ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG has filed a preliminary pricing supplement for a new structured product: Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the Russell 2000® (RTY) and S&P 500® (SPX) indices. The three-year notes (Trade Date: 11 Jul 2025; Maturity: 14 Jul 2028) are unsecured, unsubordinated debt obligations of UBS.

Coupon mechanics: Investors may receive a 7.35% p.a. contingent coupon (paid semi-annually) if, on any observation date, both indices close at or above their 70% coupon barrier. The “memory” feature allows payment of previously missed coupons once the condition is next satisfied.

Automatic call: If on any observation date prior to final valuation both indices are at or above 100% of their initial level, the notes are called early and investors receive par plus any due and unpaid coupons.

Principal repayment: • If not called and both indices are ≥ 70% of initial at final valuation, investors receive full principal. • If either index is < 70%, repayment is reduced one-for-one with the worst-performing index, exposing investors to up to a 100% loss.

Pricing & fees: Issue price is $1,000 per note. Investors bear an $15 underwriting discount (1.5%) and a $6 structuring fee. UBS estimates the initial economic value at $932.20–$962.20, reflecting dealer margin and funding costs.

Key risks: Market risk from both indices, potential loss of entire principal, contingent coupon uncertainty, liquidity limits (no exchange listing), and UBS credit risk. These notes are intended for sophisticated investors comfortable with structured products and downside exposure.

Offering overview: UBS AG is marketing unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of United Airlines Holdings, Inc. The notes, expected to price on June 30 2025 and settle on July 3 2025, mature on or about January 5 2027 unless automatically called earlier.

Key economic terms:

• Contingent coupon: 15.25 % – 16.25 % p.a., payable quarterly if UAL closes at or above the 60 % coupon barrier on an observation date. Missed coupons accumulate and may be paid later under the “memory” feature.
• Automatic call: If UAL closes at or above 100 % of the initial level on any observation date before maturity, investors receive par plus the current and any previously unpaid coupons; no further payments will be made.
• Downside protection: At maturity, principal is repaid only if UAL’s final level is ≥ 60 % of the initial level. Otherwise, repayment is reduced one-for-one with the share’s decline, potentially to zero.
• Estimated initial value: $933.20 – $963.20 per $1,000 note (93.3 % – 96.3 % of issue price), reflecting internal funding and dealer margins.
• Distribution economics: Issue price $1,000; underwriting discount $27.50; net proceeds to UBS $972.50. UBS Securities LLC may re-allow the full discount to third-party dealers.

Risk highlights: Investors face equity market risk equal to owning UAL below the downside threshold, credit risk of UBS AG, and limited liquidity because the notes will not be listed on an exchange. Coupons are not guaranteed; higher stated coupon compensates for elevated risk.

Suitability: The notes may fit investors who (1) can tolerate full loss of principal, (2) believe UAL will stay above 60 % of its initial level, and (3) accept foregoing any upside beyond the fixed coupons.

UBS AG London Branch is offering Buffered Contingent Income Auto-Callable Securities with Memory Coupon and Downside Leverage linked to the common stock of Meta Platforms, Inc. (META). The notes are unsecured, unsubordinated debt maturing 30 June 2026 (≈12-month tenor) and will not be listed on any exchange.

Key economics

• Stated principal: $1,000 per note
• Issue price: $1,000 (public) versus an estimated initial value of $964.50-$994.50
• Contingent coupon: $13.4167 per note per determination date (≈16.10% p.a.) if META closes ≥80% of the initial price ($712.20) on the relevant date.
• Memory feature: Missed coupons are paid on a later date if the 80% threshold is met.
• Call threshold: 100% of the initial price. If met on any of the 11 monthly determination dates before maturity, the notes are redeemed early for principal + due coupon(s).
• Downside threshold (buffer): 80% of the initial price ($569.76). If final price ≥ threshold, principal is returned; if below, repayment = principal – 1.25× downside beyond the buffer, exposing investors to amplified loss up to total principal.
• Determination dates: Monthly from 25 July 2025 through 25 June 2026; payment dates five business days later (T+5).
• Fees: Total selling concession/structuring fee of 0.10% ($1.00 per note) shared between UBS Securities LLC and Morgan Stanley Wealth Management.

Risk highlights

• Principal at risk: No principal protection; loss accelerated at 1.25× below the 20% buffer.
• Credit risk: Payments depend on UBS AG’s ability to pay.
• Limited upside: Investors do not participate in any META appreciation beyond the fixed coupon.
• Liquidity: Notes are not exchange-listed; secondary trading, if any, may be limited and at prices well below face.
• Valuation gap: Estimated initial value is up to 3.55% below the issue price, creating immediate economic cost to investors.

