ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering $30.94 million of Airbag Callable Contingent Yield Notes (424B2) maturing 30 June 2028 and linked to the least-performing of three underlying assets: the Nasdaq-100 Index (NDX), the Utilities Select Sector SPDR Fund (XLU) and the Health Care Select Sector SPDR Fund (XLV). The notes pay a 10.00% p.a. contingent coupon, but only when the closing level of each underlying is at or above its respective coupon barrier (72% of the initial level) on the monthly observation dates. UBS may call the notes in whole (but not in part) on any observation date beginning after two months; if called, investors receive par plus the coupon for that period.

Principal is conditionally protected. If the notes are not called and all underlyings finish at or above their downside thresholds (75% of initial level), holders receive full principal at maturity. If any underlying closes below its downside threshold, repayment is reduced by an airbag leverage factor of ~1.3333×: investors lose about 1.3333% of principal for every 1% decline beyond the 25% threshold, potentially up to a total loss.

Key terms

• Issue price: $1,000 per note; estimated initial value: $996.10.
• Contingent coupon barrier: 72% of initial level.
• Downside threshold: 75% of initial level (25% buffer).
• Downside leverage: approximately 1.3333× below threshold.
• Trade date: 27 Jun 2025; settlement: 2 Jul 2025; maturity: 30 Jun 2028.
• Notes are senior unsecured obligations of UBS AG and are not FDIC-insured or exchange-listed.
• Underwriting discount: $0.60 per note; additional marketing fee: $1.40 per note.

Risks highlighted by the issuer include credit risk of UBS, potential non-payment of coupons, leveraged downside exposure, lack of liquidity, and discretionary issuer call that could cap upside. Investors are directed to the “Key Risks” and “Risk Factors” sections for further detail.

Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) is offering unsecured Medium-Term Senior Notes linked to the S&P 500 Futures Excess Return Index, maturing on August 5, 2030. The $1,000-denominated notes pay no periodic interest; instead, investors receive at maturity (i) the full principal and (ii) a positive return only if the index closes above its initial level on the valuation date. Any appreciation will be multiplied by an upside participation rate of at least 120%, providing leveraged exposure to gains. If the index is flat or declines, investors merely receive the $1,000 principal, resulting in zero return.

Key structural terms include: pricing date July 31 2025; issue date August 5 2025; valuation date July 31 2030. The notes are not listed on an exchange and may have limited secondary liquidity. CGMI will act as underwriter, receiving up to $11.30 per note; the issuer’s estimated value is at least $902.50, materially below the $1,000 issue price, reflecting structuring costs and dealer margin.

The underlying index tracks S&P 500 futures, so it lags the total-return S&P 500 by the embedded financing cost and excludes dividends, lowering expected performance relative to equities. Investors also assume (i) credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., (ii) liquidity risk because the notes are unlisted, and (iii) opportunity cost of forgone dividends and interest. The offering targets investors seeking principal protection at maturity with leveraged upside to equity futures but who are comfortable with the noted structural and credit risks.

• Stated principal: $1,000 per security
• Minimum upside participation: 120%
• No coupons; no dividend entitlement
• Guaranteed by Citigroup Inc.
• CUSIP/ISIN: 17333LFC4 / US17333LFC46

Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) is marketing medium-term senior notes in the form of Autocallable Securities linked to the Energy Select Sector SPDR Fund (XLE) that mature on July 6, 2028. Each $1,000 security offers no periodic interest, may be redeemed automatically after any of the three annual valuation dates, and is principal-at-risk. If XLE closes at or above its initial value on a valuation date, the note is called and pays $1,000 plus a preset premium of at least 12.5%, 25.0% or 37.5%, depending on the year. If not called, the maturity payment depends on XLE’s performance on June 30, 2028: (i) principal plus the 37.5% minimum premium if the fund is unchanged or higher; (ii) full principal only if the fund is below the initial level but not lower than 70% of that level; or (iii) a dollar-for-dollar loss of principal in excess of a 30% decline, with a potential total loss, if XLE finishes below the 70% barrier. The securities will not be listed, carry no dividend entitlement and are subject to the credit risk of both the issuer and Citigroup Inc. The issue price is $1,000, but the estimated value on the pricing date is expected to be about $904.50, reflecting a built-in underwriting fee of up to $22.50 and hedging costs. Investors must therefore accept limited liquidity, the possibility of substantial principal loss and the risk that actual premiums may be well below the fund’s upside performance.

