ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is marketing preliminary Trigger Autocallable Contingent Yield Notes linked to the common stock of Stanley Black & Decker, Inc. (SWK) that mature on 28 December 2026.

The notes pay a quarterly contingent coupon of 11.58%–12.72% per annum when the underlying closes at or above the 65% coupon barrier. On any observation date before maturity, a closing level at or above the initial level automatically calls the notes, returning principal plus the coupon on the related payment date.

If not called, holders receive full principal at maturity only when the final SWK level is at or above the 65% downside threshold; otherwise repayment is reduced one-for-one with the negative underlying return, up to complete loss of capital.

Key dates: trade 24 Jun 2025, settlement 26 Jun 2025 (T+2), final valuation 23 Dec 2026, maturity 28 Dec 2026. Minimum purchase is 100 notes at $10 each. The underwriting discount is $0.15 (1.5%) per note, leaving net proceeds of $9.85. UBS estimates the initial value at $9.47–$9.72, implying an initial value discount of roughly 2.8%–5.3%.

The notes are unsecured, unsubordinated obligations of UBS, not FDIC-insured and not exchange-listed, exposing investors to issuer credit risk and potential liquidity constraints.

UBS AG is issuing $200,000 of unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. (AMD). The notes are offered at $10 per note (minimum $1,000) and settle on 26 Jun 2025, maturing on 28 Sep 2026.

Coupon mechanics: investors receive a 17.48% p.a. contingent coupon paid quarterly only when AMD’s closing price on the observation date is at or above the coupon barrier of $96.90 (70% of the initial level). Coupons are forfeited for any quarter in which AMD closes below the barrier.

Call feature: the notes are automatically called at any quarterly observation if AMD closes at or above the initial level of $138.43. In that event, holders receive the principal plus the relevant coupon, and the note terminates early.

Principal repayment at maturity: if not called, principal is fully repaid only if AMD’s final level is at or above the downside threshold of $96.90. Otherwise, investors incur a loss equal to AMD’s percentage decline from the initial level; a drop of 70% or more could lead to total loss of principal.

Structural considerations: • Estimated initial value is $9.78, 2.2% below issue price, reflecting dealer spread and hedging costs. • Notes are not exchange-listed; liquidity will rely on UBS’s secondary-market willingness. • All payments depend on UBS AG’s creditworthiness; there is no FDIC insurance.

Fee disclosure: a $0.15 per-note underwriting discount reduces net proceeds to UBS to $9.85 per note.

Key dates: Trade 24 Jun 2025; quarterly observations (see filing); final valuation 24 Sep 2026.

UBS AG has filed a preliminary 424(b)(2) pricing supplement for unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. (PLTR).

The notes are scheduled to trade on 24 Jun 2025, settle on 26 Jun 2025 and mature on 28 Jun 2027, unless automatically called earlier. Minimum purchase is 100 notes at $10.00 each (total $1,000).

Income potential: Investors receive a contingent coupon of 18.62 %-20.47 % per annum, paid monthly, only when Palantir’s closing price on the observation date is ≥ the Coupon Barrier (60 % of the Initial Level). Missed coupons are not carried forward.

Automatic call: If on any monthly observation date before final valuation Palantir closes at or above the Initial Level, UBS will redeem the notes for $10 plus the current coupon, ending the investment early.

Principal risk: If the notes are not called and the final price on 24 Jun 2027 is ≥ the Downside Threshold (60 % of Initial Level), principal is repaid in full. Otherwise, repayment equals $10 × (Final Level ÷ Initial Level), exposing investors to the full downside of PLTR and potentially a 100 % loss of principal.

Key terms

• Observation frequency: monthly
• Estimated initial value: $9.54-$9.79 versus the $10 issue price
• Underwriting discount: $0.125 per note; issuer proceeds $9.875
• The notes will not be listed on any exchange; secondary liquidity is limited

Risks highlighted: credit exposure to UBS, potential loss of all invested capital, possibility of receiving no coupons, and limited secondary market. The contingent repayment feature only applies at maturity and does not protect against interim market declines.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. (AMD). The Notes are unsecured, unsubordinated debt obligations that mature on 28-Sep-2026 (approximately 15 months). Investors purchase at $10.00 per Note (minimum 100 Notes). The issuer pays a contingent quarterly coupon of 15.59%-16.47% per annum only when AMD’s closing price on the relevant observation date is at or above the 70% coupon barrier of the initial level.

