ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering $200,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Capital One Financial Corporation (COF). The notes are unsecured, unsubordinated debt of UBS maturing 28 September 2026. Investors purchase in $10 denominations (minimum $1,000).

Key economics:

• Contingent coupon: 10.46 % p.a., paid quarterly only when COF’s closing price on the relevant observation date is ≥ the coupon barrier of $144.45 (70 % of initial level).
• Automatic call: If COF closes ≥ its initial level of $206.36 on any observation date before maturity, UBS pays par plus the coupon and terminates the note.
• Principal protection: None. If not called and the final level is < the downside threshold of $144.45, redemption is reduced dollar-for-dollar with the underlying decline; investors could lose their entire investment.
• Estimated initial value: $9.78 versus the $10 issue price, reflecting a 2.2 % discount due to UBS funding spread and structuring costs.
• Issue price/underwriting: Investors pay $10; dealers receive a $0.15 concession, net proceeds to UBS $9.85.

Timeline: Trade date 24 Jun 2025, settlement 26 Jun 2025 (T+2), quarterly observations, final valuation 24 Sep 2026, maturity 28 Sep 2026.

Risk highlights: Coupons are not guaranteed, principal is at risk below the 70 % threshold, the note is exposed to UBS credit risk, and there will be no exchange listing, limiting liquidity. Higher coupon compensates for this elevated risk profile.

UBS AG is offering $4.743 million of Trigger Autocallable Contingent Yield Notes linked to Constellation Energy Corporation common stock. The Notes are unsecured, unsubordinated debt maturing 26 June 2028 and settle T+2 on 26 June 2025. Investors receive a contingent coupon of 14.34% p.a. paid quarterly only when the underlying closes at or above the 55% coupon barrier ($176.36). Beginning six months after issuance, the Notes will be automatically called on any quarterly observation date if Constellation Energy closes at or above its $320.66 initial level; in that case holders receive par plus the coupon and no further payments.

If not called, repayment at maturity depends on performance versus the 50% downside threshold ($160.33). A final level at or above that threshold returns full principal; a level below it subjects investors to a 1-for-1 loss on the underlying decline, potentially wiping out the entire investment.

The Notes price at par ($10) but the estimated initial value is $9.67, reflecting structuring and hedging costs (approx. 3.3% discount). Issue proceeds to UBS after the $0.225 per-note underwriting discount are $4.636 million. The securities are not FDIC-insured, not exchange-listed, and carry UBS credit risk. Minimum purchase is 100 Notes ($1,000).

UBS AG is offering unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to Intel Corporation common stock and scheduled to mature on 28 June 2027. The Notes are issued in $10 denominations (minimum 100 Notes) and pay a contingent coupon of 18.27 %–19.03 % per annum only if the Intel closing price on a semi-annual observation date is at or above the coupon barrier (70 % of the initial level). If on any observation date before maturity Intel closes at or above the initial level, the Notes are automatically called and investors receive par plus the applicable coupon on the related payment date.

If the Notes are not called early and the final Intel price is at least the downside-threshold (also 70 % of the initial level), investors receive full principal at maturity. Otherwise, repayment equals par reduced by the exact percentage decline in Intel from the trade date to the final valuation date—potentially resulting in a total loss of principal. The contingent protection therefore applies only at maturity and only above the threshold.

The preliminary range for the estimated initial value is $9.52–$9.77 per $10 Note, reflecting UBS’s internal pricing assumptions and an underwriting discount of $0.175 (1.75 %). The Notes will not be listed on any exchange, and secondary market liquidity, if any, will be limited and subject to bid–offer spreads. All payments depend on UBS’s creditworthiness; a UBS default would leave investors with no recourse to the underlying asset.

Key dates: trade date 24 Jun 2025, settlement 26 Jun 2025 (T+2), semi-annual observations, final valuation 24 Jun 2027, maturity 28 Jun 2027.

These structured Notes may appeal to investors comfortable with Intel equity risk, UBS credit risk, potential illiquidity and the possibility of receiving no coupons and suffering significant to complete capital loss.

UBS AG is marketing unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Capital One Financial Corporation (COF). The preliminary terms call for a 15-month tenor, settling on 26 June 2025 and maturing on 28 September 2026. Investors receive a quarterly contingent coupon of 8.22 – 9.45% per annum only when COF’s closing price on the relevant observation date is at or above the Coupon Barrier, set at 70% of the Initial Level.

The notes feature an automatic call: if COF closes at or above its Initial Level on any observation date before final valuation (24 September 2026), UBS will redeem at par plus the due coupon, ending the investment early. Absent a call, principal is protected only if the final COF level is at or above the Downside Threshold (also 70% of Initial). Should the final level breach that threshold, repayment is reduced one-for-one with the underlying decline, exposing investors to up to 100% loss of principal.

Issue price is $10.00 per note; underwriting discount is $0.15, yielding net proceeds of $9.85. UBS estimates the initial economic value at $9.54 – $9.79, reflecting internal funding costs and dealer margins. The notes will not be listed on any exchange, and secondary market liquidity is uncertain. All payments depend on UBS AG’s credit; the notes are neither FDIC-insured nor bank deposits.

UBS AG is marketing unsubordinated, unsecured Trigger Callable Contingent Yield Notes maturing on July 8, 2030. The Notes are linked to the least-performing of three equity benchmarks: the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index.

Investors may receive a 9.25 % p.a. contingent coupon paid monthly, but only if the closing level of each underlying is at or above 70 % of its initial level (the “coupon barrier”) on the relevant observation date. If any index is below its barrier, the coupon for that period is forfeited.

