ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering $12 million of senior unsecured Airbag Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of Thermo Fisher Scientific Inc. (TMO). The Notes price on 30 June 2025, mature on 1 July 2026, and will not be listed on any exchange.

Key commercial terms

• Principal amount per Note: $1,000
• Contingent coupon rate: 18.46 % p.a., payable monthly only if TMO’s closing level on an observation date is ≥ the Coupon Barrier (85 % of Initial Level) and including any previously unpaid coupons via the memory interest feature.
• Initial Level: $404.37 (TMO close on 24 Jun 2025).
• Automatic Call: If TMO closes at or above the Call Threshold (100 % of Initial Level) on any monthly observation date before final valuation, holders receive principal plus due and unpaid coupons and the Note terminates early.
• Conversion / Coupon Barrier: $343.71 (85 % of Initial). If not called and Final Level ≥ Conversion Level, principal is repaid in cash.
• Downside protection: None below 85 %. If Final Level < Conversion Level, investors receive 2.9094 TMO shares per Note (or cash equivalent for fractional shares), exposing them to full downside below the barrier.
• Estimated initial value: $992.20 (UBS internal model), implying initial fees/hedging costs of ~0.78 %.

Risk highlights

• Unsecured, unsubordinated debt of UBS AG – repayment depends on UBS credit quality.
• Potential to lose some or all principal if TMO falls >15 % by final valuation date.
• No participation in upside above Initial Level; return capped at received coupons.
• Liquidity expected to be limited; Notes settle T+3 at issuance versus T+1 secondary standard.
• Not FDIC-insured; not approved/disapproved by the SEC.

The issuance is documented under UBS’s shelf registration (No. 333-283672) and product supplement dated 6 Feb 2025. Investors should review the detailed Key Risks section (page 5) and product supplement risk factors (page PS-9) before investing.

UBS AG London Branch plans to issue Contingent Income Auto-Callable Securities linked to the common stock of Wells Fargo & Company (WFC). The notes will price on or about 3 July 2025, settle on 9 July 2025 and mature (unless called) on 7 July 2028. Each $1,000 security offers a fixed quarterly contingent coupon of $26.375 (10.55% p.a.) provided WFC’s closing price on the relevant observation date is at or above the 70 % downside threshold. If, on any quarterly determination date before maturity, the stock closes at or above the 100 % call threshold, UBS will redeem the note early at par plus the current coupon.

Principal at risk: should WFC finish below the 70 % threshold on the final determination date, investors receive only the cash value—par multiplied by the percentage decline—exposing them to losses of up to 100 %. Investors do not participate in upside appreciation of WFC.

Key structural elements include:

• Issuer credit. Unsecured, unsubordinated UBS AG obligations; payments depend on UBS’s ability to pay.
• Estimated initial value: $939.50–$969.50, reflecting dealer commissions of 2.25% and hedging costs.
• No listing. Limited or no secondary market; resale price may be well below theoretical value.
• Liquidity & tax risks. Uncertain tax characterization and potential bid-offer disparities in any secondary trading.

UBS AG is offering $4.433 million of Trigger Autocallable Contingent Yield Notes with “memory” interest linked to Apple Inc. common stock. The Notes are senior unsecured obligations maturing on 29 June 2028. Investors will receive a contingent coupon of 10.40% per annum (paid quarterly) only if Apple’s closing price on each observation date is at or above the Coupon Barrier of 75% of the Initial Level ($151.17). Missed coupons are recoverable on any future observation date that meets the barrier (memory-interest feature).

The Notes can be automatically called on any quarterly observation date starting after six months if Apple closes at or above the Call Threshold, set at 100% of the Initial Level ($201.56). Upon a call, investors receive the principal plus any due and unpaid coupons, and the Note terminates.

If not called, principal is contingent at maturity. Investors receive full principal only if Apple’s final level is at or above the Downside Threshold of 75% of the Initial Level; otherwise they suffer a loss proportional to Apple’s decline, down to total loss if Apple falls to zero. No upside participation beyond the coupons is offered.

Key commercial terms include an issue price of $1,000, an estimated initial value of $982.80, an underwriting discount of $22.60 and secondary-market liquidity that is expected to be limited because the Notes will not be listed on an exchange. All payments depend on UBS’s creditworthiness; the Notes rank pari passu with UBS’s other senior unsecured debt.

UBS AG London Branch is offering Contingent Income Auto-Callable Securities linked to the common stock of Wells Fargo & Company (WFC). The notes are being issued under a 424(b)(2) filing and settle on, or about, 9 July 2025 with a scheduled maturity of 7 July 2028 (three-year term).

