ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG London Branch is offering Trigger Callable Contingent Yield Notes maturing on or about 3 Aug 2028. The $1,000-denominated notes are linked to the least-performing of three equity benchmarks—the Dow Jones Industrial Average (INDU), Nasdaq-100 Technology Sector Index (NDXT) and Russell 2000 Index (RTY).

Income profile. The notes pay a contingent coupon of 9.00% p.a. (≈ 0.75% monthly). A coupon is paid only if, on the relevant monthly observation date, all three indices close at or above 60% of their initial levels (the “coupon barrier”). Miss any barrier and that month’s coupon is forfeited.

Issuer call. UBS may redeem the notes in whole, quarterly after six months. Upon call, investors receive par plus any due coupon; no further payments accrue. This embeds re-investment risk for holders if rates fall.

Principal risk. If the notes are not called and, on the final valuation date (31 Jul 2028), any index finishes below its 60% downside threshold, repayment equals $1,000 × (1 + return of the worst index). Investors therefore face up to 100% capital loss. If all indices remain at or above the threshold, par is repaid.

• Trade date: 31 Jul 2025; settlement: 5 Aug 2025
• Estimated initial value: $950.80–$980.80 (95.1%–98.1% of issue price) reflecting dealer spread and hedging costs
• Underwriting discount: $2.50 per note; marketing fee up to $5.00 possible
• Secondary market: notes will not be listed; UBS Securities LLC may provide liquidity but is not obliged to do so

Key risks.

• No guarantee of any coupons; higher coupon compensates for elevated risk
• Exposure to three indices increases barrier-breach probability—particularly given low historical correlation
• Callable structure caps upside and may lead to early redemption when coupons are most attractive
• Credit risk of UBS AG; notes are senior unsecured obligations
• Initial value below issue price implies negative carry if sold early

Investor profile. Suitable only for investors who (1) can tolerate loss of principal, (2) seek high conditional income, (3) understand equity-index and issuer credit risk, and (4) accept limited liquidity and reinvestment uncertainty.

The Toronto-Dominion Bank (TD) has filed a Rule 424(b)(2) pricing supplement for a new structured product: Callable Contingent Interest Barrier Notes linked to the worst performer among the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX) indices.

Key commercial terms

• Principal Amount: $1,000 per note; minimum investment $1,000.
• Tenor: Approximately 3 years; Issue Date 5 Aug 2025, Maturity Date 3 Aug 2028, subject to call.
• Contingent Interest: 12.70% p.a. (≈ 1.0583% monthly) paid only if, on the observation date, the closing value of each index is ≥ 80% of its initial value (the “Contingent Interest Barrier”).
• Issuer Call: TD may redeem the notes in whole on any monthly payment date starting with the third, upon 3 business days’ notice. If called, investors receive par plus any accrued contingent interest; no further payments are due.
• Protection/Barrier: At final valuation, if any index closes < 80% of its initial value, principal is reduced 1-for-1 with the worst performing index; investors can lose up to 100% of principal.
• Estimated Value: $930 – $970 per note (93-97% of par), below the $1,000 public offering price, reflecting selling concessions (0.50%), hedging and structuring costs.
• Secondary Market: No listing; TD Securities (USA) LLC may make a market but is not obligated. Liquidity and pricing are expected to be limited.
• Credit: Senior unsecured debt of TD (Series H); payments subject to TD’s credit risk. Notes are not FDIC/CDIC insured and are not bail-inable.

Risk highlights

• No guarantee of interest or principal; any index breach of the 80% barrier on an observation date cancels that coupon, and a breach at final valuation erodes principal.
• Worst-of structure creates higher probability of missed coupons and principal loss versus single-index notes.
• Issuer Call reinvestment risk: TD is more likely to redeem when coupons are being earned and rates are favorable to the issuer.
• Estimated value is 3-7% below issue price; secondary prices likely lower due to bid/ask spreads and dealer mark-ups.
• Complex U.S./Canadian tax treatment; product is not designed for non-U.S. holders.

