ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is issuing $280,000 of Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation (NVDA) common stock, maturing 30 June 2026. The notes are unsecured senior debt of UBS AG and are not FDIC-insured.

Yield mechanics. Investors are eligible for a 12.11% p.a. contingent coupon payable quarterly only when NVDA’s closing price on the relevant observation date equals or exceeds the $100.76 coupon barrier (65% of the $155.02 initial level). No coupon is paid for quarters in which the barrier is breached.

Automatic call. Beginning after six months, the notes will be redeemed early at par plus the current coupon if NVDA closes at or above the initial level on any quarterly observation date, ending the investment.

Maturity payoff. If not previously called and NVDA closes on 26 June 2026 at or above the downside threshold ($100.76), investors receive 100% of principal. If the final level is below the threshold, repayment is reduced one-for-one with NVDA’s decline, exposing holders to up to 100% loss of principal.

Pricing & fees. Issue price is $10 per note; estimated initial value is $9.76, implying dealer/hedging costs. Underwriting discount equals $0.175 (1.75%). Minimum investment is 100 notes ($1,000).

Key risks. (i) Full downside market exposure below the 35% buffer; (ii) UBS credit risk; (iii) potential for no coupons; (iv) no exchange listing, limited secondary liquidity; and (v) small deal size limits market significance. Prospective investors should review the “Key Risks” section and product supplement PS-9.

UBS AG is marketing Trigger Autocallable Contingent Yield Notes maturing on or about 30 June 2026 that are linked to the ADRs of Teva Pharmaceutical Industries Ltd. (TEVA). The unsecured, unsubordinated notes pay a contingent quarterly coupon of 9.89 – 11.33% p.a. only if TEVA’s closing price on the relevant observation date is at or above the 70% coupon barrier. If on any quarterly observation date (starting after 6 months) TEVA closes at or above the initial level, the notes will be automatically called and investors receive par plus the applicable coupon.

If the notes are not called, principal is protected only if TEVA’s price on the final valuation date (26 June 2026) is at or above the 70% downside threshold. Otherwise, repayment is reduced dollar-for-dollar with TEVA’s decline, exposing investors to full downside risk and potential total loss. The indicative estimated initial value is $9.47 – $9.72, below the $10 issue price, reflecting selling concessions ( $0.175 per note) and UBS’s internal funding spread.

Minimum investment is 100 notes ($1,000); the notes will not be listed and secondary liquidity is not guaranteed. All payments rely on the creditworthiness of UBS AG; a UBS default could result in loss of all amounts due. Investors should review the detailed “Key Risks” and “Risk Factors” sections before investing.

UBS AG is marketing an unsecured, unsubordinated structured note linked to NVIDIA Corporation’s common stock. The Trigger Autocallable Contingent Yield Notes ("Notes") will be issued at $10 per note (minimum purchase 100 notes) and are expected to settle on 30 June 2025 with final maturity on 30 June 2027.

Income profile – contingent coupons: Investors receive a quarterly coupon only if NVIDIA’s closing share price on the relevant observation date is ≥ the Coupon Barrier (50 % of the Initial Level). The indicative annual coupon range is 7.72 %-8.54 %.

Autocall feature: If NVIDIA closes at or above the Initial Level on any observation date before the final valuation date, the notes are automatically called, and investors receive par plus the due coupon; no further payments accrue.

Principal risk: If the notes are not called and the Final Level is < the Downside Threshold (50 % of Initial Level), redemption is reduced dollar-for-dollar with NVIDIA’s decline, potentially to $0. Investors therefore face full downside equity risk below the 50 % threshold.

Credit & liquidity considerations: All payments depend on UBS AG’s credit; the estimated initial value is $9.53-$9.78, implying a 2.2 %-4.7 % placement fee/structuring spread. The notes will not be exchange-listed, and secondary market liquidity is uncertain.

Key dates (expected): Trade – 26 Jun 2025; Settlement – 30 Jun 2025; Final Valuation – 28 Jun 2027; Maturity – 30 Jun 2027.

