ETRACS Whitney US Critical Techs ETN SEC Filings

Amendment No. 25 to Schedule 13D discloses that India-based Tractors & Farm Equipment Ltd (TAFE), TAFE Motors & Tractors Ltd and chair Mallika Srinivasan collectively hold roughly 16.3 % of AGCO’s 74.6 million outstanding shares (≈12.15 million shares). The filing follows a comprehensive settlement signed on 30 Jun 2025 that resets the long-standing strategic relationship between the two companies.

Key agreements

• Cooperation Agreement: imposes a perpetual stand-still: the Reporting Persons will vote in line with AGCO’s Board and will not raise their ownership above the “Ownership Cap” (≈16.3 %) except on defined change-of-control triggers. They must also participate proportionately in future AGCO buybacks.
• Buyback Agreement: AGCO Holding B.V. will sell its 20.7 % stake in TAFE (2.389 million shares) back to TAFE for US$260 million. Completion is pending Indian procedural approvals.
• Intellectual Property Agreement: Exclusive rights to the “Massey Ferguson” brand for tractors in India, Nepal and Bhutan will transfer to TAFE when the Buyback closes.
• Arbitration & Litigation Settlements: All cross-border disputes and brand-related suits will be withdrawn, eliminating legal overhang.

Strategic implications

• AGCO receives US$260 million cash and exits its minority position in TAFE.
• Stable 16 % shareholder alignment reduces near-term takeover risk and supports Board initiatives.
• Brand transfer limits AGCO’s direct exposure to the fast-growing Indian tractor market but clarifies marketing rights.

Amendment No. 25 to Schedule 13D discloses that India-based Tractors & Farm Equipment Ltd (TAFE), TAFE Motors & Tractors Ltd and chair Mallika Srinivasan collectively hold roughly 16.3 % of AGCO’s 74.6 million outstanding shares (≈12.15 million shares). The filing follows a comprehensive settlement signed on 30 Jun 2025 that resets the long-standing strategic relationship between the two companies.

Key agreements

• Cooperation Agreement: imposes a perpetual stand-still: the Reporting Persons will vote in line with AGCO’s Board and will not raise their ownership above the “Ownership Cap” (≈16.3 %) except on defined change-of-control triggers. They must also participate proportionately in future AGCO buybacks.
• Buyback Agreement: AGCO Holding B.V. will sell its 20.7 % stake in TAFE (2.389 million shares) back to TAFE for US$260 million. Completion is pending Indian procedural approvals.
• Intellectual Property Agreement: Exclusive rights to the “Massey Ferguson” brand for tractors in India, Nepal and Bhutan will transfer to TAFE when the Buyback closes.
• Arbitration & Litigation Settlements: All cross-border disputes and brand-related suits will be withdrawn, eliminating legal overhang.

Strategic implications

• AGCO receives US$260 million cash and exits its minority position in TAFE.
• Stable 16 % shareholder alignment reduces near-term takeover risk and supports Board initiatives.
• Brand transfer limits AGCO’s direct exposure to the fast-growing Indian tractor market but clarifies marketing rights.

Amendment No. 25 to Schedule 13D discloses that India-based Tractors & Farm Equipment Ltd (TAFE), TAFE Motors & Tractors Ltd and chair Mallika Srinivasan collectively hold roughly 16.3 % of AGCO’s 74.6 million outstanding shares (≈12.15 million shares). The filing follows a comprehensive settlement signed on 30 Jun 2025 that resets the long-standing strategic relationship between the two companies.

Key agreements

• Cooperation Agreement: imposes a perpetual stand-still: the Reporting Persons will vote in line with AGCO’s Board and will not raise their ownership above the “Ownership Cap” (≈16.3 %) except on defined change-of-control triggers. They must also participate proportionately in future AGCO buybacks.
• Buyback Agreement: AGCO Holding B.V. will sell its 20.7 % stake in TAFE (2.389 million shares) back to TAFE for US$260 million. Completion is pending Indian procedural approvals.
• Intellectual Property Agreement: Exclusive rights to the “Massey Ferguson” brand for tractors in India, Nepal and Bhutan will transfer to TAFE when the Buyback closes.
• Arbitration & Litigation Settlements: All cross-border disputes and brand-related suits will be withdrawn, eliminating legal overhang.

Strategic implications

• AGCO receives US$260 million cash and exits its minority position in TAFE.
• Stable 16 % shareholder alignment reduces near-term takeover risk and supports Board initiatives.
• Brand transfer limits AGCO’s direct exposure to the fast-growing Indian tractor market but clarifies marketing rights.

Amendment No. 25 to Schedule 13D discloses that India-based Tractors & Farm Equipment Ltd (TAFE), TAFE Motors & Tractors Ltd and chair Mallika Srinivasan collectively hold roughly 16.3 % of AGCO’s 74.6 million outstanding shares (≈12.15 million shares). The filing follows a comprehensive settlement signed on 30 Jun 2025 that resets the long-standing strategic relationship between the two companies.

Key agreements

• Cooperation Agreement: imposes a perpetual stand-still: the Reporting Persons will vote in line with AGCO’s Board and will not raise their ownership above the “Ownership Cap” (≈16.3 %) except on defined change-of-control triggers. They must also participate proportionately in future AGCO buybacks.
• Buyback Agreement: AGCO Holding B.V. will sell its 20.7 % stake in TAFE (2.389 million shares) back to TAFE for US$260 million. Completion is pending Indian procedural approvals.
• Intellectual Property Agreement: Exclusive rights to the “Massey Ferguson” brand for tractors in India, Nepal and Bhutan will transfer to TAFE when the Buyback closes.
• Arbitration & Litigation Settlements: All cross-border disputes and brand-related suits will be withdrawn, eliminating legal overhang.

