zurückgerufen und liegen am endgültigen Bewertungstag alle Indizes auf oder über 70 % ihres Anfangsniveaus (Abwärtsgrenze), erhalten Anleger den Nennwert. Andernfalls entspricht der Rückzahlungswert dem Nennwert multipliziert mit 1 plus der Rendite des schlechtesten Index, wodurch Anleger einem vollständigen Abwärtsrisiko unterhalb des 30 %-Buffers ausgesetzt sind.
Wesentliche wirtschaftliche Bedingungen: Anfangsniveaus—NDX 22.679,01; RTY 2.175,035; SPX 6.204,95. Kuponbarriere 75 % jedes Anfangsniveaus; Abwärtsgrenze 70 %. Geschätzter Anfangswert 973,10 USD (≈97,3 % des Ausgabepreises) berücksichtigt Zeichnungsabschlag, Absicherungs- und Finanzierungskosten. Ausgabepreis 1.000 USD, Zeichnungsabschlag bis zu 9 USD pro Note und Strukturierungsgebühr bis zu 9 USD.
Hauptsächliche Risiken: 1) Anleger können bis zu 100 % des Kapitals verlieren, wenn ein Index die Abwärtsgrenze bei Fälligkeit unterschreitet. 2) Kupons sind nicht garantiert; jeder einzelne Index unterhalb der Barriere eliminiert den Kupon für den jeweiligen Zeitraum. 3) Der vorzeitige Rückruf birgt Wiederanlagerisiko und begrenzt die Gesamtrendite. 4) Die Sekundärliquidität ist begrenzt; die Notes werden nicht an einer Börse notiert. 5) Alle Zahlungen hängen von der Kreditwürdigkeit von UBS ab; die Notes sind unbesicherte vorrangige Verbindlichkeiten der UBS AG London Branch. 6) Der Produktwert liegt bei Emission unter dem Ausgabepreis, und Geld-/Brief-Spannen sowie Händleraufschläge können Sekundärpreise weiter reduzieren.
Diese Notes können für renditeorientierte Anleger attraktiv sein, die mit Aktienmarkt- und Emittenten-Kreditrisiken vertraut sind, bereit sind auf Dividenden zu verzichten, potenziellen Kapitalverlust zu akzeptieren und eine vorzeitige Rückzahlung zu tolerieren.
- Attractive headline yield: 11.60 % per annum contingent coupon exceeds prevailing equity dividends and investment-grade bond yields.
- 30 % downside buffer: Principal is protected at maturity provided no index falls more than 30 % from its initial level.
- Short three-year tenor: Limits exposure duration relative to many structured products.
- Early call feature: Potential for rapid return of capital at par plus coupon if market conditions remain favourable.
- Worst-of exposure: One index breaching barriers cancels coupons or erodes principal, increasing probability of loss.
- Credit risk of UBS: Payments rely on UBS AG; Swiss resolution regime could impose write-down or conversion.
- No guaranteed income: Coupons are contingent and may be zero for multiple periods.
- Liquidity constraints: Unlisted security; secondary market depend on dealer discretion with possible sizable discounts.
- Call risk: UBS can redeem after three months, capping total return and creating reinvestment risk.
- Issue price premium: Estimated initial value is 97.3 % of par, meaning investors pay ~2.7 % above model value at launch.
Insights
TL;DR: High 11.6 % coupon but contingent, 30 % buffer, worst-of structure heightens risk; neutral overall.
The note combines an attractive headline yield with significant tail risk. The worst-of construct means correlation offers no protection—one index breaching either barrier nullifies coupons or principal protection. At 11.6 % the coupon compensates for volatility in NDX and RTY, but payments cease precisely when investors most need income. The 70 % downside threshold is tight for a three-year tenor given historical drawdowns (e.g., RTY fell >40 % in 2020). Early call probability is high if markets are stable, truncating upside. The estimated initial value (97.3 % of par) is typical, but investors effectively pay a ~2.7 % premium at launch. Credit exposure to UBS (A+/Aa3) remains a consideration, especially under Swiss resolution rules. On balance, risk-adjusted return appears neutral.
