ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering $338,000 of four-year Trigger Autocallable Notes linked to the worst performer among the MSCI EAFE®, MSCI® Emerging Markets and S&P 500® indices. The unsecured senior notes pay no coupons but can be automatically called quarterly, starting 12 months after settlement, if all three indices close at or above their respective Call Thresholds (100 % of the initial level). An automatic call returns principal plus a Call Return that accrues at 10.25 % per annum, rising from 10.25 % on the first call date to 41 % at maturity.

If the notes are not called, repayment at maturity depends on index performance:

• All indices ≥ Downside Threshold (60 % of initial): principal is repaid.
• Any index < Downside Threshold: investors receive $1,000 × (1 + Worst-Index Return), incurring a loss equivalent to the worst performer; a ≥ 40 % index decline triggers capital loss up to 100 %.

Key terms:

• Issuer: UBS AG, London Branch. Senior unsecured obligations; subject to UBS credit risk.
• Issue price: $1,000; estimated initial value: $968.30 (includes dealer margin and hedging costs).
• Trade / Settle / Maturity: 9 Jul 2025 / 14 Jul 2025 / 12 Jul 2029.
• Observation dates: quarterly; settlement three business days later.
• Call Return schedule: 10.25 % → 41.00 % (see table).
• Not listed; secondary liquidity solely through dealer discretion.

Principal risks: (i) capital loss if any index falls > 40 %, (ii) 100 % Call Threshold makes early redemption dependent on all indices, (iii) no dividends or interest, (iv) currency and emerging-market exposure via MXEA & MXEF, (v) pricing and liquidity driven by UBS; bid-offer could be materially below theoretical value, (vi) tax treatment uncertain, (vii) potential total loss on UBS default or Swiss bail-in.

The note suits investors seeking equity-linked exposure with capped upside, willing to accept worst-of risk, credit risk and illiquidity in exchange for a potentially attractive fixed Call Return.

UBS AG is offering Trigger Callable Contingent Yield Notes that reference the worst-performing of three major U.S. equity indices: the Nasdaq-100, Russell 2000 and S&P 500. The unsubordinated, unsecured notes provide potential monthly coupons of 13.55% per annum, but a coupon is paid only when the closing level of each index on an observation date is at least 80 % of its initial level (the Coupon Barrier). If any index is below its barrier, no coupon is paid for that month.

Issuer call option. Beginning after three months, UBS may redeem the notes on any monthly observation date at par plus the applicable coupon, regardless of index performance. Early redemption would cap the investor’s overall return and create reinvestment risk.

Principal repayment is contingent. At maturity (21 July 2028) investors receive full principal only if every index closes at or above its 80 % Downside Threshold. Otherwise investors are repaid according to the performance of the worst index: $1,000 × (1 + underlying return), exposing holders to losses of up to 100 % of capital.

Key economics. • Issue price: $1,000 per note. • Estimated initial value: $942.60 – $972.60, reflecting underwriting discount ($5), hedging and funding costs.
• Contingent coupon per month: $11.2917.
• CUSIP: 90309KCW2. • Trade date: 18 Jul 2025; settlement: 23 Jul 2025 (T+3).

Risk considerations. Investors face (1) equity market risk on three indices, (2) correlation risk because payment depends on the least-performing index, (3) UBS credit risk, (4) liquidity risk—notes will not be listed and secondary markets may be limited, (5) potential loss of all principal if thresholds are breached, and (6) call risk, as UBS is more likely to redeem when coupons are attractive relative to market rates. Swiss resolution authority FINMA could also impose loss-absorption measures on UBS debt, including these notes.

The notes suit investors comfortable with equity downside, limited upside, possible zero income periods, and UBS credit exposure, who believe each index will generally remain above 80 % of its initial level through July 2028.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Uncapped Accelerated Barrier Notes linked to the iShares MSCI EAFE ETF (EFA) and the EURO STOXX 50 Index (SX5E).

