ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering Step Down Trigger Autocallable Notes (unsubordinated, unsecured debt) maturing 5 July 2030 that are linked to the least-performing of three underlying assets: 1) Nasdaq-100 Technology Sector Index (NDXT), 2) Russell 2000 Index (RTY) and 3) Energy Select Sector SPDR Fund (XLE). The notes are issued in $1,000 denominations (aggregate offering $100,000) and priced at par, but their estimated initial value is $982.50, reflecting embedded fees and hedging costs.

Automatic call mechanism. Beginning 12 months after settlement, UBS will observe the underlying assets quarterly. If the closing level of each asset is at or above its step-down call threshold, the note is automatically called and the investor receives the call price (principal plus a call return). Call thresholds start at 100 % of initial levels and fall to 70 % by the final valuation date. The call return rate is 12.5 % per annum, rising from 12.5 % (after year 1) to 62.5 % (if called at maturity).

Downside exposure. If the notes are not called and at least one asset finishes < 70 % of its initial level, investors suffer a loss equal to the decline in the worst-performing asset; in a severe draw-down they could lose their entire principal. No interest is paid and investors forgo dividends on XLE.

Credit & liquidity. Payments depend on UBS’s credit; the notes are not FDIC-insured. They will not be listed, and secondary-market liquidity is uncertain. UBS Securities LLC will receive a $2.50 underwriting discount per note and may temporarily quote above model value, but bid–ask spreads can widen after launch.

• Trade date: 30 Jun 2025; Settlement: 3 Jul 2025
• Final valuation date: 30 Jun 2030; Maturity: 5 Jul 2030
• Downside thresholds: NDXT 8,149.34; RTY 1,522.525; XLE $59.37 (all 70 % of initial levels)
• Maximum call price: $1,625 (62.5 % total return) if all assets ≥ 70 % on final date

Risk considerations. Investors face concentrated exposures to technology, small-cap and energy sectors, correlation risk (all three assets must meet thresholds), full downside to worst asset, and potential Swiss resolution measures affecting UBS debt. The product best suits investors who fully understand structured-note mechanics, can tolerate principal loss, and anticipate at least moderate stability or growth across all three reference assets.

Golden Matrix Group, Inc. (GMGI) Form 4 filing discloses that Chief Executive Officer, Director, and 10% owner Anthony Brian Goodman sold 50,000 shares of common stock on 30 June 2025 at prices ranging from $1.71-$1.80 (footnote indicates a volume-weighted average price of ≈$1.75). The transaction was reported on 2 July 2025.

Following the disposition, Goodman still controls a substantial stake: 8,854,079 shares held directly and 7,470,483 shares held indirectly through his wholly-owned entity, Luxor Capital LLC, for a combined beneficial ownership of roughly 16.32 million shares. The sale represents ≈0.3 % of his total position, suggesting portfolio management rather than a major reduction in commitment.

No derivative securities activity was reported, and the filing does not reference any Rule 10b5-1 trading plan. Luxor Capital LLC is listed as a joint filer because of its indirect ownership.

• Key take-away: A modest insider sale by the CEO; insider retains a dominant ownership position.

Form 4 filing for Kodiak Sciences Inc. (KOD) discloses that Baker Bros. Advisors-affiliated entities—collectively 10% owners and represented on the Board—reported the grant of two blocks of non-qualified stock options totaling 40,000 options to Felix J. Baker on 30 Jun 2025.

The options carry a $3.73 strike price, expire on 29 Jun 2035, and vest on the earlier of (i) one year after grant or (ii) one day before the next annual shareholder meeting, contingent on Mr. Baker’s continued Board service. All options are held indirectly for the benefit of the Baker-managed investment funds (667, L.P. and Baker Brothers Life Sciences, L.P.).

No shares were purchased or sold for cash; the transaction is equity compensation that may lead to potential dilution of 40,000 shares if exercised. The Baker entities and both Julian C. Baker and Felix J. Baker disclaim direct beneficial ownership except for their pecuniary interests through the funds. Voting and dispositive power reside with Baker Bros. Advisors LP.

Because the grant size is immaterial relative to KOD’s outstanding share count and involves standard director compensation, the filing is considered routine with limited immediate market impact.

On 2 July 2025, Enstar Group Limited (&ldquo;Enstar&rdquo;) filed seven Post-Effective Amendments to Form S-8 registration statements to deregister all unsold ordinary shares that had been reserved for employee and director equity plans. The affected authorisations originally covered approximately 3.16 million ordinary shares across the following programmes:

• 1,200,000 shares – 2006 Equity Incentive Plan (Reg. No. 333-141793)
• 460,949 shares – 1997 Omnibus Incentive Plan and 29,422 shares – 2001 Outside Directors Stock Option Plan (Reg. No. 333-148862)
• 97,862 shares – Deferred Compensation Plan for Non-Employee Directors (Reg. No. 333-148863)
• 200,000 shares – Employee Share Purchase Plan (Reg. No. 333-149551)
• 689,654 shares – 2016 Equity Incentive Plan (Reg. No. 333-212131)
• 84,370 shares – A&R 2016 Equity Incentive Plan (Reg. No. 333-237259)
• 400,000 shares – A&R 2016 Equity Incentive Plan (Reg. No. 333-265567)

The amendments were triggered by the completion of a merger agreement dated 29 July 2024 under which Enstar survived a series of transactions and became a wholly-owned subsidiary of Elk Bidco Limited. As no further public issuances will occur, Enstar is terminating the effectiveness of the S-8 registrations in accordance with undertakings contained in each filing. The submission is administrative and contains no new financial results. The document was signed in Hamilton, Bermuda by General Counsel Audrey B. Taranto.