TL;DR: Note offers equity income substitute, but concentration and liquidity risks tilt impact slightly negative.
From a portfolio standpoint, the instrument behaves like a short put spread on the least-performing index plus a callable bond. Correlation among SPX/NDX/RTY has tightened recently; a volatility spike could quickly drive one index 30 % lower, triggering capital loss. Lack of exchange listing and wide dealer spreads hinder tactical exits. Compared with dividend yields (~1.3 % on SPX), the 11.6 % coupon seems attractive, yet missing just a few payments sharply lowers IRR. Reinvestment risk is real: if UBS calls after the first three months, investors earn ~1 % total return. Given asymmetric payoff and limited diversification benefit, I view the note as modestly unfavourable unless used opportunistically in a high-conviction sideways market view.
UBS AG offre 1,17 milioni di dollari in Trigger Callable Contingent Yield Notes con scadenza il 6 luglio 2028, collegati al peggior rendimento tra gli indici Nasdaq-100, Russell 2000 e S&P 500. Le note pagano un coupon condizionato dell'11,60% annuo (9,6667 dollari mensili per ogni 1.000 dollari) solo se ogni indice chiude al di sopra del 75% del livello iniziale (barriera del coupon) nella data di osservazione pertinente. UBS può richiamare le note integralmente in qualsiasi data di osservazione mensile a partire da ottobre 2025; in tal caso gli investitori riceverebbero il valore nominale più eventuali coupon maturati. Se le note non vengono richiamate e, alla data di valutazione finale, ogni indice è pari o superiore al 70% del livello iniziale (soglia di ribasso), gli investitori ricevono il valore nominale. Altrimenti, il valore di rimborso è pari al valore nominale moltiplicato per 1 + il rendimento dell'indice peggiore, esponendo i detentori a un rischio di ribasso completo al di sotto del buffer del 30%.
Termini economici chiave: Livelli iniziali—NDX 22.679,01; RTY 2.175,035; SPX 6.204,95. Barriera del coupon al 75% di ciascun livello iniziale; soglia di ribasso al 70%. Valore iniziale stimato 973,10 dollari (circa il 97,3% del prezzo di emissione) che riflette lo sconto di sottoscrizione, i costi di copertura e finanziamento. Prezzo di emissione 1.000 dollari, sconto di sottoscrizione fino a 9 dollari per nota e commissione di strutturazione fino a 9 dollari.
Principali rischi: 1) Gli investitori possono perdere fino al 100% del capitale se un indice scende sotto la soglia di ribasso alla scadenza. 2) I coupon non sono garantiti; qualsiasi indice sotto la barriera elimina il coupon per quel periodo. 3) Il richiamo anticipato comporta rischio di reinvestimento e limita il rendimento totale. 4) La liquidità secondaria è limitata; le note non saranno quotate in borsa. 5) Tutti i pagamenti dipendono dal credito di UBS; le note sono obbligazioni senior non garantite della filiale londinese di UBS AG. 6) Il valore del prodotto è inferiore al prezzo di emissione all'inizio, e gli spread denaro-lettera più i ricarichi dei dealer possono ridurre ulteriormente i prezzi secondari.
Queste note possono interessare investitori orientati al rendimento, a proprio agio con il rischio di mercato azionario e di credito dell’emittente, disposti a rinunciare ai dividendi, accettare la possibile perdita del capitale e tollerare il rimborso anticipato.
UBS AG ofrece 1,17 millones de dólares en Notas de Rendimiento Contingente Callable con Disparador que vencen el 6 de julio de 2028 y están vinculadas al peor desempeño entre los índices Nasdaq-100, Russell 2000 y S&P 500. Las notas pagan un cupón contingente del 11,60% anual (9,6667 dólares mensuales por cada 1.000 dólares) solo si cada índice cierra en o por encima del 75% de su nivel inicial (barrera del cupón) en la fecha de observación correspondiente. UBS puede llamar a las notas en su totalidad en cualquier fecha de observación mensual a partir de octubre de 2025; los inversores recibirían entonces el valor nominal más cualquier cupón adeudado. Si las notas no se llaman y, en la fecha de valoración final, cada índice está en o por encima del 70% de su nivel inicial (umbral de caída), los inversores reciben el valor nominal. De lo contrario, el valor de reembolso es igual al valor nominal multiplicado por 1 + el rendimiento del índice con peor desempeño, exponiendo a los tenedores a la pérdida total por debajo del margen del 30%.