Beginning six months after issuance, UBS may call the Notes on any monthly observation date. If called, holders receive the principal plus any due coupon, and the instrument terminates early.

If not called, principal is protected at maturity only when all final index levels are ≥ 70 % of their initial levels. Should any index finish below that downside threshold, redemption equals the principal reduced by the full negative return of the worst-performing index, exposing investors to 100 % downside on that leg.

• Trade date: July 2, 2025; settlement: July 8, 2025.
• Estimated initial value: $910.20 – $940.20 per $1,000 Note (91 %–94 % of issue price).
• Issue price: $1,000; underwriting discount: $27.50; proceeds to UBS: $972.50.
• Notes will not be listed on any exchange; secondary market liquidity is expected to be limited.

Any payment is subject to UBS credit risk; the Notes are not FDIC-insured. Investors should review the detailed “Key Risks” and product supplement for full risk disclosure.

UBS AG is marketing preliminary Trigger Autocallable Contingent Yield Notes linked to Constellation Energy Corporation (CEG) common stock, maturing on or about 26 June 2028. The notes are unsecured senior obligations of UBS and carry quarterly contingent coupons of 11.33 %–12.96 % p.a. paid only when CEG closes at or above a 55 % coupon barrier on the relevant observation date. Beginning six months after issuance, the notes are automatically callable each quarter if the CEG closing price is at or above the initial level; investors then receive par plus the due coupon.

If not called, principal is protected only at maturity and only if the final level is ≥ 50 % of the initial level (downside threshold). Should CEG finish below this threshold, repayment is reduced one-for-one with the stock’s decline, potentially to zero. UBS estimates the initial economic value at $9.40–$9.65 per $10 note, reflecting an underwriting discount of $0.225 and internal funding costs. Minimum investment is 100 notes ($1,000). The securities will not be listed, may be illiquid, and are subject to UBS credit risk; a default could render the notes worthless.

The trade date, settlement date and final valuation date are expected to be 24 Jun 2025, 26 Jun 2025 and 22 Jun 2028, respectively. Investors should review the accompanying prospectus and product supplement, and the detailed risk factors highlighted on pages 5 and PS-9, before considering this high-risk, structured product.

UBS AG is offering $272,000 of Trigger Autocallable Contingent Yield Notes linked to Vistra Corp. (VST) common stock, maturing 28 June 2027. The Notes are unsecured, unsubordinated debt obligations that pay a contingent coupon of 15.26% per annum, payable quarterly only when the underlying closes at or above the coupon barrier of $93.09 (50 % of the $186.17 initial level).

Automatic call: If the underlying closes at or above the initial level on any quarterly observation date before maturity, the Notes are redeemed early at par plus the applicable coupon and no further payments are made.

Principal at risk: If not called and the final level on 24 June 2027 is below the downside threshold of $93.09, investors incur a loss equal to the underlying’s percentage decline and may lose their entire principal. If the final level is at or above the threshold, principal is repaid in full.

Key terms:

• Issue price: $10 per Note (minimum purchase 100 Notes).
• Estimated initial value: $9.73, reflecting structuring and funding costs.
• Underwriting discount: $0.15 per Note; proceeds to UBS: $9.85 per Note.
• Credit risk: payments depend on UBS AG’s ability to pay; the Notes are not FDIC-insured and will not be listed on an exchange.

Investors must be comfortable with (1) potential non-payment of coupons, (2) full market downside below a 50 % trigger, (3) limited liquidity and secondary-market price concessions, and (4) issuer credit risk. The product targets investors seeking enhanced income in exchange for elevated equity and credit risk over a two-year horizon.

UBS AG is marketing an unsecured, unsubordinated structured note – the Trigger Autocallable Contingent Yield Notes – linked to the common stock of Vistra Corp. (VST). The preliminary pricing supplement (Rule 424(b)(2), dated 24 Jun 2025) outlines a two-year instrument maturing on or about 28 Jun 2027.

Key economic terms

• Issue price: $10.00 per Note; minimum purchase 100 Notes (≥ $1,000).
• Contingent coupon: 13.69 % – 14.44 % p.a., paid quarterly only when the closing price of VST on the relevant observation date is ≥ the coupon barrier (50 % of initial level).
• Autocall: If, on any quarterly observation date before final valuation (24 Jun 2027), VST closes ≥ its initial level, UBS will redeem early at par plus the coupon.
• Downside protection: If not called, principal is protected at maturity only when the final level is ≥ the downside threshold (50 % of initial). Below that level, repayment is reduced one-for-one with the stock’s percentage decline, potentially to $0.
• Estimated initial value: $9.47–$9.72 (≈ 2.8 %-5.3 % below issue price), reflecting dealer discount and hedging costs.
• Underwriting discount: $0.15 (1.5 %) per Note; net proceeds to UBS: $9.85.
• Settlement: T+2 (26 Jun 2025); secondary trades after pricing will settle T+1 under new SEC rules.

Risk highlights

• No guaranteed coupons; investor may receive little or no income.
• 50 % barrier offers limited protection; a > 50 % drop in VST shares exposes investors to full equity downside.
• Credit risk: all payments depend on UBS AG solvency.
• Liquidity risk: Notes will not be listed on an exchange; secondary market, if any, will be limited and priced below intrinsic value.
• Structural cost: estimated value below par signals built-in fees and hedging spread.

The document is preliminary; final terms (exact coupon, initial level, CUSIP/ISIN) will be set on the trade date. Investors should review the “Key Risks” (page 5) and the February 6 2025 product supplement before investing.