[FWP] ETRACS Whitney US Critical Technologies ETN Free Writing Prospectus
On 2 July 2025, Enstar Group Limited (“Enstar”) filed seven Post-Effective Amendments to Form S-8 registration statements to deregister all unsold ordinary shares that had been reserved for employee and director equity plans. The affected authorisations originally covered approximately 3.16 million ordinary shares across the following programmes:
- 1,200,000 shares – 2006 Equity Incentive Plan (Reg. No. 333-141793)
- 460,949 shares – 1997 Omnibus Incentive Plan and 29,422 shares – 2001 Outside Directors Stock Option Plan (Reg. No. 333-148862)
- 97,862 shares – Deferred Compensation Plan for Non-Employee Directors (Reg. No. 333-148863)
- 200,000 shares – Employee Share Purchase Plan (Reg. No. 333-149551)
- 689,654 shares – 2016 Equity Incentive Plan (Reg. No. 333-212131)
- 84,370 shares – A&R 2016 Equity Incentive Plan (Reg. No. 333-237259)
- 400,000 shares – A&R 2016 Equity Incentive Plan (Reg. No. 333-265567)
The amendments were triggered by the completion of a merger agreement dated 29 July 2024 under which Enstar survived a series of transactions and became a wholly-owned subsidiary of Elk Bidco Limited. As no further public issuances will occur, Enstar is terminating the effectiveness of the S-8 registrations in accordance with undertakings contained in each filing. The submission is administrative and contains no new financial results. The document was signed in Hamilton, Bermuda by General Counsel Audrey B. Taranto.
Il 2 luglio 2025, Enstar Group Limited ("Enstar") ha presentato sette Emendamenti Post-Efficaci ai moduli di registrazione Form S-8 per cancellare la registrazione di tutte le azioni ordinarie non vendute riservate ai piani azionari per dipendenti e amministratori. Le autorizzazioni interessate coprivano originariamente circa 3,16 milioni di azioni ordinarie nei seguenti programmi:
- 1.200.000 azioni – Piano di Incentivi Azionari 2006 (Reg. No. 333-141793)
- 460.949 azioni – Piano Omnibus Incentivi 1997 e 29.422 azioni – Piano Opzioni Azionarie per Amministratori Esterni 2001 (Reg. No. 333-148862)
- 97.862 azioni – Piano di Compensazione Differita per Amministratori Non Dipendenti (Reg. No. 333-148863)
- 200.000 azioni – Piano di Acquisto Azionario per Dipendenti (Reg. No. 333-149551)
- 689.654 azioni – Piano di Incentivi Azionari 2016 (Reg. No. 333-212131)
- 84.370 azioni – Modifica e Integrazione Piano Incentivi Azionari 2016 (Reg. No. 333-237259)
- 400.000 azioni – Modifica e Integrazione Piano Incentivi Azionari 2016 (Reg. No. 333-265567)
Gli emendamenti sono stati attivati dal completamento di un accordo di fusione datato 29 luglio 2024, in base al quale Enstar è sopravvissuta a una serie di transazioni ed è diventata una controllata al 100% di Elk Bidco Limited. Poiché non sono previste ulteriori emissioni pubbliche, Enstar sta terminando l’efficacia delle registrazioni S-8 in conformità agli impegni contenuti in ogni deposito. La presentazione è di natura amministrativa e non contiene nuovi risultati finanziari. Il documento è stato firmato a Hamilton, Bermuda, dall’Avvocato Generale Audrey B. Taranto.
