ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG London Branch is issuing $4.95 million of Contingent Income Auto-Callable Securities due 23 June 2028 that are linked to the common stock of Microsoft Corporation (MSFT). Each $1,000 note can earn a contingent quarterly coupon of $22.625 (9.05% p.a.) whenever the MSFT closing price on a determination date is at or above the 80% downside threshold ($381.92). If on any of the first 11 observation dates MSFT is at or above the 100% call level ($477.40), UBS will redeem the notes early for the principal plus the coupon.

If the notes are not called and the final MSFT price on 20 June 2028 is below the downside threshold, investors receive a cash payment that reflects the full percentage decline in MSFT, exposing them to up to 100% principal loss. UBS has elected cash settlement rather than delivering MSFT shares. The securities are unsecured, unsubordinated obligations of UBS AG and carry the issuer’s credit risk. They will not be listed on any exchange, and secondary liquidity is expected to be limited.

The issue price is 100%, but investors pay an aggregate 2.25% in selling & structuring fees; net proceeds to UBS are 97.75%. UBS estimates the initial economic value at $969.40 per note, implying a 3.06% initial value discount relative to price to public. Settlement is T+3 versus the T+1 equity market standard, requiring special settlement arrangements for early secondary trades.

Key dates: pricing 20 Jun 2025, issue 25 Jun 2025, quarterly observation dates through 20 Jun 2028, with corresponding payment dates. The SEC has neither approved nor disapproved the offering.

UBS AG is offering unsubordinated, unsecured Autocallable Notes linked to an unequally weighted basket of five equity indices: EURO STOXX 50® (40%), Nikkei 225® (25%), FTSE 100® (17.5%), Swiss Market Index® (10%) and S&P/ASX 200 (7.5%). The Notes are expected to be issued on 30 June 2025, mature on 28 June 2028, and require a minimum investment of 100 Notes at US $10 each.

An automatic call is triggered if, on any annual observation date (including final valuation), the basket closes at or above 100 % of its initial level. Upon a call, investors receive the principal plus a call return based on an annualized 11.5 %–12 % rate; no further payments are made thereafter. If never called, the final payout equals the principal minus any basket decline, exposing investors to full downside risk up to total loss of capital.

The indicative estimated initial value is $9.443 – $9.743 per $10 Note, reflecting underwriting discount ( $0.20 / Note) and UBS’s internal funding spread. The Notes will not be listed on any exchange, and secondary market liquidity is uncertain. All payments depend on UBS AG’s creditworthiness; the Notes are not FDIC-insured.

Key dates: trade date 26 Jun 2025, settlement 30 Jun 2025, annual observations, final valuation 26 Jun 2028. CUSIP: 90304U354; ISIN: US90304U3547.

UBS AG is issuing $200,000 of Trigger Autocallable Contingent Yield Notes linked to Dell Technologies Inc. common stock, maturing 28-Sep-2026. The notes pay a contingent coupon of 17.90% p.a., but only when Dell’s closing price on a quarterly observation date is at or above the coupon barrier of $84.41 (70% of the $120.59 initial level). If on any observation date prior to maturity the share price is at or above the initial level, UBS will automatically call the notes and repay principal plus the coupon on the related payment date.

If not called, principal is protected only when the final level is ≥ the downside threshold of $84.41. A final level below that threshold exposes investors to a loss matching the full percentage decline in Dell’s stock, potentially resulting in total loss of principal. The notes are unsecured, unsubordinated obligations of UBS AG; repayment depends on UBS’s creditworthiness.

Key terms: trade 24-Jun-2025, settle 26-Jun-2025; estimated initial value $9.79 per $10 note; CUSIP 90309J420. Minimum purchase is 100 notes ($1,000). The product is not listed, may be illiquid, and is designed for investors who understand structured products and can tolerate loss of capital and missed coupons.

UBS AG is offering $350,000 in unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Exxon Mobil Corporation (XOM). The one-year securities pay a contingent coupon of 11.95% per annum, distributed quarterly only when the XOM closing price on each observation date is at or above the Coupon Barrier of $97.51 (90% of the Initial Level). If on any quarterly observation date XOM closes at or above the Initial Level of $108.34, the notes are automatically called and investors receive par plus that period’s coupon.

