ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is marketing a preliminary offering of Digital EURO STOXX 50® Index-Linked Medium-Term Notes with an expected tenor of 24-27 months. The notes pay no coupons and their cash settlement is determined on a digital, capped payoff structure:

• Upside: If the EURO STOXX 50 final level is at least 85 % of the initial level on the determination date, investors receive a fixed "Maximum Settlement Amount" of $1,142-$1,167 per $1,000 face value (≈ +14.2 %-16.7 % total return).
• Downside: For declines beyond the 15 % buffer, principal is eroded at an amplified rate of ≈ 1.1765 % for every additional 1 % drop in the index. A fall of ≥ 85 % results in 100 % capital loss.
• Key terms: Buffer level = 85 % of initial index; cap level ≈ 114.2-116.7 % of initial; face amount = $1,000; no early redemption and no interest.
• Pricing: Issue price 100 % of par; estimated initial value 96.65-99.65 % (includes dealer fees and hedging costs). UBS Securities LLC will act as both underwriter and calculation agent, creating FINRA Rule 5121 conflicts.
• Liquidity & credit: Notes will not be listed and secondary market making is discretionary. Repayment depends entirely on UBS AG’s creditworthiness; Swiss resolution authority (FINMA) could impose bail-in or write-down measures in stress scenarios.

The structure targets investors seeking Eurozone equity exposure with modest upside and a 15 % downside buffer, willing to forego dividends, accept capped returns, limited liquidity and issuer credit risk for a potential mid-teens payoff.

Offering overview. UBS AG is marketing unsubordinated, unsecured Trigger Callable Contingent Yield Notes due July 9, 2029. The notes are linked to the worst performer of the Dow Jones Industrial Average®, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index.

Income profile. Investors may receive a contingent coupon of 11.05% per annum paid monthly, but only if the closing level of every underlying is at least 75% of its initial level (the coupon barrier) on the corresponding observation date. If any index closes below its barrier, that month’s coupon is skipped.

Issuer call. Beginning after six months, UBS can redeem the notes on any observation date at par plus the applicable coupon, ending further payments.

Maturity repayment. If the notes are not called and each index ends at or above 60% of its initial level (the downside threshold) on July 3 2029, holders are repaid 100% of principal. Otherwise, repayment is reduced one-for-one with the worst-performing index, potentially to zero.

Key dates & economics. Trade date: July 3 2025; settlement: July 9 2025; maturity: July 9 2029. Estimated initial value: $938.60–$968.60 per $1,000 note (93.86%–96.86% of issue price). Issue price: $1,000; underwriting discount: $5.

Risks. Investors face full market downside below the threshold, no assured income, early-call reinvestment risk, illiquidity (no listing), and UBS credit risk.

UBS AG is marketing unsecured, unsubordinated Buffer Autocallable Contingent Yield Notes maturing on or about 7 July 2028 and linked to the Nasdaq-100 Technology Sector Index (NDXT) and the S&P 500 Index (SPX). The notes pay a contingent coupon of 8.90% p.a. (exact rate for SPX-linked component to be set on trade date) only when the closing level of each index is at or above its 80 % coupon barrier on a monthly observation date, including the final valuation date. Miss the barrier on any observation date and that month’s coupon is forfeited.

Beginning after six months, the notes are automatically callable if both indices are at or above their 100 % call threshold on an observation date; investors then receive par plus any accrued coupon, ending the trade early. If the notes are not called, principal is protected only down to the 80 % downside threshold. A final level for either index below that threshold triggers a loss of principal beyond a 20 % buffer, point-for-point with the worst-performing index.

Issue price is $1,000 per note; estimated initial value is $948.30-$978.30, implying an issuer margin of 2.2-5.2 %. UBS Securities LLC receives a $7.00 underwriting discount (0.7 % of par). The notes will not be listed, are subject to UBS credit risk, and investors may face liquidity constraints. Settlement is T+3 on 7 July 2025, with monthly observations through the 3 July 2028 final valuation date.

UBS AG is offering unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Coinbase Global, Inc. (COIN). The notes are expected to price on 30 Jun 2025, settle on 03 Jul 2025 and mature on 06 Jul 2028, unless automatically called earlier.

Key economics: investors will receive a contingent quarterly coupon of 18.35 – 19.00% p.a. only if COIN’s closing level on the relevant observation date is at or above the 50 % coupon barrier. An automatic call is triggered if COIN closes at or above the 100 % call threshold on any quarterly observation date; in that event investors receive par plus the coupon and the note terminates.