El 2 de julio de 2025, Enstar Group Limited ("Enstar") presentó siete Enmiendas Post-Efectivas a las declaraciones de registro Formulario S-8 para cancelar la inscripción de todas las acciones ordinarias no vendidas que estaban reservadas para planes de acciones para empleados y directores. Las autorizaciones afectadas originalmente cubrían aproximadamente 3,16 millones de acciones ordinarias en los siguientes programas:
- 1.200.000 acciones – Plan de Incentivos de Capital 2006 (Reg. No. 333-141793)
- 460.949 acciones – Plan Omnibus de Incentivos 1997 y 29.422 acciones – Plan de Opciones sobre Acciones para Directores Externos 2001 (Reg. No. 333-148862)
- 97.862 acciones – Plan de Compensación Diferida para Directores No Empleados (Reg. No. 333-148863)
- 200.000 acciones – Plan de Compra de Acciones para Empleados (Reg. No. 333-149551)
- 689.654 acciones – Plan de Incentivos de Capital 2016 (Reg. No. 333-212131)
- 84.370 acciones – Modificación y Enmienda al Plan de Incentivos de Capital 2016 (Reg. No. 333-237259)
- 400.000 acciones – Modificación y Enmienda al Plan de Incentivos de Capital 2016 (Reg. No. 333-265567)
Las enmiendas fueron motivadas por la finalización de un acuerdo de fusión fechado el 29 de julio de 2024, según el cual Enstar sobrevivió a una serie de transacciones y se convirtió en una filial de propiedad total de Elk Bidco Limited. Como no habrá más emisiones públicas, Enstar está terminando la vigencia de los registros S-8 conforme a los compromisos incluidos en cada presentación. La presentación es administrativa y no contiene nuevos resultados financieros. El documento fue firmado en Hamilton, Bermuda, por la Asesora Jurídica General Audrey B. Taranto.
2025년 7월 2일, Enstar Group Limited("Enstar")는 직원 및 이사 주식계획을 위해 예약된 판매되지 않은 모든 보통주를 등록 말소하기 위해 7건의 Post-Effective Amendment를 Form S-8 등록서에 제출했습니다. 해당 승인들은 다음 프로그램들에 걸쳐 약 316만 주의 보통주를 포함하고 있었습니다:
- 1,200,000주 – 2006년 주식 인센티브 플랜 (Reg. No. 333-141793)
- 460,949주 – 1997년 옴니버스 인센티브 플랜 및 29,422주 – 2001년 외부 이사 주식 옵션 플랜 (Reg. No. 333-148862)
- 97,862주 – 비직원 이사용 이연 보상 플랜 (Reg. No. 333-148863)
- 200,000주 – 직원 주식 구매 플랜 (Reg. No. 333-149551)
- 689,654주 – 2016년 주식 인센티브 플랜 (Reg. No. 333-212131)
- 84,370주 – 2016년 주식 인센티브 플랜 수정 및 보완 (Reg. No. 333-237259)
- 400,000주 – 2016년 주식 인센티브 플랜 수정 및 보완 (Reg. No. 333-265567)
이 개정은 2024년 7월 29일 체결된 합병 계약 완료에 따라 촉발되었으며, 이 계약을 통해 Enstar는 일련의 거래를 거쳐 Elk Bidco Limited의 완전 자회사가 되었습니다. 추가 공모 발행이 없으므로 Enstar는 각 제출서에 포함된 약속에 따라 S-8 등록의 효력을 종료하고 있습니다. 이번 제출은 행정적인 성격이며 새로운 재무 결과를 포함하지 않습니다. 문서는 버뮤다 해밀턴에서 법률 고문 Audrey B. Taranto가 서명했습니다.
Le 2 juillet 2025, Enstar Group Limited ("Enstar") a déposé sept amendements post-effectifs aux déclarations d’enregistrement Formulaire S-8 afin de déréférencer toutes les actions ordinaires invendues réservées aux plans d’actions pour employés et administrateurs. Les autorisations concernées couvraient initialement environ 3,16 millions d’actions ordinaires dans les programmes suivants :
- 1 200 000 actions – Plan d’incitation en actions 2006 (Reg. No. 333-141793)
- 460 949 actions – Plan incitatif omnibus 1997 et 29 422 actions – Plan d’options sur actions pour administrateurs externes 2001 (Reg. No. 333-148862)
- 97 862 actions – Plan de rémunération différée pour administrateurs non salariés (Reg. No. 333-148863)
- 200 000 actions – Plan d’achat d’actions pour employés (Reg. No. 333-149551)
- 689 654 actions – Plan d’incitation en actions 2016 (Reg. No. 333-212131)
- 84 370 actions – Amendement et mise à jour du plan d’incitation en actions 2016 (Reg. No. 333-237259)
- 400 000 actions – Amendement et mise à jour du plan d’incitation en actions 2016 (Reg. No. 333-265567)
Les amendements ont été déclenchés par la finalisation d’un accord de fusion daté du 29 juillet 2024, en vertu duquel Enstar a survécu à une série de transactions et est devenue une filiale en propriété exclusive d’Elk Bidco Limited. Comme aucune émission publique supplémentaire n’aura lieu, Enstar met fin à l’efficacité des enregistrements S-8 conformément aux engagements contenus dans chaque dépôt. La soumission est de nature administrative et ne contient aucun nouveau résultat financier. Le document a été signé à Hamilton, Bermudes, par la conseillère juridique générale Audrey B. Taranto.