Absent an autocall, principal is protected only if, on the Final Valuation Date (24 Jun 2026), XOM closes at or above the Downside Threshold of $92.09 (85% of the Initial Level). Should XOM finish below that level, investors are fully exposed to the underlying’s percentage decline and could lose their entire investment. The estimated initial value of each $10 note is $9.80, reflecting issuer credit spread and fees; investors pay an underwriting discount of $0.15 per note. The notes will not be listed on any exchange, limiting liquidity, and all payments are subject to UBS’s credit risk.

Key dates include Trade Date 24 Jun 2025, Settlement 26 Jun 2025 (T+2), quarterly observation dates, and Maturity/Call Settlement 26 Jun 2026. Minimum purchase is 100 notes ($1,000). The document highlights significant market and credit risks, advising investors to review “Key Risks” and “Risk Factors” sections before investing.

UBS AG is marketing unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to Dell Technologies Inc. common stock. The preliminary pricing supplement (424(b)(2), dated June 24 2025) outlines a 15-month product maturing on or about September 28 2026.

Key economic terms:

• Issue price: $10 per Note; minimum purchase 100 Notes.
• Contingent coupon: 16.02%–16.91% p.a., paid quarterly only when Dell’s closing price on the observation date is at or above a 70% coupon barrier.
• Automatic call: Notes are redeemed early at par plus coupon if Dell closes ≥ the unknown Initial Level on any observation date before final valuation (quarterly schedule).
• Principal protection: none. If not called and Dell’s final level is ≥ the 70% downside threshold, investors receive par; otherwise, repayment is reduced one-for-one with Dell’s decline, potentially to $0.
• Estimated initial value: $9.55–$9.80 (95.5%–98.0% of issue price), reflecting dealer spreads and UBS’s funding costs.
• Settlement: T+2 issuance; secondary trades may require alternative settlement to meet new T+1 rule.

Risk disclosures: Investors face (i) full equity downside below the 30% buffer, (ii) contingent, not guaranteed, coupons, (iii) UBS credit risk, and (iv) liquidity risk as the Notes will not be listed. The supplement directs investors to “Key Risks” (p. 5) and the product supplement (PS-9) for detailed factors.

Distribution & use of proceeds: UBS Financial Services Inc. and UBS Investment Bank act as agents, retaining a $0.15 underwriting discount per $10 Note (1.5% fee). Net proceeds to UBS are $9.85 per Note.

Neither the SEC nor any other regulator has approved the Notes; they are not FDIC-insured. Final economic terms will be fixed on the trade date.

UBS AG is offering unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to Exxon Mobil Corporation (XOM) common stock, maturing on or about 26 June 2026. The Notes pay a quarterly contingent coupon only when XOM’s closing price on the relevant observation date is at or above the Coupon Barrier (90 % of the Initial Level). The indicative coupon rate is 8.62 %–10.04 % per annum.

An Automatic Call is triggered if, on any observation date before final valuation, XOM closes at or above the Initial Level; investors then receive par plus the applicable coupon and the Note terminates early. If no call occurs:

• Principal repayment is contingent. At maturity investors receive par only if the Final Level is at or above the Downside Threshold (85 % of the Initial Level).
• If the Final Level is below the Downside Threshold, repayment equals par reduced by the full percentage decline in XOM, exposing investors to losses up to 100 % of principal.

Pricing & Settlement: Issue price is $10 per Note; estimated initial value is $9.53–$9.78 (reflecting a 2.2 %–4.7 % issuer discount). Underwriting discount is $0.15 per Note. Minimum purchase is 100 Notes ($1,000). Trade date and settlement are expected on 24 June 2025 and 26 June 2025, respectively (T+2).

Key Risks highlighted include credit risk of UBS, market risk identical to direct XOM exposure below the threshold, potential for zero coupons, lack of listing, and limited secondary market liquidity. The Notes suit investors who can tolerate full downside risk, understand structured products, and seek enhanced conditional income tied to XOM’s performance.