Key structural features

• Stated principal amount: $1,000 per security.
• Contingent coupon: $26.375 per quarter (≈10.55% p.a.) paid only if the closing price of WFC on the relevant determination date is ≥ 70% of the initial price (the “downside threshold”).
• Auto-call: If WFC closes ≥ 100% of the initial price (the “call threshold”) on any quarterly determination date before the final one, the notes are redeemed early at par plus that period’s coupon.
• Principal repayment at maturity: • If final price ≥ 70% of initial price: par + final coupon. • If final price < 70%: investors receive a cash value reflecting the full downside in WFC (no shares delivered), resulting in a loss of 30% to 100% of principal.
• Credit & liquidity: Unsubordinated, unsecured obligations of UBS AG. Not listed on any exchange; secondary market trading depends on dealer willingness.

Economics & fees

• Issue price: 100% of par.
• Total selling concession: 2.25% (1.75% sales commission + 0.50% structuring fee) retained by Morgan Stanley Wealth Management.
• Estimated initial value: $939.50 – $969.50 (≈ 94-97% of issue price), indicating a 3-6% built-in negative yield versus a hypothetical risk-free bond.

Risk considerations highlighted by UBS

• Investors forfeit coupons during any quarter in which WFC closes < 70% of the initial price.
• No principal protection; losses accelerate one-for-one below the 70% threshold.
• All payments subject to UBS AG credit risk.
• No listing; limited or no secondary liquidity could force investors to hold to call or maturity.
• Potential conflicts of interest because UBS and affiliated dealers act as calculation agent, issuer, and secondary-market counterparty.

The offering targets income-oriented investors prepared to accept single-stock exposure to WFC, substantial downside risk, and issuer credit risk in exchange for an above-market conditional coupon and an auto-call feature.

UBS AG has filed a Pricing Supplement dated June 24, 2025 for $3.32 million of Airbag Callable Contingent Yield Notes maturing December 29, 2027. The Notes are unsecured, unsubordinated debt obligations linked to the least-performing of three precious-metals-related ETFs: VanEck Gold Miners ETF (GDX), SPDR Gold Trust (GLD) and iShares Silver Trust (SLV).

Key structural terms

• Issue price: $1,000 per Note; estimated initial value: $974.60.
• Contingent coupon: 11.50% p.a., payable quarterly only if the closing level of each ETF is ≥ its 75% coupon barrier on the relevant observation date.
• Issuer call: UBS may redeem the Notes in whole on any quarterly observation date beginning after six months; payment equals par plus any due coupon.
• Downside protection: If not called and all ETFs finish ≥ their 75% downside thresholds, investors receive par at maturity. Otherwise principal is reduced at ≈ 1.3333× the loss beyond the 25% threshold, potentially to zero.
• Downside leverage: 1% ETF decline beyond the threshold = ~1.3333% loss of principal.
• Key dates: Strike 6/23/25; Trade 6/24/25; Settle 6/27/25 (T+3); Final Valuation 12/23/27; Maturity 12/29/27.
• CUSIP: 90308V5J6; ISIN: US90308V5J66; Notes will not be exchange-listed.

Risk highlights

• Credit risk of UBS; repayment depends on issuer solvency.
• No guaranteed coupons; investors may receive zero income for the entire term.
• Full downside exposure to the worst-performing ETF below the 75% threshold at enhanced 1.3333× rate.
• Early call risk limits upside; investors cannot participate beyond par plus last coupon if UBS exercises its call.
• Limited liquidity; secondary market trading may be limited and at prices below estimated initial value.

The filing contains customary SEC legends, hyperlinks to the base prospectus (CIK 0001114446), and re-states that the document supersedes prior marketing materials. Investors are urged to review the Risk Factors in the accompanying Product Supplement PS-9 and consult advisers before investing.

UBS AG is offering unsubordinated, unsecured Trigger Callable Contingent Yield Notes maturing on or about 7 July 2028. The Notes are linked to the worst performer among three equity benchmarks: the Nasdaq-100 Technology Sector Index (NDXT), the Russell 2000 Index (RTY) and the S&P 500 Index (SPX). Investors may earn a contingent coupon of 11.65% per annum, paid monthly, but only if the closing level of each index on the relevant observation date is at or above 70 % of its initial level (the “coupon barrier”). If any index closes below its coupon barrier, no coupon is paid for that period.

Issuer call feature: starting after three months, UBS may redeem the Notes on any monthly observation date at par plus the contingent coupon. Should the issuer exercise this option, holders receive no further payments.

Maturity payoff: If the Notes are not called and the final level of every index is at or above 70 % of its initial level (the “downside threshold”), investors receive 100 % of principal. If the worst-performing index ends below its downside threshold, principal is reduced one-for-one with that index’s decline; investors could lose their entire investment.

Key dates: trade date 3 July 2025, settlement 9 July 2025 (T+3), final valuation 3 July 2028, maturity 7 July 2028.

