ETRACS Whitney US Critical Techs ETN SEC Filings

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is marketing an SEC-registered offering of Review Notes Linked to the MerQube US Tech+ Vol Advantage Index (the “Index”). The preliminary pricing supplement outlines a five-year, automatically callable, unsecured note whose return profile is driven by the Index’s closing level on 49 monthly review dates.

Key economic terms

• Issue/Settlement: expected 15 Jul 2025 / 18 Jul 2025; CUSIP 48136FQM7
• Denomination: $1,000 minimum
• Automatic Call: triggered if the Index closes ≥100 % of its initial level on any review date (earliest 15 Jul 2026). Investors then receive principal plus a Call Premium Amount starting at ≥17.75 % and stair-stepping to ≥88.75 % by the final review date.
• Downside Protection: 15 % buffer at maturity only. If the notes are not called and the Index has fallen by >15 %, repayment is $1,000 + $1,000 × (Index Return + 15 %), exposing holders to up to 85 % loss of principal.
• Estimated Value: ≈$912.10 per $1,000 today (and not less than $900 at pricing) versus a $1,000 issue price; difference reflects selling commissions (≤$44) and hedging costs.
• Index Mechanics: rules-based exposure (0–500 %) to the Invesco QQQ Trust, targeting 35 % implied volatility. A 6 % p.a. daily fee and a notional SOFR+0.50 % financing charge are deducted, creating a structural drag and widening the gap versus un-deducted strategies.

Risk highlights

• No interest payments; return capped at the applicable call premium.
• Unsecured, unsubordinated claims on JPMorgan Financial; repayment relies on JPMorgan Chase & Co. credit strength.
• Secondary market expected to be limited; notes will not be listed.
• High leverage and weekly rebalancing may magnify losses during volatility spikes; index may also remain materially uninvested.
• Conflicts of interest: JPMS co-designed the index, owns 10 % of the sponsor and will act as calculation agent and market-maker.

Overall, the product offers attractive headline premiums for investors comfortable with credit exposure to JPMorgan, structural index drag, limited liquidity and substantial downside risk beyond a 15 % buffer.

Royal Bank of Canada (RY) is marketing $4.309 million of senior unsecured Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Netflix, Inc. (NFLX). The notes, issued under the bank’s Series J MTN program, will be priced at 100% of par on 11 Jul 2025 and mature on 13 Aug 2026 (≈13 months).

• Contingent coupon: 1.05% per month (12.60% p.a.) paid only if, on the relevant observation date, NFLX closes ≥ 70% of its 1,275.31 initial level (coupon threshold = 892.72). Coupons are not guaranteed; investors may receive none.
• Auto-call feature: Beginning 8 Jan 2026 and monthly thereafter, the notes will be redeemed at par plus any due coupon if NFLX closes ≥ its initial level. Once called, no further payments accrue.
• Principal at maturity: • Par returned if NFLX ≥ 892.72 (70% barrier). • If NFLX < 892.72, repayment equals par + (par × underlier return), exposing holders to 1-for-1 downside below the barrier—potentially a full loss of principal.
• Pricing economics: Public offer 100%; underwriting discount 1.50%; net proceeds 98.50%. RBC’s initial estimated value is $980.60 per $1,000, reflecting fees and hedge costs.
• Other terms: minimum investment $1,000; CUSIP 78017PCD1; unlisted; subject to RBC credit risk; U.S. tax treatment treated as prepaid financial contract with ordinary-income coupons (uncertain; potential 30% withholding for non-U.S. holders).

Key risks highlighted include loss of principal below the 70% barrier, non-payment of coupons, early redemption limiting total return, issuer credit risk, lack of secondary liquidity, initial value below par, and complex tax treatment.

UBS AG London Branch is offering Contingent Income Auto-Callable Securities linked to the common stock of Spotify Technology S.A. (SPOT).

• Tenor: Approximately 24 months (expected maturity 15 Jul 2027).
• Coupon: $30.75 per $1,000 note (12.30% p.a.) payable on each quarterly determination date only if SPOT closes ≥ 50% of the initial price (the “downside threshold”). Missed coupons may be recovered later via the “memory” feature.
• Early Call: If SPOT closes ≥ 100% of the initial price on any determination date (other than final), the note is automatically redeemed for par plus the applicable coupon(s).
• Principal Repayment: • If not called and SPOT final price ≥ 50% of initial, investor receives par plus final (and any unpaid) coupons. • If SPOT final price < 50% of initial, investor receives physical settlement of SPOT shares equal to the exchange ratio (par ÷ initial price), worth substantially less than par and potentially zero.
• Issue price: $1,000; estimated initial value $935.50–$965.50 (reflects fees and hedging costs).
• Fees: 2.00% total (1.50% sales commission, 0.50% structuring fee). Proceeds to issuer 98% of par.
• Secondary market: Not exchange-listed; UBS Securities LLC may provide limited liquidity but is not obligated to do so.
• Credit risk: Unsecured, unsubordinated obligations of UBS AG; all payments subject to UBS creditworthiness.