Términos económicos clave: Niveles iniciales—NDX 22,679.01; RTY 2,175.035; SPX 6,204.95. Barrera del cupón al 75% de cada nivel inicial; umbral de caída al 70%. Valor inicial estimado 973,10 dólares (aproximadamente 97,3% del precio de emisión) que refleja el descuento de suscripción, costos de cobertura y financiación. Precio de emisión 1.000 dólares, descuento de suscripción hasta 9 dólares por nota y una comisión de estructuración hasta 9 dólares.
Riesgos principales: 1) Los inversores pueden perder hasta el 100% del capital si algún índice rompe su umbral de caída al vencimiento. 2) Los cupones no están garantizados; cualquier índice por debajo de su barrera elimina el cupón para ese período. 3) La llamada anticipada genera riesgo de reinversión y limita el rendimiento total. 4) La liquidez secundaria es limitada; las notas no se cotizarán en bolsa. 5) Todos los pagos dependen del crédito de UBS; las notas son obligaciones senior no garantizadas de la sucursal de UBS AG en Londres. 6) La valoración del producto está por debajo del precio de emisión al inicio, y los diferenciales bid/ask junto con los márgenes de los distribuidores pueden reducir aún más los precios secundarios.
Estas notas pueden atraer a inversores orientados al rendimiento que se sientan cómodos con el riesgo del mercado accionario y crediticio del emisor, dispuestos a renunciar a dividendos, aceptar la posible pérdida de capital y tolerar el reembolso anticipado.
UBS AG는 2028년 7월 6일 만기되는 117만 달러 규모의 트리거 콜러블 컨틴전트 수익 노트를 제공합니다. 이 노트는 나스닥-100, 러셀 2000, S&P 500 지수 중 최저 성과 지수에 연동됩니다. 노트는 연 11.60%의 조건부 쿠폰(월 1,000달러당 9.6667달러)을 해당 관찰일에 모든 지수가 최초 수준의 75% 이상으로 마감할 경우에만 지급합니다(쿠폰 장벽). UBS는 2025년 10월부터 시작하는 월별 관찰일에 노트를 전액 조기 상환할 수 있으며, 이 경우 투자자는 액면가와 미지급 쿠폰을 받게 됩니다. 노트가 조기 상환되지 않고 최종 평가일에 모든 지수가 최초 수준의 70% 이상(하락 임계치)일 경우 투자자는 액면가를 받습니다. 그렇지 않으면 상환 가치는 액면가에 최저 성과 지수의 수익률을 더한 값에 해당하며, 투자자는 30% 완충 구간 아래에서 전액 손실 위험에 노출됩니다.
주요 경제 조건: 최초 수준—NDX 22,679.01; RTY 2,175.035; SPX 6,204.95. 쿠폰 장벽은 각 최초 수준의 75%, 하락 임계치는 70%. 추정 초기 가치는 973.10달러(발행가의 약 97.3%)로 인수 할인, 헤지 및 자금 조달 비용을 반영합니다. 발행가는 1,000달러이며, 인수 할인은 노트당 최대 9달러, 구조화 수수료도 최대 9달러입니다.
주요 위험: 1) 만기 시 어떤 지수라도 하락 임계치를 하회하면 투자자는 원금 전액을 잃을 수 있습니다. 2) 쿠폰은 보장되지 않으며, 단일 지수가 장벽 아래일 경우 해당 기간의 쿠폰이 지급되지 않습니다. 3) 조기 상환은 재투자 위험을 초래하며 총 수익을 제한합니다. 4) 2차 유동성은 제한적이며, 노트는 거래소에 상장되지 않습니다. 5) 모든 지급은 UBS 신용도에 의존하며, 노트는 UBS AG 런던 지점의 무담보 선순위 채무입니다. 6) 상품 가치는 발행 시점에 발행가보다 낮으며, 매도/매수 스프레드와 딜러 마진으로 인해 2차 가격이 더 하락할 수 있습니다.
