[FWP] ETRACS Whitney US Critical Technologies ETN Free Writing Prospectus
On 07/01/2025, Gartner Inc. (IT) filed a Form 4 disclosing that outside director Jose M. Gutierrez converted 32 Common Stock Equivalents (CSEs) into an equal number of Gartner common shares at $0 cost. The distribution was made under the company’s Long-Term Incentive Plan (LTIP) and is coded “J,” indicating an ‘other’ type of transaction. Immediately before the conversion, Gutierrez received a routine LTIP grant of 32 additional CSEs priced at $406.70 per unit (Code “A”), leaving him with 226 CSEs outstanding after the offsetting distribution.
Following the reported transactions, the director’s direct ownership stands at 1,663 common shares plus the remaining 226 CSEs. The 32-share increase represents an immaterial fraction of Gartner’s ~80 million diluted shares outstanding and does not affect the public float or corporate control. The filing reflects ordinary, compensation-related equity movements rather than a discretionary open-market purchase or sale, and therefore has limited signaling value for investors.
Il 07/01/2025, Gartner Inc. (IT) ha presentato un Modulo 4 rivelando che il direttore esterno Jose M. Gutierrez ha convertito 32 Common Stock Equivalents (CSE) in un pari numero di azioni ordinarie Gartner a costo zero. La distribuzione è avvenuta nell'ambito del Piano di Incentivi a Lungo Termine (LTIP) della società ed è codificata come “J”, indicando un tipo di transazione ‘altro’. Immediatamente prima della conversione, Gutierrez ha ricevuto una normale assegnazione LTIP di 32 CSE aggiuntivi valutati a $406,70 per unità (Codice “A”), lasciandogli un totale di 226 CSE in sospeso dopo la distribuzione compensativa.
Dopo le transazioni riportate, la proprietà diretta del direttore ammonta a 1.663 azioni ordinarie più i 226 CSE residui. L’aumento di 32 azioni rappresenta una frazione irrilevante delle circa 80 milioni di azioni diluite in circolazione di Gartner e non influisce sul flottante pubblico né sul controllo societario. La comunicazione riflette movimenti azionari ordinari legati alla compensazione e non un acquisto o vendita discrezionale sul mercato aperto, pertanto ha un valore informativo limitato per gli investitori.
El 07/01/2025, Gartner Inc. (IT) presentó un Formulario 4 revelando que el director externo Jose M. Gutierrez convirtió 32 Equivalentes de Acciones Comunes (CSEs) en un número igual de acciones comunes de Gartner a costo cero. La distribución se realizó bajo el Plan de Incentivos a Largo Plazo (LTIP) de la empresa y está codificada como “J”, indicando un tipo de transacción ‘otro’. Justo antes de la conversión, Gutierrez recibió una concesión rutinaria del LTIP de 32 CSEs adicionales valorados en $406.70 por unidad (Código “A”), quedando con 226 CSEs pendientes tras la distribución compensatoria.
Tras las transacciones reportadas, la propiedad directa del director es de 1,663 acciones comunes más los 226 CSEs restantes. El aumento de 32 acciones representa una fracción insignificante de las aproximadamente 80 millones de acciones diluidas en circulación de Gartner y no afecta el flotante público ni el control corporativo. La presentación refleja movimientos ordinarios de capital relacionados con compensación y no una compra o venta discrecional en el mercado abierto, por lo que tiene un valor informativo limitado para los inversores.
2025년 7월 1일, Gartner Inc.(IT)는 외부 이사 Jose M. Gutierrez가 32개의 보통주 등가물(CSEs)을 비용 없이 동일한 수의 Gartner 보통주로 전환했다고 Form 4를 제출했습니다. 이 배분은 회사의 장기 인센티브 계획(LTIP)에 따라 이루어졌으며, ‘기타’ 유형 거래를 나타내는 코드 “J”로 분류되었습니다. 전환 직전, Gutierrez는 단위당 $406.70 가격의 32개의 추가 CSE를 LTIP를 통해 정기적으로 수령했으며(코드 “A”), 상쇄 배분 후 총 226개의 CSE를 보유하게 되었습니다.
