ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Dow Inc. (DOW). The notes will be issued at $10 per note on or about 26 Jun 2025 and will mature on 28 Sep 2026, unless automatically called earlier.

Investors may receive a quarterly contingent coupon of 17.49 %–18.96 % per annum if, on the relevant observation date, DOW’s closing price is at or above the Coupon Barrier (70 % of the Initial Level). Coupons are forgone for any quarter in which this condition is not met.

An automatic call occurs if DOW closes at or above its Initial Level on any observation date before maturity. In that event, investors receive the principal plus the applicable coupon on the corresponding payment date and the note terminates.

If the notes are not called, principal is protected only when the Final Level is at or above the Downside Threshold (also 70 % of the Initial Level). Should DOW finish below this threshold, repayment is reduced one-for-one with the share’s decline, exposing investors to full downside risk and potential total loss of principal.

The estimated initial value is $9.48–$9.73, below the $10 issue price, reflecting structuring and distribution costs. UBS will receive proceeds of $9.85 per note after a $0.15 underwriting discount. The notes are not listed on any exchange, may be illiquid, and are subject to the credit risk of UBS AG.

Minimum purchase is 100 notes ($1,000). Investors must understand the potential for no coupons, early redemption, market risk equivalent to DOW shares below the 30 % buffer, and UBS credit exposure.

UBS AG is offering $200,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of Royal Caribbean Cruises Ltd. ("RCL"). The two-year notes (trade date 24-Jun-2025; maturity 28-Jun-2027) pay a contingent coupon of 11.84% p.a. on quarterly observation dates only when RCL’s closing level is at or above the 60% coupon barrier ($168.28).

Automatic call: If RCL closes at or above the initial level ($280.47) on any observation date prior to the final valuation date, investors receive the $10 principal plus the coupon on the related payment date and the notes terminate early.

Principal at risk: If not called early and RCL’s final level is below the 60% downside threshold, repayment is reduced dollar-for-dollar with the underlying decline, exposing investors to a potential 100% loss of principal. Principal protection is therefore only contingent and only at maturity.

Key economics:

• Issue price: $10.00; estimated initial value: $9.78 (2.2% issuance premium)
• Underwriting discount: $0.15 (1.5%) per note; proceeds to issuer: $9.85
• Minimum investment: 100 notes ($1,000 face)

Risk considerations: Investors face (1) full downside market risk below the threshold; (2) credit risk of UBS AG as unsecured creditor; (3) limited liquidity because the notes will not be listed; and (4) the possibility of receiving few or no coupons if RCL trades below the barrier on any observation date. UBS highlights these risks in the "Key Risks" and "Risk Factors" sections of the accompanying documents.

The filing is a Rule 424(b)(2) pricing supplement that incorporates the prospectus and product supplement dated 6-Feb-2025. No regulatory body has approved or disapproved of the notes.

UBS AG is offering unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation (NVDA), maturing on or about 28 June 2027. Investors purchase the Notes in $10 increments (minimum $1,000). Quarterly observation dates determine both coupon payments and potential early redemption. A contingent coupon of 7.54 %-8.33 % per annum is paid only when NVDA’s closing level on an observation date is at or above the 50 % coupon barrier.

Automatic call: If NVDA closes at or above the initial level on any observation date before maturity, UBS will repay principal plus the applicable coupon and the Notes terminate. If no call occurs, principal is protected at maturity only if NVDA’s final level is at or above the 50 % downside threshold. Otherwise, repayment is reduced one-for-one with NVDA’s decline and may be zero, exposing investors to full downside market risk.

Key economic terms

• Trade date: 24 Jun 2025; Settlement: 26 Jun 2025 (T+2)
• Quarterly observations; Final valuation: 24 Jun 2027; Maturity: 28 Jun 2027
• Estimated initial value: $9.53-$9.78 per $10 note (95.3 %-97.8 % of face)
• Underwriting discount: $0.15 per note (1.5 %); proceeds to UBS: $9.85 per note
• Not listed on any exchange; secondary trading, if any, will be OTC

Principal risks

• Credit risk: Payments depend on UBS AG’s ability to pay.
• Market risk: Investors may lose up to 100 % of principal if NVDA falls below the downside threshold at final valuation.
• Coupon uncertainty: Coupons are contingent; periods with NVDA below the barrier receive no income.
• Liquidity: No listing; resale before maturity may be at prices materially below face or estimated value.
• Valuation: Estimated initial value is below face, reflecting underwriting fees, hedging and funding costs.

The preliminary pricing supplement is subject to completion and may change before final issuance. Neither the SEC nor any regulatory body has approved the securities.

UBS AG plans to issue Trigger Autocallable Contingent Yield Notes linked to the common stock of Royal Caribbean Cruises Ltd. (RCL), maturing on or about 28 June 2027. The notes are unsecured, unsubordinated debt obligations that pay a quarterly contingent coupon only when RCL’s closing price on an observation date is at or above a coupon barrier set at 60 % of the initial level. The expected annualized coupon rate ranges from 9.99 % to 11.04 %.

An automatic call feature redeems the notes early at par plus the due coupon if, on any observation date before the final valuation date, RCL closes at or above the initial level. If not called, repayment at maturity depends on RCL’s final level: investors receive full principal only if RCL closes at or above the downside threshold (also 60 % of the initial level). Otherwise, repayment is reduced one-for-one with RCL’s decline, exposing holders to up to 100 % principal loss.