Am 2. Juli 2025 reichte Enstar Group Limited ("Enstar") sieben Post-Effective Amendments zu den Form S-8-Registrierungserklärungen ein, um alle nicht verkauften Stammaktien, die für Mitarbeiter- und Direktorenbeteiligungspläne reserviert waren, abzumelden. Die betroffenen Genehmigungen umfassten ursprünglich etwa 3,16 Millionen Stammaktien in den folgenden Programmen:
- 1.200.000 Aktien – Equity Incentive Plan 2006 (Reg. Nr. 333-141793)
- 460.949 Aktien – Omnibus Incentive Plan 1997 und 29.422 Aktien – Outside Directors Stock Option Plan 2001 (Reg. Nr. 333-148862)
- 97.862 Aktien – Deferred Compensation Plan für Nicht-Geschäftsführende Direktoren (Reg. Nr. 333-148863)
- 200.000 Aktien – Employee Share Purchase Plan (Reg. Nr. 333-149551)
- 689.654 Aktien – Equity Incentive Plan 2016 (Reg. Nr. 333-212131)
- 84.370 Aktien – Änderung und Ergänzung des Equity Incentive Plan 2016 (Reg. Nr. 333-237259)
- 400.000 Aktien – Änderung und Ergänzung des Equity Incentive Plan 2016 (Reg. Nr. 333-265567)
Die Änderungen wurden durch den Abschluss eines Fusionsvertrags vom 29. Juli 2024 ausgelöst, durch den Enstar eine Reihe von Transaktionen überlebte und eine vollständig im Eigentum von Elk Bidco Limited stehende Tochtergesellschaft wurde. Da keine weiteren öffentlichen Emissionen erfolgen werden, beendet Enstar die Wirksamkeit der S-8-Registrierungen gemäß den Verpflichtungen in jeder Einreichung. Die Einreichung ist administrativer Natur und enthält keine neuen Finanzergebnisse. Das Dokument wurde in Hamilton, Bermuda, von der General Counsel Audrey B. Taranto unterzeichnet.
- Merger consummation confirmed: filing indicates Enstar now operates as a wholly owned subsidiary, eliminating public-market dilution and simplifying corporate structure.
- None.
Insights
TL;DR – Administrative cancellation of 3.16 million unsold S-8 shares after Enstar’s take-private merger; neutral earnings impact.
The filing merely formalises the termination of public share registration linked to multiple equity incentive plans. Because Enstar is now a wholly owned subsidiary of Elk Bidco, future share issuances will be private, eliminating the need for ongoing S-8 coverage. There are no cash flows, earnings revisions or capital-structure changes disclosed; therefore, the action is compliance-driven and has no direct valuation effect. Investors have already realised consideration through the 2024–2025 merger, so today’s amendment is largely procedural.
TL;DR – Filing confirms take-private status and tidies up outstanding equity plan registrations; governance risk minimal.
By deregistering unsold plan shares, Enstar fulfils its Part II undertaking to remove securities once the underlying offering ends. This limits future dilution, reduces SEC reporting obligations and clarifies that legacy equity programmes are closed. No additional board or executive actions are required, and the signature page reflects Rule 478 relief. From a governance standpoint, the move is routine and signals sound post-merger housekeeping rather than a material policy shift.