보고된 거래 이후 이사의 직접 소유 주식은 1,663주 보통주와 남은 226개의 CSE입니다. 32주 증가는 약 8,000만 주의 희석 주식 중 미미한 비중이며, 공개 유통 주식 수나 기업 지배에 영향을 미치지 않습니다. 이번 제출은 임의의 공개 시장 매매가 아닌 보상 관련 일반적인 주식 이동을 반영하므로 투자자에게 주는 신호 가치는 제한적입니다.
Le 01/07/2025, Gartner Inc. (IT) a déposé un formulaire 4 révélant que le directeur externe Jose M. Gutierrez a converti 32 équivalents d’actions ordinaires (CSE) en un nombre égal d’actions ordinaires Gartner à coût nul. La distribution a été effectuée dans le cadre du Plan d’Incitation à Long Terme (LTIP) de la société et est codée « J », indiquant un type de transaction « autre ». Immédiatement avant la conversion, Gutierrez a reçu une attribution LTIP habituelle de 32 CSE supplémentaires évalués à 406,70 $ par unité (code « A »), ce qui lui laisse 226 CSE en circulation après la distribution compensatoire.
Suite aux transactions déclarées, la détention directe du directeur s’élève à 1 663 actions ordinaires plus les 226 CSE restants. L’augmentation de 32 actions représente une fraction négligeable des quelque 80 millions d’actions diluées en circulation de Gartner et n’affecte ni le flottant public ni le contrôle de l’entreprise. Le dépôt reflète des mouvements d’actions ordinaires liés à la rémunération et non un achat ou une vente discrétionnaire sur le marché ouvert, et a donc une valeur informative limitée pour les investisseurs.
Am 01.07.2025 reichte Gartner Inc. (IT) ein Formular 4 ein, in dem offengelegt wurde, dass der externe Direktor Jose M. Gutierrez 32 Common Stock Equivalents (CSEs) in die gleiche Anzahl von Gartner-Stammaktien zu Nullkosten umwandelte. Die Verteilung erfolgte im Rahmen des langfristigen Anreizplans (LTIP) des Unternehmens und ist mit „J“ codiert, was eine ‘sonstige’ Transaktionsart anzeigt. Unmittelbar vor der Umwandlung erhielt Gutierrez eine routinemäßige LTIP-Zuweisung von 32 zusätzlichen CSEs zum Preis von $406,70 pro Einheit (Code „A“), womit ihm nach der Ausgleichsverteilung 226 CSEs verbleiben.
Nach den gemeldeten Transaktionen beträgt der direkte Besitz des Direktors 1.663 Stammaktien plus die verbleibenden 226 CSEs. Die Erhöhung um 32 Aktien stellt einen unwesentlichen Bruchteil der etwa 80 Millionen verwässerten ausstehenden Aktien von Gartner dar und beeinflusst weder den Streubesitz noch die Unternehmenskontrolle. Die Meldung spiegelt gewöhnliche, vergütungsbezogene Aktienbewegungen wider und keine diskretionären Käufe oder Verkäufe am offenen Markt, weshalb sie für Investoren nur begrenzte Aussagekraft besitzt.
- Incremental alignment: Director’s direct share ownership increases by 32 shares, modestly enhancing insider-ownership alignment with shareholders.
- None.
Insights
TL;DR: Routine LTIP grant and conversion; director adds 32 shares, trims CSE balance—economically neutral and immaterial to Gartner’s valuation.
The Form 4 shows an automatic LTIP process: (1) a grant of 32 CSEs at a reference price of $406.70, and (2) the director’s election to immediately convert those CSEs into 32 common shares. Net result is a 32-share increase in direct ownership and a 32-unit decline in derivative holdings. With only 1,663 shares now held directly, Gutierrez’s stake remains far below 1 % of outstanding shares, so the event neither signals insider conviction nor alters governance dynamics. No cash changed hands, and there is no implication for earnings, liquidity, or capital structure. I classify the impact on investors as neutral.