An automatic call occurs if AMD closes at or above its initial level on any observation date before maturity; investors then receive principal plus the due coupon and the Notes terminate. If no call occurs and AMD’s final level is ≥ the 70% downside threshold, investors receive full principal at maturity; however, if the final level is below the threshold, repayment is reduced dollar-for-dollar with AMD’s decline, potentially to $0.

Key economic terms include: underwriting discount $0.15 per Note (proceeds to UBS $9.85), and an estimated initial value of $9.54-$9.79, reflecting structuring costs and UBS’s internal funding rate. The Notes are not listed on an exchange, may be illiquid, and settle T+2. All payments depend on UBS AG’s creditworthiness; a default could result in total loss.

Investors face market risk in AMD shares, contingent coupon risk, early-call reinvestment risk, full downside market exposure below the threshold, credit risk of UBS, and potential secondary-market price discounts. The product suits investors seeking high contingent income and who can tolerate substantial risk to principal.

UBS AG is issuing a limited $250,000 tranche of Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. (PLTR). The Notes, priced at $10 each and settling on 26 June 2025, carry a contingent coupon of 20.59% per annum (paid quarterly) when PLTR’s closing price on an observation date is at or above the Coupon Barrier of $71.62 (50 % of the Initial Level). An Automatic Call is triggered on any observation date before maturity if PLTR closes at or above the Initial Level of $143.23; investors then receive par plus the applicable coupon.

If the Notes are not called early, principal is protected only when the Final Level on 24 June 2027 is at or above the Downside Threshold of $71.62. Otherwise, repayment equals par reduced by the full percentage decline in PLTR, exposing investors to up to a 100 % loss. The estimated initial value of $9.76 indicates a 2.4 % issuer discount versus issue price, while a $0.15 underwriting fee (1.5 %) further widens the break-even level. The Notes are unsecured, unsubordinated obligations of UBS AG, unlisted and therefore expected to trade in an illiquid over-the-counter market. All payments depend on UBS’s creditworthiness; a UBS default could result in total loss irrespective of PLTR performance.

UBS AG is marketing unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. (“PLTR”). The preliminary pricing supplement, dated June 24 2025, covers a two-year tenor ending on or about June 28 2027. Notes are offered in minimum lots of 100 at $10 per Note.

Income profile: Investors may receive a contingent coupon of 18.50%–19.81% p.a., paid quarterly, but only when PLTR’s closing level on the relevant observation date equals or exceeds the Coupon Barrier, set at 50 % of the Initial Level. Missed coupons are not deferred.

Automatic call: The Notes will be redeemed early at par plus the coupon if PLTR closes at or above the Initial Level on any quarterly observation date prior to final valuation. Early redemption terminates future coupon potential.

Principal repayment: If the Notes are not called and PLTR’s final level is ≥ the Downside Threshold (50 % of Initial Level), investors receive full principal. Should the final level fall below the threshold, repayment is reduced one-for-one with PLTR’s decline, exposing investors to up to 100 % capital loss.

Pricing & costs: Issue price is $10; estimated initial value is $9.50–$9.75, implying a 2.5–5 % valuation shortfall. An underwriting discount of $0.15 per Note applies. Settlement is expected T+2 (June 26 2025); quarterly observation dates are listed on page 4.

Risk highlights: The Notes carry full PLTR market risk below the 50 % threshold, credit risk to UBS, no listing or secondary-market assurance, and potential settlement complications given T+2 issuance versus T+1 secondary standard. Investors should consult the detailed “Key Risks” and product supplement before investing.

UBS AG is offering $5.567 million of Buffer Contingent Yield Notes linked to the VanEck® Gold Miners ETF (GDX). The notes are unsecured, unsubordinated debt that pay a contingent coupon of 10.75% per annum only when the ETF’s monthly closing level is at or above the Coupon Barrier of $37.18 (70 % of the $53.11 initial level). Miss the barrier and the coupon for that period is forfeited.

