ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is marketing an unsecured structured note offering—“Trigger Callable Contingent Yield Notes”—that links investor returns to the least-performing of three major U.S. equity indices: the Nasdaq-100 Technology Sector Index (NDXT), the Russell 2000 Index (RTY) and the S&P 500 Index (SPX). The two-year notes (settlement 23 Jul 2025; maturity 24 Jun 2027) pay a contingent coupon of 10.15% p.a. (≈ 0.846% monthly) only if all three indices close at or above 70 % of their initial level on each monthly observation date. If any index is below that “coupon barrier,” the coupon for that month is skipped.

Issuer call option. Starting after six months, UBS may redeem the notes on any observation date at par plus any due coupon, creating reinvestment risk for investors if rates decline.

Principal repayment. At maturity, investors receive full principal only if every index finishes at or above its 70 % downside threshold. Otherwise, repayment is reduced dollar-for-dollar with the decline of the worst-performing index, exposing investors to up to a 100 % loss of principal.

Pricing & costs. Issue price is $1,000; estimated initial value is $941.90–$971.90 (reflecting dealer margin, hedging and funding costs). UBS Securities LLC receives up to $7.25 underwriting discount per note. The notes will not be listed on any exchange; secondary liquidity will depend on dealer willingness to make a market.

Key risks include credit risk to UBS, equity-market volatility, coupon uncertainty, early redemption at issuer discretion, limited upside (no participation in index gains) and complex tax treatment. Investors comfortable with potential loss of principal in exchange for a high but uncertain coupon may consider the product; others seeking capital preservation or guaranteed income should avoid.

Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Market-Linked Securities that combine a contingent fixed return of at least 9.25% with contingent downside principal at risk. The $1,000-denominated notes mature on 12 Aug 2026 and are linked to the worst performer of two energy-focused ETFs: the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and the Energy Select Sector SPDR Fund (XLE).

Payout mechanics:

• If the worst-performing ETF closes on the calculation day (7 Aug 2026) at or above 80% of its starting price, investors receive $1,000 plus the fixed return (≥ $92.50).
• If it closes below 80% but at or above 70%, investors are repaid only the $1,000 principal—no return.
• If it closes below 70%, repayment equals $1,000 multiplied by the ETF’s price return, producing a loss of more than 30% and up to 100% of principal.

The estimated value on the pricing date (24 Jul 2025) will be about $958.90—reflecting issuing, selling, structuring and hedging costs—so the notes will price above their economic value. Secondary trading is expected to be limited, and the securities are not exchange-listed.

Key risks highlighted include zero periodic interest, capped upside, significant sector concentration in energy, exposure to Morgan Stanley’s credit, potential conflicts of interest from affiliated calculation agent/hedging, uncertain tax treatment and valuation model dependency. Dealer compensation is up to $23.25 per note, with additional selling concessions up to $17.50.

UBS AG is marketing $5.244 million of three-year Trigger Autocallable Contingent Yield Notes linked to Dell Technologies Inc. common stock. The Notes are unsecured senior obligations of UBS AG London Branch, offered at $1,000 per Note and settling 15 July 2025. Investors receive a 17.00 % p.a. contingent coupon ($42.50 per quarter) only if Dell’s closing share price on the relevant observation date equals or exceeds the Coupon Barrier of $83.14 (65 % of the Initial Level). Coupons are forfeited for any quarter in which the barrier is breached.

Automatic call mechanics: On any quarterly observation date before the final valuation date, the Notes are called early if Dell closes at or above the Call Threshold of $127.91 (100 % of the Initial Level). In that case investors receive par plus the current coupon and the trade terminates, creating reinvestment risk.

Principal repayment profile: • If not called and Dell’s final level on 30 June 2028 is ≥ the Downside Threshold of $83.14, UBS repays 100 % of principal.
• If the final level is below $83.14 investors are fully exposed to the underlying decline, receiving $1,000 × (1 + underlying return); a 35 % or greater drop results in loss of principal up to total loss.
The contingent principal protection therefore applies only at maturity and only if the downside threshold is respected.

Pricing & distribution: Issue price is $1,000; estimated initial value is $980.80, reflecting a $20 underwriting discount and UBS’s internal funding rate. UBS Securities LLC will make a market but the Notes will not be listed on any exchange; secondary prices may be meaningfully below the model value, especially after an initial six-month period during which a temporary market-making premium decays to zero.

Risk highlights: • Credit risk of UBS AG; investors are unsecured creditors.
• Potential loss of all capital if Dell falls >35 % by final valuation date and no automatic call occurs.
• Coupon uncertainty; no payments if Dell closes below the barrier on an observation date.
• Liquidity constraints; no exchange listing and market-maker discretion to cease trading.
• Swiss resolution regime may permit FINMA to write down or convert the Notes in a UBS restructuring.

Key dates: Trade 10 Jul 2025; first observation 30 Sep 2025; maturity 6 Jul 2028. CUSIP 90308V7K1; ISIN US90308V7K12.

Customers Bancorp, Inc. (CUBI) filed an amended Form 4 disclosing that Chief Credit Officer Thomas H. Kasulka received an equity grant of 6,893 Restricted Stock Units (RSUs) on 07/09/2025 at a reference price of $63.97 per share. The amendment corrects the initial 07/10/2025 filing, which understated the grant at 3,447 RSUs.

