[6-K] ETRACS Whitney US Critical Technologies ETN Current Report (Foreign Issuer)

Rhea-AI Filing Summary

UBS AG’s 5 Aug 2025 Form 6-K provides an updated capitalization table as of 30 Jun 2025.

• Total capitalization: USD 429.7 bn, up USD 9.9 bn (+2.4%) from 31 Mar 25.
• Total debt issued: USD 334.9 bn, +3.8% QoQ; 87% is unsecured. • Short-term debt: USD 97.2 bn (+8.8%). • Long-term debt: USD 237.6 bn (+1.9%), of which USD 0.2 bn qualifies as non-Basel III tier 2.
• Equity attributable to shareholders: USD 94.3 bn, down USD 2.3 bn (-2.3%).
• Funding from UBS Group AG: USD 119.1 bn, representing 36% of total debt.

The filing is primarily incorporated by reference into existing registration statements and contains no earnings or guidance. Investors should note the higher leverage driven by debt growth and the slight reduction in equity, which marginally increases the firm’s debt-to-capital ratio.

Positive

• Total capitalization grew 2.4%, indicating overall balance-sheet expansion.
• Long-term debt growth only 1.9%, implying most new funding was short-term and potentially tactical.

Negative

• Shareholder equity fell 2.3%, reducing capital cushion.
• Debt/total capitalization increased to 78%, reflecting higher leverage.
• Short-term debt rose 8.8%, heightening near-term refinancing risk.

Insights

Financial Analyst

TL;DR: Debt up 3.8%, equity down 2.3%; leverage edges higher, impact modest.

The quarter-end snapshot shows UBS funding operations largely through additional short-term paper, pushing unsecured debt to 87% of outstanding. While overall capitalization expanded nearly USD 10 bn, the fall in shareholder equity suggests retained earnings did not fully offset buybacks or other movements. Leverage (debt/total cap) rose from 77% to 78%, a manageable shift but directionally negative for credit quality. No profitability data is offered, so market impact should be limited to fixed-income investors tracking covenant headroom.

Risk Analyst

TL;DR: Higher short-term reliance and equity dip slightly elevate liquidity and capital risk.

The USD 7.9 bn jump in short-term debt increases refinancing exposure over the next 12 months. Although group funding remains stable, shareholder equity erosion reduces loss-absorbing capacity. Absence of CET1 or liquidity coverage figures limits deeper assessment, but the trend suggests marginal tightening of risk buffers. However, incorporation into existing F-3 programs signals no immediate capital-raising stress.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

Date: August 5, 2025

UBS AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

Aeschenvorstadt 1, 4051 Basel, Switzerland 

(Address of principal executive offices)

Commission File Number: 1-15060

Indicate by check mark whether the registrant files or will file annual reports under cover of

Form 20-F or Form 40-F.

Form 20-F

☒

 Form 40-F 

☐

UBS AG produces regular annual and quarterly reports, which are submitted to the SEC under

Forms 20-F and 6-K, respectively. UBS AG’s consolidated financial statements are prepared in

accordance with IFRS Accounting Standards. SEC regulations require certain additional disclosures to

be included in registration statements relating to offerings of securities. Certain of these additional

disclosures follow herein, and should be read in conjunction with the annual report on Form 20-F for

the year ended 31 December 2024 of UBS AG, filed with the SEC on March 17, 2025, as well as UBS

AG's first quarter 2025 report, submitted to the SEC on Form 6-K on May 8, 2025, and UBS AG's

second quarter 2025 report, submitted to the SEC on Form 6-K on August 5, 2025.

Capitalization of UBS AG

The table below presents the consolidated capitalization of UBS AG in accordance with IFRS Accounting

Standards in US dollars, the presentation currency of UBS AG.

As of

USD m

30.6.25

31.3.25

Debt:

Short-term debt issued

1

 97,242

 89,369

Long-term debt issued

2

 237,634

 233,298

of which: eligible as non-Basel III-compliant tier 2 capital instruments

 196

 205

Total debt issued

3

 334,876

 322,666

of which: funding from UBS Group AG

 119,119

 117,014

Equity attributable to shareholders

 94,278

 96,553

Equity attributable to non-controlling interests

 576

 569

Total capitalization

 429,730

 419,789

1 Short-term debt issued consists of debt issued (reflected on the balance sheet lines Debt issued measured at amortized cost and Debt issued designated at fair value) by UBS AG and its

subsidiaries and funding from UBS Group AG (measured at amortized cost and designated at fair value) with a remaining contractual maturity of less than one year without considering any

early redemption features. 2 Long-term debt issued consists of debt issued (reflected on the balance sheet lines Debt issued measured at amortized cost and Debt issued designated at fair

value) by UBS AG and its subsidiaries and funding from UBS Group AG (measured at amortized cost and designated at fair value) with a remaining contractual maturity of more than one year

without considering any early redemption features. 3 As of 30 June 2025, 87% of the total debt issued was unsecured. 

This Form 6-K is hereby incorporated by reference into (1) the registration statement of UBS AG on

Form F-3 (Registration Number 333-283672), and into each prospectus outstanding under the foregoing

registration statement, (2) any outstanding offering circular or similar document issued or authorized by

UBS AG that incorporates by reference any Forms 6-K of UBS AG that are incorporated into its

registration statements filed with the SEC, and (3) the base prospectus of Corporate Asset Backed

Corporation (“CABCO”) dated June 23, 2004 (Registration Number 333-111572), the Form 8-K of

CABCO filed and dated June 23, 2004 (SEC File Number 001-13444), and the Prospectus Supplements

relating to the CABCO Series 2004-101 Trust dated May 10, 2004 and May 17, 2004 (Registration

Number 033-91744 and 033-91744-05).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

UBS AG

By: _/s/ David Kelly _____________

Name: David Kelly

Title: Managing Director 

By: _/s/ Ella Copetti-Campi ______________

Name: Ella Copetti-Campi

Title: Executive Director

Date: August 5, 2025

FAQ

What is UBS AG's total capitalization as of 30 June 2025?

UBS reports USD 429.7 billion in total capitalization on 30 Jun 25.

How much did UBS AG's debt change in Q2 2025?

Total debt issued rose to USD 334.9 bn, a USD 12.2 bn increase from 31 Mar 25.

Did UBS AG's equity increase or decrease during the quarter?

Equity attributable to shareholders decreased by USD 2.3 bn to USD 94.3 bn.

What percentage of UBS AG's debt is unsecured?

As of 30 Jun 25, 87% of total debt was unsecured.

Is this Form 6-K linked to a new securities offering?

The filing is incorporated by reference into existing F-3 and other prospectuses but does not announce a new offering.