ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. (PLTR) that mature on or about 14 July 2028. The $10 face-value notes pay a fixed contingent coupon of 17.19 %–18.11 % p.a. (≈ $0.4298–$0.4528 per quarter) only when PLTR’s closing price on a quarterly observation date is at or above the 50 % coupon barrier. If PLTR closes below that barrier on an observation date, the coupon for that quarter is forfeited.

Automatic call. Beginning 10 Oct 2025 and on each subsequent observation date (except the final one), the notes will be redeemed early at par plus the applicable coupon if PLTR closes at or above the initial level. Early redemption terminates future coupons.

Principal at risk. If the notes are not called early and PLTR’s final level on 12 Jul 2028 is ≥ the 50 % downside threshold, investors receive the full $10 principal. If the final level is below that threshold, repayment equals $10 × (1 + underlying return), exposing investors to one-for-one downside in PLTR and potential total loss of principal.

Key economic terms (to be fixed on trade date 10 Jul 2025):

• Initial level: PLTR closing price on trade date
• Coupon barrier / downside threshold: 50 % of initial level
• Contingent coupon rate: 17.19 %–18.11 % p.a.
• Estimated initial value: $9.44 – $9.69 (reflects embedded fees vs. $10 issue price)

Risk highlights. Investors face (1) equity risk in a single volatile stock; (2) credit risk of UBS AG; (3) liquidity risk—the notes will not be exchange-listed and secondary market making is discretionary; (4) valuation risk—issue price exceeds UBS’s estimated value; (5) coupon uncertainty—coupons cease if PLTR trades below the barrier; and (6) full downside exposure below the 50 % threshold. UBS and its affiliates have conflicts of interest as issuer, calculation agent, and market-maker.

The notes suit investors seeking high conditional income and willing to accept substantial downside and reinvestment risk, limited upside, and UBS credit exposure over a three-year horizon.

UBS AG is offering unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. (PLTR) that mature on or about 14 July 2028. The $10 face-value notes pay a fixed contingent coupon of 17.19 %–18.11 % p.a. (≈ $0.4298–$0.4528 per quarter) only when PLTR’s closing price on a quarterly observation date is at or above the 50 % coupon barrier. If PLTR closes below that barrier on an observation date, the coupon for that quarter is forfeited.

Automatic call. Beginning 10 Oct 2025 and on each subsequent observation date (except the final one), the notes will be redeemed early at par plus the applicable coupon if PLTR closes at or above the initial level. Early redemption terminates future coupons.

Principal at risk. If the notes are not called early and PLTR’s final level on 12 Jul 2028 is ≥ the 50 % downside threshold, investors receive the full $10 principal. If the final level is below that threshold, repayment equals $10 × (1 + underlying return), exposing investors to one-for-one downside in PLTR and potential total loss of principal.

Key economic terms (to be fixed on trade date 10 Jul 2025):

• Initial level: PLTR closing price on trade date
• Coupon barrier / downside threshold: 50 % of initial level
• Contingent coupon rate: 17.19 %–18.11 % p.a.
• Estimated initial value: $9.44 – $9.69 (reflects embedded fees vs. $10 issue price)

Risk highlights. Investors face (1) equity risk in a single volatile stock; (2) credit risk of UBS AG; (3) liquidity risk—the notes will not be exchange-listed and secondary market making is discretionary; (4) valuation risk—issue price exceeds UBS’s estimated value; (5) coupon uncertainty—coupons cease if PLTR trades below the barrier; and (6) full downside exposure below the 50 % threshold. UBS and its affiliates have conflicts of interest as issuer, calculation agent, and market-maker.

The notes suit investors seeking high conditional income and willing to accept substantial downside and reinvestment risk, limited upside, and UBS credit exposure over a three-year horizon.

UBS AG is offering unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. (PLTR) that mature on or about 14 July 2028. The $10 face-value notes pay a fixed contingent coupon of 17.19 %–18.11 % p.a. (≈ $0.4298–$0.4528 per quarter) only when PLTR’s closing price on a quarterly observation date is at or above the 50 % coupon barrier. If PLTR closes below that barrier on an observation date, the coupon for that quarter is forfeited.

