ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of Meta Platforms, Inc. (META). The Notes are unsecured, unsubordinated debt maturing on 1 July 2030 and will not be listed on any exchange.

Coupon mechanics: investors receive a quarterly contingent coupon of 8.50% p.a. (plus any previously unpaid coupons via the memory feature) only when META’s closing price on the relevant observation date is ≥ the coupon barrier (60 % of the initial level).

Automatic call: beginning after 12 months, if META closes ≥ the call threshold (100 % of initial level) on any observation date, the Notes are redeemed early at par plus the due coupon(s). If not called, the Notes continue to the next observation date.

Principal at maturity: • If not previously called and META’s final level ≥ 60 % of the initial level, UBS repays the full principal.
• If the final level < 60 %, repayment equals principal reduced by META’s percentage decline, exposing investors to full downside (up to 100 % loss).

Key dates (expected): strike & trade 26 Jun 2025; settlement 30 Jun 2025; quarterly observations; final valuation 26 Jun 2030; maturity 1 Jul 2030.

Issue economics: issue price = $1,000; underwriting discount = $33.50; net proceeds to UBS = $966.50. The estimated initial value is $920.80–$950.80, reflecting internal pricing models and funding costs.

Risk highlights: • Investors may lose some or all principal.
• Contingent coupons are not guaranteed.
• Payments depend on UBS’s creditworthiness.
• No secondary-market listing; liquidity may be limited.
• The estimated initial value is below the issue price, indicating a built-in cost to investors.

Prospective investors should review “Key Risks” in the preliminary supplement and the “Risk Factors” section of the product supplement before investing.

UBS AG has filed a preliminary Rule 424B2 pricing supplement for Contingent Income Auto-Callable Securities due July 7 2028 linked to the common stock of Citigroup (Ticker: C). Each $1,000 note can earn a quarterly contingent coupon of $26.625 (10.65% per annum) whenever Citigroup’s closing price is at least 70 % of the initial price (the downside threshold). If on any quarterly observation date the share price is at or above 100 % of the initial price (the call threshold), the note will be redeemed early at par plus the coupon.

At maturity, investors receive (i) par plus the final coupon if Citigroup is at or above the 70 % threshold, or (ii) a cash amount proportionate to the share price decline if the threshold is breached—potentially losing the entire principal. Holders do not participate in any equity upside beyond the fixed coupons.

The notes are unsecured, unsubordinated debt obligations of UBS AG. Estimated initial value is $940–$970 per $1,000 note, indicating 3 – 6 % in embedded costs. Sales commissions total 2.25 % (1.75 % sales concession plus 0.50 % structuring fee). The securities will not be listed; secondary liquidity and pricing are uncertain. Settlement at issuance is T+3, while secondary trades will require T+1 arrangements.

Key risks highlighted include UBS credit risk, potential loss of principal below the 70 % barrier, limited liquidity, and no upside participation. Final terms will be set on or about July 3 2025; the document remains subject to completion.

UBS AG London Branch is offering Contingent Income Auto-Callable Securities linked to Microsoft Corporation (MSFT) common stock, maturing on or about July 7, 2028. The $1,000 face-value notes pay a contingent quarterly coupon of $22.625 (≈9.05% p.a.) on each determination date that MSFT’s closing price is at least 80% of the initial price (the downside threshold). If, on any non-final determination date, MSFT closes at or above 100% of the initial price (the call threshold), UBS will redeem the notes early for par plus the applicable coupon.

Risk of principal loss: UBS will deliver cash in lieu of shares at maturity. If MSFT’s final price is below the 80% downside threshold, investors receive the cash value—a proportionate equity exposure equal to (final price ÷ initial price) × $1,000—incurring losses in line with MSFT’s decline and potentially losing the entire investment. Investors do not participate in any upside beyond coupons.

Key terms:

• Issuer: UBS AG, London Branch; unsecured, unsubordinated obligations.
• Issue price: $1,000; proceeds to issuer: 97.75% after 2.25% combined sales commission (1.75%) and structuring fee (0.50%).
• Estimated initial value: $941.60 – $971.60 (94.16% – 97.16% of issue price), indicating an initial valuation discount versus par.
• Determination dates: Quarterly from Oct 3 2025 through Jul 3 2028; coupons/early-call settled three business days later.
• Exchange listing: None; secondary market liquidity depends on broker-dealer willingness.
• Settlement: T+3 at issuance; secondary trades likely T+1 once the notes are outstanding.