Strategic implications

• AGCO receives US$260 million cash and exits its minority position in TAFE.
• Stable 16 % shareholder alignment reduces near-term takeover risk and supports Board initiatives.
• Brand transfer limits AGCO’s direct exposure to the fast-growing Indian tractor market but clarifies marketing rights.

Amendment No. 25 to Schedule 13D discloses that India-based Tractors & Farm Equipment Ltd (TAFE), TAFE Motors & Tractors Ltd and chair Mallika Srinivasan collectively hold roughly 16.3 % of AGCO’s 74.6 million outstanding shares (≈12.15 million shares). The filing follows a comprehensive settlement signed on 30 Jun 2025 that resets the long-standing strategic relationship between the two companies.

Key agreements

• Cooperation Agreement: imposes a perpetual stand-still: the Reporting Persons will vote in line with AGCO’s Board and will not raise their ownership above the “Ownership Cap” (≈16.3 %) except on defined change-of-control triggers. They must also participate proportionately in future AGCO buybacks.
• Buyback Agreement: AGCO Holding B.V. will sell its 20.7 % stake in TAFE (2.389 million shares) back to TAFE for US$260 million. Completion is pending Indian procedural approvals.
• Intellectual Property Agreement: Exclusive rights to the “Massey Ferguson” brand for tractors in India, Nepal and Bhutan will transfer to TAFE when the Buyback closes.
• Arbitration & Litigation Settlements: All cross-border disputes and brand-related suits will be withdrawn, eliminating legal overhang.

Strategic implications

• AGCO receives US$260 million cash and exits its minority position in TAFE.
• Stable 16 % shareholder alignment reduces near-term takeover risk and supports Board initiatives.
• Brand transfer limits AGCO’s direct exposure to the fast-growing Indian tractor market but clarifies marketing rights.

The Hershey Company (HSY) – Form 144 filing discloses that affiliate filer Michele G. Buck intends to sell up to 19,290 common shares of Hershey on or about 01 July 2025 through Fidelity Brokerage Services on the NYSE. Based on the filing’s stated aggregate market value of $3,375,750, the implied reference price is about $175/share.

The shares originate from an option granted 01 Mar 2017 and exercised on the planned sale date. Hershey had 147,990,276 shares outstanding, so the proposed sale represents roughly 0.013 % of total shares.

The filing also notes that the same seller disposed of 31,210 shares on 30 May 2025 for gross proceeds of $5,018,568. Combining the completed and proposed transactions, the filer will have sold about 50,500 shares (~0.034 % of shares outstanding) within a three-month window, generating proceeds of roughly $8.4 million.

No information is provided on whether the trades are executed under a Rule 10b5-1 trading plan or whether any additional shares remain subject to option exercises. The Form 144 includes the customary representation that the seller possesses no undisclosed material adverse information.

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.

Form type 424(b)(2) Pricing Supplement – UBS AG Trigger Autocallable Contingent Yield Notes (18-month tenor)

The filing describes a $1,013,000 aggregate principal amount issuance of unsecured, unsubordinated notes linked to the least performing of three equities: ADRs of Arm Holdings plc (ARM), common stock of Netflix, Inc. (NFLX) and common stock of Uber Technologies, Inc. (UBER).

• Structure: $1,000 face value per note; trade date 30-Jun-2025, settlement 03-Jul-2025, final valuation 30-Dec-2026, maturity 05-Jan-2027 (≈18 months).
• Income: Fixed contingent coupon 20.35 % p.a. (monthly $16.9583) paid only if the closing price of each underlying is ≥ its 70 % coupon barrier on the relevant observation date; missed coupons accumulate via a memory feature.
• Automatic call: From the third observation date onward, if each underlying closes ≥ its 100 % call threshold, investors receive par plus any due / unpaid coupons and the note terminates early.
• Principal protection: None. If the note is not called and a “threshold event” occurs at maturity (all underlyings < 100 % upper barrier and any underlying < 60 % downside threshold), redemption equals par multiplied by (1 + return of the worst performer) – exposing investors to up to 100 % loss.
• Key initial reference levels: ARM $161.74; NFLX $1,339.13; UBER $93.30. Coupon barriers 70 %; downside thresholds 60 % of these levels.
• Pricing: Issue price $1,000; underwriting discount $3.50; proceeds to issuer $996.50. UBS’ estimated initial value is $972.30, reflecting internal funding and hedging costs.
• Liquidity/Listing: The notes will not be listed on any exchange; secondary market making is discretionary.

Primary risks highlighted: potential total loss of principal, possibility of zero coupons, exposure to three individual equities (non-diversified, including ADR foreign-currency considerations), credit risk of UBS AG, limited trading history for ARM, liquidity constraints, and broad discretionary resolution powers of FINMA in the event of UBS distress.

On May 1, 2025, Midland States Bancorp (ticker: MSBI) Chief Risk Officer Daniel E. Casey submitted a Form 4 reporting a Code F transaction—shares withheld to cover taxes upon vesting of equity awards.

The filing shows the disposition of 217 common shares at $17.62 per share, representing an aggregate value of roughly $3.8 thousand. After the transaction, Casey directly owns 13,352 shares of MSBI, meaning only about 1.6 % of his position was used for tax settlement.

Because Code F transactions are administrative and the share count is immaterial relative to both insider ownership and MSBI’s typical daily volume, the event is unlikely to affect trading dynamics or signal a change in insider sentiment.