UBS AG is offering unsecured, unsubordinated Capped Market-Linked Notes linked to the worse performer between the Nasdaq-100 Index (NDX) and the S&P 500 Index (SPX). The Notes price on 9 July 2025, settle on 14 July 2025 and mature on 14 January 2027 (final valuation 11 January 2027).

Return profile: at maturity investors receive the principal plus (i) the least-performing underlying return if positive, subject to a maximum gain of 15.20% (maximum payment $1,152); or (ii) the greater of the least-performing underlying return and a minimum return of –5.00% if the underlying return is zero or negative. Accordingly, principal is 95 % protected when held to maturity, but upside is capped.

Key economics: issue price $1,000; underwriting discount $6.50 (0.65 %); net proceeds $993.50. The estimated initial value is $959.40–$989.40, below issue price due to internal funding spreads and distribution costs. UBS Securities LLC is the underwriter and may re-allow the full discount to third-party dealers.

Risk considerations: investors bear the credit risk of UBS and market risk of each index on the final valuation date. The Notes pay no coupons, forgo all dividends, are not listed, and may exhibit limited or no secondary liquidity. Trades executed prior to settlement require T+3 settlement arrangements. The offering documents highlight additional risks under “Key Risks” and “Risk Factors.”

Investor suitability: appropriate only for investors who can tolerate up to a 5 % loss, accept capped upside, understand structured products, and intend to hold to maturity.

UBS AG is offering $6.62 million of Phoenix Autocallable Buffer Notes with Memory Interest linked to the common stock of Meta Platforms, Inc. (META). The Notes are unsecured, unsubordinated debt that mature on 15 July 2026.

Key terms:

• Principal amount: $1,000 per Note (minimum purchase 10 Notes).
• Contingent interest: $44.875 per Note on each interest payment date if META’s closing price on the related observation date is ≥ the interest barrier of $623.59 (85 % of the $733.63 initial price). Missed coupons accrue and are paid on the next date on which the barrier is satisfied ("memory" feature).
• Autocall: The Notes redeem early at par plus any due memory interest if META’s price on any autocall observation date is ≥ the initial price.
• Downside protection: At maturity investors receive 100 % of principal if META closes ≥ the downside threshold of $623.59. Otherwise they receive a cash amount reflecting a 1.1765 % loss for every 1 % decline below the threshold, potentially down to zero.
• Estimated initial value: $983.80 per $1,000 (1.62 % discount to issue price), reflecting dealer margins and UBS’s internal funding rate.
• Fees: Underwriting/placement fee of $10 per Note; net proceeds to UBS $990 per Note. J.P. Morgan Securities LLC and UBS Investment Bank act as placement agents.
• Credit risk: Payments depend solely on UBS AG’s ability to pay; the Notes are not FDIC-insured and will not be listed on any exchange, limiting liquidity.

Investor profile: Suitable only for investors who (a) understand structured products, (b) can tolerate loss of some or all principal, (c) are moderately bullish to neutral on META through July 2026, and (d) can accept UBS credit exposure and limited secondary market liquidity.

UBS AG is offering $350,000 of unlisted Trigger Autocallable Contingent Yield Notes (principal amount $1,000 per Note) linked to the worst performer of Shift4 Payments (FOUR), Mastercard (MA) and Taiwan Semiconductor ADRs (TSM). The three-year Notes (trade: 27-Jun-2025; maturity: 30-Jun-2028) pay a contingent coupon of 11.25% p.a., assessed monthly and featuring a memory mechanism. A coupon is paid only if each underlying closes at or above its coupon barrier (60% of initial level) on the relevant observation date.

• Automatic call: From month 13 onward, the Notes are redeemed at par plus accrued coupons if all underlyings are at or above their call threshold (100% of initial).
• Maturity payoff: If not previously called and no Threshold Event occurs, investors receive par. A Threshold Event requires (i) each underlying below the upper barrier (100%) and (ii) any underlying below the downside threshold (60% of initial). If triggered, redemption equals par reduced by the worst underlying’s percentage loss, up to total loss of principal.
• Estimated initial value: $959.00 (95.9% of issue price), reflecting distribution costs and UBS’s funding spread.
• Distribution economics: UBS Securities receives a $2.50 underwriting discount and pays a $5.00 marketing fee per Note.
• Risks: equity market risk in three names, credit risk of UBS, potential illiquidity (no exchange listing) and possibility of receiving no coupons.