• Coupon Barrier: 50 % of Initial Level
• Downside Threshold: 50 % of Initial Level
• Contingent Coupon: 7.72 %-8.54 % p.a., paid quarterly if conditions met
• Estimated initial value: $9.53-$9.78 per $10 note

Risk disclosure: Investors may lose all or a substantial portion of principal, may receive no coupons, and bear both market risk on NVIDIA and UBS credit risk. Read “Key Risks” and “Risk Factors” in the product supplement before investing.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation (NVDA) common stock, maturing on or about 30 Jun 2026. The Notes pay a contingent quarterly coupon of 10.43%-11.36% p.a. only if NVDA’s closing price on each observation date is at or above the 65% coupon barrier. Starting after six months, UBS will automatically call the Notes if NVDA closes at or above the initial level on any quarterly observation date, returning principal plus the coupon. If not called, principal is protected only if the final NVDA level is ≥ 65% of the initial level (the downside threshold); otherwise investors suffer a loss matching NVDA’s decline, potentially up to 100%.

The issue price is $10 per note, with an estimated initial value of $9.50-$9.75, reflecting fees (underwriting discount $0.175 per note) and UBS’s funding spread. Minimum purchase is 100 notes ($1,000). The Notes are unsecured, unsubordinated obligations of UBS AG and will not be listed on any exchange, limiting liquidity. Settlement is T+2; secondary trades prior to issuance require alternative arrangements under T+1 rules. Investors face credit risk of UBS, market risk tied to NVDA, coupon non-payment risk, and potential illiquidity.

Key dates: trade 26 Jun 2025, settlement 30 Jun 2025, quarterly observations, final valuation 26 Jun 2026. The product supplement and prospectus dated 6 Feb 2025 govern alongside this preliminary pricing supplement. Neither the SEC nor any regulator has approved the Notes.

Offering overview: UBS AG will issue $250,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of Delta Air Lines, Inc. (DAL). The Notes price at $10.00 per Note, settle on 30 Jun 2025 (T+2) and mature on 30 Jun 2026, unless automatically called earlier.

Income potential: Investors may receive a quarterly contingent coupon of 18.63% per annum (≈4.6575% per quarter) if DAL’s closing price on an observation date is at or above the Coupon Barrier $36.73 (75 % of the initial level $48.97). Miss the barrier and that quarter’s coupon is forfeited.

Autocall & principal repayment: The Notes will be automatically called on any observation date when DAL closes at or above the initial level. In that case investors receive par plus the current coupon and the product terminates. If not called, principal protection is only contingent: at maturity investors receive par only if DAL is at or above the Downside Threshold $34.28 (70 % of initial). Otherwise, repayment equals par reduced by the full percentage decline in DAL, exposing holders to a complete loss in extreme downside scenarios.

Pricing & fees: Issue proceeds to UBS are $9.85 per Note after a $0.15 underwriting discount. UBS estimates the initial economic value at $9.81, indicating a 1.9 % built-in value shortfall for investors. The Notes will not be listed, and secondary liquidity is expected to be limited.

Key risks: (1) Equity market risk identical to holding DAL below the 70 % buffer; (2) high probability of missed coupons in volatile or declining markets; (3) credit risk of UBS AG as senior unsecured debt; (4) potential illiquidity and price concessions in any resale; (5) the product’s high coupon compensates for, but does not eliminate, these risks.

UBS AG is offering $120,000 in Trigger Autocallable Contingent Yield Notes linked to Micron Technology, Inc. common stock, maturing December 30, 2026. The notes are unsecured, unsubordinated debt that pay a contingent coupon of 17.05% per annum only when the Micron closing price on each quarterly observation date is at or above the coupon barrier of $88.20 (70 % of the $126.00 initial level). If the underlying closes at or above the initial level on any observation date, UBS will automatically call the notes and return principal plus the applicable coupon on the related payment date, ending the investment early.

If not called, principal is protected only if the final level on December 28, 2026 is at or above the downside threshold of $88.20. Otherwise, investors receive less than the $10 face amount, with losses matching Micron’s percentage decline and potential total loss of principal. The estimated initial value is $9.71, below the $10 issue price, reflecting internal funding costs and dealer compensation (underwriting discount of $0.15 per note). Minimum purchase is 100 notes ($1,000). The notes will not be listed on an exchange, and secondary market liquidity is uncertain. All payments depend on UBS’s creditworthiness; a UBS default would leave investors with no recourse.