Following the grant, Kasulka’s direct beneficial ownership stands at 21,808 common shares, comprised of 1,382 shares and 20,426 unvested RSUs. The RSUs vest in three equal annual installments, strengthening management’s long-term alignment with shareholders but do not represent an open-market purchase.

The filing is administrative—it adjusts previously mis-reported figures rather than signalling new insider buying or selling. No cash changed hands and there is no impact on the company’s operations or financial results.

UBS AG is offering $985,000 in Trigger Callable Contingent Yield Notes maturing 13 July 2028. The notes are linked to the least-performing of three U.S. equity indices—the Nasdaq-100, Russell 2000 and S&P 500—and are unsecured, unsubordinated obligations of UBS.

• Contingent coupon: 8.75% p.a. (≈ $7.2917 per month) paid only if, on any monthly observation date, the closing level of each index is ≥ 70 % of its initial level (the “coupon barrier”).
• Issuer call: UBS may redeem the notes in whole, beginning after six months, on any observation date other than the final valuation date; holders then receive par plus any due coupon.
• Principal repayment: If not called and the final level of each index is ≥ 60 % of its initial level (the “downside threshold”), investors receive 100 % of principal. If any index finishes below its threshold, repayment equals par multiplied by (1 + worst index return), exposing holders to full downside of the least-performing index.
• Key reference levels (7 July 2025): NDX 22,829.26; RTY 2,263.410; SPX 6,280.46. Coupon barriers are 70 % of these levels; downside thresholds 60 %.
• Estimated initial value: $964.00 per $1,000 note, reflecting underwriting discount ($7), hedging and issuance costs.
• Settlement: T+3 (15 July 2025); monthly observation calendar provided through maturity.

Risks clearly highlighted: potential loss of entire principal, non-payment of coupons, issuer credit risk, lack of listing or active secondary market, early-call reinvestment risk, and tax uncertainty. Investors are urged to review the extensive “Key Risks” and “Risk Factors” sections and to assess suitability against their objectives and risk tolerance.

SEC Form 5 Filing – Eaton Vance Senior Income Trust (EVF)

On 07/11/2025, officer Keith Quinton reported his annual beneficial-ownership update for fiscal year ending 06/30/2025:

• Transaction date: 06/30/2025
• Transaction code: J (other), identified in the footnote as a fiscal-year-end adjustment / DRIP
• Shares acquired: 241.137 common shares at an indicated price of $0 (automatic dividend reinvestment)
• Post-transaction holdings: 7,941.137 common shares, held directly

No derivative securities were reported and no open-market purchases or sales occurred. The filing is routine, reflecting automatic dividend reinvestment rather than discretionary trading, and therefore is unlikely to carry material valuation or governance implications for EVF.

UBS AG is marketing an unlisted, unsecured structured note – the Trigger Callable Contingent Yield Notes – that offers a 10.80% p.a. contingent coupon linked to the least-performing of three U.S. equity indices: Nasdaq-100, Russell 2000 and S&P 500. The $1,000-denominated notes settle 16 July 2025, mature 16 June 2027 (≈23 months) and may be called monthly at UBS’s sole discretion beginning after three months.

Coupon mechanics. A monthly coupon is paid only if the closing level of each index on the observation date is ≥70 % of its initial level (the “coupon barrier”). Miss one barrier and that month’s coupon is forfeited. Coupons are not cumulative.

Principal repayment. At maturity, provided the notes have not been called, investors receive full principal only if the final level of each index is ≥70 % of its initial level (the identical “downside threshold”). If any index finishes below its threshold, the redemption value is $1,000 × (1 + worst index return), exposing investors to the full negative move of the worst performer and potentially a 100 % loss.

Issuer call. UBS may redeem all notes on any observation date (other than the final one) for par plus the contingent coupon then due. Early redemption truncates future coupon potential and introduces reinvestment risk.

Pricing/fees. Issue price is par; estimated initial value is $944–$974, reflecting embedded dealer compensation (up to $7.25 per note underwriting discount and up to $3.50 structuring fee) and UBS’s internal funding rate. UBS Securities LLC intends, but is not obliged, to make a market; the notes will not be exchange-listed.

Key risks highlighted. 1) Principal risk: any index <70 % at maturity leads to proportional loss. 2) Coupon uncertainty: coupons paid only when all three indices clear the barrier. 3) Correlation risk: exposure is to the worst performer, so low correlation among indices increases chance of principal loss and missed coupons. 4) Credit risk: payments depend on UBS; Swiss regulator FINMA has bail-in powers. 5) Liquidity/valuation: no listing, secondary prices may be materially below issue price, especially before dealer premium amortises.

Illustrative performance. Hypothetical examples show (i) 1 % total return if called after three months; (ii) 1 % total return over full term with all indices above barriers; and (iii) 59.5 % loss when the weakest index falls 60 %.

Target investors. Investors comfortable with (i) equity downside risk to 70 % threshold, (ii) potential zero coupons, (iii) early call and reinvestment risk, and (iv) UBS unsecured credit exposure.