ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG has issued $1,000,000 in Trigger Callable Contingent Yield Notes linked to the performance of the Nasdaq-100, Russell 2000, and S&P 500 indices, due June 29, 2028. The notes feature:

• A 12% per annum contingent coupon rate, payable monthly if all underlying indices close at or above their 75% coupon barriers
• Callable by UBS after 3 months at their discretion, with principal plus any contingent coupon returned
• Principal protection at maturity if no index falls below 70% of its initial level
• Risk of significant loss if any index closes below its 70% threshold at maturity

Initial index levels are: Nasdaq-100 (22,190.52), Russell 2000 (2,161.212), and S&P 500 (6,092.18). The estimated initial value is $973.90, below the $1,000 issue price. The notes carry significant risk, including potential loss of principal and credit risk of UBS AG.

UBS AG has filed a preliminary pricing supplement for Trigger Callable Contingent Yield Notes linked to the S&P 500® Index, due July 14, 2028. The notes offer a contingent coupon rate of 7.75% per annum, payable if the S&P 500 closes at or above the coupon barrier (70% of initial level) on observation dates.

Key features include:

• Principal Amount: $1,000 per note
• Term: Approximately 3 years, callable by UBS
• Downside Threshold: 70% of initial level
• Estimated initial value: $952.30-$982.30

Risk factors: Investors could lose significant portion or all of their investment if the final level falls below the downside threshold. Notes are subject to UBS's credit risk and may receive few or no contingent coupons. UBS can call the notes early regardless of index performance. Notes will not be listed on any exchange, limiting liquidity options.

Forte Biosciences, Inc. (NASDAQ: FBRX) filed a Form 8-K disclosing that it has released positive topline data from a Phase 1b clinical trial of lead asset FB102 in celiac disease. The company also announced a conference call on 23 June 2025 at 8:30 a.m. ET to discuss the results.

The 8-K furnishes three key exhibits: (1) a press release summarising the Phase 1b findings (Ex. 99.1), (2) a detailed results presentation (Ex. 99.2), and (3) an updated corporate deck (Ex. 99.3). Management emphasises that the materials are provided for information only and are not deemed “filed” under Exchange Act Section 18 unless specifically incorporated by reference.

No financial statements were included and the filing does not alter previously reported guidance. However, the disclosure signals clinical progress for FB102, the company’s primary value driver, and could influence investor perception of Forte’s pipeline strength and future funding prospects. With positive early-stage data and increased visibility via the scheduled call, the event may act as a near-term catalyst for FBRX shares while also elevating development and regulatory milestones as the next focus points.

UBS AG has filed a preliminary pricing supplement for a new structured product: Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the Russell 2000® (RTY) and S&P 500® (SPX) indices. The three-year notes (Trade Date: 11 Jul 2025; Maturity: 14 Jul 2028) are unsecured, unsubordinated debt obligations of UBS.

Coupon mechanics: Investors may receive a 7.35% p.a. contingent coupon (paid semi-annually) if, on any observation date, both indices close at or above their 70% coupon barrier. The “memory” feature allows payment of previously missed coupons once the condition is next satisfied.

Automatic call: If on any observation date prior to final valuation both indices are at or above 100% of their initial level, the notes are called early and investors receive par plus any due and unpaid coupons.

Principal repayment: • If not called and both indices are ≥ 70% of initial at final valuation, investors receive full principal. • If either index is < 70%, repayment is reduced one-for-one with the worst-performing index, exposing investors to up to a 100% loss.

Pricing & fees: Issue price is $1,000 per note. Investors bear an $15 underwriting discount (1.5%) and a $6 structuring fee. UBS estimates the initial economic value at $932.20–$962.20, reflecting dealer margin and funding costs.

Key risks: Market risk from both indices, potential loss of entire principal, contingent coupon uncertainty, liquidity limits (no exchange listing), and UBS credit risk. These notes are intended for sophisticated investors comfortable with structured products and downside exposure.