Illustrative outcomes

• If TD calls after three months with at least one index below the barrier, total return ≈ 2.12%.
• If never called and all indices stay ≥ barriers, total return ≈ 12.7% p.a.
• If never called and worst index falls 60%, investor receives $400, a 60% loss.

Strategic context: The notes cater to yield-seeking investors willing to accept equity downside and issuer credit risk in exchange for a double-digit contingent coupon. For TD, the issuance provides low-cost senior funding (internal funding rate < market yield) and fee income to its U.S. securities subsidiary.

UBS AG is offering unsecured, unsubordinated Airbag Autocallable Contingent Yield Notes with Memory Interest due 14 July 2027. The $1,000-denominated Notes are linked to the least-performing of three U.S. equity indices: the Dow Jones Industrial Average (INDU), Nasdaq-100 Technology Sector Index (NDXT) and Russell 2000 Index (RTY).

Income potential. Investors are eligible to receive a contingent coupon of 11.60% p.a. ($29 per quarter) on any observation date—quarterly starting 9 Oct 2025—if each index closes at or above 85% of its initial level (the “coupon barrier”). Missed coupons may be recaptured later under the Memory Interest provision.

Early redemption. The Notes are automatically called if on any quarterly observation date before final valuation (9 Jul 2027) all indices close at or above 100% of their initial levels. Upon call, holders receive par plus the current and any unpaid coupons; no further payments accrue.

Principal at risk. If not called, repayment depends on index performance at maturity. Full principal is returned only if every index finishes at or above its downside threshold of 85% of the initial level. Should any index finish below that threshold, principal loss is leveraged according to:
$1,000 × [1 + 1.1765 × (Index Return + 15%)]. Thus each 1% decline beyond the 15% buffer erodes roughly 1.1765% of principal, up to a 100% loss.

Key initial terms.

• Initial levels (9 Jul 2025): INDU 44,458.30; NDXT 11,852.66; RTY 2,252.490.
• Coupon barrier / downside threshold: 85% of each initial level.
• Call threshold: 100% of each initial level.
• Estimated initial value: $946.40 – $976.40 (94.6%–97.6% of face), reflecting hedging and distribution costs.
• CUSIP 90309KDM3; ISIN US90309KDM36.

Risk highlights. Investors face full market risk of each index, leveraged downside beyond the 15% buffer, reinvestment risk if called early, liquidity constraints (no exchange listing), and credit risk of UBS AG. The product is suited only for investors who understand complex structured notes and can tolerate loss of principal.

Offering overview: UBS AG (London Branch) is marketing Leveraged Buffered Basket-Linked Medium-Term Notes maturing 11 Mar 2027 (≈20 months). Each $1,000 note provides exposure to an unequally weighted basket of five equity indices: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%). The initial basket level is 100, set on 9 Jul 2025.

Pay-off profile:

• No coupons; all return realised at maturity.
• Upside: 126% participation in any positive basket return.
• Protection: full principal repayment if the basket declines ≤10% (buffer level 90).
• Downside: if the basket falls >10%, investors lose approximately 1.1111% of principal for every additional 1% decline—total loss possible.

Key economic terms:

• Issue price: 100% of face; underwriting discount 1.67% (net proceeds 98.33%).
• Estimated initial value: $949.50 – $979.50 per $1,000 (reflects UBS models and funding rate).
• Settlement: 17 Jul 2025 (T+5) • Determination date: 9 Mar 2027 • Calculation agent: UBS Securities LLC.
• No listing; market-making expected but not guaranteed; secondary price likely below issue price after the first months.
• Minimum investment risk profile set out under “Investor Suitability”.

Risk highlights: Investors bear (1) credit risk of UBS AG—notes are senior, unsecured, uninsured; (2) market risk on five international indices, including currency translation risk not hedged; (3) price, liquidity and valuation risk—estimated value < issue price and secondary spreads may be wide; (4) regulatory and tax uncertainties, including potential adverse outcomes under Section 871(m) and FATCA; and (5) conflicts of interest—UBS and affiliates act as issuer, underwriter, hedger and calculation agent.

Use-case: Structured-product buyers seeking short-dated, leveraged upside (126%) with limited but finite principal protection (10% buffer) and who are comfortable with UBS credit exposure and illiquidity.

