ETRACS Whitney US Critical Techs ETN SEC Filings

Offering overview: UBS AG is offering unsubordinated, unsecured Airbag Autocallable Contingent Yield Notes with Memory Interest linked to Thermo Fisher Scientific Inc. (TMO) common stock, maturing July 1, 2026.

The $1,000-denominated notes pay an 18.46% p.a. contingent coupon on monthly observation dates if TMO’s closing level is ≥ the 85% coupon barrier ($343.71). Missed coupons are preserved by the memory feature and may be paid later once the barrier is met.

Automatic call: On any monthly observation date prior to maturity, if TMO closes at or above its initial level ($404.37), UBS will automatically redeem at par plus any due and unpaid coupons, terminating the note early.

Principal repayment: If the notes are not auto-called, final redemption depends on the June 25, 2026 closing level. At or above the 85% conversion level ($343.71) investors receive par. Below that level investors receive 2.9094 TMO shares per note (cash for fractions), exposing holders to full downside beyond the 15% airbag cushion.

Key dates: Strike 24-Jun-2025; trade 25-Jun-2025; settlement 30-Jun-2025; maturity 1-Jul-2026. Estimated initial value: $962.20-$992.20 per $1,000, reflecting internal funding spreads.

Risk highlights: Notes are not principal protected, may pay no coupons, carry UBS credit risk, and will not be listed, limiting liquidity. Investors could lose some or all of their investment if TMO falls more than 15% by maturity.

Offering overview: UBS AG is issuing $590,000 in Trigger Autocallable Contingent Yield Notes due 29 June 2028, linked to the least-performing of three underlying assets: SPDR S&P Regional Banking ETF (KRE), the Nasdaq-100 Index (NDX) and the Russell 2000 Index (RTY).

Key economic terms:

• Issue price: $1,000 per note; estimated initial value: $989.60.
• Contingent coupon: 12.90% p.a., paid monthly only if the closing level of each underlying is ≥ its 70 % coupon barrier on the relevant observation date.
• Automatic call: beginning after 6 months, the notes will be redeemed at par plus any due coupon if every underlying is ≥ its initial level (100 %).
• Downside threshold: 70 % of the initial level. If any underlying settles below this level at final valuation, investors are exposed one-for-one to the full negative return of the worst performer, with potential loss of the entire principal.
• Maturity: 29 June 2028; trade date 24 June 2025; settlement 27 June 2025.
• Debt ranking: senior, unsecured, unsubordinated obligations of UBS AG; payments subject to UBS credit risk.

Distribution economics: UBS Securities LLC receives a $1.50 underwriting discount per note and will pay an additional $6.00 per note marketing fee to an unaffiliated dealer, leaving net proceeds of $998.50 per note (≈ 99.85 % of par).

Investor considerations:

• No listing; limited or no secondary liquidity and potential price dislocations.
• High coupon reflects elevated downside risk and credit exposure to UBS.
• Contingent principal protection only if all underlyings stay ≥ 70 % of their initial level; otherwise losses match the worst-performing asset.
• Small deal size ($590k) implies negligible effect on UBS’s capital structure, but material risk for individual investors.

Risk highlights: Investors may receive no coupons, may be called early, and could lose up to 100 % of invested capital. Market risk in each underlying is not offset. UBS default would nullify all payments.

UBS AG London Branch is offering $15.306 million of Contingent Income Auto-Callable Securities due 23 June 2028 linked to the common stock of Citigroup Inc. (NYSE: C). The notes are issued under a Form 424(b)(2) prospectus supplement and represent senior, unsecured, unsubordinated obligations of UBS, subject to its credit risk.

Key economic terms

• Issue price: $1,000 per note; estimated initial value: $967.80.
• Contingent coupon: $27.625 quarterly (11.05% p.a.) paid only if Citigroup’s closing price on the applicable determination date is ≥ 70% of the initial price ($54.92).
• Call threshold: 100 % of the initial price ($78.45). Notes are automatically redeemed on any non-final determination date when the closing price is ≥ this level; investors then receive par plus the coupon.
• Downside threshold: 70 % of the initial price ($54.92). If the notes are not called and the final price is below this level, repayment equals (Final Price / Initial Price) × $1,000; investors can lose up to 100 % of principal.
• Maturity: 23 June 2028; 12 quarterly observation dates beginning 22 Sep 2025.
• Fees: 1.75 % sales commission + 0.50 % structuring fee; net proceeds 97.75 % of par.
• Listing: None; UBS Securities LLC is calculation agent and may make a secondary market but is not obliged to do so.

