ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is issuing $250,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc. (META), maturing 28 Dec 2026. The Notes pay a quarterly contingent coupon of 11.51% p.a. when META’s closing price on any observation date is at or above the Coupon Barrier = $496.08 (70% of the Initial Level). UBS will automatically call the Notes if META closes at or above the Initial Level = $708.68 on any observation date, returning principal plus the due coupon.

If not called, principal is protected only when META’s final price is at or above the Downside Threshold = $496.08. Otherwise, investors incur a loss matching META’s percentage decline from the Initial Level, potentially losing the entire investment. The estimated initial value is $9.79 per $10 note, with a $0.15 underwriting discount. Minimum purchase is 100 Notes ($1,000). The issue is unsecured and unsubordinated; payments depend on UBS’s creditworthiness, and the Notes will not be listed on any exchange.

UBS AG, London Branch is offering $120,000 in aggregate principal amount of Trigger Autocallable Contingent Yield Notes linked to the common stock of The Boeing Company (BA). The notes are senior unsecured obligations that mature on 28 Dec 2026 (≈18 months) unless automatically called earlier.

Income profile. Investors receive a contingent quarterly coupon of 0.2393 USD per $10 note (9.57% p.a.) only if BA’s closing price on an observation date is ≥ the Coupon Barrier of $139.23 (70 % of the initial level $198.90). Coupons are forfeited for any quarter in which this condition is not met.

Autocall mechanism. On each quarterly observation date prior to final valuation, the notes are automatically redeemed at par plus the current coupon if BA closes ≥ the initial level. Early redemption can occur as soon as the first observation on 25 Sep 2025, shortening the investment horizon and creating reinvestment risk.

Principal repayment.

• If the notes are not called and BA closes ≥ the Downside Threshold of $139.23 on the final valuation date (23 Dec 2026), principal is repaid in full.
• If BA closes < the threshold, repayment equals $10 × (1 + Underlying Return). Investors are fully exposed to losses below the 30 % buffer and could lose their entire investment.

Key economics.

• Issue price: $10.00; estimated initial value: $9.76 (includes underwriting discount $0.15 and hedging/issuance costs).
• Underwriting discount: 1.50 % of principal; proceeds to UBS: $9.85 per note.
• Minimum purchase: 100 notes ($1,000).

Risk considerations. Credit risk of UBS AG; no listing or guaranteed secondary market; high sensitivity to BA share volatility; potential non-payment of coupons; price disparities versus internal valuation, especially within three months post-issuance; adverse tax complexity; FINMA statutory bail-in powers over UBS.

Investor suitability. Suited only for investors who (1) can tolerate a >30 % drawdown and possible loss of all capital, (2) understand contingent coupon structures, (3) are comfortable with UBS credit exposure, and (4) do not need liquidity before maturity.

Pricing Supplement Overview: UBS AG is issuing $325,000 of Trigger Autocallable Contingent Yield Notes linked to Vistra Corp. (VST) common stock, maturing 28 Jun 2027. The notes are unsecured, unsubordinated obligations of UBS and are offered at $10 per note, minimum 100 notes.

Key Terms:

• Contingent Coupon: 15.34% p.a., paid quarterly only if the underlying closes ≥ the 50% coupon barrier ($93.16) on the observation date.
• Automatic Call: If the underlying closes ≥ the $186.32 initial level on any observation date, investors receive par plus the current coupon and the note terminates early.
• Downside Protection: At maturity, full principal is repaid only if the final level is ≥ the 50% downside threshold ($93.16). Below this level, repayment is reduced 1:1 with the underlying decline, exposing investors to 100% downside.
• Estimated Initial Value: $9.73, 2.7% below the issue price due to internal funding and hedging costs.
• Credit Exposure: All payments depend on UBS’s ability to pay; the notes are not FDIC-insured and will not be listed on any exchange.
• Fees: 1.50% underwriting discount ($0.15 per note); net proceeds to UBS $9.85 per note.
• Timeline: Trade 25 Jun 2025; settle 27 Jun 2025 (T+2). Quarterly observations; final valuation 24 Jun 2027; maturity 28 Jun 2027.

Investor Considerations: The structure offers an above-market coupon and early redemption potential but carries significant market and credit risk. Investors may forgo coupons in weak markets and could suffer substantial or total principal loss if Vistra shares fall >50% at maturity and if UBS defaults. Secondary liquidity is expected to be limited.