이 노트는 배당금을 포기하고 원금 손실 가능성을 수용하며 조기 상환을 감내할 수 있는 주식시장과 발행사 신용 위험에 익숙한 수익 지향 투자자에게 적합할 수 있습니다.
UBS AG propose 1,17 million de dollars de Trigger Callable Contingent Yield Notes arrivant à échéance le 6 juillet 2028, liées à la performance la plus faible parmi les indices Nasdaq-100, Russell 2000 et S&P 500. Les notes versent un coupon conditionnel de 11,60 % par an (9,6667 $ par mois pour 1 000 $) uniquement si chaque indice clôture à ou au-dessus de 75 % de son niveau initial (barrière du coupon) à la date d’observation pertinente. UBS peut racheter les notes en totalité à n’importe quelle date d’observation mensuelle à partir d’octobre 2025 ; les investisseurs recevraient alors la valeur nominale plus tout coupon dû. Si les notes ne sont pas rachetées et que, à la date d’évaluation finale, chaque indice est à ou au-dessus de 70 % de son niveau initial (seuil de baisse), les investisseurs reçoivent la valeur nominale. Sinon, la valeur de remboursement est égale à la valeur nominale multipliée par 1 + le rendement de l’indice le moins performant, exposant les détenteurs à une perte totale en dessous de la marge de 30 %.
Principaux termes économiques : Niveaux initiaux—NDX 22 679,01 ; RTY 2 175,035 ; SPX 6 204,95. Barrière du coupon à 75 % de chaque niveau initial ; seuil de baisse à 70 %. Valeur initiale estimée à 973,10 $ (≈97,3 % du prix d’émission) reflétant la décote de souscription, les coûts de couverture et de financement. Prix d’émission 1 000 $, décote de souscription jusqu’à 9 $ par note, et frais de structuration jusqu’à 9 $.
Risques principaux : 1) Les investisseurs peuvent perdre jusqu’à 100 % du capital si un indice franchit son seuil de baisse à l’échéance. 2) Les coupons ne sont pas garantis ; si un indice est en dessous de sa barrière, le coupon pour cette période est supprimé. 3) Le rachat anticipé crée un risque de réinvestissement et plafonne le rendement total. 4) La liquidité secondaire est limitée ; les notes ne seront pas cotées en bourse. 5) Tous les paiements dépendent de la solvabilité d’UBS ; les notes sont des obligations senior non garanties de la succursale UBS AG de Londres. 6) La valorisation du produit est inférieure au prix d’émission à l’origine, et les écarts acheteur/vendeur ainsi que les marges des courtiers peuvent encore réduire les prix secondaires.
Ces notes peuvent intéresser les investisseurs recherchant du rendement, à l’aise avec le risque de marché actions et de crédit de l’émetteur, prêts à renoncer aux dividendes, à accepter une perte potentielle du capital et à tolérer un remboursement anticipé.
UBS AG bietet 1,17 Millionen US-Dollar an Trigger Callable Contingent Yield Notes mit Fälligkeit am 6. Juli 2028, die an den schlechtesten Performer unter den Nasdaq-100-, Russell 2000- und S&P 500-Indizes gekoppelt sind. Die Notes zahlen einen bedingten Kupon von 11,60 % p.a. (monatlich 9,6667 USD pro 1.000 USD) nur, wenn jeder Index am jeweiligen Beobachtungstag auf oder über 75 % seines Anfangsniveaus (Kuponbarriere) schließt. UBS kann die Notes ab Oktober 2025 an jedem monatlichen Beobachtungstag ganz zurückrufen; Anleger erhalten dann den Nennwert plus etwaige fällige Kupons. Werden die Notes nicht zurückgerufen und liegen am endgültigen Bewertungstag alle Indizes auf oder über 70 % ihres Anfangsniveaus (Abwärtsgrenze), erhalten Anleger den Nennwert. Andernfalls entspricht der Rückzahlungswert dem Nennwert multipliziert mit 1 plus der Rendite des schlechtesten Index, wodurch Anleger einem vollständigen Abwärtsrisiko unterhalb des 30 %-Buffers ausgesetzt sind.