Pricing highlights: Issue price $1,000; underwriting discount $7 (0.70 %); proceeds to UBS $993. The estimated initial value is $941.30 – $971.30 (94.1 %–97.1 % of face), indicating an implied upfront value haircut of 2.9 %–5.9 % versus issue price.

Risk considerations: Investors face (i) full market exposure below the 70 % threshold to the worst-performing index, (ii) loss of coupon income during adverse periods, (iii) issuer credit risk, (iv) secondary-market illiquidity as the Notes will not be listed and initially settle T+3, and (v) adverse yield skew because the call right benefits UBS, not holders.

These features make the Notes suitable only for investors who fully understand structured products, can tolerate equity-type downside risk, and are comfortable with UBS credit exposure.

UBS AG, London Branch is issuing approximately $140,000 of Trigger Yield Optimization Notes linked to the common stock of Stanley Black & Decker, Inc. (initial price $67.59). The six-month notes settle on 30 June 2025 and mature on 31 December 2025.

Income profile. The notes pay a fixed coupon of 10.58% per annum, distributed in six equal monthly payments of $0.5959 per note (total 5.29% of principal over the life of the notes).

Principal repayment. If, on the 26 December 2025 final valuation date, the underlying closes at or above the trigger price of $50.69 (75 % of initial price), investors receive 100 % of principal. Should the final price fall below the trigger, the maturity payment is principal multiplied by the ratio of final price to initial price, exposing investors to the full downside of the stock below the 25 % buffer, with potential loss of all capital.

Pricing and liquidity. Issue price equals the stock’s initial price, yet UBS estimates the notes’ initial value at $65.01, roughly 3.8 % below the $67.59 issue price, reflecting dealer margins and funding costs. An underwriting discount of $0.6759 per note applies. The notes will not be listed; secondary liquidity is solely through UBS and may be limited.

Key risks disclosed include equity market risk, credit risk of UBS, limited secondary market, and the possibility of losing the entire investment. Investors are urged to review detailed risk factors in the accompanying product and prospectus supplements.

UBS AG, London Branch plans to issue Trigger Yield Optimization Notes linked to the common stock of Stanley Black & Decker, Inc. (SWK). The notes are short-dated, settling on 30 June 2025 and maturing on 31 December 2025 (≈ 6 months).

Income profile: The notes pay fixed monthly coupons equal to an annual rate set between 9.19 % and 10.02 % (≈ 0.7658 % per month). Total coupon over the term is expected to be 4.59 %–5.00 % of principal. Interest accrues on a 30/360 basis and stops on the originally scheduled maturity date if valuation is postponed.

Principal repayment:

• If the final price ≥ 75 % of the initial price (the “trigger”), investors receive 100 % of principal.
• If the final price is below the trigger, repayment equals final price × share factor; loss of principal is one-for-one with the underlying and can reach 100 %.

Key terms:

• Underlying: SWK common stock
• Initial price: closing price on trade date (26 Jun 2025)
• Trigger price: 75 % of initial price
• Estimated initial value: 93.81 %–96.31 % of issue price, reflecting distribution and hedging costs
• Issue price: 100 %; underwriting discount: 1 %

Risk highlights: investors face equity downside risk below the trigger, UBS credit risk, limited liquidity (unlisted notes) and pricing below par in the secondary market. The product is intended for investors comfortable exchanging downside exposure for enhanced yield over a short horizon.

UBS AG is offering $240,000 (24,000 units) of Trigger Autocallable Contingent Yield Notes linked to the American depositary receipts of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA). The Notes, which settle on June 30, 2025 and mature on June 30, 2026, are unsecured senior obligations of UBS AG. They pay a contingent quarterly coupon of 11.66% per annum (2.915% per quarter) only when TEVA’s closing price on the relevant observation date is at or above the Coupon Barrier of $11.59 (70% of the $16.56 Initial Level).

Autocall feature: Beginning after the first six months, UBS will automatically call the Notes on any quarterly observation date if TEVA closes at or above the Initial Level. Called Notes return par plus the contingent coupon for that quarter; no further payments are due.

Principal at risk: If the Notes are not autocalled and TEVA closes on the Final Valuation Date at or above the Downside Threshold of $11.59, investors receive 100% of principal. If TEVA finishes below the threshold, investors are exposed to the full downside, receiving par minus the percentage decline; a total loss is possible.

Key economics

• Issue price: $10.00 per Note
• Estimated initial value: $9.72 (2.8% below issue price)
• Underwriting discount: $0.175 per Note
• Minimum investment: 100 Notes ($1,000)

Risks highlighted by UBS

• Market risk in TEVA shares (unlimited downside below the 30% buffer)
• No guaranteed coupons; investors may receive few or none
• Credit risk of UBS AG
• No exchange listing and limited secondary liquidity

These Notes may appeal to investors comfortable with TEVA’s price volatility who seek elevated income and accept the possibility of significant capital loss and missed coupon payments.