ETRACS Whitney US Critical Techs ETN SEC Filings

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.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering 5-year market-linked securities tied to the S&P 500 Futures Excess Return Index (ticker: SPXFP). Each security has a $1,000 stated principal amount, returns no periodic interest and repays principal at maturity regardless of index performance. If the index appreciates, investors receive a minimum 120% upside participation on the positive underlying return; if the index is flat or negative, only principal is returned. Key dates include a pricing date of July 31 2025, valuation date of July 31 2030, and maturity on August 5 2030. The securities are unsecured, unlisted obligations subject to the credit risk of both issuers.

• Hypothetical payouts: A 50% index gain would deliver a 60% security return ($1,600); any non-positive performance yields $1,000.
• Risk highlights: no interim interest, no dividends, single-day valuation exposure, estimated initial value below issue price, liquidity constraints and potential conflicts of interest. The underlying is expected to underperform the total return S&P 500 due to financing costs.
• Documentation: Offering governed by Registration Statements 333-270327 and 333-270327-01 and the accompanying preliminary pricing supplement dated June 30 2025.

The Free Writing Prospectus outlines a two-year market-linked structured note issued by Canadian Imperial Bank of Commerce (CM) called Capped Leveraged Index Return Notes (LIRNs) tied to the S&P 500 Index (SPX). Each $10 unit provides 200% (2-to-1) leveraged upside on any positive index performance, but gains are capped at a Capped Value of $11.45–$11.85 (a 14.5%–18.5% maximum total return). If the index is flat or declines by no more than 10% from the Starting Value, investors receive full principal back. A decline beyond the 10% Threshold Value triggers 1-for-1 downside exposure, exposing up to 90% of principal to loss (e.g., a 50% index drop results in a $4 loss per unit).

The notes pay no interim coupons, are not exchange-listed, and their secondary-market value may be below both the $10 offering price and the issuer’s initial estimated value. Investors also assume credit risk of CIBC; any deterioration in the bank’s creditworthiness could impair note value regardless of index performance. The product targets investors expecting moderate S&P 500 appreciation over two years and willing to accept a capped return, limited downside buffer, illiquidity, and issuer credit risk in exchange for leveraged exposure.

Offering overview: UBS AG is issuing $200,000 of Trigger Autocallable Contingent Yield Notes linked to Royal Caribbean Cruises Ltd. (RCL) common stock. The notes price at $10 each (minimum purchase 100 notes), settle 1 Jul 2025 and mature 3 Jul 2028, unless automatically called earlier.

Key economic terms:

• Contingent coupon: 10.79% per annum, paid quarterly only when RCL closes on the observation date at or above the 60 % coupon barrier ($185.71).
• Automatic call: If RCL closes at or above the initial level ($309.51) on any observation date, investors receive par plus the applicable coupon on the related payment date and the note terminates.
• Downside exposure: If not called and the final level is below the 60 % downside threshold, repayment equals par × (final level / initial level), resulting in a loss proportionate to RCL’s decline, up to 100 % of principal.
• Credit & valuation considerations: Payments depend solely on UBS AG’s credit. The estimated initial value is $9.70, below the $10 issue price, reflecting distribution fees and hedging costs.

Key dates: Trade 27 Jun 2025; first observation date occurs three months post-settlement; final valuation 29 Jun 2028. The product will not be listed, and secondary-market liquidity may be limited.

Investor takeaway: The notes offer a double-digit contingent yield and 40 % buffer but expose holders to full equity downside below the threshold, early-call reinvestment risk, illiquidity and UBS credit risk. The filing contains prominent risk language, emphasizing that investors could lose all principal and may receive few or no coupons.

UBS AG is offering $400,000 of Trigger Autocallable Contingent Yield Notes linked to Snap Inc. common stock. The notes are unsubordinated, unsecured debt maturing on 1 July 2026 and priced at $10 per note (minimum investment 100 notes). Investors may receive a contingent quarterly coupon of 28.29% p.a. (7.0725% per quarter) only when Snap’s closing price on the relevant observation date is at least 60% of the initial level ($8.72).

Automatic call: Beginning after six months, if Snap’s price on any quarterly observation date is equal to or above the initial level, UBS will redeem the notes early at par plus the applicable coupon, terminating future payments.

Downside protection: If the notes are not called and the final level on 29 June 2026 is at or above the downside threshold of $5.23 (60% of initial), principal is repaid in full. Otherwise, repayment is reduced one-for-one with Snap’s percentage decline, exposing investors to up to 100% loss.

Key economics: Estimated initial value is $9.72, below the issue price, reflecting fees and UBS’s funding spread. Underwriting discount totals $7,000 (0.175 per note). Settlement is T+2 (1 July 2025).

Risks: Investors face equity market risk in Snap shares, issuer credit risk, liquidity risk (no exchange listing) and the possibility of receiving few or no coupons. The contingent repayment of principal applies only at maturity; early secondary-market sales may realize substantial losses.

UBS AG is offering $1.7 million of Trigger Autocallable Contingent Yield Notes linked to Bank of America Corporation (BAC) common stock, maturing July 1 2027. The $10 par notes pay a contingent quarterly coupon of 8.13% per annum only when BAC’s closing level on an observation date is at or above the coupon barrier of $32.04 (68% of the $47.12 initial level). If on any quarterly observation date before maturity BAC closes at or above its initial level, the notes are automatically called and investors receive par plus the applicable coupon; no further payments are made.