Automatic call. Beginning 10 Oct 2025 and on each subsequent observation date (except the final one), the notes will be redeemed early at par plus the applicable coupon if PLTR closes at or above the initial level. Early redemption terminates future coupons.

Principal at risk. If the notes are not called early and PLTR’s final level on 12 Jul 2028 is ≥ the 50 % downside threshold, investors receive the full $10 principal. If the final level is below that threshold, repayment equals $10 × (1 + underlying return), exposing investors to one-for-one downside in PLTR and potential total loss of principal.

Key economic terms (to be fixed on trade date 10 Jul 2025):

• Initial level: PLTR closing price on trade date
• Coupon barrier / downside threshold: 50 % of initial level
• Contingent coupon rate: 17.19 %–18.11 % p.a.
• Estimated initial value: $9.44 – $9.69 (reflects embedded fees vs. $10 issue price)

Risk highlights. Investors face (1) equity risk in a single volatile stock; (2) credit risk of UBS AG; (3) liquidity risk—the notes will not be exchange-listed and secondary market making is discretionary; (4) valuation risk—issue price exceeds UBS’s estimated value; (5) coupon uncertainty—coupons cease if PLTR trades below the barrier; and (6) full downside exposure below the 50 % threshold. UBS and its affiliates have conflicts of interest as issuer, calculation agent, and market-maker.

The notes suit investors seeking high conditional income and willing to accept substantial downside and reinvestment risk, limited upside, and UBS credit exposure over a three-year horizon.

UBS AG is offering 1-year Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corp. (NVDA) common stock. The notes pay a contingent quarterly coupon of 10.22%-11.23% p.a. only when NVDA’s closing price on an observation date is at or above the Coupon Barrier (65% of the initial level). If on any quarterly observation date (other than the final valuation date) NVDA closes at or above the Initial Level, the notes are automatically called and investors receive par plus the applicable coupon; no further payments are made.

At maturity, if not previously called, principal is protected only when the Final Level is at or above the Downside Threshold (also 65% of the initial level). Otherwise, investors are fully exposed to NVDA’s negative performance, incurring a loss equal to the percentage decline of NVDA, with the possibility of losing their entire investment.

Key terms:

• Issue price: $10 per note; minimum purchase 100 notes ($1,000).
• Estimated initial value: $9.54-$9.79 (reflects underwriting discount, hedging and funding costs).
• Trade/settlement dates: 10 Jul 2025 / 14 Jul 2025 (T+2).
• Observation dates: 10 Oct 2025, 12 Jan 2026, 10 Apr 2026, 10 Jul 2026 (final).
• Maturity: 14 Jul 2026.
• CUSIP/ISIN to be set on trade date.

Risk highlights:

• Unsubordinated, unsecured debt of UBS AG; all payments subject to issuer credit risk and potential FINMA resolution actions.
• No guaranteed coupons; investors may receive few or none.
• Limited upside: maximum return equals sum of coupons received; no participation in NVDA price appreciation.
• Secondary market may be illiquid; notes will not be listed.
• Issue price exceeds estimated initial value; secondary market bids likely below the $10 offering price after launch.

The product may appeal to investors seeking enhanced income with a view that NVDA will stay above 65% of its initial level, and who are comfortable with equity downside risk and UBS credit exposure.

UBS AG is offering 1-year Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corp. (NVDA) common stock. The notes pay a contingent quarterly coupon of 10.22%-11.23% p.a. only when NVDA’s closing price on an observation date is at or above the Coupon Barrier (65% of the initial level). If on any quarterly observation date (other than the final valuation date) NVDA closes at or above the Initial Level, the notes are automatically called and investors receive par plus the applicable coupon; no further payments are made.

At maturity, if not previously called, principal is protected only when the Final Level is at or above the Downside Threshold (also 65% of the initial level). Otherwise, investors are fully exposed to NVDA’s negative performance, incurring a loss equal to the percentage decline of NVDA, with the possibility of losing their entire investment.