Offering overview: UBS AG is issuing $251,900 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co (VRT). Each $10 note offers a 20.10% p.a. contingent coupon (≈5.025% quarterly), payable only if VRT’s closing price on the relevant observation date is at or above the coupon barrier of $74.28 (60 % of the $123.80 initial level). The notes mature on 30 June 2027, a two-year term.

Automatic call: UBS will redeem the notes on any quarterly observation date prior to maturity if VRT closes at or above the initial level. Upon an automatic call, investors receive par plus the due coupon and no further payments.

Principal at risk: If not called, principal is protected only when the final level is ≥ $74.28. Should VRT finish below this downside threshold, repayment equals par reduced by the full percentage decline in VRT, exposing investors to 100 % downside, including total loss of capital.

Key economics: • Issue price: $10.00 • Estimated initial value: $9.76 (reflects dealer spread and UBS funding costs) • Underwriting discount: $0.15 per note • Net proceeds to UBS: $9.85 per note.

Risk considerations: Investors face: (1) equity risk in VRT, (2) issuer credit risk of UBS AG, (3) liquidity risk—notes are unlisted, (4) reinvestment risk if called early, and (5) potential non-payment of coupons in any quarter VRT trades below the barrier. The product suits investors who can tolerate high volatility and potential full loss and who seek enhanced income relative to conventional debt.

UBS AG, London Branch has issued $290,000 of Buffered Return Optimization Securities (BROS) linked to the common stock of Albemarle Corporation. Each Security has a principal amount of $10 and a term of approximately 15 months, trading on 26 Jun 2025, settling 30 Jun 2025 (T+2), and maturing 01 Oct 2026.

Payout profile:

• Positive underlying return: investor receives $10 plus the lesser of (a) 4× the underlying return and (b) the Maximum Gain of 45.94%.
• Zero to –8% underlying return: full principal is repaid (8% downside buffer).
• Decline >8%: loss of principal beyond the buffer, with potential loss of nearly all capital.

Key terms: Initial level $63.75 (closing price on trade date); Multiplier 4.00; Buffer Percentage 8.00%; CUSIP 90309J677; ISIN US90309J6771. The estimated initial value, based on UBS internal models, is $9.494, below the $10 issue price, reflecting fees and hedging costs. Underwriting discount totals $5,800 (-$0.20 per Security), leaving $284,200 in proceeds to UBS.

Risk considerations: Investors face (1) credit risk of UBS AG, (2) market risk of Albemarle shares beyond the 8% buffer, (3) potential liquidity risk as secondary trading may occur at prices below theoretical value, and (4) valuation uncertainty because the initial estimated value is below par. The Securities are not FDIC-insured and may be subject to early resale at a loss.

UBS AG, London Branch is marketing Buffered Return Optimization Securities (BROS) linked to the common stock of Albemarle Corporation. The structured notes have a 15-month term (trade date 26-Jun-2025; maturity 01-Oct-2026) and a $10 principal amount (minimum purchase $1,000).

Return profile:

• If the underlying return is positive, investors receive $10 plus the lesser of (i) 4× underlying return or (ii) the Maximum Gain of 43.51%-44.25%.
• If the underlying return is zero or negative but declines ≤ 8% Buffer, principal is repaid.
• If the decline exceeds 8%, repayment equals $10 × (1 + underlying return + 8%), exposing holders to downside beyond the buffer.

Key indicative terms: Multiplier 4.00; buffer 8.00%; estimated initial value 92.19%-94.69% of issue price; issue price 100%, underwriting discount 2%, net proceeds 98%. Settlement is T+2, meaning investors trading before delivery must arrange alternate settlement to avoid failure.

Risk highlights: Notes carry issuer credit risk, market risk on Albemarle shares, capped upside, potential principal loss beyond the 8% buffer, limited liquidity, and possible sale below theoretical value before maturity. Securities are not FDIC-insured and are junior UBS obligations. The SEC has neither approved nor disapproved the offering.