UBS AG is marketing preliminary Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc. (META), maturing on or about 28 December 2026. The unsecured, unsubordinated notes will be issued at $10 per note (minimum 100 notes) and settle on 27 June 2025 (T+2). Investors may receive quarterly contingent coupons only when META’s closing price on the relevant observation date is at or above the 70 % coupon barrier. The indicative contingent coupon rate is 9.42 %–10.38 % per annum.

An automatic call is triggered if META closes at or above the initial level on any quarterly observation date before maturity. Called notes pay the principal plus the applicable coupon and then terminate. If not called, principal is protected at maturity only when META’s final level remains at or above the 70 % downside threshold; otherwise investors suffer a loss that mirrors META’s percentage decline, up to a full loss of principal.

The notes carry typical structured-product risks: (i) credit risk of UBS AG (no FDIC insurance); (ii) market risk in META shares; (iii) liquidity risk—the notes will not be listed on an exchange; and (iv) valuation risk—UBS estimates the initial value at $9.54–$9.79, below the $10 issue price, reflecting underwriting fees ($0.15 per note) and hedging costs. Secondary-market prices may be lower than the initial value.

Key dates include a trade date of 25 June 2025, quarterly observation dates (see p. 4 of the supplement), a final valuation date of 23 December 2026, and payment at maturity or call settlement on 28 December 2026. The offering is made under Registration Statement No. 333-283672 and Rule 424(b)(2). Neither the SEC nor other regulators have approved the notes.

Jones Lang LaSalle Inc. (JLL) – Form 4 filing reports that independent director Tina L. Ju acquired 171 shares of common stock on 07/01/2025. The shares were issued at $0 cost under the company’s Non-Executive Director Compensation Program, reflecting Ms. Ju’s election to receive equity in lieu of her quarterly cash retainer and committee fees. Following the transaction, she directly owns 7,669 JLL shares. The shares are deferred pursuant to the company’s Deferred Compensation Plan, so no immediate cash outlay or market purchase occurred. No derivative securities were involved, and the filing contains no indication of sales, option exercises, or other material insider activity.

Because the transaction represents routine compensation rather than an open-market purchase, the financial impact on JLL is negligible; however, it does modestly increase director equity alignment with shareholders. There are no earnings figures, business updates, or strategic disclosures included in this filing.

UBS AG is offering $1.529 million in Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation (NYSE: CEG). The three-year notes (trade date 25 Jun 2025; maturity 27 Jun 2028) pay a contingent coupon of 13.14% p.a. (3.285% quarterly) only when CEG’s closing price on an observation date is at or above the 50% coupon barrier of $157.57.

If on any quarterly observation date CEG closes at or above the initial level of $315.14, UBS will automatically call the notes, returning principal plus the scheduled coupon on the related payment date. If not called, principal is protected at maturity only if the final price is at or above the downside threshold $157.57 (50% of initial); otherwise investors suffer a loss matching CEG’s percentage decline, up to total loss.

Key structural terms include:

• Issue price: $10.00 per note (minimum purchase 100 notes)
• Estimated initial value: $9.69 (reflects issuer pricing and funding spread)
• Underwriting discount: $0.225 per note
• Settlement: T+2 (27 Jun 2025); secondary trades settle T+1 per Rule 15c6-1
• CUSIP / ISIN: 90309J636 / US90309J6367

The notes are unsecured, unsubordinated UBS AG obligations and will not be listed on any exchange, exposing holders to both market risk in CEG shares and UBS credit risk. UBS emphasises that the higher coupon reflects higher risk and that investors could receive few or no coupons and lose some or all principal. The document incorporates the Prospectus and Product Supplement dated 6 Feb 2025 and highlights extensive risk factors, liquidity constraints, and conflicts of interest related to distribution.

UBS AG is offering $385,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc. (CRWD) that mature on June 28, 2027. The notes are unsecured, unsubordinated debt obligations of UBS and are not FDIC-insured.

Key economics

• Issue price: $10.00 per note; minimum purchase 100 notes.
• Contingent coupon: 11.17% p.a., paid quarterly only if CRWD closes ≥ the 50% coupon barrier ($247.05) on the relevant observation date.
• Automatic call: If CRWD closes ≥ the initial level ($494.09) on any observation date before maturity, investors receive principal plus the current coupon and the notes terminate early.
• Downside protection: At maturity investors receive full principal only if CRWD is ≥ the downside threshold (also 50% of the initial level). Otherwise redemption equals principal × (Final Level ÷ Initial Level), exposing holders to the full downside below –50% and potential total loss.
• Estimated initial value: $9.81, reflecting a 1.9% issuer-estimated discount versus issue price.
• Underwriting discount: $0.15 per note (1.5%). Net proceeds to UBS: $9.85 per note.
• CUSIP/ISIN: 90309J644 / US90309J6441. Trade date June 25 2025; settlement June 27 2025; final valuation June 24 2027.