Offering overview: UBS AG is marketing unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of United Airlines Holdings, Inc. The notes, expected to price on June 30 2025 and settle on July 3 2025, mature on or about January 5 2027 unless automatically called earlier.

Key economic terms:

• Contingent coupon: 15.25 % – 16.25 % p.a., payable quarterly if UAL closes at or above the 60 % coupon barrier on an observation date. Missed coupons accumulate and may be paid later under the “memory” feature.
• Automatic call: If UAL closes at or above 100 % of the initial level on any observation date before maturity, investors receive par plus the current and any previously unpaid coupons; no further payments will be made.
• Downside protection: At maturity, principal is repaid only if UAL’s final level is ≥ 60 % of the initial level. Otherwise, repayment is reduced one-for-one with the share’s decline, potentially to zero.
• Estimated initial value: $933.20 – $963.20 per $1,000 note (93.3 % – 96.3 % of issue price), reflecting internal funding and dealer margins.
• Distribution economics: Issue price $1,000; underwriting discount $27.50; net proceeds to UBS $972.50. UBS Securities LLC may re-allow the full discount to third-party dealers.

Risk highlights: Investors face equity market risk equal to owning UAL below the downside threshold, credit risk of UBS AG, and limited liquidity because the notes will not be listed on an exchange. Coupons are not guaranteed; higher stated coupon compensates for elevated risk.

Suitability: The notes may fit investors who (1) can tolerate full loss of principal, (2) believe UAL will stay above 60 % of its initial level, and (3) accept foregoing any upside beyond the fixed coupons.

UBS AG London Branch is offering Buffered Contingent Income Auto-Callable Securities with Memory Coupon and Downside Leverage linked to the common stock of Meta Platforms, Inc. (META). The notes are unsecured, unsubordinated debt maturing 30 June 2026 (≈12-month tenor) and will not be listed on any exchange.

Key economics

• Stated principal: $1,000 per note
• Issue price: $1,000 (public) versus an estimated initial value of $964.50-$994.50
• Contingent coupon: $13.4167 per note per determination date (≈16.10% p.a.) if META closes ≥80% of the initial price ($712.20) on the relevant date.
• Memory feature: Missed coupons are paid on a later date if the 80% threshold is met.
• Call threshold: 100% of the initial price. If met on any of the 11 monthly determination dates before maturity, the notes are redeemed early for principal + due coupon(s).
• Downside threshold (buffer): 80% of the initial price ($569.76). If final price ≥ threshold, principal is returned; if below, repayment = principal – 1.25× downside beyond the buffer, exposing investors to amplified loss up to total principal.
• Determination dates: Monthly from 25 July 2025 through 25 June 2026; payment dates five business days later (T+5).
• Fees: Total selling concession/structuring fee of 0.10% ($1.00 per note) shared between UBS Securities LLC and Morgan Stanley Wealth Management.

Risk highlights

• Principal at risk: No principal protection; loss accelerated at 1.25× below the 20% buffer.
• Credit risk: Payments depend on UBS AG’s ability to pay.
• Limited upside: Investors do not participate in any META appreciation beyond the fixed coupon.
• Liquidity: Notes are not exchange-listed; secondary trading, if any, may be limited and at prices well below face.
• Valuation gap: Estimated initial value is up to 3.55% below the issue price, creating immediate economic cost to investors.

Overall, the security targets income-oriented investors willing to accept issuer credit risk, equity-linked downside exposure and potential early redemption in exchange for an above-market contingent coupon that may or may not be earned.

Offering overview: UBS AG is marketing unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Uber Technologies, Inc., maturing on or about 5 January 2027.

The Notes pay a contingent coupon of 15.25 - 16.25 % per annum only when the closing price of Uber stock on a quarterly observation date is at least the 75 % coupon barrier. Should the closing price reach or exceed the 100 % call threshold on any observation date before maturity, the Notes are automatically called and investors receive the $1,000 principal plus the applicable coupon.

If the Notes are not called, principal is protected at maturity only if Uber’s final share price is at or above the 75 % downside threshold; otherwise investors suffer a loss equal to the underlying’s percentage decline and could lose their entire investment.

