ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG, London Branch is offering Return Optimization Securities (ROS) linked to the common stock of CrowdStrike Holdings, Inc. The notes have a principal amount of $10 per Security, require a minimum purchase of 100 Securities and mature on or about 31 December 2026 (≈ 18-month tenor).

Key economic terms

• Multiplier: 2.00 applied to any positive Underlying Return.
• Maximum Gain: Indicatively 51.35%–52.45% of principal; final cap will be set on the Trade Date (25 June 2025).
• Underlying Return: (Final Level – Initial Level) / Initial Level of CrowdStrike common stock.
• Principal protection: None; investors are fully exposed to downside in the underlying asset.
• Payment at Maturity:
  • If Underlying Return > 0: $10 + $10 × min(Underlying Return × 2, Maximum Gain).
  • If Underlying Return = 0: return of principal.
  • If Underlying Return < 0: $10 + $10 × Underlying Return (loss of principal one-for-one with decline in CrowdStrike shares).
• Settlement: T+2 for primary issuance; secondary trades may require alternative settlement to avoid fails under the new T+1 standard.
• Estimated initial value: 92.61%–95.11% of issue price based on UBS internal models and funding rate assumptions.

Risk highlights

• Risk of full principal loss if CrowdStrike stock declines.
• No benefit from the 2× multiplier or Maximum Gain unless held to maturity; secondary market sales may be at a significant discount.
• Credit exposure to UBS AG; the Securities are not FDIC-insured or bank deposits.
• Limited liquidity; UBS is not obligated to make a market.

The offering is made under UBS’s shelf registration statement (No. 333-283672) via a 424(b)(2) filing. Neither the SEC nor any other regulator has approved the Securities. Investors should consult the ROS Prospectus Supplement (dated 6 Feb 2025), the Market-Linked Securities Product Supplement, and the base Prospectus for complete terms and risk factors.

UBS AG, London Branch is offering $180,000 of Return Optimization Securities linked to the common stock of Meta Platforms, Inc.. These senior unsecured notes have an 18-month term (Trade Date 25-Jun-2025; Maturity 31-Dec-2026) and are issued at $10 per note with a minimum $1,000 purchase.

At maturity investors receive:

• Upside: $10 plus 2.0× the underlying return, capped at a 38.07% maximum gain.
• Flat performance: Return of principal.
• Downside: $10 plus the actual negative return; losses mirror any decline in Meta’s share price and can reach 100% of principal.

Key terms include an Initial Level of $708.68, CUSIP 90309J578, settlement on 27-Jun-2025 (T+2) and an underwriting discount of $0.20 (2%). UBS estimates the initial value at $9.476, reflecting fees and its funding spread. The notes may trade below par before maturity, and secondary market liquidity is uncertain. UBS emphasizes that these securities carry higher risk than conventional debt and are not FDIC-insured.

Citizens, Inc. (CIA) – Form 4 insider filing

Director James Keith Morgan reported two equity transactions on 17-18 Jun 2025:

• 12,012 Restricted Stock Units (RSUs) granted on 17 Jun 2025 (Code A). These RSUs vest 17 Jun 2026 and represent contingent rights to one share of Class A common stock each.
• 14,035 RSUs converted into 14,035 Class A shares on 18 Jun 2025 (Code M). The underlying award was originally granted 18 Jun 2024 and fully vested on 18 Jun 2025. No cash consideration was paid (exercise price $0).

Following the conversion, the director’s direct beneficial ownership rises to 94,182 Class A shares. There were no open-market sales; all activity reflects compensation-related grants and vesting.

Key takeaways for investors:

• The filing shows share accumulation, not disposition, which may be interpreted as insider confidence, though it is routine for RSU vesting cycles.
• The newly issued shares are dilutive in a technical sense, but the total amount (< 0.1 % of outstanding shares) is immaterial to overall float.
• No information is provided on company fundamentals or earnings; this filing is administrative rather than a signal of operational performance.

Redwire Corporation (NYSE: RDW) filed an 8-K announcing it entered into an Underwriting Agreement on 16 June 2025 with J.P. Morgan, BofA Securities and Morgan Stanley to sell 15,525,000 new common shares, generating approximately $260 million in gross proceeds. The underwriters hold a 30-day option to purchase up to 2,328,750 additional shares on identical terms, and the transaction closed on 18 June 2025.