Investor profile: Suitable only for investors who can tolerate equity-like downside, limited upside, issuer credit risk and potential illiquidity, and who seek high contingent income with possible early redemption.

UBS AG is issuing $890,000 of Trigger Autocallable Contingent Yield Notes due 11 July 2030, linked to the least-performing of three underlying assets: shares of the SPDR® EURO STOXX 50® ETF (FEZ), shares of the VanEck® Gold Miners ETF (GDX) and the S&P 500® Index (SPX).

Key commercial terms

• Issue price: $1,000 per Note; minimum trade $1,000.
• Contingent coupon: 8.00% p.a. (paid quarterly, $20 per Note) only if the closing level of each underlying is ≥ its Coupon Barrier (70 % of initial level) on a given observation date.
• Automatic call: the Notes are redeemable quarterly, beginning July 2026, if the closing level of each underlying is ≥ its Call Threshold (100 % of initial level). Investors then receive $1,000 plus the coupon for that quarter; no further payments accrue.
• Downside protection: at maturity, full principal is returned only if the final level of each underlying is ≥ its Downside Threshold (60 % of initial level). Otherwise, repayment equals $1,000 × (1 + return of the worst performer), exposing investors to losses in line with the least-performing asset, up to total loss.
• Estimated initial value: $903.20 per Note, reflecting models that exclude selling concessions and hedging costs.
• Distribution economics: UBS Securities LLC receives a $36.25 underwriting discount and may pay unaffiliated dealers a structuring fee up to $5.00 per Note.

Risk highlights

• Investors may receive no coupons if any underlying breaches its 70 % barrier on the relevant dates.
• Principal is at risk below the 60 % threshold of any underlying at maturity; performance of the other assets offers no offset.
• The product is an unsecured, unsubordinated claim on UBS AG; repayment depends on UBS’s solvency and could be impaired by Swiss resolution measures.
• Secondary liquidity is uncertain; the Notes are not exchange-listed and market-makers may discontinue quotes at any time.
• Issue price exceeds model value, creating a performance head-wind for early sellers.

Key dates

• Trade date: 7 Jul 2025 | Settlement: 10 Jul 2025 (T+3)
• Observation dates: quarterly; first call opportunity 7 Jul 2026
• Final valuation: 8 Jul 2030 | Maturity: 11 Jul 2030

The Notes may suit investors who seek enhanced income, can tolerate equity-like downside linked to the worst performer of diverse assets, and understand that coupons and principal protection are strictly contingent on multiple conditions.

UBS AG is marketing a new three-year structured note – the Trigger Autocallable Contingent Yield Notes – linked to the common stock of Uber Technologies, Inc. The security combines a high quarterly coupon with conditional principal protection, but places investors at risk of receiving depreciated Uber shares at maturity if the stock declines sharply.

Key commercial terms

• Issuer: UBS AG London Branch (senior unsecured obligation; subject to UBS credit risk)
• Principal: $1,000 per Note; issue price 100%
• Tenor: Trade 21 Jul 2025 – Maturity 26 Jul 2028 (≈3 years)
• Quarterly contingent coupon: 11.25 % – 12.25 % p.a. (≈2.81 % – 3.06 % per quarter) paid only if Uber’s closing price ≥ 65 % of initial on the relevant observation date
• Automatic call: if Uber ≥ 100 % of initial on any observation date prior to final valuation, investors receive principal plus current coupon and the deal terminates early
• Downside threshold & coupon barrier: 65 % of initial level
• Redemption scenarios at maturity (if not previously called):
  – Uber ≥ 65 % of initial → receive 100 % principal
  – Uber < 65 % of initial → receive physical delivery of Uber shares equal to $1,000 / initial price, exposing investor to full downside below threshold
• Estimated initial value: $925.50 – $955.50 (92.6 % – 95.6 % of issue price), reflecting embedded fees and dealer margin
• Underwriting discount: $27.50 (2.75 %) per note; proceeds to UBS $972.50

Investor considerations

• Designed for investors who are moderately bullish to neutral on Uber and can tolerate equity-like downside in exchange for a double-digit coupon.
• No participation in upside beyond the coupon; return is capped.
• Notes are not listed; secondary liquidity dependent on UBS Securities LLC and may be limited. Early sale likely at prices below theoretical value.
• Principal protection is contingent; if Uber falls >35 %, investors receive depreciated shares and could lose nearly all capital.
• All payments rely on UBS credit; default or Swiss resolution regime could trigger write-down or conversion.
• Tax treatment uncertain; issuer and holders agree to treat as prepaid derivative with ordinary-income coupons.

The product targets yield-seeking accounts comfortable with structured equity risk and UBS credit exposure through July 2028.

UBS AG London Branch is offering Contingent Income Auto-Callable Securities linked to the common stock of Broadcom Inc. (AVGO), maturing on or about 15 July 2027. Each security has a $1,000 stated principal amount and is an unsubordinated, unsecured debt obligation of UBS, subject to the bank’s credit risk.

Coupon & Memory Feature: On each quarterly determination date, investors receive a $27.525 coupon (11.01% p.a.) only if AVGO’s closing price is at or above the 50% downside threshold. Missed coupons are not lost; they are paid later if the threshold is met on a subsequent date (memory coupon).