Il 2 luglio 2025, Enstar Group Limited ("Enstar") ha presentato sette Emendamenti Post-Efficaci ai moduli di registrazione Form S-8 per cancellare la registrazione di tutte le azioni ordinarie non vendute riservate ai piani azionari per dipendenti e amministratori. Le autorizzazioni interessate coprivano originariamente circa 3,16 milioni di azioni ordinarie nei seguenti programmi:
- 1.200.000 azioni – Piano di Incentivi Azionari 2006 (Reg. No. 333-141793)
- 460.949 azioni – Piano Omnibus Incentivi 1997 e 29.422 azioni – Piano Opzioni Azionarie per Amministratori Esterni 2001 (Reg. No. 333-148862)
- 97.862 azioni – Piano di Compensazione Differita per Amministratori Non Dipendenti (Reg. No. 333-148863)
- 200.000 azioni – Piano di Acquisto Azionario per Dipendenti (Reg. No. 333-149551)
- 689.654 azioni – Piano di Incentivi Azionari 2016 (Reg. No. 333-212131)
- 84.370 azioni – Modifica e Integrazione Piano Incentivi Azionari 2016 (Reg. No. 333-237259)
- 400.000 azioni – Modifica e Integrazione Piano Incentivi Azionari 2016 (Reg. No. 333-265567)
Gli emendamenti sono stati attivati dal completamento di un accordo di fusione datato 29 luglio 2024, in base al quale Enstar è sopravvissuta a una serie di transazioni ed è diventata una controllata al 100% di Elk Bidco Limited. Poiché non sono previste ulteriori emissioni pubbliche, Enstar sta terminando l’efficacia delle registrazioni S-8 in conformità agli impegni contenuti in ogni deposito. La presentazione è di natura amministrativa e non contiene nuovi risultati finanziari. Il documento è stato firmato a Hamilton, Bermuda, dall’Avvocato Generale Audrey B. Taranto.
El 2 de julio de 2025, Enstar Group Limited ("Enstar") presentó siete Enmiendas Post-Efectivas a las declaraciones de registro Formulario S-8 para cancelar la inscripción de todas las acciones ordinarias no vendidas que estaban reservadas para planes de acciones para empleados y directores. Las autorizaciones afectadas originalmente cubrían aproximadamente 3,16 millones de acciones ordinarias en los siguientes programas:
- 1.200.000 acciones – Plan de Incentivos de Capital 2006 (Reg. No. 333-141793)
- 460.949 acciones – Plan Omnibus de Incentivos 1997 y 29.422 acciones – Plan de Opciones sobre Acciones para Directores Externos 2001 (Reg. No. 333-148862)
- 97.862 acciones – Plan de Compensación Diferida para Directores No Empleados (Reg. No. 333-148863)
- 200.000 acciones – Plan de Compra de Acciones para Empleados (Reg. No. 333-149551)
- 689.654 acciones – Plan de Incentivos de Capital 2016 (Reg. No. 333-212131)
- 84.370 acciones – Modificación y Enmienda al Plan de Incentivos de Capital 2016 (Reg. No. 333-237259)
- 400.000 acciones – Modificación y Enmienda al Plan de Incentivos de Capital 2016 (Reg. No. 333-265567)
Las enmiendas fueron motivadas por la finalización de un acuerdo de fusión fechado el 29 de julio de 2024, según el cual Enstar sobrevivió a una serie de transacciones y se convirtió en una filial de propiedad total de Elk Bidco Limited. Como no habrá más emisiones públicas, Enstar está terminando la vigencia de los registros S-8 conforme a los compromisos incluidos en cada presentación. La presentación es administrativa y no contiene nuevos resultados financieros. El documento fue firmado en Hamilton, Bermuda, por la Asesora Jurídica General Audrey B. Taranto.
2025년 7월 2일, Enstar Group Limited("Enstar")는 직원 및 이사 주식계획을 위해 예약된 판매되지 않은 모든 보통주를 등록 말소하기 위해 7건의 Post-Effective Amendment를 Form S-8 등록서에 제출했습니다. 해당 승인들은 다음 프로그램들에 걸쳐 약 316만 주의 보통주를 포함하고 있었습니다:
- 1,200,000주 – 2006년 주식 인센티브 플랜 (Reg. No. 333-141793)
- 460,949주 – 1997년 옴니버스 인센티브 플랜 및 29,422주 – 2001년 외부 이사 주식 옵션 플랜 (Reg. No. 333-148862)
- 97,862주 – 비직원 이사용 이연 보상 플랜 (Reg. No. 333-148863)
- 200,000주 – 직원 주식 구매 플랜 (Reg. No. 333-149551)
- 689,654주 – 2016년 주식 인센티브 플랜 (Reg. No. 333-212131)
- 84,370주 – 2016년 주식 인센티브 플랜 수정 및 보완 (Reg. No. 333-237259)
- 400,000주 – 2016년 주식 인센티브 플랜 수정 및 보완 (Reg. No. 333-265567)
이 개정은 2024년 7월 29일 체결된 합병 계약 완료에 따라 촉발되었으며, 이 계약을 통해 Enstar는 일련의 거래를 거쳐 Elk Bidco Limited의 완전 자회사가 되었습니다. 추가 공모 발행이 없으므로 Enstar는 각 제출서에 포함된 약속에 따라 S-8 등록의 효력을 종료하고 있습니다. 이번 제출은 행정적인 성격이며 새로운 재무 결과를 포함하지 않습니다. 문서는 버뮤다 해밀턴에서 법률 고문 Audrey B. Taranto가 서명했습니다.