The issue price is $1,000 per Note. UBS estimates an initial value of $936 - $966, reflecting an underwriting discount of $27.50 and internal funding costs. Trade date is expected 30 June 2025 with T+3 settlement on 3 July 2025. The securities will not be listed on any exchange, and secondary market liquidity may be limited.

Key risks: exposure to UBS credit, potential loss of principal below the downside threshold, the possibility of receiving few or no coupons, no participation in upside beyond coupons, and limited liquidity due to the absence of a listing.

UBS AG is marketing unsubordinated, unsecured Trigger Callable Contingent Yield Notes linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices.

Key structural terms

• Issue price: $1,000 per Note; underwriting discount $15; estimated initial value $924.40–$954.40.
• Trade / settlement: 11 Jul 2025 (T) / 16 Jul 2025 (T+3).
• Maturity: 14 Jul 2028 (3-year term); semi-annual observation dates; final valuation 11 Jul 2028.
• Contingent coupon: 7.25% p.a., paid only if the closing level of each index is ≥ 60 % of its initial level on the relevant observation date.
• Issuer call: UBS may redeem the Notes in whole on any observation date (except the final one) for par plus any due coupon, regardless of index performance.
• Principal at maturity: • If not called and each index ≥ 60 % of its initial level, investor receives 100 % of principal.
  • If any index < 60 %, repayment is reduced one-for-one with the worst index’s decline; loss can reach 100 %.
• Credit risk: payments depend on UBS’s ability to pay; the Notes are not FDIC-insured or exchange-listed.

Risk highlights

• No coupon is paid when any index breaches the 60 % barrier on an observation date.
• Investors face full downside exposure below the 60 % threshold of the worst-performing index at maturity.
• Secondary liquidity may be limited; initial value implies an issuer/broker discount of roughly 4.6-7.6 % versus issue price.

Prospective investors should review the detailed “Key Risks” (page 5) and “Risk Factors” (product supplement PS-9) before committing capital.

UBS AG is offering $26,000 in Buffer Callable Yield Notes (unsecured senior debt) linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The three-year notes (trade date 23 Jun 2025; maturity 28 Jun 2028) pay a fixed 7.40 % annual coupon (≈ $6.1667 per $1,000) in monthly arrears, independent of index performance, unless UBS calls the notes early. UBS may call the notes in whole—but not in part—on any monthly call date beginning nine months after issuance. If called, investors receive par plus the current coupon; no further payments accrue.

Principal protection is contingent. If the notes are not called and every index closes at or above its downside threshold (85 % of initial level, i.e., a 15 % buffer) on the final valuation date, holders are repaid par plus the final coupon. If any index finishes below its threshold, redemption value is par × [1 + index return + 15 %] based solely on the worst-performing index, exposing investors to losses beyond the 15 % buffer and, in extreme declines, to near-total loss of principal.

Key economic terms

• Principal: $1,000 per note
• Coupon: 7.40 % p.a.; paid monthly
• Issuer call: monthly after 9 months
• Buffer: 15 %; downside threshold = 85 % of initial level for each index
• Estimated initial value: $981.30 (98.13 % of issue price) reflecting underwriting discount ($2.50) and hedging/issuance costs
• Liquidity: no exchange listing; secondary market, if any, made by UBS Securities LLC
• Credit rating: unsecured claim on UBS AG; subject to FINMA bail-in powers

Risk highlights

• Credit risk – payments depend on UBS’s ability to pay.
• Market risk – negative performance of any index below buffer drives principal loss.
• Issuer call risk – early redemption at issuer’s discretion introduces reinvestment risk and caps total coupon income.
• Limited upside – investors do not participate in index appreciation.
• Valuation & liquidity – estimated value below issue price and potential absence of liquid secondary trading.

The product is positioned for income-oriented investors who are comfortable with structured-note complexity, UBS credit exposure, limited upside, and the possibility of material capital loss if equity markets experience a drawdown of more than 15 % in any of the referenced indices at maturity.