At maturity, if the notes have not been called and BAC’s final level is at or above the downside threshold of $32.04, investors receive full principal. Should BAC close below the threshold, repayment is reduced 1-for-1 with the underlying decline, exposing holders to the full downside of BAC shares and potential total loss of principal. The contingent principal protection applies only at maturity and does not prevent interim price erosion.

The notes are unsubordinated, unsecured UBS debt; payments depend on UBS’s creditworthiness. The estimated initial value is $9.81, below the $10 issue price, reflecting structuring costs and UBS’s internal funding rate. Minimum investment is 100 notes ($1,000). The securities will not be listed on any exchange and may have limited secondary liquidity. Settlement is T+2; secondary trades prior to settlement require alternative arrangements because of the new T+1 standard.

Key risks highlighted include loss of principal, non-payment of coupons, issuer credit risk, and limited liquidity. Investors should review the “Key Risks” and “Risk Factors” sections and be comfortable with the structure before investing.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to Palantir Technologies Inc. (PLTR) common stock, maturing July 1, 2026. The Notes pay a contingent coupon of 23.58% per annum only if PLTR’s closing price on each quarterly observation date is at or above the coupon barrier of $78.44 (60 % of the $130.74 initial level). If PLTR closes at or above the initial level on any observation date, the Notes are automatically called and investors receive par plus the applicable coupon; no further payments are made.

If not called, repayment at maturity depends on PLTR’s final level. Investors receive full principal only if the final level is at or above the downside threshold of $78.44. Otherwise, repayment is reduced one-for-one with PLTR’s decline, potentially to zero. Contingent principal protection therefore applies solely at maturity and only above the 60 % threshold.

The estimated initial value is $9.70 per $10 note, indicating a 3 % valuation discount driven by UBS’s internal funding spread and structuring costs. The issue carries a $0.15 underwriting discount; net proceeds to UBS are $9.85 per note. Minimum purchase is 100 notes ($1,000 face). The securities are unsecured and unsubordinated obligations of UBS AG; payments depend on UBS’s creditworthiness. The Notes will not be listed on any exchange, limiting liquidity, and secondary market sales may require special settlement arrangements due to T+2 initial settlement.

Key dates include a trade date of June 27 2025, settlement on July 1 2025, quarterly observation dates (page 4 of the supplement) and a final valuation date of June 29 2026. Investors are urged to review “Key Risks” (page 5) and the February 6 2025 product supplement before investing, as the Notes carry significant market, liquidity and credit risks.

UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes (minimum purchase 100 notes at $10 each) linked to the common stock of Palantir Technologies Inc. (PLTR). The notes settle on 1 July 2025, pay a contingent coupon of 26.09% p.a. on quarterly observation dates and mature on 1 July 2026.

Key mechanics:

• Contingent coupon: paid only if the underlying closes ≥ the Coupon Barrier (60 % of the Initial Level, $78.44) on the relevant observation date; otherwise zero.
• Automatic call: if PLTR closes ≥ the Initial Level ($130.74) on any observation date, investors receive par plus the contingent coupon and the deal terminates early.
• Principal at risk: if not called and PLTR closes < the Downside Threshold (also 60 % of Initial Level) on the final valuation date, investors suffer a loss matching the underlying’s percentage decline, potentially up to 100 % of principal.

The notes are unsecured, unsubordinated obligations of UBS AG, exposed to the issuer’s credit risk. They will not be listed on any exchange, and secondary liquidity is not assured. Estimated initial value: $9.77 versus $10.00 issue price, reflecting dealer margin and funding costs. Underwriting discount is $0.15 per note; net proceeds to UBS are $9.85 per note.

The product targets investors comfortable with high coupon/ high risk structured notes who are moderately bullish to neutral on PLTR and willing to accept full downside exposure and potential non-payment of coupons.

UBS AG is offering unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to Royal Caribbean Cruises Ltd. (RCL) stock, maturing on 3 July 2028. The $10 denomination notes pay a contingent coupon of 9.15 %-10.07 % p.a. only when RCL’s closing price on a quarterly observation date is at or above the 60 % coupon barrier.

Automatic call: If RCL closes at or above the initial level on any observation date before maturity, the notes are called and investors receive par plus the coupon for that period; no further payments are made.

Principal risk at maturity: • If not called and the final price is ≥ 60 % of the initial level, investors receive par. • If the final price is < 60 %, repayment equals par reduced by the full percentage decline in RCL, exposing investors to up to 100 % loss of principal.

Key terms: Initial trade date 27 Jun 2025; settlement 1 Jul 2025 (T+2). Estimated initial value: $9.46-$9.71 versus $10 issue price, reflecting dealer discount ($0.225) and UBS funding spread. Minimum purchase 100 notes ($1,000). The notes are not listed, are subject to UBS credit risk, and are ineligible for FDIC insurance.

• Coupon barrier / downside threshold: 60 % of initial level
• Observation frequency: quarterly
• Secondary-market trades will settle T+1; investors must arrange alternative settlement if trading before initial issue settlement.

The documents remain preliminary; final terms, including the exact coupon rate and initial level, will be fixed on the trade date. Investors should review the “Key Risks” and accompanying product supplement before investing.