Key dates: trade 24 Jun 2025, settlement 26 Jun 2025, quarterly observations, final valuation 24 Jun 2027, maturity 28 Jun 2027. Minimum purchase is 100 notes ($1,000). Issue price is $10; underwriting discount $0.15; net proceeds $9.85. UBS estimates the initial economic value at $9.53–$9.78 per $10 note, reflecting internal funding and hedging costs.

Principal risks include potential loss of most or all investment, UBS credit risk, absence of listing or guaranteed liquidity, and settlement mismatches (primary T+2 vs. secondary T+1). The SEC has neither approved nor disapproved the offering, and the notes are not FDIC-insured.

Eos Energy Enterprises, Inc. (NASDAQ: EOSE) filed a Form 4 on 06/27/2025 disclosing that Chief Executive Officer and Director Joe Mastrangelo received 391,710 Restricted Stock Units (RSUs) on 06/26/2025 under the company’s 2020 Incentive Plan.

The transaction is coded “A” (award/acquisition) at a price of $0 per unit. Each RSU represents the contingent right to receive one share of common stock. The award vests in three equal installments on the first, second and third anniversaries of the grant date, conditioned on the CEO’s continued service. Following the award, Mastrangelo reports direct ownership of 391,710 derivative securities; no open-market purchases or sales of common shares were reported.

Because RSUs convert into common stock over time, they may increase the fully diluted share count when vested, but they also deepen executive equity alignment by tying compensation to the company’s future share price. No other material transactions or changes in beneficial ownership were reported in this filing.

UBS AG (London Branch) is offering $1,050,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation (INTC). Each $10 note matures on 28 June 2027, giving an effective tenor of roughly two years unless called earlier.

Income potential: The notes pay a fixed 20.26 % contingent coupon (≈ $1.013 per $10, semi-annually) whenever the closing price of INTC on an observation date is at or above the coupon barrier of $15.79 (70 % of the $22.55 initial level). Coupons are forfeited for any period in which the barrier is breached.

Autocall feature: If INTC closes at or above the initial level on any of the first three observation dates (Dec 2025, Jun 2026, Dec 2026), the notes are automatically redeemed at par plus the contingent coupon, limiting further upside but ending exposure early.

Principal repayment: • If not called and the final level on 24 Jun 2027 is ≥ $15.79, investors receive principal back.
• If the final level is < $15.79, repayment equals $10 × (1 + Underlying Return), exposing holders to a one-for-one loss that can reach 100 % of capital.

Key risks: (i) Market risk tied entirely to INTC; (ii) credit risk of UBS AG—the notes are senior unsecured obligations subject to Swiss bail-in; (iii) liquidity risk—no listing and market-making is discretionary; (iv) valuation gap—issue price of $10 exceeds the estimated initial value of $9.79 due to fees and hedging costs.

Trade date: 24 Jun 2025; settlement: 26 Jun 2025 (T+2). Observation dates are semi-annual; maturity payment (or earlier call settlement) is made two business days later. Minimum investment is 100 notes ($1,000).

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 marketing an unsubordinated, unsecured structured note—“Trigger Autocallable Contingent Yield Notes” (the “Notes”)—linked to the common stock of Lam Research Corporation (LRCX). The preliminary terms call for:

• Face amount: $10 per Note; minimum purchase 100 Notes.
• Tenor: ~3 years, maturing 26 Jun 2028, unless automatically called earlier.
• Contingent quarterly coupon: 11.73 – 12.54% p.a. (≈ 0.2933 – 0.3135 per quarter) paid only if LRCX closes ≥ the Coupon Barrier (65% of initial level) on the relevant observation date.
• Automatic call: if LRCX closes ≥ its initial level on any quarterly observation date (first possible call 6 months after issue). If called, investors receive par plus the applicable coupon and the trade terminates.
• Principal at risk: at maturity, if not previously called and LRCX closes < the Downside Threshold (also 65% of initial level), investors are exposed one-for-one to the negative return of LRCX, potentially losing all principal.
• Estimated initial value: $9.46 – $9.71 (94.6% – 97.1% of face), below the $10 issue price due to dealer compensation, hedging and funding costs.
• Issuer credit: payments depend on UBS AG; the Notes carry UBS senior unsecured risk.
• No listing; secondary liquidity, if any, will be provided by UBS Securities LLC on a best-efforts basis and may be at substantial discounts.

The document details extensive risk factors: loss of principal if the equity declines ≥ 35%; non-payment of coupons if LRCX trades below the barrier; potential early redemption limiting income; wide bid–ask spreads; tax uncertainty (prepaid derivative characterization); UBS conflicts of interest; and the possibility of FINMA-driven bail-in/write-off should UBS experience financial distress.

Illustrative scenarios show: (1) early call after two quarters delivers a 6.27% total return; (2) no call, LRCX above threshold, par plus accrued coupons; (3) no call, LRCX down 38.25%, investor receives only $6.17, a 35.1% loss despite one early coupon.

In short, the Notes offer a double-digit headline yield and conditional principal protection, balanced against issuer credit risk, equity downside risk below −35%, limited upside, liquidity constraints, and complex tax treatment.