Il 07/01/2025, Gartner Inc. (IT) ha presentato un Modulo 4 rivelando che il direttore esterno Jose M. Gutierrez ha convertito 32 Common Stock Equivalents (CSE) in un pari numero di azioni ordinarie Gartner a costo zero. La distribuzione è avvenuta nell'ambito del Piano di Incentivi a Lungo Termine (LTIP) della società ed è codificata come “J”, indicando un tipo di transazione ‘altro’. Immediatamente prima della conversione, Gutierrez ha ricevuto una normale assegnazione LTIP di 32 CSE aggiuntivi valutati a $406,70 per unità (Codice “A”), lasciandogli un totale di 226 CSE in sospeso dopo la distribuzione compensativa.
Dopo le transazioni riportate, la proprietà diretta del direttore ammonta a 1.663 azioni ordinarie più i 226 CSE residui. L’aumento di 32 azioni rappresenta una frazione irrilevante delle circa 80 milioni di azioni diluite in circolazione di Gartner e non influisce sul flottante pubblico né sul controllo societario. La comunicazione riflette movimenti azionari ordinari legati alla compensazione e non un acquisto o vendita discrezionale sul mercato aperto, pertanto ha un valore informativo limitato per gli investitori.
El 07/01/2025, Gartner Inc. (IT) presentó un Formulario 4 revelando que el director externo Jose M. Gutierrez convirtió 32 Equivalentes de Acciones Comunes (CSEs) en un número igual de acciones comunes de Gartner a costo cero. La distribución se realizó bajo el Plan de Incentivos a Largo Plazo (LTIP) de la empresa y está codificada como “J”, indicando un tipo de transacción ‘otro’. Justo antes de la conversión, Gutierrez recibió una concesión rutinaria del LTIP de 32 CSEs adicionales valorados en $406.70 por unidad (Código “A”), quedando con 226 CSEs pendientes tras la distribución compensatoria.
Tras las transacciones reportadas, la propiedad directa del director es de 1,663 acciones comunes más los 226 CSEs restantes. El aumento de 32 acciones representa una fracción insignificante de las aproximadamente 80 millones de acciones diluidas en circulación de Gartner y no afecta el flotante público ni el control corporativo. La presentación refleja movimientos ordinarios de capital relacionados con compensación y no una compra o venta discrecional en el mercado abierto, por lo que tiene un valor informativo limitado para los inversores.
2025년 7월 1일, Gartner Inc.(IT)는 외부 이사 Jose M. Gutierrez가 32개의 보통주 등가물(CSEs)을 비용 없이 동일한 수의 Gartner 보통주로 전환했다고 Form 4를 제출했습니다. 이 배분은 회사의 장기 인센티브 계획(LTIP)에 따라 이루어졌으며, ‘기타’ 유형 거래를 나타내는 코드 “J”로 분류되었습니다. 전환 직전, Gutierrez는 단위당 $406.70 가격의 32개의 추가 CSE를 LTIP를 통해 정기적으로 수령했으며(코드 “A”), 상쇄 배분 후 총 226개의 CSE를 보유하게 되었습니다.
보고된 거래 이후 이사의 직접 소유 주식은 1,663주 보통주와 남은 226개의 CSE입니다. 32주 증가는 약 8,000만 주의 희석 주식 중 미미한 비중이며, 공개 유통 주식 수나 기업 지배에 영향을 미치지 않습니다. 이번 제출은 임의의 공개 시장 매매가 아닌 보상 관련 일반적인 주식 이동을 반영하므로 투자자에게 주는 신호 가치는 제한적입니다.