UBS AG (London Branch) is marketing unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes with Memory Interest linked to Cloudflare, Inc. (ticker “NET”). The three-year notes, expected to price on 17 July 2025 and mature on 20 July 2028, offer an 18.85% p.a. contingent coupon (≈ 4.7125% per quarter). Coupons are paid only when the Cloudflare closing price on a quarterly observation date is at or above the Coupon Barrier (65 % of the initial level); missed coupons are tracked and can be “made-up” later under the Memory Interest feature.

An automatic call is triggered if, on any quarterly observation date starting January 2026, Cloudflare closes at or above the Call Threshold (100 % of the initial level). Investors then receive par plus any due and unpaid coupons; the note terminates early. If not called, principal is protected only if the Final Level ≥ Downside Threshold (65 % of initial). Otherwise, repayment equals $1,000 × (1 + Underlying Return), exposing holders to the full downside of the stock and potentially a total loss.

Issue price is $1,000 with a $23.50 underwriting discount; net proceeds to UBS are $976.50. UBS estimates the initial economic value at $928.20 – $958.20, reflecting dealer margins, hedging and funding costs. The notes will not be listed, and secondary liquidity is expected to be limited. All payments depend on UBS’s creditworthiness; FINMA resolution powers could impose losses on noteholders in a UBS distress scenario.

• Key Dates: Strike/Trade – 17 Jul 2025; First coupon & call observation – 17 Jan 2026; Final valuation – 17 Jul 2028.
• Security identifiers: CUSIP 90309KDK7; ISIN US90309KDK79.
• Target investors: Those seeking high contingent income, willing to accept single-stock risk, potential early redemption, limited upside and full downside exposure below a 35 % buffer.

UBS AG London Branch is marketing Contingent Income Auto-Callable Securities maturing on or about 16 July 2026. The notes reference the common stock of NVIDIA Corp. (NVDA) and the ADRs of Taiwan Semiconductor Manufacturing Co. (TSM); the worst-performing equity drives all payoff tests.

Key commercial terms

• Stated principal: $1,000 per note
• Quarterly contingent coupon: $38.025 (15.21% p.a.) paid only if both equities close at or above their 60% coupon-barrier on the relevant determination date
• Auto-call: If on any quarterly determination date before maturity both equities close at or above their 100% call threshold, the notes redeem early for $1,000 + coupon
• Downside protection only to the 60% threshold; at maturity investors are fully exposed to any decline below that level in the worst-performing equity
• Issue price: 100% of par; underwriting commission 1.75%; estimated initial value $937.80-$967.80
• The securities will not be listed on any exchange and are unsecured, unsubordinated obligations of UBS AG, subject to its credit risk

Illustrative payout (no early redemption)

• Equal or better than -40% worst-performer return ⇒ investor receives full principal ($1,000)
• Worse than -40% ⇒ principal loss matches equity decline (e.g., -50% return ⇒ $500)

Principal risks

• Loss of principal if either equity closes <60% of initial price at final observation
• No guaranteed coupons; investors may receive zero income for the entire term
• Credit risk of UBS AG and potential Swiss resolution measures
• Liquidity risk: no active market; secondary prices may be significantly below theoretical value
• Issue price exceeds estimated value; dealer incentives and hedging may create conflicts of interest
• Complex tax treatment; investors should consult advisers

UBS AG is offering $655,000 of Trigger Callable Contingent Yield Notes due 13 July 2028 that are linked to the least-performing of three U.S. equity benchmarks – the Nasdaq-100, Russell 2000 and S&P 500 indices. The unsecured, unsubordinated notes pay a contingent coupon of 7.95% p.a. (≈ $6.625 per $1,000 note, paid monthly) only if on each observation date the closing level of every index is at or above 70 % of its initial level (the “coupon barrier”). Observation dates occur monthly; the first coupon test and first call right arrive six months after settlement.

Issuer call option. UBS may redeem the notes in whole (not in part) on any observation date after six months, irrespective of index performance. If called, holders receive par plus any due coupon, eliminating further upside but capping downside risk.

