ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG has issued $500,000 in Trigger Callable Contingent Yield Notes linked to the performance of Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index, and Russell 2000 Index, maturing June 25, 2029. The notes offer an 11.05% per annum contingent coupon rate, payable if all underlying assets close at or above their 75% coupon barriers. UBS can call the notes after 6 months on any observation date. At maturity, if not called, investors receive full principal if all assets close at/above 60% downside thresholds; otherwise, losses track the worst-performing asset. Initial valuations: DJIA (42,206.82), NDXT (11,057.73), RTY (2,109.267). The estimated initial value is $981.40 per $1,000 note. Key risks include potential loss of principal, credit risk of UBS, and no guaranteed coupons. The notes are not bank deposits and lack FDIC insurance.

UBS AG has issued $477,000 in Trigger Autocallable Contingent Yield Notes due 23 Jun 2028 linked to the worst performer of NVIDIA (NVDA), Palantir (PLTR) and Tesla (TSLA). The notes offer a 20.00% p.a. contingent coupon payable monthly if, on any observation date, all three shares close at or above their 50% coupon barrier. Unpaid coupons accrue under a memory-interest feature.

An automatic call is triggered if, after the first three months, each share closes at or above its 100% call threshold on any observation date; investors then receive par plus accrued coupons and the note terminates early. If not called, principal repayment depends on a “threshold event.” Should the final price of every share be below its upper barrier (100%) and at least one share finish below its downside threshold (50%), investors suffer a loss equal to the negative return of the worst-performing share, up to total loss of principal.

The estimated initial value is $951.10 per $1,000 note (95.11% of par), reflecting internal funding costs and dealer spread ($24 underwriting discount). Settlement is T+3 on 25 Jun 2025; secondary trades settle T+1. The notes are unsecured, unsubordinated obligations of UBS AG and are not FDIC-insured or exchange-listed.

Key risks include full market downside below the 50% threshold, coupon non-payment if any share breaches its barrier, liquidity constraints, and issuer credit risk. These structured notes are designed for investors seeking high contingent income and willing to accept concentrated equity and credit exposure in exchange.

UBS AG has issued $1.86M of Phoenix Autocallable Buffer Notes linked to Wells Fargo common stock, due July 9, 2026. The notes offer contingent interest payments of $35.875 per note when Wells Fargo stock closes at or above the interest barrier of $64.09 (85% of initial price). Notes are automatically callable if stock price equals/exceeds initial price of $75.40. At maturity, if not called early and final price is below downside threshold ($64.09), investors receive cash equivalent based on stock performance, risking principal loss. Notes have 85% principal protection barrier, trade at $1,000 per note with estimated initial value of $985.10. Key features include memory interest payments, autocallability, and contingent principal protection. Investment involves significant market and credit risk, with no FDIC insurance.

UBS AG has filed a 424B2 prospectus supplement for ETRACS Whitney US Critical Technologies ETN (WUCT), offering Trigger Callable Contingent Yield Notes linked to the performance of Dow Jones Industrial Average, Russell 2000 Index, and S&P 500 Index, due June 30, 2028. The notes feature a 9.00% per annum contingent coupon rate, payable if all underlying assets close at or above their 70% coupon barriers. UBS can call the notes after 6 months. Principal protection at maturity applies only if all assets close at/above 60% downside thresholds; otherwise, investors face full downside exposure to worst-performing asset. The estimated initial value is $941.20-$971.20, below the $1,000 issue price. Key risks include potential loss of principal, credit risk of UBS, limited upside potential, and no guaranteed coupons. The notes are not bank deposits and lack FDIC insurance.

Offering overview: UBS AG is marketing unsubordinated, unsecured Trigger Callable Contingent Yield Notes maturing on or about July 1, 2027. The Notes are linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices and will be sold in $1,000 denominations.