Auto-Call: If AVGO closes at or above its initial price (100%) on any determination date (other than the final one), the note is redeemed early at par plus the applicable coupon and any unpaid memory coupons.

Principal Repayment: • If AVGO’s final price is ≥ the 50% threshold, investors receive par plus any due coupons.
• If the final price is < 50% of the initial price, investors receive a physical delivery of AVGO shares (or cash equivalent) based on an exchange ratio, exposing them to the full downside below the threshold (maximum loss: 100% of principal).

Pricing & Fees: Issue is expected to price on 11 July 2025 and settle on 16 July 2025. Estimated initial value is $937.50-$967.50, implying 3.25-6.25% in embedded fees versus par. Selling concession/commission equals 2% of principal. The securities will not be listed on any exchange, and secondary liquidity may be limited.

Key Risks (non-exhaustive):

• No principal protection; substantial loss possible if AVGO falls >50%.
• Coupons contingent; investors may receive no income.
• Credit exposure to UBS; adverse changes in UBS credit spreads or FINMA actions could impair value.
• Limited or no secondary market; valuations may be below estimated initial value.
• Uncertain U.S. tax treatment; investors should consult advisors.

Important Documentation: Investors should review the preliminary pricing supplement, product supplement, and prospectus filed under Registration Statement No. 333-283672 for complete terms and risk factors.

OneStream, Inc. (OS) Form 4 filing: Director Jonathan D. Mariner sold 6,630 Class A common shares on 07/07/2025 at a weighted-average price of $26.59 under a Rule 10b5-1 trading plan adopted on 02/28/2025. After the sale, Mariner still beneficially owns 40,280 shares, which include unvested restricted stock units. No derivative transactions were reported.

The transaction reduces Mariner’s direct holdings by roughly 14% but maintains a sizable position, suggesting portfolio rebalancing rather than a full exit. The use of a pre-arranged plan limits the signaling effect because it indicates the sale was scheduled in advance and not driven by new, undisclosed information.

On 07/07/2025, Viasat Inc. (VSAT) President, Commercial Services, James Michael Dodd filed a Form 4 reporting routine equity activity. He converted 8,334 restricted stock units (RSUs) into common shares at a $0 exercise price (Code M). To satisfy statutory tax withholding, 3,280 shares were automatically withheld by the company at $15.93 per share (Code F). Net of the withholding, Dodd’s direct ownership increased by 5,054 shares, bringing his direct stake to 45,963 common shares; he also retains 3,865 shares held indirectly via his 401(k).

Dodd still holds 16,666 unvested RSUs from an original 25,000-unit grant dated 06/07/2024, scheduled to vest in two equal tranches over the next two years, contingent upon continued employment. No open-market transactions or discretionary sales occurred—only automatic tax-related share withholding—so the filing reflects a scheduled vesting event rather than a strategic insider trade. The disclosure does not signal any shift in corporate outlook or governance and is unlikely to materially affect the investment thesis for VSAT.

UBS AG is offering $230,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc. (CRWD) that mature on 12 July 2027. The notes are unsecured senior obligations of UBS AG’s London branch and are not listed on any exchange or covered by deposit insurance.

Key economics

• Issue price: $10.00 per note (minimum purchase = 100 notes)
• Estimated initial value (UBS models): $9.80
• Underwriting discount: $0.15 (1.5%) per note
• Principal at risk: repayment of $10 is contingent on underlying performance
• Term: ≈ 2 years (trade 9 Jul 2025, maturity 12 Jul 2027) unless called early
• Contingent coupon rate: 12.92% p.a. (≈ $0.2153 every two months) paid only if CRWD closes ≥ $308.11 (60% of initial)
• Automatic call: if CRWD closes ≥ initial level of $513.51 on any observation date prior to final valuation, investors receive par plus that period’s coupon and the note terminates
• Downside threshold / Coupon barrier: $308.11 (60% of initial level)

Pay-off profile

• Called early: investor receives $10 + accrued coupon; maximum holding period could be as short as ~2 months.
• Held to maturity & CRWD ≥ $308.11: receive principal plus final coupon.
• Held to maturity & CRWD < $308.11: repay $10 × (1 + price change). Losses are one-for-one with CRWD beyond the 40% buffer; total loss possible.

Risk highlights

• No guaranteed coupons; missing the coupon barrier on any observation date means no income for that period.
• Investors face full downside exposure below the 60% threshold and credit risk of UBS AG.
• Estimated initial value is 2.0% below issue price, reflecting dealer compensation, hedge costs and UBS’s lower internal funding rate.
• The notes are expected to be illiquid; any secondary sales will likely occur at a price materially below the issue price.

Key dates

• Bimonthly observation dates starting 9 Sep 2025; final valuation 8 Jul 2027.
• Coupons (if earned) pay two business days after each observation; maturity payment on 12 Jul 2027.

Tax treatment is uncertain; UBS intends to treat the notes as prepaid derivatives with ordinary income on coupons. Investors should review detailed risk factors and consult advisers before investing.