ETRACS Whitney US Critical Techs ETN SEC Filings

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.

UBS (NYSE:WUCT) filed a 424B2 prospectus supplement on June 28, 2025 for its Trigger Autocallable Contingent Yield Notes linked to Delta Air Lines common stock, maturing June 30, 2026.

• Issue price: $10 per note; minimum purchase 100 notes.
• Contingent coupon rate: 15.93%–17.19% per annum, payable quarterly when Delta’s share price is ≥ 75% of the initial level.
• Automatic call: Early redemption at principal plus coupon if Delta’s price is ≥ the initial level on any observation date.
• Downside protection: Full principal returned at maturity only if the share price is ≥ 70% of the initial level; below that, repayment falls in line with the share’s decline, potentially to zero.
• Estimated initial value: $9.55–$9.80 per note, reflecting issuer funding and structuring costs.
• Key dates: Trade 26-Jun-2025, settlement 30-Jun-2025, final valuation 26-Jun-2026, maturity 30-Jun-2026.
• Proceeds to UBS: $9.85 per note after a $0.15 underwriting discount.

The supplement highlights significant credit, market and liquidity risks: investors may receive few or no coupons, face loss of some or all principal, and have limited secondary-market options. The notes are unsecured, unsubordinated obligations of UBS and are not FDIC-insured.

UBS AG is offering unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to Micron Technology, Inc. (MU) common stock. The notes have a scheduled maturity of December 30, 2026 and an expected trade date of June 26, 2025 with settlement on June 30, 2025. Investors will receive a contingent quarterly coupon of 15.65 % – 16.85 % per annum only if MU’s closing price on the relevant observation date is at or above the Coupon Barrier, set at 70 % of the Initial Level.

Automatic call: If MU closes at or above the Initial Level on any quarterly observation date before the final valuation date, UBS will redeem the notes early at par plus the applicable coupon, after which no further payments are due.

Payment at maturity: • If not previously called and MU’s final level is at or above the 70 % downside threshold, investors receive 100 % of principal. • If the final level is below the threshold, repayment is reduced 1-for-1 with MU’s decline, exposing holders to full downside risk and potential total loss of principal.

Key structural terms

• Issue price: $10.00 per note (minimum purchase 100 notes = $1,000).
• Estimated initial value: $9.50 – $9.75, reflecting UBS’ internal pricing and funding spread.
• Underwriting discount: $0.15 per note; net proceeds to UBS: $9.85 per note.
• Notes are not FDIC-insured, not listed on any exchange, and subject to UBS credit risk.

The product offers high contingent income and automatic call potential but entails significant market risk tied to MU and the credit risk of UBS. Investors may receive few or no coupons, face liquidity constraints, and could lose their entire investment if MU falls more than 30 % from the Initial Level and UBS meets its obligations.

UBS AG is marketing unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co (VRT). The two-year securities, expected to price on 26 June 2025, pay a contingent quarterly coupon between 17.98% and 19.06% per annum whenever the closing share price on the relevant observation date is at or above the Coupon Barrier = 60% of the Initial Level. If on any observation date prior to maturity the underlying closes at or above its Initial Level, the notes are automatically called and investors receive par plus the current coupon on the related payment date.

If the notes are not called early, principal is protected only when the final share price on 28 June 2027 is at or above the Downside Threshold = 60% of the Initial Level. Otherwise, repayment is reduced one-for-one with the underlying decline, exposing holders to a potential 100% loss of invested capital. UBS projects an estimated initial value of US$ 9.51–9.76 per US$ 10 note, reflecting dealer margins and funding costs. The minimum investment is 100 notes (US$ 1,000) and secondary trading, if any, will be on a T+2 basis with no exchange listing.

Key risks highlighted include: (i) full market downside below the threshold, (ii) contingent rather than guaranteed coupons, (iii) issuer credit risk, and (iv) limited liquidity and potential price dislocations in the secondary market. The offering is made under UBS’s shelf registration statement No. 333-283672 via prospectus dated 6 February 2025.

UBS AG is offering $200,000 in Trigger Autocallable Contingent Yield Notes linked to CrowdStrike Holdings, Inc. (CRWD) common stock, maturing 30 June 2027. The notes pay a quarterly contingent coupon of 10.82% p.a. only if CRWD’s closing price on the relevant observation date is at or above the $252.61 coupon barrier (50% of the $505.22 initial level). If on any observation date before maturity CRWD closes at or above the initial level, the notes are automatically called and holders receive par plus the coupon for that quarter, ending the investment early.

If not called, principal is protected at maturity only when CRWD’s final level is at or above the $252.61 downside threshold. A final level below that threshold exposes investors to a 1-for-1 loss on the downside, potentially up to 100% of principal. The estimated initial value is $9.79 versus the $10 issue price, reflecting embedded dealer margin and UBS’s funding spread. Proceeds to the issuer are $9.85 per note after a $0.15 underwriting discount. The notes are unsecured, unsubordinated obligations of UBS AG and will not be listed on any exchange, limiting secondary-market liquidity. Minimum investment is 100 notes ($1,000) with T+2 settlement on 30 June 2025 and quarterly observations until the 28 June 2027 final valuation date.

Key risks highlighted include full credit exposure to UBS, potential loss of some or all principal, no guarantee of coupon payments, valuation discount at issuance, and an unlisted secondary market.