Investor considerations: The structure provides enhanced income potential relative to MSFT dividends but at the cost of equity-linked downside, lack of upside participation, credit exposure to UBS, and embedded fees that lower initial economic value. Suitability hinges on confidence that MSFT will remain above 80% of its July 3 2025 price throughout the term or will be at least flat on any quarterly observation date to trigger early redemption.

UBS AG (NASDAQ:WUCT) has filed a Rule 424(b)(2) prospectus supplement for the launch of Capped Leveraged Buffered S&P 500 Index-Linked Medium-Term Notes maturing in roughly 13-15 months. The notes provide 250 % upside participation on positive S&P 500 performance, but gains are capped by a maximum settlement of $1,100.50–$1,118.00 per $1,000 face amount (equivalent to a cap level of about 104.02 %–104.72 % of the initial index level).

Downside risk is partially mitigated: investors are repaid principal if the index falls ≤10 %, yet losses accelerate to ≈1.1111 % per 1 % decline beyond that buffer, resulting in potential loss of the entire investment. The notes pay no interest or dividends and expose holders to UBS credit risk.

The preliminary estimated initial value is $957.50–$987.50 (95.75–98.75 % of face), versus a 100 % issue price. Gross proceeds will be reduced by a 1.08 % underwriting discount, leaving net proceeds at 98.92 % of face. Secondary-market trading is expected to be limited and may occur at prices below intrinsic value. The filing highlights extensive risk factors, including market volatility, liquidity constraints and conflicts of interest stemming from UBS Securities LLC’s dual role as underwriter and market maker.

Offering overview: UBS AG is marketing Trigger Callable Contingent Yield Notes linked to the least-performing of the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index. The senior, unsecured notes settle on 2 July 2025 and mature on 30 June 2027.

Income mechanics: A monthly contingent coupon is paid only when all three indices close at or above 70 % of their respective initial levels on the relevant observation date. The indicated coupon rate is 12.05 % per annum; skipped coupons are not made up.

Issuer call feature: UBS may redeem the notes in whole, beginning after three months, on any observation date. Early redemption yields par plus the coupon otherwise due, capping the investor’s maximum return.

Principal repayment: If the notes are not called, investors receive 100 % of face value at maturity only when each index is at or above its 70 % downside threshold. Should any index finish below that threshold, repayment is reduced one-for-one with the worst performer’s decline, potentially destroying the entire principal.

Key terms:

• Initial levels: DJIA 42,982.43; Nasdaq-100 22,237.74; Russell 2000 2,136.185
• Coupon barrier / downside threshold: 70 % of each initial level
• Estimated initial value: $952.20–$982.20 (95.22 %–98.22 % of par)
• Issue price: $1,000; underwriting discount: $2; net proceeds: $998
• Unlisted security; liquidity limited to dealer-driven secondary market

Risk highlights: Investors face (1) full market downside below the 70 % threshold, (2) UBS credit risk, (3) call risk that limits upside, (4) coupon cancellation risk, and (5) liquidity/valuation constraints. The notes are significantly riskier than conventional debt and are unsuitable for investors seeking principal protection or assured income.

UBS AG has filed a 424B2 prospectus supplement for the ETRACS Whitney US Critical Technologies ETN (NYSE:WUCT). The issue is a series of Trigger Callable Contingent Yield Notes maturing 12 Jul 2028 and linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. Investors may receive a 10.15% per-annum contingent coupon on any monthly observation date when all three indices close at or above 70 % of their respective initial levels. UBS can redeem the notes in whole on any observation date after three months, paying par plus the applicable coupon.

If the notes are not called and any index finishes below the 70 % downside threshold at final valuation, repayment is reduced one-for-one with the weakest index’s decline, potentially to zero. The preliminary estimated initial value is $935.20-$965.20 per $1,000 face, reflecting the $2.50 underwriting discount and UBS funding costs. The notes are unsecured obligations of UBS, will not be listed on any exchange, and are subject to both market and issuer credit risk.

• Trade date: 7 Jul 2025 Settlement: 10 Jul 2025 (T+3)
• Maturity: 12 Jul 2028
• Coupon barrier & downside threshold: 70 % of initial level
• Issuer call feature: Monthly, beginning after 3 months
• Estimated initial value: 93.5-96.5 % of par CUSIP: 90308V6K2

Key risks disclosed include full principal loss if thresholds are breached, no guarantee of any coupon, early call risk that caps income, liquidity constraints and UBS’s creditworthiness.