Overall, the security targets income-oriented investors willing to accept issuer credit risk, equity-linked downside exposure and potential early redemption in exchange for an above-market contingent coupon that may or may not be earned.

Offering overview: UBS AG is marketing unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Uber Technologies, Inc., maturing on or about 5 January 2027.

The Notes pay a contingent coupon of 15.25 - 16.25 % per annum only when the closing price of Uber stock on a quarterly observation date is at least the 75 % coupon barrier. Should the closing price reach or exceed the 100 % call threshold on any observation date before maturity, the Notes are automatically called and investors receive the $1,000 principal plus the applicable coupon.

If the Notes are not called, principal is protected at maturity only if Uber’s final share price is at or above the 75 % downside threshold; otherwise investors suffer a loss equal to the underlying’s percentage decline and could lose their entire investment.

The issue price is $1,000 per Note. UBS estimates an initial value of $936 - $966, reflecting an underwriting discount of $27.50 and internal funding costs. Trade date is expected 30 June 2025 with T+3 settlement on 3 July 2025. The securities will not be listed on any exchange, and secondary market liquidity may be limited.

Key risks: exposure to UBS credit, potential loss of principal below the downside threshold, the possibility of receiving few or no coupons, no participation in upside beyond coupons, and limited liquidity due to the absence of a listing.

UBS AG is marketing unsubordinated, unsecured Trigger Callable Contingent Yield Notes linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices.

Key structural terms

• Issue price: $1,000 per Note; underwriting discount $15; estimated initial value $924.40–$954.40.
• Trade / settlement: 11 Jul 2025 (T) / 16 Jul 2025 (T+3).
• Maturity: 14 Jul 2028 (3-year term); semi-annual observation dates; final valuation 11 Jul 2028.
• Contingent coupon: 7.25% p.a., paid only if the closing level of each index is ≥ 60 % of its initial level on the relevant observation date.
• Issuer call: UBS may redeem the Notes in whole on any observation date (except the final one) for par plus any due coupon, regardless of index performance.
• Principal at maturity: • If not called and each index ≥ 60 % of its initial level, investor receives 100 % of principal.
  • If any index < 60 %, repayment is reduced one-for-one with the worst index’s decline; loss can reach 100 %.
• Credit risk: payments depend on UBS’s ability to pay; the Notes are not FDIC-insured or exchange-listed.

Risk highlights

• No coupon is paid when any index breaches the 60 % barrier on an observation date.
• Investors face full downside exposure below the 60 % threshold of the worst-performing index at maturity.
• Secondary liquidity may be limited; initial value implies an issuer/broker discount of roughly 4.6-7.6 % versus issue price.

Prospective investors should review the detailed “Key Risks” (page 5) and “Risk Factors” (product supplement PS-9) before committing capital.

UBS AG is offering $26,000 in Buffer Callable Yield Notes (unsecured senior debt) linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The three-year notes (trade date 23 Jun 2025; maturity 28 Jun 2028) pay a fixed 7.40 % annual coupon (≈ $6.1667 per $1,000) in monthly arrears, independent of index performance, unless UBS calls the notes early. UBS may call the notes in whole—but not in part—on any monthly call date beginning nine months after issuance. If called, investors receive par plus the current coupon; no further payments accrue.

Principal protection is contingent. If the notes are not called and every index closes at or above its downside threshold (85 % of initial level, i.e., a 15 % buffer) on the final valuation date, holders are repaid par plus the final coupon. If any index finishes below its threshold, redemption value is par × [1 + index return + 15 %] based solely on the worst-performing index, exposing investors to losses beyond the 15 % buffer and, in extreme declines, to near-total loss of principal.

Key economic terms

• Principal: $1,000 per note
• Coupon: 7.40 % p.a.; paid monthly
• Issuer call: monthly after 9 months
• Buffer: 15 %; downside threshold = 85 % of initial level for each index
• Estimated initial value: $981.30 (98.13 % of issue price) reflecting underwriting discount ($2.50) and hedging/issuance costs
• Liquidity: no exchange listing; secondary market, if any, made by UBS Securities LLC
• Credit rating: unsecured claim on UBS AG; subject to FINMA bail-in powers

Risk highlights

• Credit risk – payments depend on UBS’s ability to pay.
• Market risk – negative performance of any index below buffer drives principal loss.
• Issuer call risk – early redemption at issuer’s discretion introduces reinvestment risk and caps total coupon income.
• Limited upside – investors do not participate in index appreciation.
• Valuation & liquidity – estimated value below issue price and potential absence of liquid secondary trading.