The structure suits investors comfortable with concentration risk in the three underlyings, seeking high income and willing to accept full downside exposure below a 60% threshold.

On 30 June 2025, Dr. Reddy’s Laboratories Limited (NYSE: RDY) furnished a Form 6-K to the U.S. Securities and Exchange Commission. The filing is administrative in nature and primarily provides the cover page, statutory declarations and signatures required under the Exchange Act for foreign private issuers. It identifies Exhibit 99.1 “Intimation dated June 30, 2025” but does not include the exhibit’s text within the supplied excerpt. No financial statements, earnings figures, material transactions, or strategic disclosures are contained in the visible portion of the submission. The document is signed by Company Secretary K Randhir Singh on behalf of the registrant.

Because the excerpt lacks quantitative data or narrative explanation, investors receive no insight into operating performance, guidance, or corporate actions. As presented, the filing serves only to maintain U.S. reporting compliance for a foreign issuer.

UBS AG is offering $778,000 aggregate principal amount of Capped Buffer GEARS linked to the MSCI EAFE® Index, maturing on 31 December 2026. The unsecured notes provide leveraged upside exposure of 1.25x to any positive index performance, but returns are capped at a 15.30% maximum gain (maximum payment = $1,153 per $1,000 note). The notes pay no periodic interest.

On the downside, holders benefit from a 20% buffer; losses begin only if the index falls more than 20% from the initial level of 2,601.76. If the final index level is below the 80% downside threshold (2,081.41), repayment is reduced dollar-for-dollar beyond the buffer, potentially resulting in near-total loss of principal. Full principal repayment is contingent on holding to maturity and on UBS’s ability to satisfy its obligations.

Key commercial terms include: issue price of $1,000, estimated initial value of $987 (reflecting internal funding costs), underwriting discount of up to $5, and net proceeds of $996.3689 per note. Settlement is expected 30 June 2025 (T+3). The notes will not be listed on any exchange, and secondary liquidity, if any, will be provided solely by UBS affiliates or third-party dealers. Investors face typical structured-product risks, including limited upside, credit risk, valuation discount, and potential illiquidity.

• CUSIP/ISIN: 90308V2E0 / US90308V2E07
• Trade Date: 25 June 2025
• Final Valuation Date: 28 December 2026 (subject to adjustment)
• Underwriter: UBS Securities LLC; may re-allow discount to third-party dealers and pay a $2.50 marketing fee on a portion of sales.

Neither the SEC nor any other regulator has approved the securities. They are not FDIC-insured.

Pricing supplement overview: UBS AG London Branch will issue $12 million of Buffered Contingent Income Auto-Callable Securities with Memory Coupon and Downside Leverage, maturing 30 June 2026 and linked to the common stock of Merck & Co., Inc. (MRK).

Key structural terms:

• Stated principal: $1,000 per security; issue price: 100%.
• Contingent coupon: $15.9584 per quarter (≈19.15% p.a.) paid on any determination date where MRK closes ≥85% of the initial price ($68.27).
• Memory feature: unpaid coupons accrue and are paid once the downside threshold is again met.
• Auto-call: if MRK closes ≥100% of the initial price ($80.32) on any determination date (except final), the note is redeemed at par plus the current and any unpaid coupons.
• Principal risk: if the note is not called and MRK is <85% of the initial price on the final determination date, repayment equals the cash value, exposing investors to a leveraged downside of ≈1.1765% for every 1% drop below the threshold. Maximum loss is 100% of principal.
• Maturity: one year; determination dates run monthly from July 2025 to June 2026; coupons/payments follow 3-5 days later.
• Credit: unsubordinated, unsecured debt of UBS AG; all payments subject to UBS credit risk.
• Liquidity: the securities will not be listed on any exchange; secondary trading (if any) will be on a dealer basis. Initial settlement T+3 versus market standard T+1.
• Estimated initial value: $994.20 (99.42% of par), reflecting internal funding and dealer margins.
• Distribution: UBS Securities LLC purchases at 99.90% and resells to Morgan Stanley Wealth Management, which earns a combined $1.00 per $1,000 in fixed sales commission and structuring fee.

Investor considerations: the high headline coupon and memory feature may appeal to yield-seeking investors tolerant of equity risk in MRK and UBS credit risk. However, coupon payments are contingent, principal is not protected, downside is leveraged below an 85% barrier, and liquidity is limited. The small deal size ($12 million) suggests minimal balance-sheet impact for UBS and limited secondary market depth for holders.