Under the previously disclosed Registration Rights Coordination Agreement, the Company intends to allocate the net proceeds as follows:

• $40 million to bolster cash for working capital and general corporate purposes.
• The greater of 25 % of net proceeds or $50 million may be used, at Bain’s election, to repurchase a portion of Bain-held convertible preferred stock at the public offering price (adjusted for the prevailing conversion rate).
• Remaining proceeds will augment liquidity and may be applied to repay the seller note issued in connection with the Edge Autonomy acquisition.

The shares were issued from the Company’s effective shelf registration statement (Form S-3, No. 333-274375). The Underwriting Agreement contains customary representations, covenants, indemnification and termination provisions, and a legal opinion from Holland & Knight LLP is filed as Exhibit 5.1.

Redwire also supplemented its risk disclosures (Exhibit 99.1) to incorporate extensive risk factors related to the recently acquired Edge Autonomy business, citing integration challenges, macro-economic pressures, funding requirements, shareholder dilution and heightened regulatory and geopolitical exposure.

Investment take-away: The equity raise materially strengthens near-term liquidity and affords flexibility to integrate Edge Autonomy and address debt, but it introduces significant dilution and underscores numerous execution and market risks highlighted in the expanded risk factor section.

UBS AG is offering unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to the VanEck® Oil Services ETF (ticker: OIH), maturing on or about 29 June 2026. The notes pay a contingent quarterly coupon of 12.90 % – 14.34 % per annum when the ETF’s closing level on each observation date is at or above the Coupon Barrier, set at 85 % of the Initial Level. If this condition is not met, no coupon is paid for that quarter.

The notes feature an Automatic Call: if the ETF closes at or above the Initial Level on any observation date before the final valuation date, investors receive par plus the current coupon and the trade terminates early. Should the notes remain outstanding to maturity, principal is protected only if the Final Level is at or above the 85 % Downside Threshold. Otherwise, repayment is reduced dollar-for-dollar with the ETF’s decline, exposing investors to up to a 100 % loss of principal.

Key dates include a trade date of 25 June 2025, settlement on 27 June 2025 (T+2), quarterly observations, a final valuation date of 25 June 2026, and maturity on 29 June 2026. Minimum investment is 100 notes (US$1,000). The issue price is US$10 per note; underwriting discount is US$0.15, leaving net proceeds of US$9.85. UBS estimates the initial economic value between US$9.50 – US$9.75, reflecting structuring costs and its internal funding rate. The notes will not be listed on any exchange, and secondary trading—if any—may be limited and at prices well below par. All payments are subject to UBS’s credit risk; a UBS default could result in loss of all amounts due.

UBS AG, London Branch is offering $180,000 principal amount of Return Optimization Securities (ROS) linked to the common stock of EQT Corporation. The notes are senior unsecured obligations that price on 25 June 2025, settle on 27 June 2025 (T+2) and mature on 31 December 2026, giving an approximate 18-month term. Each Security is issued at $10 with a minimum purchase of 100 units.

The payoff is formula-based. 1) If the underlying return is positive, investors receive: $10 + [$10 × min(Underlying Return × 2.0 Multiplier, 42.38% Maximum Gain)]. 2) If the underlying return is zero, principal is repaid. 3) If the underlying return is negative, repayment equals $10 + ($10 × Underlying Return), creating full downside exposure to EQT’s share price. The initial level is fixed at $58.23; the final level is the EQT closing price on 28 December 2026. Investors therefore enjoy leveraged upside—capped at 42.38%—but assume dollar-for-dollar losses if EQT declines, potentially forfeiting the entire investment.

The issue carries typical structured-note costs: a $0.20 per Security underwriting discount and an estimated initial value of $9.471, indicating approximately a 5.3% valuation gap versus the $10 issue price. Liquidity is expected to be limited; early sales are likely at a discount and will not capture the full economic value of the multiplier. The notes are subject to UBS credit risk and are not FDIC-insured. UBS highlights extensive risk factors, including market risk, issuer credit risk, limited upside relative to direct equity ownership, and potential settlement mismatches given the T+2 primary issuance versus T+1 secondary-market standard.

UBS AG, London Branch is marketing Return Optimization Securities linked to the common stock of EQT Corporation. The notes are unsecured senior obligations with an 18-month tenor (trade date June 25 2025; maturity December 31 2026) and a $10 principal amount per Security. Settlement is expected on June 27 2025 (T+2).