Principal at risk: if the note is not called and COIN closes below the 50 % downside threshold on the final valuation date, principal is reduced one-for-one with the underlying decline, potentially to zero. Full principal is repaid only if COIN is at or above the downside threshold at maturity.

Issue economics: issue price is $1,000; estimated initial value is $911.10 – $941.10, reflecting structuring costs and UBS’s internal funding rate. Underwriting discount is $20 per note (2 % of par). The notes will not be listed on any exchange, and secondary market liquidity may be limited.

Risk considerations: investors face (i) market risk equivalent to holding COIN subject to the 50 % buffer, (ii) credit risk of UBS AG, (iii) potential loss of entire investment, (iv) reinvestment risk if the note is called early, and (v) no access to COIN dividends or upside beyond coupons. UBS emphasises that higher coupons are paired with higher loss potential.

UBS AG is offering $550,000 of Trigger Callable Contingent Yield Notes linked to AppLovin Corporation (APP) common stock, maturing 31-Dec-2026. The notes pay a contingent coupon of 28.25% p.a. (monthly accrual) only when APP’s closing price on each observation date is at or above the coupon barrier of $173.73 (50 % of the $347.45 initial level). UBS may call the notes in whole, on any monthly observation date beginning after six months; if called, investors receive par plus the applicable coupon and the trade terminates early.

Principal repayment is conditional. If the notes are not called and APP closes below the downside threshold ($173.73) on the final valuation date (28-Dec-2026), investors suffer a loss matching APP’s percentage decline, up to full principal loss. If APP ends at or above the threshold, par is repaid.

Key economic terms include an estimated initial note value of $969.20 versus the $1,000 issue price, an underwriting discount up to $3.75 per note, and no exchange listing, implying limited liquidity. Credit risk is borne by UBS AG, an unsecured, unsubordinated obligation issuer. Investors forego APP dividends and any price appreciation above par.

The structure suits investors comfortable with (1) potential loss of capital, (2) uncertain coupon receipts, and (3) issuer call that caps returns. High coupon compensates for elevated market, credit and liquidity risk.

UBS AG issued a $1.33 million offering of Trigger Autocallable Notes dated 26 June 2025, maturing 1 July 2030. The unsecured, unsubordinated notes are linked to the MSCI® Emerging Markets Index (MXEF) and the EURO STOXX 50® Index (SX5E). Investors purchase the notes at $1,000 par with settlement on 30 June 2025 (T+2).

Automatic call mechanics: If on any quarterly observation date either index closes at or above its 100 % call threshold (equal to the initial level), the notes are automatically redeemed for the call price—principal plus a call return that accrues at 10.90 % per annum and increases the longer the notes remain outstanding.

Maturity settlement: • If not previously called and the worst-performing index is at or above its 70 % downside threshold on the final valuation date (26 June 2030), investors receive full principal.
• If the worst index finishes below 70 %, repayment equals principal reduced by the full percentage decline of that index—up to a 100 % loss of capital.

Risk highlights: (i) Investors are exposed to the least-performing index at every observation date; any single index breach drives losses. (ii) The notes carry UBS credit risk; they rank as general unsecured obligations. (iii) No exchange listing limits liquidity; estimated initial value is $952.80 (≈95.3 % of par), reflecting dealer discount and hedging costs. (iv) Underwriting discount totals $33.50 per note; net proceeds to UBS are $966.50 per note.

Key dates:

• Trade date: 26 Jun 2025
• Quarterly observations begin after 12 months
• Final valuation: 26 Jun 2030
• Maturity/settlement: 1 Jul 2030

Investors must be able to tolerate full downside market exposure and illiquidity, and should consult risk factors in the accompanying product supplement.

UBS AG is offering $2.711 million of five-year Trigger Autocallable Notes linked to the Russell 2000 Index (RTY) and the EURO STOXX 50 Index (SX5E). The unsecured notes settle on 30 Jun 2025 and mature on 1 Jul 2030 unless automatically called earlier.

Automatic call: On any quarterly observation date, including the final valuation date, if both indices close at or above their respective call-thresholds (100 % of initial level), UBS will redeem at the call price = principal + a call return that accrues at 11.45 % p.a. The longer the notes remain outstanding, the higher the call return.

Downside protection: If never called and each index finishes at or above its 70 % downside threshold, investors receive full principal at maturity. If even one index finishes below 70 % of its initial level, repayment drops 1-for-1 with the worst-performing index, potentially wiping out the entire $1,000 par amount.