Principal repayment. If the notes are not called, maturity payment depends on index performance on the final valuation date (10 Jul 2028):

• If the final level of each index is ≥ 70 % of its initial level (the “downside threshold”), investors receive par.
• If any index closes below its downside threshold, repayment equals $1,000 × (1 + return of the worst-performing index). Investors then face a loss matching the negative performance of that index, down to a total loss of principal.

Key economics and costs.

• Issue price: $1,000; estimated initial value: $955.20 (indicates 4.48 % dealer/structuring spread plus hedging costs).
• Underwriting discount: $25 per note; additional structuring fee: $4.50 per note.
• Offering size: 655 notes ($655,000 total).
• Initial index levels / barriers / thresholds (70 % of initial level):
  • NDX 22,864.91 / 16,005.44 • RTY 2,252.490 / 1,576.743 • SPX 6,263.26 / 4,384.28

Risk highlights. Investors may receive no coupons if any index remains below its barrier, and may lose up to 100 % of principal if the worst index finishes < 70 % of its start level. The call feature introduces reinvestment risk; secondary liquidity is expected to be limited and at prices reflecting dealer spreads. All payments are subject to UBS credit risk; the notes carry no FDIC insurance.

Timeline. Trade: 9 Jul 2025 | Settle: 14 Jul 2025 (T+3) | Callable monthly from Jan 2026 | Final valuation: 10 Jul 2028 | Maturity: 13 Jul 2028.

UBS AG is marketing Trigger Autocallable Contingent Yield Notes maturing on or about 26 Jan 2027. The unsecured notes pay a monthly contingent coupon of 8.45% p.a. (≈ $7.0417 per $1,000) whenever the closing level of both reference indices—the Russell 2000 (RTY) and S&P 500 (SPX)—is at or above their 70 % coupon barrier. Beginning six months after settlement (24 Jul 2025) the notes are automatically called at par plus coupon if each index closes at or above its call threshold (100 % of initial level) on any monthly observation date. If not called and, at maturity, each index is ≥ its 70 % downside threshold, investors receive par. Should either index finish below its threshold, the redemption equals par multiplied by the worst index performance, risking up to a 100 % principal loss.

The issue price is $1,000, yet UBS estimates initial value at $949.40–$979.40, reflecting a $5.50 underwriting discount, hedging and funding costs. Notes will not be listed; liquidity depends on the dealer’s discretion. All payments are subject to UBS credit risk; Swiss resolution law could impose losses on noteholders. Investors forego dividends on index constituents and may receive few or no coupons if either index trades below the barrier.

UBS AG is offering Phoenix Autocallable Notes with Memory Interest linked to Micron Technology, Inc. (MU) common stock, maturing on or about 29 July 2026. The $1,000-denominated notes pay a fixed contingent coupon of at least $35.075 per quarter (≥ 14.03% p.a. simple) on any observation date when MU’s closing price is at or above the Interest Barrier, set at 55 % of the Initial Price. Missed coupons accrue and may be paid later under the “memory” feature.
• Automatic call: If MU closes at or above the Initial Price on any quarterly Autocall Observation Date, investors receive par plus the current and any accrued coupons; thereafter the note terminates.
• Principal at risk: If not called and MU closes ≥ Trigger Price (55 % of Initial Price) on the Valuation Date, principal is repaid. Otherwise, investors receive a Cash Equivalent that declines one-for-one with MU’s drop from the Initial Price, exposing holders to up to 100 % loss.
• Key dates: Trade 11 Jul 2025 (T+3 settlement 16 Jul 2025); quarterly observation dates 24 Oct 2025, 26 Jan 2026, 24 Apr 2026 and 24 Jul 2026 (valuation). Maturity 29 Jul 2026.
• Estimated initial value: $951.50–$981.50 per $1,000, reflecting dealer fees ($10) and hedging/issuance costs.
• Credit & liquidity: Notes are senior unsecured obligations of UBS AG (London Branch), unlisted, with limited or no secondary market making and subject to UBS credit risk, Swiss resolution authority powers, and potential FINMA bail-in.
• Minimum investment: 10 notes ($10,000). Placement led by J.P. Morgan Securities LLC; fiduciary accounts may pay $990 per note.