The payoff profile is asymmetric:

• If the Underlying Return is positive, investors receive $10 plus 2× the underlying return, capped at a Maximum Gain of 39.02%-41.10% (final level set on the trade date).
• If the return is zero, principal is repaid.
• If the return is negative, repayment equals $10 × (1 + Underlying Return), exposing investors to the full downside risk of EQT’s share performance.

The indicative estimated initial value is 92.52%-95.02% of the issue price, reflecting structuring costs, the issuer’s internal funding rate and the 2.00% underwriting discount (investors receive 98.00% of proceeds after fees). The product therefore embeds an immediate economic cost of roughly 5%-7% relative to the issue price.

Key risk disclosures emphasize: (1) potential loss of up to 100% of principal, (2) limited upside due to the cap, (3) liquidity and secondary-market price risk, and (4) credit risk of UBS AG. The Multiplier and capped payoff apply only if held to maturity; early sale could result in a materially lower value.

The Securities are offered in minimums of 100 units ($1,000) under SEC registration statement No. 333-283672 and have not yet been approved by any regulatory authority. Terms remain subject to change until the final terms supplement is issued.

UBS AG is offering $2.25 million of Trigger Autocallable Contingent Yield Notes linked to Uber Technologies, Inc. common stock, maturing 28 June 2027. The notes are unsecured, unsubordinated debt of UBS and will not be listed on an exchange.

Key economics:

• Issue price: $10.00 per note (minimum purchase 100 notes).
• Estimated initial value: $9.84 (reflects dealer discount and hedging costs).
• Contingent coupon: 15.94% p.a., paid quarterly only if Uber’s closing level on the observation date is ≥ the coupon barrier (70% of initial level, or $63.63).
• Automatic call: If Uber’s closing level on any quarterly observation date before maturity is ≥ the initial level ($90.90), investors receive principal plus any due coupon and the note terminates.
• Downside protection: At maturity, principal is returned only if the final level is ≥ the downside threshold (70% of initial level). Otherwise, repayment is reduced one-for-one with Uber’s decline, to zero in a worst-case scenario.
• Underwriting discount: $0.15 per note; net proceeds to UBS: $9.85 per note.

Risk highlights: Investors face (1) full equity downside below the 70% threshold, (2) no guarantee of receiving any coupons, (3) UBS credit risk, and (4) limited liquidity because the notes are not exchange-listed.

The product suits investors who understand structured-note risks, can tolerate loss of principal, and have a moderately bullish view on Uber over the two-year term.

Preliminary Pricing Supplement – UBS AG Trigger Autocallable Contingent Yield Notes linked to Uber Technologies, Inc. common stock

The filing describes unsecured, unsubordinated debt securities of UBS AG maturing on or about 28 June 2027. Investors may receive a contingent quarterly coupon of 12.73%-13.70% per annum only when Uber’s closing price on the relevant observation date is at or above the Coupon Barrier (70 % of the Initial Level). If, on any observation date prior to maturity, Uber trades at or above the Initial Level, the Notes will be automatically called, returning principal plus the contingent coupon, and the instrument terminates early.

Should the Notes remain outstanding to maturity, principal is protected only if the Final Level is at or above the Downside Threshold (also 70 % of the Initial Level). Otherwise, repayment is reduced dollar-for-dollar with the underlying decline and may fall to zero, exposing holders to full equity risk. The indicative estimated initial value is $9.55-$9.80 per $10 face amount, reflecting fees and UBS’s internal funding spread.

Key dates include Trade Date 25 Jun 2025, Settlement 27 Jun 2025, quarterly observations, Final Valuation 24 Jun 2027, and Maturity 28 Jun 2027. Minimum purchase is 100 Notes ($1,000). The Notes will not be listed on any exchange, and secondary liquidity is not assured. Payments depend on UBS AG’s credit; a default could result in total loss irrespective of Uber’s performance.

Principal risks highlighted:

• No guaranteed coupons; investors may receive none.
• No principal protection below the 70 % threshold.
• Issuer credit risk and lack of FDIC insurance.
• Potentially limited or no secondary market and bid-offer spreads.
• Estimated initial value below issue price implies immediate economic loss.