Key terms:

• Issue price: $10 per note; minimum purchase 100 notes ($1,000).
• Estimated initial value: $9.54-$9.79 (reflects underwriting discount, hedging and funding costs).
• Trade/settlement dates: 10 Jul 2025 / 14 Jul 2025 (T+2).
• Observation dates: 10 Oct 2025, 12 Jan 2026, 10 Apr 2026, 10 Jul 2026 (final).
• Maturity: 14 Jul 2026.
• CUSIP/ISIN to be set on trade date.

Risk highlights:

• Unsubordinated, unsecured debt of UBS AG; all payments subject to issuer credit risk and potential FINMA resolution actions.
• No guaranteed coupons; investors may receive few or none.
• Limited upside: maximum return equals sum of coupons received; no participation in NVDA price appreciation.
• Secondary market may be illiquid; notes will not be listed.
• Issue price exceeds estimated initial value; secondary market bids likely below the $10 offering price after launch.

The product may appeal to investors seeking enhanced income with a view that NVDA will stay above 65% of its initial level, and who are comfortable with equity downside risk and UBS credit exposure.

UBS AG is offering 1-year Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corp. (NVDA) common stock. The notes pay a contingent quarterly coupon of 10.22%-11.23% p.a. only when NVDA’s closing price on an observation date is at or above the Coupon Barrier (65% of the initial level). If on any quarterly observation date (other than the final valuation date) NVDA closes at or above the Initial Level, the notes are automatically called and investors receive par plus the applicable coupon; no further payments are made.

At maturity, if not previously called, principal is protected only when the Final Level is at or above the Downside Threshold (also 65% of the initial level). Otherwise, investors are fully exposed to NVDA’s negative performance, incurring a loss equal to the percentage decline of NVDA, with the possibility of losing their entire investment.

Key terms:

• Issue price: $10 per note; minimum purchase 100 notes ($1,000).
• Estimated initial value: $9.54-$9.79 (reflects underwriting discount, hedging and funding costs).
• Trade/settlement dates: 10 Jul 2025 / 14 Jul 2025 (T+2).
• Observation dates: 10 Oct 2025, 12 Jan 2026, 10 Apr 2026, 10 Jul 2026 (final).
• Maturity: 14 Jul 2026.
• CUSIP/ISIN to be set on trade date.

Risk highlights:

• Unsubordinated, unsecured debt of UBS AG; all payments subject to issuer credit risk and potential FINMA resolution actions.
• No guaranteed coupons; investors may receive few or none.
• Limited upside: maximum return equals sum of coupons received; no participation in NVDA price appreciation.
• Secondary market may be illiquid; notes will not be listed.
• Issue price exceeds estimated initial value; secondary market bids likely below the $10 offering price after launch.

The product may appeal to investors seeking enhanced income with a view that NVDA will stay above 65% of its initial level, and who are comfortable with equity downside risk and UBS credit exposure.

UBS AG is offering 1-year Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corp. (NVDA) common stock. The notes pay a contingent quarterly coupon of 10.22%-11.23% p.a. only when NVDA’s closing price on an observation date is at or above the Coupon Barrier (65% of the initial level). If on any quarterly observation date (other than the final valuation date) NVDA closes at or above the Initial Level, the notes are automatically called and investors receive par plus the applicable coupon; no further payments are made.

At maturity, if not previously called, principal is protected only when the Final Level is at or above the Downside Threshold (also 65% of the initial level). Otherwise, investors are fully exposed to NVDA’s negative performance, incurring a loss equal to the percentage decline of NVDA, with the possibility of losing their entire investment.

Key terms:

• Issue price: $10 per note; minimum purchase 100 notes ($1,000).
• Estimated initial value: $9.54-$9.79 (reflects underwriting discount, hedging and funding costs).
• Trade/settlement dates: 10 Jul 2025 / 14 Jul 2025 (T+2).
• Observation dates: 10 Oct 2025, 12 Jan 2026, 10 Apr 2026, 10 Jul 2026 (final).
• Maturity: 14 Jul 2026.
• CUSIP/ISIN to be set on trade date.