On 07/01/2025, Gartner Inc. (IT) filed a Form 4 disclosing that outside director Jose M. Gutierrez converted 32 Common Stock Equivalents (CSEs) into an equal number of Gartner common shares at $0 cost. The distribution was made under the company’s Long-Term Incentive Plan (LTIP) and is coded “J,” indicating an ‘other’ type of transaction. Immediately before the conversion, Gutierrez received a routine LTIP grant of 32 additional CSEs priced at $406.70 per unit (Code “A”), leaving him with 226 CSEs outstanding after the offsetting distribution.
Following the reported transactions, the director’s direct ownership stands at 1,663 common shares plus the remaining 226 CSEs. The 32-share increase represents an immaterial fraction of Gartner’s ~80 million diluted shares outstanding and does not affect the public float or corporate control. The filing reflects ordinary, compensation-related equity movements rather than a discretionary open-market purchase or sale, and therefore has limited signaling value for investors.

UBS AG is offering Contingent Income Auto-Callable Securities linked to the common stock of PayPal Holdings, Inc. (PYPL). The notes are senior unsecured obligations of UBS AG London Branch, priced at $1,000 per security, with expected issuance on 16 July 2025 and maturity on or about 14 July 2028 (≈36 months).

Coupon mechanics: investors receive a fixed contingent payment of $27.875 per quarter (≈11.15 % p.a.) for any determination date on which PYPL’s closing price is at least 65 % of the initial price (“downside threshold”). If, on any determination date other than the final one, PYPL closes at or above 100 % of the initial price (“call threshold”), the notes are automatically redeemed for $1,000 + the current coupon.

Principal repayment: • If the final price on 11 July 2028 is ≥65 % of the initial price, holders receive principal plus the final coupon. • If it is <65 %, UBS will pay a cash value equal to the percentage decline in PYPL, exposing investors to a 1-for-1 loss below the threshold and up to 100 % loss of principal. There is no upside participation in PYPL shares.

Key economics & costs: • Estimated initial value: $937.30 – $967.30 (3.3 %-6.3 % below issue price), reflecting dealer margins, hedging and funding costs. • Up-front fees total 2.25 % of principal (1.75 % sales commission, 0.50 % structuring fee). • Securities will not be listed; UBS Securities LLC intends, but is not obligated, to provide a secondary market.

Risk highlights: investors face (i) issuer credit risk of UBS AG, (ii) equity risk in PYPL, (iii) liquidity risk given the unlisted nature, (iv) early-call reinvestment risk, and (v) tax uncertainty; the notes are treated as prepaid derivatives with ordinary-income coupons.

Investor profile: suitable only for sophisticated investors who can tolerate loss of principal, limited upside, and illiquidity in exchange for above-market contingent income.

AT&T Inc. (T) – Insider Form 4 filing dated 07/02/2025

Chief Financial Officer Pascal Desroches reported a routine acquisition of 1,457.037 deferred stock units on 06/30/2025 at an average reference price of $28.94 per share. The units were accumulated automatically through the company’s deferred compensation plan, which uses payroll deductions with partial company matching and settle 1-for-1 in AT&T common stock.

Following the transaction, Desroches’ total beneficial ownership stands at:

• 126,882.227 shares – Indirect (Benefit Plan)
• 6,636.811 shares – Indirect (401(k) plan, statement dated 05/31/2025)
• 847,424 shares – Direct

No derivative securities were reported and no dispositions occurred. The filing indicates continued participation in long-term equity programs rather than an opportunistic open-market purchase. Given the modest size of the transaction relative to both Desroches’ existing stake and AT&T’s ~7.2 billion shares outstanding, the market impact is expected to be immaterial.

AT&T Inc. (T) – Insider Form 4 filing dated 07/02/2025

Chief Financial Officer Pascal Desroches reported a routine acquisition of 1,457.037 deferred stock units on 06/30/2025 at an average reference price of $28.94 per share. The units were accumulated automatically through the company’s deferred compensation plan, which uses payroll deductions with partial company matching and settle 1-for-1 in AT&T common stock.

Following the transaction, Desroches’ total beneficial ownership stands at:

• 126,882.227 shares – Indirect (Benefit Plan)
• 6,636.811 shares – Indirect (401(k) plan, statement dated 05/31/2025)
• 847,424 shares – Direct

No derivative securities were reported and no dispositions occurred. The filing indicates continued participation in long-term equity programs rather than an opportunistic open-market purchase. Given the modest size of the transaction relative to both Desroches’ existing stake and AT&T’s ~7.2 billion shares outstanding, the market impact is expected to be immaterial.

AT&T Inc. (T) – Insider Form 4 filing dated 07/02/2025

Chief Financial Officer Pascal Desroches reported a routine acquisition of 1,457.037 deferred stock units on 06/30/2025 at an average reference price of $28.94 per share. The units were accumulated automatically through the company’s deferred compensation plan, which uses payroll deductions with partial company matching and settle 1-for-1 in AT&T common stock.

Following the transaction, Desroches’ total beneficial ownership stands at:

• 126,882.227 shares – Indirect (Benefit Plan)
• 6,636.811 shares – Indirect (401(k) plan, statement dated 05/31/2025)
• 847,424 shares – Direct

No derivative securities were reported and no dispositions occurred. The filing indicates continued participation in long-term equity programs rather than an opportunistic open-market purchase. Given the modest size of the transaction relative to both Desroches’ existing stake and AT&T’s ~7.2 billion shares outstanding, the market impact is expected to be immaterial.