Principal risks include credit risk of UBS, market risk of CRWD, possibility of receiving few or no coupons, and lack of secondary-market liquidity (notes will not be listed). Because the coupon barrier equals the downside threshold, any breach below –50% eliminates both income and principal protection.

Instrument overview: UBS AG, London Branch is offering unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to Vistra Corp. (NYSE: VST) common stock. The notes have a $10 face value, price at par, and a scheduled 2-year term (trade 25-Jun-2025; maturity 28-Jun-2027) unless called early.

Income mechanics: Investors receive a fixed contingent coupon of 13.52 %–14.34 % p.a. (≈ $0.338–0.3585 per quarter) only if VST’s closing price on a quarterly observation date is at or above the Coupon Barrier = 50 % of the initial level. Miss the barrier and that quarter’s coupon is forfeited—coupons do not accrue.

Autocall feature: If VST’s closing level on any observation date before the final valuation date is ≥ its initial level, the note is automatically called. Holders then receive (i) par, plus (ii) the quarterly coupon, on the related payment date, and the investment terminates early.

Principal repayment & downside exposure: • If not previously called and the final level ≥ Downside Threshold (50 % of initial), principal is repaid in full.
• If the final level < Downside Threshold, repayment equals $10 × (1 + Underlying Return). Investors therefore participate one-for-one in the stock’s decline beyond –50 %, facing up to 100 % capital loss.

Key economics: • Underwriting discount: $0.15 per note.
• Net proceeds to UBS: $9.85 per note.
• Estimated initial value: $9.47 – $9.72 (reflects internal funding rate & hedging costs).
• Minimum purchase: 100 notes ($1,000).

Risk highlights:

• Market risk: full downside below the 50 % threshold if not called.
• Contingent income risk: no guaranteed coupons; periods of low VST prices will eliminate income.
• Issuer credit risk: Payments depend solely on UBS AG’s ability to pay. Notes are not FDIC-insured.
• Liquidity risk: No exchange listing; secondary market making is discretionary and may be at a substantial discount.
• Pricing/valuation risk: Issue price exceeds modeled fair value; secondary prices will decline by the built-in premium over roughly 3 months.
• Tax uncertainty: Notes treated as prepaid derivatives with ordinary income coupons; IRS could challenge. Non-US holders face potential 30 % withholding under various regimes.

Illustrative performance: Hypothetical examples show a 3.585 % total return if called in the first quarter, a 7.17 % total return over two years if held to maturity with VST ≥ thresholds, and a 48.9 % loss if VST finishes 52.5 % below the initial level.

Investor profile: Suited only for investors comfortable with single-stock volatility, contingent income, potential full principal loss, limited upside, and UBS credit exposure.

UBS AG intends to issue unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation (CEG). The notes will be offered at $10 per note, with a minimum purchase of 100 notes ($1,000). Investors may receive a quarterly contingent coupon of 9.99 %–11.62 % per annum if, on the relevant observation date, CEG’s closing price is at or above the 50 % coupon barrier (equal to the downside threshold). If at any quarterly observation date prior to maturity the closing price equals or exceeds the initial level, UBS will automatically call the notes and repay the principal plus the contingent coupon on the related call settlement date.

If the notes are not called early, principal is protected at maturity only when the final level is at or above the 50 % downside threshold. Should the final level fall below that threshold, repayment will be reduced dollar-for-dollar with the underlying return, exposing investors to up to 100 % loss of principal. All payments are subject to UBS AG’s credit risk.

Key dates include a trade date of 25 Jun 2025, settlement on 27 Jun 2025, quarterly observation dates, a final valuation date of 23 Jun 2028 and maturity on 27 Jun 2028. The estimated initial value is $9.40–$9.65, below the $10 issue price, reflecting distribution costs and UBS’s internal funding rate. The underwriting discount is $0.225 per note; net proceeds to UBS are $9.775 per note. The notes will not be listed on any exchange, and secondary market trading may be limited.

The filing emphasises substantial risks: investors may receive no coupons, experience significant or complete loss of principal, and bear both market risk in CEG and UBS’s credit risk. The product is intended only for investors who fully understand these risks and can tolerate potential loss of their entire investment.