Wesentliche wirtschaftliche Bedingungen: Anfangsniveaus—NDX 22.679,01; RTY 2.175,035; SPX 6.204,95. Kuponbarriere 75 % jedes Anfangsniveaus; Abwärtsgrenze 70 %. Geschätzter Anfangswert 973,10 USD (≈97,3 % des Ausgabepreises) berücksichtigt Zeichnungsabschlag, Absicherungs- und Finanzierungskosten. Ausgabepreis 1.000 USD, Zeichnungsabschlag bis zu 9 USD pro Note und Strukturierungsgebühr bis zu 9 USD.
Hauptsächliche Risiken: 1) Anleger können bis zu 100 % des Kapitals verlieren, wenn ein Index die Abwärtsgrenze bei Fälligkeit unterschreitet. 2) Kupons sind nicht garantiert; jeder einzelne Index unterhalb der Barriere eliminiert den Kupon für den jeweiligen Zeitraum. 3) Der vorzeitige Rückruf birgt Wiederanlagerisiko und begrenzt die Gesamtrendite. 4) Die Sekundärliquidität ist begrenzt; die Notes werden nicht an einer Börse notiert. 5) Alle Zahlungen hängen von der Kreditwürdigkeit von UBS ab; die Notes sind unbesicherte vorrangige Verbindlichkeiten der UBS AG London Branch. 6) Der Produktwert liegt bei Emission unter dem Ausgabepreis, und Geld-/Brief-Spannen sowie Händleraufschläge können Sekundärpreise weiter reduzieren.
Diese Notes können für renditeorientierte Anleger attraktiv sein, die mit Aktienmarkt- und Emittenten-Kreditrisiken vertraut sind, bereit sind auf Dividenden zu verzichten, potenziellen Kapitalverlust zu akzeptieren und eine vorzeitige Rückzahlung zu tolerieren.
Terms supplement to the prospectus dated April 13, 2023, the prospectus supplement dated April 13, 2023, the product supplement no. 4 - I dated April 13, 2023, the underlying supplement no. 5 - III dated March 5, 2025 and the prospectus addendum dated June 3, 2024 North America Structured Investments Registration Statement Nos. 333 - 270004 and 333 - 270004 - 01 Dated July 1, 2025 Rule 424(b)(3) 5yr MQUSLVA Review Notes The following is a summary of the terms of the notes offered by the preliminary pricing supplement hyperlinked below. Index Overview The MerQube US Large - Cap Vol Advantage Index (the “Underlying”) attempts to provide a dynamic rules - based exposure to an unfunded rolling position in E - Mini ® S&P 500 ® futures (the “Futures Contracts”), which reference the S&P 500 ® Index (the “Constituent”), while targeting a level of implied volatility, with a maximum exposure to the Futures Contracts of 500% and a minimum exposure to the Futures Contracts of 0%. The Index is subject to a 6.0% per annum daily deduction. The Constituent consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. Summary of Terms J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com JPMorgan Chase Financial Company LLC JPMorgan Chase & Co. $1,000 The MerQube US Large - Cap Vol Advantage Index (Bloomberg ticker: MQUSLVA). The level of the Underlying reflects a deduction of 6.0% per annum that accrues daily. 50.00% of the Initial Value July 31, 2025 Annually July 31, 2030 August 5, 2030 48136FEE8 Issuer: Guarantor: Minimum Denomination: Underlying: Barrier Amount : Pricing Date: Review Dates : Final Review Date : Maturity Date: CUSIP: Preliminary Pricing Supplement: Estimated Value: http://sp.jpmorgan.com/document/cusip/48136FEE8/doctype/Product_Termsheet/document.pdf The estimated value of the notes, when the terms of the notes are set, will not be less than $900.00 per $1,000 principal amount note. For more information about the estimated value of the notes, which likely will be lower than the price you paid for the notes, please see the hyperlink above. You may lose some or all of your