Le 01/07/2025, Gartner Inc. (IT) a déposé un formulaire 4 révélant que le directeur externe Jose M. Gutierrez a converti 32 équivalents d’actions ordinaires (CSE) en un nombre égal d’actions ordinaires Gartner à coût nul. La distribution a été effectuée dans le cadre du Plan d’Incitation à Long Terme (LTIP) de la société et est codée « J », indiquant un type de transaction « autre ». Immédiatement avant la conversion, Gutierrez a reçu une attribution LTIP habituelle de 32 CSE supplémentaires évalués à 406,70 $ par unité (code « A »), ce qui lui laisse 226 CSE en circulation après la distribution compensatoire.
Suite aux transactions déclarées, la détention directe du directeur s’élève à 1 663 actions ordinaires plus les 226 CSE restants. L’augmentation de 32 actions représente une fraction négligeable des quelque 80 millions d’actions diluées en circulation de Gartner et n’affecte ni le flottant public ni le contrôle de l’entreprise. Le dépôt reflète des mouvements d’actions ordinaires liés à la rémunération et non un achat ou une vente discrétionnaire sur le marché ouvert, et a donc une valeur informative limitée pour les investisseurs.
Am 01.07.2025 reichte Gartner Inc. (IT) ein Formular 4 ein, in dem offengelegt wurde, dass der externe Direktor Jose M. Gutierrez 32 Common Stock Equivalents (CSEs) in die gleiche Anzahl von Gartner-Stammaktien zu Nullkosten umwandelte. Die Verteilung erfolgte im Rahmen des langfristigen Anreizplans (LTIP) des Unternehmens und ist mit „J“ codiert, was eine ‘sonstige’ Transaktionsart anzeigt. Unmittelbar vor der Umwandlung erhielt Gutierrez eine routinemäßige LTIP-Zuweisung von 32 zusätzlichen CSEs zum Preis von $406,70 pro Einheit (Code „A“), womit ihm nach der Ausgleichsverteilung 226 CSEs verbleiben.
Nach den gemeldeten Transaktionen beträgt der direkte Besitz des Direktors 1.663 Stammaktien plus die verbleibenden 226 CSEs. Die Erhöhung um 32 Aktien stellt einen unwesentlichen Bruchteil der etwa 80 Millionen verwässerten ausstehenden Aktien von Gartner dar und beeinflusst weder den Streubesitz noch die Unternehmenskontrolle. Die Meldung spiegelt gewöhnliche, vergütungsbezogene Aktienbewegungen wider und keine diskretionären Käufe oder Verkäufe am offenen Markt, weshalb sie für Investoren nur begrenzte Aussagekraft besitzt.
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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 Wells Fargo & Company
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 Wells Fargo & Company (Bloomberg Ticker: “WFC UN”) |
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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 $25.75 (equivalent to 10.30% 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: |
70.00% 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: |
90309KAQ7 / US90309KAQ76 |
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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 $940.00 and $970.00 per security. See “Risk Factors” in the preliminary pricing supplement. |
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Preliminary pricing supplement: |
http://www.sec.gov/Archives/edgar/data/1114446/000183988225036783/ubs_424b2-19870.htm |
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HYPOTHETICAL PAYOUT |
The below figures are based on a hypothetical downside threshold level of 70.00% 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
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Change in Underlying Equity |
Payment at Maturity (excluding any contingent payment payable at maturity) |
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+50.00% |
$1,000.00 |
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+40.00% |
$1,000.00 |
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+30.00% |
$1,000.00 |
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+20.00% |
$1,000.00 |
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+10.00% |
$1,000.00 |
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0.00% |
$1,000.00 |
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-10.00% |
$1,000.00 |
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-20.00% |
$1,000.00 |
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-30.00% |
$1,000.00 |
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-31.00% |
$690.00 |
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-40.00% |
$600.00 |
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-50.00% |
$500.00 |
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-60.00% |
$400.00 |
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-70.00% |
$300.00 |
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-80.00% |
$200.00 |
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-90.00% |
$100.00 |
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-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
How many Gartner (IT) shares did Director Jose M. Gutierrez acquire?
What was the transaction code used in Gartner’s Form 4?
What is Gutierrez’s total Gartner shareholding after the transaction?
Was any cash paid for the shares acquired?
Does this insider filing materially impact Gartner’s stock?