UBS AG is offering $200,000 of unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of BioMarin Pharmaceutical Inc. (BMRN). The Notes, issued at $10 per Note, pay a contingent coupon of 10.66% per annum but only if BMRN’s closing price on a quarterly observation date is at least the Coupon Barrier of $38.28 (70% of the Initial Level of $54.69). If this condition is not met, the investor receives no coupon for that quarter.

An Automatic Call is triggered if BMRN closes at or above the Initial Level on any observation date. In that case, UBS repays principal plus the due coupon, and the Note terminates early. Absent a call, principal is protected at maturity only if the Final Level is at or above the Downside Threshold of $38.28. Should the Final Level fall below this threshold, repayment is reduced dollar-for-dollar with BMRN’s decline, potentially resulting in a total loss of principal.

Key dates include a Trade Date of 24 Jun 2025, Settlement on 26 Jun 2025, and Maturity on 28 Sep 2026. The estimated initial value is $9.78, 2.2% below the issue price, reflecting internal funding costs and dealer margins. Underwriting discount is $0.15 per Note. The Notes will not be listed on any exchange, and secondary market liquidity is expected to be limited.

Investors face UBS credit risk, equity market risk in BMRN, potential illiquidity, and the possibility of receiving few or no coupons. The product may appeal to investors comfortable with these risks who seek enhanced yield and are moderately bullish on BMRN over the 15-month term.

Offering: UBS AG is issuing $200,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Dow Inc. (DOW), maturing on 28-Sep-2026. These are senior, unsecured debt obligations.

Key terms

• Issue price: $10 per note; minimum purchase 100 notes.
• Contingent coupon: 19.75% per annum, paid quarterly only when DOW closes at or above the $19.27 coupon barrier (70 % of the $27.53 initial level) on the relevant observation date.
• Automatic call: If DOW closes at or above the initial level on any quarterly observation date, investors receive par plus the coupon and the note terminates.
• Principal at risk: If not called and the final level is below the $19.27 downside threshold, repayment is reduced one-for-one with the underlying decline; investors could lose their entire principal.
• Estimated initial value: $9.72, or 97.2 % of par, reflecting dealer spread and UBS funding cost.
• Credit & liquidity: Payments depend on UBS’s credit; notes are not FDIC-insured or exchange-listed and may have limited secondary liquidity.
• Settlement: Trade 24-Jun-2025 (T), settle 26-Jun-2025 (T+2); secondary trades will require T+1 settlement arrangements.

The supplement stresses that the notes carry higher risk than conventional debt—no guaranteed coupons, full downside exposure below the 70 % barrier and reliance on UBS’s creditworthiness.

UBS AG is offering $200,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation (NVDA). The notes are unsubordinated, unsecured debt of UBS that mature on 28 June 2027 unless automatically called earlier.

• Contingent coupon: 9.05% per annum, paid quarterly, but only if NVDA’s closing price on the relevant observation date is at or above the coupon barrier = $73.95 (50% of the initial level).
• Automatic call: If NVDA closes at or above the initial level = $147.90 on any quarterly observation date before final valuation, investors receive par plus the coupon and the notes terminate.
• Principal repayment: • If not called and NVDA closes on the final valuation date at or above the downside threshold = $73.95, investors receive 100% of principal.
  • If NVDA is below the downside threshold, repayment equals principal reduced by the full percentage decline in NVDA; total loss of principal is possible.
• Issue economics: Minimum purchase 100 notes ($1,000). Issue price $10.00; estimated initial value $9.78 (reflecting dealer costs and UBS funding spread). Underwriting discount $0.15 per note (1.5% of face). Net proceeds to UBS $9.85 per note.
• Key dates: Trade 24 June 2025; settlement 26 June 2025 (T+2); quarterly observations; final valuation 24 June 2027; maturity 28 June 2027.
• Risk profile: Investors face (i) credit risk of UBS, (ii) market risk identical to a long NVDA position once the 50% barrier is breached, (iii) liquidity risk—notes will not be listed, and (iv) valuation risk—the initial value is 2.2% below issue price.

The structure appeals to investors seeking enhanced yield and willing to accept substantial downside and issuer credit risk. Contingent principal protection applies only at maturity and only if NVDA holds above the 50% threshold. Coupons are not guaranteed, and the product may terminate early via the autocall mechanism.