• Tenor – 5-year term: priced on or about 17 July 2025, maturing 22 July 2030.
• Upside participation – investors receive at least 2.39× any positive return of the lesser-performing underlying; returns are uncapped.
• Downside buffer – 30 %; if either underlying closes below 70 % of its initial value on the observation date, principal is reduced one-for-one with the negative performance of the lesser performer.
• Principal scenarios
  • All underlyings > initial → $1,000 + 2.39× lesser-performer gain.
  • Any underlying ≤ initial but ≥ 70 % → return of principal only.
  • Any underlying < 70 % → loss of >30 % and up to 100 % of principal.
• Credit exposure – senior unsecured obligations of JPMorgan Financial; payment dependent on the credit of both the issuer and JPMorgan Chase & Co.
• Issue price $1,000; estimated value ~$972.60 (not less than $950) due to structuring & hedging costs; selling commissions up to $6 per note.
• No coupons or dividends; investors forego EFA distributions and any SX5E dividends.
• Liquidity – unlisted; secondary market, if any, through JPMS at prices likely below par.
• CUSIP 48136FQW5; minimum denomination $1,000.

The product suits investors seeking leveraged, uncapped equity exposure to developed-market equities and Eurozone blue-chips, willing to accept credit risk, illiquidity, dividend forfeiture, and potential loss of principal below the 70 % barrier.

UBS AG is marketing Trigger Callable Contingent Yield Notes maturing in July 2027 that are linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices.

Key economics

• Issue price: $1,000 per note; minimum proceeds to UBS at least $990.50 after a variable underwriting discount of up to $9.50.
• Contingent coupon: 9.20% p.a. (monthly accrual of $7.6667) paid only if the closing level of each index is ≥ 70 % of its initial level on the relevant monthly observation date.
• Issuer call: UBS may redeem the notes in whole on any monthly observation date beginning January 2026; holders receive par plus any due coupon.
• Downside threshold: 60 % of each index’s initial level. If any index finishes below its threshold at final valuation and the notes have not been called, repayment equals par multiplied by 1 + index return of the worst-performing index, exposing investors to up to a 100 % loss.
• Estimated initial value: $948.50–$978.50, below the issue price because of dealer compensation, hedging and funding costs.

Risk highlights

• Principal loss if any index declines > 40 % from its initial level at maturity.
• Coupon uncertainty: no payment for any month in which one index is < 70 % of its initial level.
• Issuer call & reinvestment risk: UBS is likely to call when the notes are advantageous for investors, capping total return.
• Credit exposure: all payments depend on UBS AG’s ability to meet its obligations; the notes are unsecured and unsubordinated.
• Liquidity: not listed; secondary market making is discretionary and may be at significant discounts.

Timeline: trade 14 Jul 2025, settle 17 Jul 2025 (T+3), monthly observations through final valuation 14 Jul 2027; maturity 19 Jul 2027.

Investor profile: suited only for investors who (1) can tolerate loss of principal, (2) are comfortable with complex structured products linked to equity indices, (3) understand the contingent nature of coupons, and (4) accept UBS credit risk.

UBS AG (London Branch) is marketing unsecured Trigger Callable Contingent Yield Notes tied to the worst-performing of three major U.S. equity indices – the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000. The notes have an 18-month term (trade: 18 Jul 2025; maturity: 22 Jan 2027) and carry significant equity and issuer credit risk.

Core terms

• Issue price: $1,000; estimated initial value: $945.30-$975.30.
• Contingent coupon: 10.60% p.a. (≈$8.8333 monthly) paid only when each index closes at or above 70 % of its initial level on the monthly observation date.
• Issuer call: UBS may redeem the notes in whole on any observation date beginning October 2025, paying par plus any due coupon; thereafter no further payments accrue.
• Downside protection: none below a 30 % decline. If the notes are not called and any index finishes below 70 % of its initial level on the final valuation date, principal repayment equals par multiplied by (1 + worst index return) – exposing investors to the full downside of the poorest performer, up to a 100 % loss.

Risk highlights

• Potential loss of all principal and skipped coupons if market conditions deteriorate.
• Exposure to UBS AG credit; notes are senior but unsecured.
• No exchange listing; secondary liquidity, if any, will be limited and may be well below issue price (the embedded underwriting discount is up to $7.25 per note).
• Issuer call creates reinvestment risk; the notes are most likely to be redeemed when coupons are attractive relative to market yields.