Investor profile: The product suits investors who (1) want enhanced income in exchange for equity-linked risk, (2) believe Citigroup shares will remain above 70 % of the initial price on observation dates, and (3) can tolerate limited liquidity, lack of upside participation and full issuer credit risk.

Major risk considerations

• Principal at risk: below the 70 % barrier at final valuation, loss of principal is linear and can reach 100 %.
• Coupon uncertainty: contingent coupons are not fixed; periods with Citigroup under the barrier pay nothing.
• Early-call reinvestment risk: if the note is called as early as September 2025, investors must reinvest at then-available rates.
• Issuer credit risk: all payments depend on UBS AG’s ability to perform; the notes are not FDIC-insured.
• Valuation & liquidity: issue price exceeds estimated value by ~3.2 % due to fees and hedging costs; the notes are unrated and unlisted, and secondary prices may be materially below par.

Overall, the securities provide a high potential coupon and a 30 % downside buffer, but investors sacrifice upside in Citigroup shares, face significant tail risk if the stock falls sharply, and rely on UBS’s credit quality. Careful assessment of individual risk tolerance, market outlook for Citigroup, and portfolio liquidity needs is essential before investing.

UBS AG is marketing an unsecured, unsubordinated structured note maturing on or about 1 July 2027 that is linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. The $1,000-denominated Trigger Callable Contingent Yield Notes pay a contingent coupon of 10.35% per annum, calculated monthly. A coupon is paid only when the closing level of every index on the observation date is at least 70 % of its initial level (the “coupon barrier”).

Early-call option: Beginning after three months, UBS may redeem the notes in whole on any monthly observation date, regardless of index performance. If called, investors receive the $1,000 principal plus any due coupon, and the product terminates.

Principal at risk: If the notes are not called and the final level of each index is at or above 60 % of its initial level (“downside threshold”), investors receive full principal. Otherwise, repayment is reduced one-for-one with the worst-performing index, exposing investors to up to a 100 % loss of capital.

Issue price is $1,000 with a $6.50 underwriting discount; net proceeds to UBS are $993.50. UBS estimates the initial economic value at $945.10–$975.10, reflecting internal funding spreads. The securities will not be listed, may be illiquid, and are subject to UBS AG credit risk. Prospective buyers should review the “Key Risks” and product supplement before investing.

SEC Form 4 filing – The Lovesac Company (LOVE)

Director Walter Field McLallen disclosed that on 20-Jun-2025 he purchased 1,950 common shares in two open-market transactions:

• 1,000 shares at $17.98
• 950 shares at $18.18

The total cash outlay was approximately $35,200, raising his direct ownership from 38,050 to 40,000 shares, a ~5% increase. No derivative securities, sales, or 10b5-1 plan indications were reported.

Insider buying—especially by a non-executive director—can indicate confidence in the company’s valuation and future prospects. While the dollar amount is modest relative to Lovesac’s market capitalization, the clear directionality (all buys, no sells) provides a positive sentiment signal to investors.

UBS AG London Branch is offering $16.74 million of Contingent Income Auto-Callable Securities linked to the common stock of Wells Fargo & Company (WFC). The notes price on 20 June 2025, settle on 25 June 2025 and mature on 23 June 2028, unless called earlier. Each security has a $1,000 stated principal amount and pays a contingent coupon of $26.625 per period, equivalent to 10.65% p.a., only if the closing price of WFC on the relevant determination date is at or above the Downside Threshold Level of $52.78 (70% of the initial price).

Early Redemption mechanics: If on any of the 11 quarterly determination dates prior to maturity the WFC closing price is at or above the Call Threshold Level of $75.40 (100% of the initial price), UBS will redeem the notes at par plus the accrued contingent payment, delivering cash only. If not called, the notes remain outstanding and investors may or may not receive contingent payments depending on WFC’s performance.

Payment at Maturity:

• If the final WFC price on 20 June 2028 is ≥ $52.78, investors receive (i) the $1,000 principal plus (ii) the final contingent coupon.
• If the final price is < $52.78, investors receive the Cash Value, defined as the exchange ratio (1,000 / $75.40 = 13.2621) multiplied by the final price, resulting in a proportional loss of principal that could reach 100% in a severe decline.