Risk highlights:

• Unsubordinated, unsecured debt of UBS AG; all payments subject to issuer credit risk and potential FINMA resolution actions.
• No guaranteed coupons; investors may receive few or none.
• Limited upside: maximum return equals sum of coupons received; no participation in NVDA price appreciation.
• Secondary market may be illiquid; notes will not be listed.
• Issue price exceeds estimated initial value; secondary market bids likely below the $10 offering price after launch.

The product may appeal to investors seeking enhanced income with a view that NVDA will stay above 65% of its initial level, and who are comfortable with equity downside risk and UBS credit exposure.

UBS AG is offering 1-year Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corp. (NVDA) common stock. The notes pay a contingent quarterly coupon of 10.22%-11.23% p.a. only when NVDA’s closing price on an observation date is at or above the Coupon Barrier (65% of the initial level). If on any quarterly observation date (other than the final valuation date) NVDA closes at or above the Initial Level, the notes are automatically called and investors receive par plus the applicable coupon; no further payments are made.

At maturity, if not previously called, principal is protected only when the Final Level is at or above the Downside Threshold (also 65% of the initial level). Otherwise, investors are fully exposed to NVDA’s negative performance, incurring a loss equal to the percentage decline of NVDA, with the possibility of losing their entire investment.

Key terms:

• Issue price: $10 per note; minimum purchase 100 notes ($1,000).
• Estimated initial value: $9.54-$9.79 (reflects underwriting discount, hedging and funding costs).
• Trade/settlement dates: 10 Jul 2025 / 14 Jul 2025 (T+2).
• Observation dates: 10 Oct 2025, 12 Jan 2026, 10 Apr 2026, 10 Jul 2026 (final).
• Maturity: 14 Jul 2026.
• CUSIP/ISIN to be set on trade date.

Risk highlights:

• Unsubordinated, unsecured debt of UBS AG; all payments subject to issuer credit risk and potential FINMA resolution actions.
• No guaranteed coupons; investors may receive few or none.
• Limited upside: maximum return equals sum of coupons received; no participation in NVDA price appreciation.
• Secondary market may be illiquid; notes will not be listed.
• Issue price exceeds estimated initial value; secondary market bids likely below the $10 offering price after launch.

The product may appeal to investors seeking enhanced income with a view that NVDA will stay above 65% of its initial level, and who are comfortable with equity downside risk and UBS credit exposure.

UBS AG is offering 1-year Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corp. (NVDA) common stock. The notes pay a contingent quarterly coupon of 10.22%-11.23% p.a. only when NVDA’s closing price on an observation date is at or above the Coupon Barrier (65% of the initial level). If on any quarterly observation date (other than the final valuation date) NVDA closes at or above the Initial Level, the notes are automatically called and investors receive par plus the applicable coupon; no further payments are made.

At maturity, if not previously called, principal is protected only when the Final Level is at or above the Downside Threshold (also 65% of the initial level). Otherwise, investors are fully exposed to NVDA’s negative performance, incurring a loss equal to the percentage decline of NVDA, with the possibility of losing their entire investment.

Key terms:

• Issue price: $10 per note; minimum purchase 100 notes ($1,000).
• Estimated initial value: $9.54-$9.79 (reflects underwriting discount, hedging and funding costs).
• Trade/settlement dates: 10 Jul 2025 / 14 Jul 2025 (T+2).
• Observation dates: 10 Oct 2025, 12 Jan 2026, 10 Apr 2026, 10 Jul 2026 (final).
• Maturity: 14 Jul 2026.
• CUSIP/ISIN to be set on trade date.

Risk highlights:

• Unsubordinated, unsecured debt of UBS AG; all payments subject to issuer credit risk and potential FINMA resolution actions.
• No guaranteed coupons; investors may receive few or none.
• Limited upside: maximum return equals sum of coupons received; no participation in NVDA price appreciation.
• Secondary market may be illiquid; notes will not be listed.
• Issue price exceeds estimated initial value; secondary market bids likely below the $10 offering price after launch.

The product may appeal to investors seeking enhanced income with a view that NVDA will stay above 65% of its initial level, and who are comfortable with equity downside risk and UBS credit exposure.