UBS AG is offering $12.15 million in Trigger Autocallable Contingent Yield Notes maturing 29 June 2028. The notes are linked to the least-performing of the Russell 2000® Index (RTY) and the S&P 500® Index (SPX). Investors purchase in $10 denominations (minimum 100 notes) and face full issuer credit risk.

Coupon mechanics: a 7.55% per-annum contingent coupon is paid quarterly only if the closing level of each index is ≥70% of its initial level (the “coupon barrier”) on the applicable observation date. If any index is below its barrier, that period’s coupon is forgone.

Automatic call: beginning after six months, the notes are redeemed early at par plus any due coupon if each index is at or above 100% of its initial level (the “call threshold”) on an observation date. Once called, no further payments occur.

Maturity payment: If never called and both indices finish ≥70% of their initial levels, principal is repaid at par. If either index finishes <70%, repayment is reduced one-for-one with the worst-performing index, up to a 100% loss of principal.

Key metrics: Initial levels – RTY 2,136.185; SPX 6,092.16. Coupon barrier/downside threshold set at 70% of each initial level. Estimated initial value is $9.618 versus the $10 issue price, reflecting embedded fees and hedging costs. Settlement is T+3; the notes will not be exchange-listed, potentially limiting liquidity.

The product suits investors comfortable with equity downside risk, issuer credit exposure, and the possibility of zero coupons, in exchange for an above-market contingent yield and early-call potential.

UBS AG is offering $416,000 principal amount of Capped Buffer GEARS whose return is linked to the Russell 2000® Index and matures on 31 December 2026. The unsecured note pays no coupons and the investor’s payoff depends on the index performance between the 25 June 2025 trade date and the 28 December 2026 final valuation date.

• Upside participation: Positive index performance is multiplied by a 1.25 upside gearing factor, but the total return is capped at an 18.05% maximum gain (maximum payment = $1,180.50 per $1,000 principal).
• Downside protection: A 20% buffer applies. If the final index level is at or above 80% of the 2,136.185 initial level (i.e., ≥ 1,708.948), investors receive full principal. Below that threshold, principal is reduced 1-for-1 beyond the buffer.
• Credit exposure: All payments rely on UBS’s creditworthiness; the securities are neither FDIC-insured nor secured.
• Issue economics: Estimated initial value is $987.80, below the $1,000 issue price. UBS Securities LLC receives up to $5.00 underwriting discount and pays a $2.50 marketing fee on a portion of the deal.
• Settlement: Trade date 25 Jun 2025 (T+3), settlement 30 Jun 2025. The notes will not be listed, and secondary liquidity may be limited.

The product suits investors who expect moderate Russell 2000 appreciation, can forgo dividends, accept capped returns, and are comfortable with potential loss of most principal and UBS credit risk.

Offering overview: UBS AG priced $3.909 million of Trigger Callable Contingent Yield Notes on 25 June 2025. The five-year securities, due 28 June 2030, are linked to the worst performer among the Nasdaq-100® Technology Sector Index (NDXT), Russell 2000® Index (RTY) and S&P 500® Index (SPX).

Income feature: The notes pay a contingent coupon of 9.25 % per annum, assessed monthly. A coupon is paid only if the closing level of each index is at or above its 70 % coupon barrier on the relevant observation date; otherwise no coupon is paid for that period.

Issuer call right: UBS may redeem the notes in whole on any monthly observation date beginning after six months. On an early call investors receive par plus the applicable coupon; no further payments are made, creating reinvestment risk for holders.

Principal repayment scenarios at maturity: • If every index finishes at or above 70 % of its initial level, investors receive 100 % of principal.
• If any index closes below its 70 % downside threshold, redemption is reduced 1-for-1 with the decline of the worst-performing index, potentially resulting in a total loss of principal.

Key pricing details: Issue price is $1,000 per note; the estimated initial value is $967.10 (96.71 % of face), indicating a 3.29 % total structuring margin, including a $27.50 underwriting discount per note. Net proceeds to UBS equal $972.50 per note.

Risk highlights: Investors face full downside market risk below the threshold, the possibility of zero coupons, issuer credit risk, early-call uncertainty and limited liquidity (the notes will not be listed on an exchange).