The product is positioned for income-oriented investors who are comfortable with structured-note complexity, UBS credit exposure, limited upside, and the possibility of material capital loss if equity markets experience a drawdown of more than 15 % in any of the referenced indices at maturity.

UBS AG is offering unsubordinated, unsecured debt titled Trigger Callable Contingent Yield Notes linked to the S&P 500® Index. The Notes carry a 6.35% contingent coupon (annualized) that is paid semi-annually only if the index closes at or above a 70% coupon barrier on each observation date. If the barrier is breached on any observation date, that period’s coupon is forgone.

Call feature: UBS may call the Notes in whole on any observation date (other than the final valuation date) regardless of index performance. If called, investors receive par plus any due coupon; no further payments are made.

Maturity & downside: Absent a call, the Notes mature on 14 July 2028. Principal is protected only if the final level of the S&P 500® is at or above the 70% downside threshold. A final index level below this threshold yields a loss matching the index’s percentage decline, up to a 100% loss of principal.

Key dates: Trade date 11 Jul 2025; settlement 16 Jul 2025; semi-annual observations; final valuation 11 Jul 2028.

Pricing & liquidity: Estimated initial value is $937.80–$967.80 per $1,000 Note, reflecting internal funding spreads and selling concessions. UBS Securities LLC earns a $15.00 underwriting discount and may pay third-party dealers up to a $6.00 structuring fee. The Notes will not be listed on any exchange, and secondary trading may be limited, settling T+1 after initial T+3 issuance.

Risk highlights: Investors face credit risk of UBS, potential loss of coupons, and full downside exposure below the 70% threshold. Higher coupon rates correlate with higher risk, and investors do not participate in index gains.

UBS AG is issuing Trigger Callable Contingent Yield Notes (the "Notes") linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on 14 July 2028.

The Notes pay a contingent coupon of 8.75% per annum, semi-annually, but only when the closing level of each index on an observation date is at or above its 60% coupon barrier.

UBS may, at its sole discretion, call the Notes on any observation date (excluding the final valuation date). If called, investors receive the principal plus the applicable coupon and no further payments.

If the Notes are not called, principal is fully repaid at maturity only if all three indices are at or above the 60% downside threshold. Otherwise, repayment is reduced 1-for-1 with the worst-performing index, potentially resulting in a total loss of principal.

The preliminary estimated initial value is $941.60–$971.60 (94.16–97.16% of par), reflecting UBS’s internal pricing and funding spread. Issue price is $1,000; settlement is T+3 on 16 July 2025. Notes will not be listed, are unsecured and carry UBS credit risk; payments depend on the issuer’s ability to pay.

UBS AG London Branch is offering $7.848 million of Capped Leveraged Buffered Medium-Term Notes linked to the S&P 500® Index, maturing on 24 February 2027 (about 20 months).

The notes pay no periodic interest. Instead, investors receive a cash payment at maturity determined as follows:

• Upside: 180% participation in any index gain, capped at a maximum settlement amount of $1,195.66 per $1,000 note (a 19.566% absolute cap, reached if the index closes ≥110.87% of its initial level).
• Neutral zone: If the index is flat or down by ≤12.50%, investors receive full principal.
• Downside: If the index falls by >12.50%, principal is reduced at an effective rate of 1.1429% for every additional 1% decline (i.e., exposure of 114.29% beyond the 12.5% buffer). A full loss of principal is possible.

Key terms: initial index level 6,025.17; buffer level 5,272.02375 (87.5%); estimated initial value $997.50; underwriting discount 0%; issue price 100%; trade date 23 June 2025; settlement 30 June 2025. The notes will not be listed and UBS Securities LLC will act as calculation agent and market-maker, but is not obliged to provide liquidity.

Cost transparency: The estimated value ($997.50) is below the $1,000 issue price, reflecting embedded hedging, funding and distribution costs. Any secondary-market bid is expected to exceed the internal model value only for up to three months, then converge.

Risk highlights: Investors face the unsecured credit risk of UBS AG; limited upside due to the cap; potential loss of capital below the 12.5% buffer; illiquidity; complex U.S. tax treatment (Section 871(m) and FATCA); and possible regulatory or resolution actions by FINMA that could impair payments.

Suitability: The product targets investors who 1) are moderately bullish on the S&P 500, 2) can tolerate loss of principal, 3) value a modest downside buffer, and 4) are willing to hold to maturity without dividends.