Key terms:

• Initial levels: RTY 2,172.108; SX5E 5,244.03
• Call return rate: 11.45 % p.a.
• Estimated initial value: $964.70 (3.5 % discount to par)
• Issue price: $1,000; underwriting discount: $30; proceeds to UBS: $970
• Not listed; secondary liquidity at dealers’ discretion; trades expected T+2

Risks: Investors face full market risk of the least-performing index, credit risk of UBS, liquidity constraints, and potential total loss. Higher call return compensates for these elevated risks.

Document type & purpose: This preliminary pricing supplement outlines the key terms of UBS AG’s Capped Buffered Dual Directional Notes with Downside Leverage Factor linked to the Nasdaq-100 Index (NDX). The Notes are unsecured, unsubordinated debt obligations scheduled to mature on 14 July 2026.

Economic terms:

• Principal amount: $1,000 per Note; minimum purchase 10 Notes.
• Strike date: 26 Jun 2025; trade date: 27 Jun 2025; settlement: 02 Jul 2025.
• Maximum upside return: 16.15 %, capping the maximum maturity payment at $1,161.50 per Note.
• Downside protection: 10 % buffer; downside threshold 90 % of initial NDX level (20,202.56).
• If final NDX level ≥ downside threshold and the underlying return ≤ 0 %, investor receives the contingent absolute return (up to +10 %).
• If final NDX level < downside threshold, loss accelerates at ~1.1111 % per 1 % decline beyond the 10 % buffer, potentially resulting in total loss of principal.
• No periodic coupons; all cash flows occur at maturity.

Credit & liquidity considerations: Payments depend entirely on UBS AG’s creditworthiness; Notes are not FDIC-insured and will not be listed on any exchange. Estimated initial value on the trade date is $963–$993, reflecting internal pricing models and UBS funding costs. J.P. Morgan Securities LLC acts as placement agent, earning a $5 underwriting fee per $1,000 Note, which may be waived for certain fiduciary accounts.

Risk highlights: Investors face (1) capped upside, (2) enhanced downside beyond the 10 % buffer, (3) no interim interest, (4) issuer credit risk, and (5) limited secondary-market liquidity. The contingent protection and absolute return features apply only if the Notes are held to maturity.

Investor profile: Suitable only for investors who understand structured products, can tolerate loss of principal, and have a specific view that NDX gains will not exceed 16.15 % or that any decline will remain within the 10 % buffer at maturity.

Offering overview: UBS AG is issuing $1.8 million of unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of NVIDIA Corporation (NVDA). The $1,000-denominated notes price on 26 June 2025, settle on 30 June 2025 and mature on 29 June 2028, unless automatically called earlier.

Key economic terms:

• Contingent coupon: 11.25% p.a. (paid monthly). Coupons are paid only when the underlying’s closing level on an observation date is ≥ the Coupon Barrier (75% of the Initial Level).
• Memory feature: Any missed coupons can be paid retroactively if a future observation date meets the coupon condition.
• Automatic call: Beginning after three months, the notes are called if NVDA closes ≥ the Call Threshold (100% of the Initial Level, $154.31) on any monthly observation date. Investors then receive par plus the current and any unpaid coupons.
• Principal risk at maturity: If not called and the Final Level is ≥ the Downside Threshold (65% of the Initial Level, $100.30), investors receive par. Otherwise, holders receive 6.4805 NVDA shares per note (or cash equivalent), exposing them to the full percentage decline in NVDA from the Initial Level.
• Estimated initial value: $959.30 per note, ~4.1% below issue price, reflecting hedging costs and UBS’s internal funding rate.
• Distribution economics: UBS Securities LLC receives a $33.50 underwriting discount (3.35%); proceeds to UBS net of fees are $966.50 per note.

Risk highlights: Investors face (i) equity risk identical to owning NVDA below the 65% threshold, (ii) loss of all coupons if NVDA remains below the Coupon Barrier, (iii) issuer credit risk—payments depend on UBS AG solvency, and (iv) liquidity risk—notes will not be listed on any exchange and secondary market pricing may be limited and at significant discounts.

Important dates: Strike Date 25 Jun 2025; first potential call Sep 2025 (after 3 monthly observations); Final Valuation Date 26 Jun 2028.

Investor profile: Suitable only for investors who (a) are moderately bullish to neutral on NVDA over the next three years, (b) can tolerate equity-like downside below 65%, (c) desire enhanced income via a high contingent coupon, and (d) understand that the contingent principal protection applies only at maturity and only above the Downside Threshold.