principal at maturity. Any payment on the notes is subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes. Automatic Call If the closing value of the Underlying on any Review Date is greater than or equal to the Call Value, the notes will be automatically called for a cash payment, for each $1,000 principal amount note, equal to (a) $1,000 plus (b) the Call Premium Amount applicable to that Review Date, payable on the applicable Call Settlement Date. No further payments will be made on the notes. Call Premium* Call Value Review Date At least 28.75% 100.00% of the Initial Value First At least 57.50% 100.00% of the Initial Value Second At least 86.25% 100.00% of the Initial Value Third At least 115.00% 100.00% of the Initial Value Fourth At least 143.75% 100.00% of the Initial Value Final Payment At Maturity If the notes have not been automatically called and the Final Value is greater than or equal to the Barrier Amount, you will receive the principal amount of your notes at maturity. If the notes have not been automatically called and the Final Value is less than the Barrier Amount, your payment at maturity per $1,000 principal amount note will be calculated as follows: $1,000 + ($1,000 î Underlying Return) If the notes have not been automatically called and the Final Value is less than the Barrier Amount, you will lose more than 50.00% of your principal amount at maturity and could lose all of your principal amount at maturity. Investing in the notes linked to the Underlying involves a number of risks. See “Selected Risks” on page 2 of this document, “Risk Factors” in the prospectus supplement and the relevant product supplement and underlying supplement, Annex A to the prospectus addendum and “Selected Risk Considerations” in the relevant pricing supplement. Hypothetical Examples of Amounts Payable Upon Automatic Call or at Maturity** Total Return at Final Review Date* Total Return at Third Review Date* Total Return at Second Review Date* Total Return at First Review Date* Underlying Return at Review Date 143.75% 86.25% 57.50% 28.75% 100.00% 143.75% 86.25% 57.50% 28.75% 80.00% 143.75% 86.25% 57.50% 28.75% 40.00% 143.75% 86.25% 57.50% 28.75% 20.00% 143.75% 86.25% 57.50% 28.75% 10.00% 143.75% 86.25% 57.50% 28.75% 0.00% 0.00% N/A N/A N/A - 0.01% 0.00% N/A N/A N/A - 5.00% 0.00% N/A N/A N/A - 10.00% 0.00% N/A N/A N/A - 20.00% 0.00% N/A N/A N/A - 40.00% 0.00% N/A N/A N/A - 50.00% - 50.01% N/A N/A N/A - 50.01% - 60.00% N/A N/A N/A - 60.00% - 80.00% N/A N/A N/A - 80.00% - 100.00% N/A N/A N/A - 100.00% Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this document or the relevant product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense. * In each case, to be determined on the Pricing Date, but not less than the minimum Call Premium, as applicable. ** Not all Review Dates reflected. Reflects a Call Premium of 28.75% per annum. The Call Premium will be determined on the Pricing Date and will not be less than 28.75% per annum. The “total return” as used above is the number expressed, as a percentage, that results from comparing the payment on the applicable payment date per $1,000 principal amount note to $1,000. The hypothetical returns on the notes shown above apply only if you hold the notes for their entire term or until automatically called. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns shown above would likely be lower. Capitalized terms used but not defined herein shall have the meaning set forth in the preliminary pricing supplement.