Le 2 juillet 2025, Enstar Group Limited ("Enstar") a déposé sept amendements post-effectifs aux déclarations d’enregistrement Formulaire S-8 afin de déréférencer toutes les actions ordinaires invendues réservées aux plans d’actions pour employés et administrateurs. Les autorisations concernées couvraient initialement environ 3,16 millions d’actions ordinaires dans les programmes suivants :
- 1 200 000 actions – Plan d’incitation en actions 2006 (Reg. No. 333-141793)
- 460 949 actions – Plan incitatif omnibus 1997 et 29 422 actions – Plan d’options sur actions pour administrateurs externes 2001 (Reg. No. 333-148862)
- 97 862 actions – Plan de rémunération différée pour administrateurs non salariés (Reg. No. 333-148863)
- 200 000 actions – Plan d’achat d’actions pour employés (Reg. No. 333-149551)
- 689 654 actions – Plan d’incitation en actions 2016 (Reg. No. 333-212131)
- 84 370 actions – Amendement et mise à jour du plan d’incitation en actions 2016 (Reg. No. 333-237259)
- 400 000 actions – Amendement et mise à jour du plan d’incitation en actions 2016 (Reg. No. 333-265567)
Les amendements ont été déclenchés par la finalisation d’un accord de fusion daté du 29 juillet 2024, en vertu duquel Enstar a survécu à une série de transactions et est devenue une filiale en propriété exclusive d’Elk Bidco Limited. Comme aucune émission publique supplémentaire n’aura lieu, Enstar met fin à l’efficacité des enregistrements S-8 conformément aux engagements contenus dans chaque dépôt. La soumission est de nature administrative et ne contient aucun nouveau résultat financier. Le document a été signé à Hamilton, Bermudes, par la conseillère juridique générale Audrey B. Taranto.
Am 2. Juli 2025 reichte Enstar Group Limited ("Enstar") sieben Post-Effective Amendments zu den Form S-8-Registrierungserklärungen ein, um alle nicht verkauften Stammaktien, die für Mitarbeiter- und Direktorenbeteiligungspläne reserviert waren, abzumelden. Die betroffenen Genehmigungen umfassten ursprünglich etwa 3,16 Millionen Stammaktien in den folgenden Programmen:
- 1.200.000 Aktien – Equity Incentive Plan 2006 (Reg. Nr. 333-141793)
- 460.949 Aktien – Omnibus Incentive Plan 1997 und 29.422 Aktien – Outside Directors Stock Option Plan 2001 (Reg. Nr. 333-148862)
- 97.862 Aktien – Deferred Compensation Plan für Nicht-Geschäftsführende Direktoren (Reg. Nr. 333-148863)
- 200.000 Aktien – Employee Share Purchase Plan (Reg. Nr. 333-149551)
- 689.654 Aktien – Equity Incentive Plan 2016 (Reg. Nr. 333-212131)
- 84.370 Aktien – Änderung und Ergänzung des Equity Incentive Plan 2016 (Reg. Nr. 333-237259)
- 400.000 Aktien – Änderung und Ergänzung des Equity Incentive Plan 2016 (Reg. Nr. 333-265567)
Die Änderungen wurden durch den Abschluss eines Fusionsvertrags vom 29. Juli 2024 ausgelöst, durch den Enstar eine Reihe von Transaktionen überlebte und eine vollständig im Eigentum von Elk Bidco Limited stehende Tochtergesellschaft wurde. Da keine weiteren öffentlichen Emissionen erfolgen werden, beendet Enstar die Wirksamkeit der S-8-Registrierungen gemäß den Verpflichtungen in jeder Einreichung. Die Einreichung ist administrativer Natur und enthält keine neuen Finanzergebnisse. Das Dokument wurde in Hamilton, Bermuda, von der General Counsel Audrey B. Taranto unterzeichnet.
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ISSUER FREE WRITING PROSPECTUS |
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Filed Pursuant to Rule 433 |
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Registration Statement No. 333-283672 |
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Dated July 2, 2025 |
Contingent Income Auto-Callable Securities due on or about July 14, 2028
Based on the Performance of the Common Stock of PayPal Holdings, Inc.
