ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering $319,000 of Buffer Autocallable Notes maturing on June 22 2029 that are linked to the least-performing of three U.S. equity benchmarks—the Dow Jones Industrial Average, the S&P 500 Equal Weight Index and the S&P 500 Index. The unsubordinated, unsecured notes combine a quarterly automatic call feature with 20 % downside protection (buffer) at maturity.

Key mechanics:

• Strike Date: 17 Jun 2025. Initial levels equal the closing levels on that date (e.g., DJIA 42,215.80).
• Call Observation: Quarterly, beginning 12 months after settlement. If the closing level of each index is ≥ its Call Threshold (100 % of initial), the notes are redeemed early for the Call Price = principal + call return.
• Call Return Rate: 9 % p.a.; the longer the notes remain outstanding, the larger the accumulated call return.
• Downside Threshold: 80 % of the initial level (buffer 20 %). If no automatic call occurs and any index closes < 80 % of its initial level at final valuation (18 Jun 2029), investors suffer a loss equal to the decline beyond the 20 % buffer in the worst-performing index.
• Estimated Initial Value: $975.90 per $1,000 face (reflects internal funding cost and hedging spreads).
• Issue Price / Proceeds: Public price $1,000; underwriting discount $6; net proceeds to UBS $994.

Risk considerations: Investors face (i) full credit risk of UBS AG, (ii) market risk tied to three separate indices but settled on worst-performer basis, (iii) limited liquidity—notes will not be listed, and (iv) potential loss of nearly all principal if the buffer is breached at maturity and no call occurs. Higher call-return compensation reflects these elevated risks.

The filing is a routine Rule 424(b)(2) pricing supplement that finalises economic terms already outlined in the February 6 2025 base prospectus, index supplement and product supplement.