North America Structured Investments 5yr MQUSLVA Review Notes Selected Risks Risks Relating to the Notes Generally Ɣ Ɣ Ɣ Your investment in the notes may result in a loss. The notes do not guarantee any return of principal. The level of the Underlying will include a 6.0% per annum daily deduction. Any payment on the notes is subject to the credit risks of JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co. Therefore the value of the notes prior to maturity will be subject to changes in the market’s view of the creditworthiness of JPMorgan Chase Financial Company LLC or JPMorgan Chase & Co. As a finance subsidiary, JPMorgan Chase Financial Company LLC has no independent operations and has limited assets. The appreciation potential of the notes is limited to any Call Premium Amount paid on the notes. The benefit provided by the Barrier Amount may terminate on the final Review Date. The automatic call feature may force a potential early exit. No interest payments, dividend payments or voting rights. Lack of liquidity: J.P. Morgan Securities LLC (who we refer to as "JPMS"), intends to offer to purchase the notes in the secondary market but is not required to do so. The price, if any, at which JPMS will be willing to purchase notes from you in the secondary market, if at all, may result in a significant loss of your principal. The tax consequences of the notes may be uncertain. You should consult your tax adviser regarding Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ the U.S. federal income tax consequences of an investment in the notes. Risks Relating to Conflicts of Interest ● Potential conflicts: We and our affiliates play a variety of roles in connection with the issuance of notes, including acting as calculation agent and hedging our obligations under the notes, and making the assumptions used to determine the pricing of the notes and the estimated value of the notes when the terms of the notes are set. It is possible that such hedging or other trading activities of J.P. Morgan or its affiliates could result in substantial returns for J.P. Morgan and its affiliates while the value of the notes declines. ● Our affiliate, JPMS, worked with MerQube in developing the guidelines and policies governing the composition and calculation of the Underlying. Selected Risks (continued) Risks Relating to the Estimated Value and Secondary Market Prices of the Notes Ɣ Ɣ Ɣ The estimated value of the notes will be lower than the original issue price (price to public) of the notes. The estimated value of the notes is determined by reference to an internal funding rate. The estimated value of the notes does not represent future values and may differ from others’ estimates. The value of the notes, which may be reflected in customer account statements, may be higher than Ɣ the then - current estimated value of the notes for a limited time period. Risks Relating to the Underlying Ɣ Ɣ Ɣ Ɣ Ɣ The Underlying may not be successful or outperform any alternative strategy. The Underlying may not approximate its target volatility. The Underlying is subject to risks associated with the use of significant leverage. The Underlying may be significantly uninvested. The Underlying may be adversely affected if later futures contracts have higher prices than an expiring futures contract included in the Underlying. The Underlying is an excess return index that does not reflect “total returns.” JPMorgan Chase & Co. is currently one of the companies that make up the S&P 500 ® Index. Concentration risks associated with the Underlying may adversely affect the value of your notes. The Underlying is subject to significant risks associated with futures contracts, including volatility. Suspension or disruptions of market trading in futures contracts may adversely affect the value of your notes. The official settlement price and intraday trading prices of the relevant futures contracts may not be readily available. Changes in the margin requirements for the futures contracts included in the Underlying may adversely affect the value of the notes. The Underlying was established on February 11, 2022 and may perform in unanticipated ways. Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ Ɣ The risks identified above are not exhaustive. Please see “Risk Factors” in the prospectus supplement and the applicable product supplement and underlying supplement, Annex A to the prospectus addendum and “Selected Risk Considerations” in the applicable preliminary pricing supplement for additional information. Additional Information Any information relating to performance contained in these materials is illustrative and no assurance is given that any indicative returns, performance or results, whether historical or hypothetical, will be achieved. These terms are subject to change, and J.P. Morgan undertakes no duty to update this information. This document shall be amended, superseded and replaced in its entirety by a subsequent preliminary pricing supplement and/or pricing supplement, and the documents referred to therein. In the event any inconsistency between the information presented herein and any such preliminary pricing supplement and/or pricing supplement, such preliminary pricing supplement and/or pricing supplement shall govern. Past performance, and especially hypothetical back - tested performance, is not indicative of future results. Actual performance may vary significantly from past performance or any hypothetical back - tested performance. This type of information has inherent limitations and you should carefully consider these limitations before placing reliance on such information. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax - related penalties. Investment suitability must be determined individually for each investor, and the financial instruments described herein may not be suitable for all investors. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. Investors should consult with their own advisers as to these matters. This material is not a product of J.P. Morgan Research Departments. J.P. Morgan Structured Investments | 1 800 576 3529 | jpm_structured_investments@jpmorgan.com
FAQ
What is the coupon rate on UBS's Trigger Callable Contingent Yield Notes?
How much principal protection do the notes provide?
When can UBS call the notes early?
What happens if any index falls below its downside threshold at maturity?
Why is the estimated initial value ($973.10) below the $1,000 issue price?
Are the notes listed on an exchange?