This document provides a summary of the terms of the Contingent Income Auto-Callable Securities (the “securities”). Investors should carefully review the accompanying preliminary pricing supplement for the securities, the accompanying product supplement and the accompanying prospectus, as well as the “Risk Considerations” section below, before making an investment decision.
The securities do not guarantee any return of principal at maturity. Investors will not participate in any appreciation of the underlying equity and must be willing to accept the risk of not receiving any contingent payments over the term of the securities. The securities are unsubordinated, unsecured debt obligations issued by UBS AG (“UBS”), and all payments on the securities are subject to the credit risk of UBS. As used in this document, “we,” “us,” or “our” refers to UBS.
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SUMMARY TERMS |
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Issuer: |
UBS AG London Branch |
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Underlying equity: |
Common stock of PayPal Holdings, Inc. (Bloomberg Ticker: “PYPL UW”) |
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Stated principal amount: |
$1,000.00 per security |
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Pricing date: |
Expected to be July 11, 2025 |
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Original issue date: |
Expected to be July 16, 2025 (3 business days after the pricing date; see preliminary pricing supplement). |
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Final determination date: |
Expected to be July 11, 2028, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
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Maturity date: |
Expected to be July 14, 2028, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
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Early redemption: |
If, on any determination date (other than the final determination date), the closing price of the underlying equity is equal to or greater than the call threshold level, the securities will be redeemed early and we will pay the early redemption amount on the first contingent payment date immediately following the related determination date. |
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Early redemption amount: |
The early redemption amount will be an amount equal to (i) the stated principal amount plus (ii) the contingent payment with respect to the related determination date. |
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Contingent payment: |
▪If, on any determination date, the closing price or the final price is equal to or greater than the downside threshold level, we will pay a contingent payment of $27.875 (equivalent to 11.15% per annum of the stated principal amount) per security on the related contingent payment date. ▪If, on any determination date, the closing price or the final price is less than the downside threshold level, no contingent payment will be made with respect to that determination date. |
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Determination dates: |
Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-trading days and certain market disruption events. |
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Contingent payment dates: |
Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-business days and certain market disruption events. |
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Payment at maturity: |
▪If the final price is equal to or greater than the downside threshold level: (i) the stated principal amount plus (ii) the contingent payment with respect to the final determination date ▪If the final price is less than the downside threshold level: the cash value UBS has elected to deliver to you cash in lieu of shares, and your payment at maturity for each security will be the cash value. If the final price is less than the downside threshold level, investors will lose a significant portion and may lose all of their initial investment. |
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Exchange ratio: |
The quotient of the stated principal amount divided by the initial price. |
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Cash value: |
The exchange ratio multiplied by the final price. |
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Call threshold level: |
100.00% of the initial price. The actual call threshold level will be determined on the pricing date. |
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Downside threshold level: |
65.00% of the initial price. The actual downside threshold level will be determined on the pricing date. |
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Initial price: |
The closing price of the underlying equity on the pricing date. |
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Final price: |
The closing price of the underlying equity on the final determination date. |
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CUSIP / ISIN: |
90309KAN4 / US90309KAN46 |
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Listing: |
The securities will not be listed or displayed on any securities exchange or any electronic communications network. |
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Commission: |
2.25% of the aggregate principal amount. |
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Estimated initial value: |
Expected to be between $937.30 and $967.30 per security. See “Risk Factors” in the preliminary pricing supplement. |
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Preliminary pricing supplement: |
http://www.sec.gov/Archives/edgar/data/1114446/000183988225036852/ubs_424b2-19845.htm |
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HYPOTHETICAL PAYOUT |
The below figures are based on a hypothetical downside threshold level of 65.00% of the hypothetical initial price of the underlying equity and are purely hypothetical (the actual terms of your security will be determined on the pricing date and will be specified in the final pricing supplement).