Investor suitability: The product targets sophisticated investors seeking enhanced yield, willing to absorb equity-index downside, possible coupon shortfalls, reinvestment uncertainty and UBS credit risk for 18 months, and who do not require market upside or dividend income.

UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes maturing 12 January 2028. The unsecured notes are linked to the least-performing of three major U.S. equity indices—the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX)—and expose investors to both UBS credit risk and index performance risk.

Key commercial terms

• Principal: $1,000 per Note (CUSIP 90309KBD5; ISIN US90309KBD54); total size $500k.
• Strike date 7 Jul 2025; trade date 9 Jul 2025; maturity 12 Jan 2028 (≈2.5 years).
• Contingent coupon: 8.90% p.a. (monthly accrual of $7.4167) paid only when the closing level of each index ≥ 70% of its initial level (coupon barrier) on the relevant observation date.
• Automatic call: from July 2026 onward, if on any monthly observation date each index ≥ 100% of its initial level, investors receive principal + current coupon and the note terminates early.
• Downside protection: At maturity, full principal is repaid only if each index ≥ 70% of its initial level. If any index closes below its 70% downside threshold, repayment equals principal × (1 + lowest index return), exposing investors to losses parallel to the worst-performing index, up to 100% of capital.
• Estimated initial value: $968.30 per $1,000, reflecting dealer spread (0.5%), hedging and funding adjustments.

Risk highlights

• Credit risk of UBS AG (senior unsecured).
• Potential loss of all principal if the least-performing index falls >30% and no automatic call occurs.
• No guarantee of any coupon; payments depend on the worst index on each monthly date.
• No listing; secondary market liquidity depends on UBS Securities LLC’s discretionary market-making.
• Investment exposes holders to small-cap volatility (RTY), tech concentration (NDX) and overall U.S. market risk (SPX).

Investor profile: suitable only for investors who (1) understand structured equity-linked debt, (2) can tolerate equity-like downside, (3) are comfortable with UBS credit exposure, and (4) seek enhanced income with the possibility of early redemption but limited upside.

Offering overview: UBS AG is marketing unsubordinated, unsecured Trigger Autocallable Notes linked to the least-performing of the Russell 2000® Index (RTY) and the EURO STOXX 50® Index (SX5E). The five-year notes are expected to trade on 18 July 2025, settle on 23 July 2025 and mature (unless called earlier) on 23 July 2030.

Key economic terms

• Principal amount: $1,000 per note
• Observation schedule: monthly, beginning four months after settlement
• Automatic call: triggered if each index closes ≥ its Call Threshold (100 % of initial level) on any observation date
• Call return rate: 10.60 % p.a.; call price thus rises from 3.533 % of par on the first observation (Nov 2025) to 53 % at the final valuation (Jul 2030)
• Downside threshold: 75 % of each index’s initial level; applies only at final valuation if notes have not been called
• Payment at maturity: • Par if both indices ≥ their downside thresholds • Otherwise: $1,000 × (1 + return of the worst-performing index) — investors participate fully in any decline below the 75 % barrier and may lose all principal
• Issue price: $1,000; underwriting discount $30; net proceeds $970
• Estimated initial value: $928.90 – $958.90 (92.9–95.9 % of par), reflecting dealer margin, hedging and funding costs

Investment thesis & risk profile

The structure offers an attractive running yield equivalent if the indices remain flat or appreciate because monthly call checks begin only four months after issuance and the call return compounds to 53 % over five years. However, investors face:

• 100 % call barrier — a single index closing even marginally below its initial level on an observation date prevents an early redemption.
• Worse-of exposure — principal risk is tied to the weaker index; correlation breakdown increases loss probability.
• 75 % principal barrier tested only at final valuation; a 25 % drawdown in either index produces loss of principal.
• No coupon/interest; return is limited to the call schedule.
• Credit risk of UBS AG; the notes are not FDIC-insured.
• Liquidity risk; no exchange listing and potential wide bid-ask spreads. UBS Securities LLC may discontinue market-making at any time.

Target investor: sophisticated investors comfortable with structured products, seeking enhanced yield relative to conventional debt, willing to accept equity downside, correlation risk and issuer credit risk, and able to hold to maturity.