At maturity on 28-Jul-2026, repayment of principal is conditional. Investors receive 100 % of par only if the final ETF level is at or above the Downside Threshold of $47.80 (90 % of the initial level). Below that threshold, principal is reduced one-for-one beyond the 10 % buffer, exposing holders to almost the full downside of the ETF.

Other key terms include:

• Monthly observation dates with T+3 initial settlement (23-Jun-2025 trade, 26-Jun-2025 settle).
• Estimated initial value: $981.30, ~1.9 % below the $1,000 issue price, reflecting internal funding costs and dealer compensation.
• Issue not listed on any exchange; liquidity is dealer-driven and may be limited.
• UBS Securities LLC receives up to $7.50 underwriting discount per note; a similar amount may be paid as a structuring fee to third-party dealers.

The product suits investors seeking enhanced yield, willing to forgo ETF upside, accept credit risk of UBS, tolerate potential loss of principal beyond a 10 % buffer, and capable of holding to maturity with limited secondary-market liquidity.

UBS AG has filed a preliminary pricing supplement for Airbag Callable Contingent Yield Notes maturing on or about 30 June 2028. The unsecured senior notes are linked to the least-performing of three reference assets: Nasdaq-100 Index (NDX), Utilities Select Sector SPDR Fund (XLU) and Health Care Select Sector SPDR Fund (XLV). Each $1,000 note can generate a 10.00% p.a. contingent coupon, paid monthly, but only when all assets close at or above their 72 % coupon barriers on the relevant observation date.

UBS may call the notes (in whole) on any monthly observation date beginning two months after issuance. If called, investors receive principal plus any due coupon and no further payments. If not called, repayment at maturity depends on asset performance. Should every asset finish at or above its 75 % downside threshold, holders receive full principal; if any asset breaches that level, repayment is reduced at an accelerated rate of approximately 1.3333 % loss for every 1 % decline beyond the 25 % buffer, exposing investors to the full downside of the worst-performing asset, potentially to zero.

The issue price is $1,000, while the estimated initial value stands between $947.80 and $977.80, reflecting structuring and funding costs. UBS Securities LLC receives a $1.40 underwriting discount and may pay unaffiliated dealers a $0.60 marketing fee. The notes will not be listed, and secondary liquidity is expected to be limited. Investors face conditional income, leveraged downside, early-call reinvestment risk, credit risk of UBS AG and limited exit options, making these notes significantly riskier than conventional debt securities.

UBS AG is offering $8.69 million of Digital S&P 500® Index-Linked Medium-Term Notes maturing 24 August 2026. The unsecured senior notes provide no periodic interest and repay principal based solely on the level of the S&P 500 Index on the 20 August 2026 determination date.

Pay-off structure:

• If the final index level is ≥ 90% of the initial level (5,967.84), investors receive a fixed maximum settlement amount of $1,095.10 per $1,000 face value, representing a capped upside of 9.51% (simple, not annualised).
• If the index falls below the 90% buffer, repayment equals $1,000 plus 111.11% of the index decline beyond −10%. Every additional 1% drop below the buffer reduces principal by approximately 1.1111%, exposing investors to a potential 100% loss of capital.

Key terms: Trade date 20 June 2025; issue date 27 June 2025; price 100% of face; underwriting discount 1.17%; net proceeds 98.83%. The notes may be reopened at different prices and discounts. The estimated initial value calculated by UBS’s internal models is $986.30, below the issue price, largely because of internal funding costs and selling concession.

Risk highlights: • Full issuer credit risk of UBS AG. • No dividend participation. • Limited or no secondary liquidity; market-makers may charge bid–ask spreads. • Valuation likely to fall below issue price immediately after pricing. • Tax treatment expected to follow prepaid derivative contract characterisation.

Investor suitability: UBS targets investors who (1) can tolerate loss of principal, (2) believe the S&P 500 will remain within −10% to +9.51% over 14 months, (3) can forgo dividends and current income, and (4) are prepared to hold to maturity.