Key economic terms

• Aggregate principal: $16,740,000
• Issue price: 100% of par; proceeds to issuer 97.75% after a total 2.25% distribution fee (1.75% sales commission, 0.50% structuring fee)
• Estimated initial value: $967.90 (96.79% of issue price), calculated using UBS internal models and funding curve
• CUSIP/ISIN: 90308VZ95 / US90308VZ951
• Listing: None; secondary trading will be negotiated and may be limited

Risk highlights

• Principal is not protected; investors are fully exposed to downside below the 70% threshold.
• Contingent coupons are not guaranteed; no payment is made for any period in which WFC closes below $52.78.
• The notes are unsecured, unsubordinated obligations of UBS AG and subject to its credit risk.
• Liquidity risk: the securities will not be listed on any exchange.
• Valuation risk: secondary market prices may differ materially from the estimated initial value and may be affected by dealer spreads and market factors.

Investors should review the accompanying February 6 2025 prospectus and product supplement, as well as the “Risk Factors” section beginning on page 9 of this pricing supplement, before investing.

UBS AG London Branch is issuing $9.798 million of Trigger Jump Securities maturing 24 December 2026 that are linked to the performance of Eli Lilly & Co. common stock (LLY UN). The notes are unsecured, unsubordinated and principal-at-risk; all payments depend on UBS’s creditworthiness.

Payout profile: (1) If the underlying return on LLY from the $762.73 initial price to the 21 December 2026 valuation date is zero or positive, investors receive the $1,000 principal plus a fixed digital return of 32%. (2) If the underlying return is negative but the final price stays at or above the 80% trigger level ($610.18), principal is repaid only. (3) If the final price falls below the trigger, repayment drops one-for-one with LLY’s decline, exposing holders to 100% downside.

The securities pay no coupons or dividends, are not listed on an exchange, and have an estimated initial value of $972.70 (97.27% of face), reflecting distribution fees totalling 2.50%. They settle T+3 at issuance and T+1 thereafter. Investors seeking a capped, short-term bullish exposure to LLY with a 20% buffer may consider the notes, but must accept issuer credit risk, lack of liquidity and potential total loss of capital.

UBS AG London Branch is issuing $4.95 million of Contingent Income Auto-Callable Securities due 23 June 2028 that are linked to the common stock of Microsoft Corporation (MSFT). Each $1,000 note can earn a contingent quarterly coupon of $22.625 (9.05% p.a.) whenever the MSFT closing price on a determination date is at or above the 80% downside threshold ($381.92). If on any of the first 11 observation dates MSFT is at or above the 100% call level ($477.40), UBS will redeem the notes early for the principal plus the coupon.

If the notes are not called and the final MSFT price on 20 June 2028 is below the downside threshold, investors receive a cash payment that reflects the full percentage decline in MSFT, exposing them to up to 100% principal loss. UBS has elected cash settlement rather than delivering MSFT shares. The securities are unsecured, unsubordinated obligations of UBS AG and carry the issuer’s credit risk. They will not be listed on any exchange, and secondary liquidity is expected to be limited.

The issue price is 100%, but investors pay an aggregate 2.25% in selling & structuring fees; net proceeds to UBS are 97.75%. UBS estimates the initial economic value at $969.40 per note, implying a 3.06% initial value discount relative to price to public. Settlement is T+3 versus the T+1 equity market standard, requiring special settlement arrangements for early secondary trades.

Key dates: pricing 20 Jun 2025, issue 25 Jun 2025, quarterly observation dates through 20 Jun 2028, with corresponding payment dates. The SEC has neither approved nor disapproved the offering.

UBS AG is offering unsubordinated, unsecured Autocallable Notes linked to an unequally weighted basket of five equity indices: EURO STOXX 50® (40%), Nikkei 225® (25%), FTSE 100® (17.5%), Swiss Market Index® (10%) and S&P/ASX 200 (7.5%). The Notes are expected to be issued on 30 June 2025, mature on 28 June 2028, and require a minimum investment of 100 Notes at US $10 each.

An automatic call is triggered if, on any annual observation date (including final valuation), the basket closes at or above 100 % of its initial level. Upon a call, investors receive the principal plus a call return based on an annualized 11.5 %–12 % rate; no further payments are made thereafter. If never called, the final payout equals the principal minus any basket decline, exposing investors to full downside risk up to total loss of capital.

The indicative estimated initial value is $9.443 – $9.743 per $10 Note, reflecting underwriting discount ( $0.20 / Note) and UBS’s internal funding spread. The Notes will not be listed on any exchange, and secondary market liquidity is uncertain. All payments depend on UBS AG’s creditworthiness; the Notes are not FDIC-insured.

Key dates: trade date 26 Jun 2025, settlement 30 Jun 2025, annual observations, final valuation 26 Jun 2028. CUSIP: 90304U354; ISIN: US90304U3547.