UBS AG is issuing $22,921,750 of Trigger Callable Contingent Yield Notes with Daily Coupon Observation linked to the Russell 2000, S&P 500 and EURO STOXX 50 indices, maturing 11 January 2029 (~3.5 years).

Income feature: Investors receive a 10.65% p.a. contingent coupon ($0.2663 per $10) only if each index closes at or above its Coupon Barrier (70 % of initial level) on every trading day of the quarterly observation period. Miss one day and that quarter’s coupon is forfeited.

Capital repayment: UBS may call the notes in whole on any quarterly Observation End Date (first call October 2025). If called, holders receive par plus the accrued coupon, ending the trade early.

Principal risk: If not called and, on the Final Valuation Date, any index is below its Downside Threshold (60 % of initial), redemption is $10 × (1 + worst index return), exposing investors to full downside of the worst performer with loss potential up to 100 %.

Key reference levels: RTY initial 2,252.490 (barrier 1,576.743; threshold 1,351.494); SPX 6,263.26 (barrier 4,384.28; threshold 3,757.96); SX5E 5,445.65 (barrier 3,811.96; threshold 3,267.39).

Pricing: Issue price $10 vs. estimated initial value $9.668; the 3.3 % premium covers underwriting (1 %), hedging, and issuance costs. Minimum investment 100 notes ($1,000). Notes are unsecured, unsubordinated UBS debt; no FDIC insurance or exchange listing.

Risks highlighted: potential loss of principal, non-payment of coupons, issuer credit risk, secondary-market illiquidity, early call reinvestment risk, and high sensitivity to index correlation and volatility.

UBS AG London Branch is offering Contingent Income Auto-Callable Securities maturing on or about 16 July 2026. The notes are linked to the worst performing of two U.S-listed semiconductor equities: NVIDIA Corp. (NVDA) common stock and Taiwan Semiconductor Manufacturing Company Ltd. (TSM) ADRs.

Key economic terms

• Stated principal: $1,000 per security; issue price = stated principal.
• Tenor: Approximately 12 months (pricing expected 11 July 2025; maturity expected 16 July 2026).
• Contingent coupon: $38.025 per quarter (15.21% p.a.) paid only if both underlyings close at or above 60 % of their initial prices (coupon barrier) on the relevant determination date.
• Auto-call: If both shares close at or above 100 % of initial price (call threshold) on any determination date other than the final one, the notes are redeemed early for $1,000 + coupon.
• Principal repayment at maturity: • Full principal plus coupon if each underlying is ≥ 60 % of initial price.
  • If any underlying < 60 %, repayment equals $1,000 × (1 + worst-performing underlying return) – a loss of up to 100 %.
• Barriers & thresholds: set at pricing; indicative levels are 60 % (coupon & downside) and 100 % (call) of initial prices.
• Quarterly determination dates: 13 Oct 2025, 12 Jan 2026, 13 Apr 2026, 13 Jul 2026.
• Issuer credit: Unsecured, unsubordinated obligations of UBS AG; payments subject to UBS credit risk.
• Estimated initial value: $937.80-$967.80 (3.2-6.2 % below issue price) due to hedging & fees.
• Distribution: Investors pay a total selling concession/structuring fee of 1.75 %; issuer nets 98.25 % of proceeds.

Investment considerations

• High conditional income (15.21 % p.a.) in exchange for significant downside and non-payment risk.
• Return is not linked to an average or basket; a single share falling below 60 % causes coupon loss and potential principal loss.
• Early redemption risk limits upside and coupon accrual; investors forego any share price appreciation beyond coupons.
• No exchange listing; secondary liquidity depends on dealer willingness and may be at substantial discounts.
• Product embeds UBS internal funding rate; secondary value will initially trail issue price.

Primary risks highlighted by UBS

• Loss of principal if worst-performing share declines > 40 % at final valuation.
• No coupons for any quarter in which either share closes < 60 % of initial price.
• Concentration in the semiconductor sector; additional emerging-market and FX risks via TSM ADR.
• Issuer credit risk; FINMA resolution powers could convert or write off the securities.
• Tax treatment uncertain; product likely treated as a prepaid derivative with contingent coupons.