Key economic terms:

• Contingent coupon: 10.30% per annum (paid monthly) if, on the relevant observation date, every underlying index closes at or above its 70% coupon barrier.
• Issuer call: UBS may redeem the Notes in whole on any monthly observation date beginning after three months; payment equals principal plus the contingent coupon due.
• Downside protection: At maturity, full principal is repaid only if each index closes at or above its 60% downside threshold. Otherwise, investors incur a loss proportionate to the worst-performing index, up to 100% of principal.
• Estimated initial value: $945.10–$975.10 per $1,000 Note, reflecting internal pricing models and funding costs.
• Underwriting discount: $6.50 per Note; net proceeds to UBS approximately $993.50 per Note.
• Key dates: Trade Date – Jun 27 2025; Settlement Date – Jul 2 2025; Final Valuation Date – Jun 28 2027; Maturity Date – Jul 1 2027.

Principal risks highlighted by UBS: (1) loss of some or all principal if any index breaches its 60% threshold, (2) possibility of no coupons during the term, (3) exposure to the worst-performing index without offset, (4) discretionary early call by UBS, (5) credit risk of UBS, and (6) limited liquidity—Notes will not be exchange-listed.

The offering documents (prospectus, index supplement and product supplement each dated Feb 6 2025) have been filed with the SEC under registration statement 333-283672.

UBS AG has filed a pricing supplement for $1.748 million of Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation (NVDA), maturing December 24, 2026. The unsecured, unsubordinated Notes pay a contingent coupon of 14.33% per annum, but only for quarters in which NVDA’s closing price on the relevant observation date is at or above the Coupon Barrier of $93.50 (65% of the $143.85 Initial Level).

Automatic call: If NVDA closes at or above the Call Threshold of $143.85 (100% of the Initial Level) on any quarterly observation date prior to final valuation (Dec 21, 2026), the Notes redeem early at par plus the applicable coupon and no further payments accrue.

Maturity payment: If not previously called and NVDA’s final level is ≥ the Downside Threshold of $93.50, investors receive principal in full. If the final level is below the threshold, repayment equals the principal reduced by the full percentage decline in NVDA, resulting in loss of up to 100% of principal.

Credit & liquidity considerations: All payments are subject to UBS AG credit risk. The Notes are not listed on an exchange, and secondary market liquidity may be limited. The estimated initial value is $958.30 per $1,000 face (≈4.2% below issue price), reflecting internal funding spreads and embedded fees. Underwriting discount is $27.50 per Note (2.75%).

Key dates & identifiers:

• Trade date: Jun 20 2025; Settlement: Jun 25 2025
• Quarterly observation dates; Final valuation: Dec 21 2026; Maturity: Dec 24 2026
• CUSIP: 90308V4A6; ISIN: US90308V4A66

Risk highlights: Investors may receive no coupons, face full downside exposure below the 65% threshold, and assume UBS default risk. The Notes are intended only for investors who can tolerate significant loss of principal and forego NVDA dividends and upside participation.

Royal Bank of Canada (RBC) is marketing three series of Trigger Autocallable Contingent Yield Notes (senior unsecured) maturing on or about June 30, 2028. Each $10-denominated note is linked to a single U.S. equity: General Electric (GE), Alphabet Class A (GOOGL) or Lockheed Martin (LMT). Investors may purchase one or more series, with a $1,000 minimum.

Income profile. Notes pay a quarterly contingent coupon only when the closing stock price on the relevant observation date is at or above the Coupon Barrier (equal to the Downside Threshold). Indicative coupons are 10.00% p.a. for the GE and GOOGL series and 8.00% p.a. for the LMT series; actual rates are fixed on the June 27 2025 trade date.

Autocall feature. Beginning six months after issuance, the notes are automatically redeemed at par plus the quarterly coupon if the underlying closes at or above its Initial Value on any Call Observation Date (quarterly). Early redemption limits total return but mitigates downside risk.

Principal at risk. If not called, redemption value at maturity depends on the Final Underlying Value:

• At/above Downside Threshold (60.25%–73.00% of Initial Value, set per series): principal plus final coupon.
• Below Downside Threshold: repayment equals $10 × (1 + Underlying Return). Investors lose principal on a one-for-one basis with the underlying’s decline, up to 100%.

The contingent principal protection applies only at maturity.