Hypothetical Payment at Maturity if No Early Redemption Occurs
|
Change in Underlying Equity |
Payment at Maturity (excluding any contingent payment payable at maturity) |
|
+50.00% |
$1,000.00 |
|
+40.00% |
$1,000.00 |
|
+30.00% |
$1,000.00 |
|
+20.00% |
$1,000.00 |
|
+10.00% |
$1,000.00 |
|
0.00% |
$1,000.00 |
|
-10.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-30.00% |
$1,000.00 |
|
-35.00% |
$1,000.00 |
|
-36.00% |
$640.00 |
|
-40.00% |
$600.00 |
|
-50.00% |
$500.00 |
|
-60.00% |
$400.00 |
|
-70.00% |
$300.00 |
|
-80.00% |
$200.00 |
|
-90.00% |
$100.00 |
|
-100.00% |
$0.00 |
A-1
You will find a link to the accompanying preliminary pricing supplement for the securities above and links to the accompanying product supplement and accompanying prospectus for the securities under “Additional Information About UBS and the Securities” in the preliminary pricing supplement, which you should read and understand prior to investing in the securities.
The issuer has filed a registration statement (including a prospectus as supplemented by a product supplement and the preliminary pricing supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying prospectus in that registration statement and the other documents the issuer has filed with the SEC, including the accompanying preliminary pricing supplement and the accompanying product supplement, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-833-653-0401. Our Central Index Key, or CIK, on the SEC web site is 0001114446.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to Return Characteristics
▪The securities do not guarantee the return of any principal and your investment in the securities may result in a loss.
▪The contingent payment, if any, is based solely on the closing prices of the underlying equity on the specified determination dates.
▪You will not receive any contingent payment for any period where the closing price of the underlying equity on the determination date is less than the downside threshold level.
▪Higher contingent payments are generally associated with a greater risk of loss.
▪Early redemption risk.
▪Investors will not participate in any appreciation in the closing price of the underlying equity and will not have the same rights as holders of the underlying equity.
Risks Relating to Characteristics of the Underlying Equity
▪Single equity risk.
▪There can be no assurance that the investment view implicit in the securities will be successful.
▪No affiliation with the underlying equity issuer.
Estimated Value Considerations
▪The issue price you pay for the securities will exceed their estimated initial value.
▪The estimated initial value is a theoretical price and the actual price that you may be able to sell your securities in any secondary market (if any) at any time after the pricing date may differ from the estimated initial value.
▪Our actual profits may be greater or less than the differential between the estimated initial value and the issue price of the securities as of the pricing date.
Risks Relating to Liquidity and Secondary Market Price Considerations
▪There may be little or no secondary market for the securities.
▪The price at which UBS Securities LLC and its affiliates may offer to buy the securities in the secondary market (if any) may be greater than UBS’ valuation of the securities at that time, greater than any other secondary market prices provided by unaffiliated dealers (if any) and, depending on your broker, greater than the valuation provided on your customer account statements.
▪Price of securities prior to maturity.
▪Impact of fees and the use of internal funding rates rather than secondary market credit spreads on secondary market prices.
Risks Relating to Hedging Activities and Conflicts of Interest
▪Potential conflicts of interest.
▪Hedging and trading activities by the calculation agent and its affiliates could potentially affect the value of, and any amounts payable on, the securities.
▪We may engage in business with or involving the underlying equity issuer without regard to your interests.
▪Potential UBS impact on an underlying equity.
▪Following certain events, the calculation agent can make adjustments to the underlying equity and terms of the securities that may adversely affect the market value of, and return on, the securities.
Risks Relating to General Credit Characteristics
▪The securities are subject to the credit risk of UBS, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
▪The securities are not bank deposits.
▪If UBS experiences financial difficulties, FINMA has the power to open restructuring or liquidation proceedings in respect of, and/or impose protective measures in relation to, UBS, which proceedings or measures may have a material adverse effect on the terms and market value of the securities and/or the ability of UBS to make payments thereunder.
Risks Relating to U.S. Federal Income Taxation
▪Uncertain tax treatment. Significant aspects of the tax treatment of the securities are uncertain. You should consult your tax advisor about your tax situation. See “Tax Considerations” in the preliminary pricing supplement and “Material U.S. Federal Income Tax Consequences”, including the section “— Securities Treated as Prepaid Derivatives or Prepaid Forwards with Associated Contingent Coupons”, in the accompanying product supplement.
Underlying Equity
For information about the underlying equity, including historical performance information, see “Information About the Underlying Equity” in the preliminary pricing supplement.
A-2
FAQ
Why did Enstar Group (ESGR) file Post-Effective Amendments on 2 July 2025?
How many shares are being deregistered by Enstar in the S-8 POS filing?
Which equity plans are affected by the Enstar S-8 POS filing?
What corporate event triggered the need for these amendments?
Does the filing contain any earnings or financial performance data?