Pricing and distribution. Public offer price is $10.00 per note; UBS Financial Services acts as dealer, earning a $0.20 commission. RBC’s initial estimated value is $9.20–$9.70, reflecting hedging costs, dealer markdown and a lower internal funding rate. Notes will not be exchange-listed and secondary liquidity is expected to be limited.

Key risks called out by RBC. (1) Potential loss of up to 100% of principal; (2) no coupon if the stock closes below the barrier; (3) credit risk of RBC; (4) higher coupon implies higher risk; (5) uncertain U.S. tax treatment; (6) Canadian bail-in regime may apply; (7) market value likely to fall below issue price due to fees and wide bid-ask spreads.

Timeline. Trade Date — 27 Jun 2025; Settlement — 30 Jun 2025; first call opportunity — 29 Dec 2025 (settlement 31 Dec 2025); Final Valuation — 27 Jun 2028; Maturity — 30 Jun 2028. There are twelve scheduled coupon/call observation dates.

Investor suitability. RBC highlights that the notes may suit investors who (i) can tolerate full downside exposure, (ii) expect the underlying stocks to remain mostly above the barrier levels, (iii) are willing to forgo dividends and accept limited return potential, and (iv) understand the credit and liquidity risks of unrated structured notes.

UBS AG is issuing $1.28 million of Trigger Autocallable Contingent Yield Notes due 23 June 2028 that are linked to the common stock of The Boeing Company (BA). The notes pay a quarterly contingent coupon of 11.75% per annum only if Boeing’s closing share price on the relevant observation date is at or above the 70% coupon barrier ($138.38). Beginning after six months, the notes will be automatically called if the share price is at or above the 100% call threshold ($197.68) on any observation date; investors then receive principal plus the applicable coupon and no further payments.

If the notes are not called early and Boeing’s final share price on 20 June 2028 is at or above the 70% downside threshold, investors receive full principal back. Otherwise, repayment is reduced dollar-for-dollar with the share’s percentage decline, exposing holders to full downside risk and potential total loss. The estimated initial value is $966.20 (96.62% of the $1,000 issue price), reflecting internal funding costs. UBS Securities LLC will receive a $15 per-note underwriting discount and pay dealers a $6 structuring fee. The notes are unsecured, unsubordinated obligations of UBS AG, are not FDIC-insured, and will not be listed on any exchange, limiting liquidity.

UBS AG is offering $1.303 million of unsubordinated, unsecured Trigger Autocallable Notes maturing 24 June 2030. The Notes reference the least-performing of three underlying assets: (i) Dow Jones Industrial Average (INDU), (ii) SPDR S&P Regional Banking ETF (KRE) and (iii) S&P 500 Index (SPX).

Key mechanics

• Automatic call: Quarterly observation dates begin after 12 months. If the closing level of each underlying is ≥ 90% of its initial level on any observation date, the Notes are called and investors receive the call price (principal + accrued call return). The call return rate is 12.65% p.a.; the longer the Notes remain outstanding, the larger the cash premium.
• Maturity payment: If not previously called and all final levels are ≥ their respective downside thresholds (75% of initial), principal is repaid in full. Otherwise investors receive a payment reduced by the full percentage decline of the worst-performing underlying; loss of entire principal is possible.
• Initial metrics (18 Jun 2025): INDU 42,171.66; KRE $56.53; SPX 5,980.87. Call thresholds are 90% of these levels; downside thresholds are 75%.
• Issue price: $1,000 per Note; estimated initial value: $982.20 (reflects dealer margins & funding spread).
• Deal size: $1.303 million. All sales made into fee-based advisory accounts; structuring fee $8 per Note on $680k of issuance.

Risk highlights

• Exposure to the least-performing asset means one index/ETF can drive losses despite strength in the others.
• No principal protection; downside participation is one-for-one below the 75% threshold.
• Credit risk of UBS AG; Notes are not FDIC-insured and are senior unsecured obligations.
• No exchange listing; liquidity will depend on dealer willingness to bid.

These features make the Notes suitable only for investors who understand structured products, can tolerate full loss of capital, and seek enhanced yield tied to equity performance.