ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering $350,000 in unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Exxon Mobil Corporation (XOM). The one-year securities pay a contingent coupon of 11.95% per annum, distributed quarterly only when the XOM closing price on each observation date is at or above the Coupon Barrier of $97.51 (90% of the Initial Level). If on any quarterly observation date XOM closes at or above the Initial Level of $108.34, the notes are automatically called and investors receive par plus that period’s coupon.

Absent an autocall, principal is protected only if, on the Final Valuation Date (24 Jun 2026), XOM closes at or above the Downside Threshold of $92.09 (85% of the Initial Level). Should XOM finish below that level, investors are fully exposed to the underlying’s percentage decline and could lose their entire investment. The estimated initial value of each $10 note is $9.80, reflecting issuer credit spread and fees; investors pay an underwriting discount of $0.15 per note. The notes will not be listed on any exchange, limiting liquidity, and all payments are subject to UBS’s credit risk.

Key dates include Trade Date 24 Jun 2025, Settlement 26 Jun 2025 (T+2), quarterly observation dates, and Maturity/Call Settlement 26 Jun 2026. Minimum purchase is 100 notes ($1,000). The document highlights significant market and credit risks, advising investors to review “Key Risks” and “Risk Factors” sections before investing.

UBS AG is marketing unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to Dell Technologies Inc. common stock. The preliminary pricing supplement (424(b)(2), dated June 24 2025) outlines a 15-month product maturing on or about September 28 2026.

Key economic terms:

• Issue price: $10 per Note; minimum purchase 100 Notes.
• Contingent coupon: 16.02%–16.91% p.a., paid quarterly only when Dell’s closing price on the observation date is at or above a 70% coupon barrier.
• Automatic call: Notes are redeemed early at par plus coupon if Dell closes ≥ the unknown Initial Level on any observation date before final valuation (quarterly schedule).
• Principal protection: none. If not called and Dell’s final level is ≥ the 70% downside threshold, investors receive par; otherwise, repayment is reduced one-for-one with Dell’s decline, potentially to $0.
• Estimated initial value: $9.55–$9.80 (95.5%–98.0% of issue price), reflecting dealer spreads and UBS’s funding costs.
• Settlement: T+2 issuance; secondary trades may require alternative settlement to meet new T+1 rule.

Risk disclosures: Investors face (i) full equity downside below the 30% buffer, (ii) contingent, not guaranteed, coupons, (iii) UBS credit risk, and (iv) liquidity risk as the Notes will not be listed. The supplement directs investors to “Key Risks” (p. 5) and the product supplement (PS-9) for detailed factors.

Distribution & use of proceeds: UBS Financial Services Inc. and UBS Investment Bank act as agents, retaining a $0.15 underwriting discount per $10 Note (1.5% fee). Net proceeds to UBS are $9.85 per Note.

Neither the SEC nor any other regulator has approved the Notes; they are not FDIC-insured. Final economic terms will be fixed on the trade date.

UBS AG is offering unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to Exxon Mobil Corporation (XOM) common stock, maturing on or about 26 June 2026. The Notes pay a quarterly contingent coupon only when XOM’s closing price on the relevant observation date is at or above the Coupon Barrier (90 % of the Initial Level). The indicative coupon rate is 8.62 %–10.04 % per annum.

An Automatic Call is triggered if, on any observation date before final valuation, XOM closes at or above the Initial Level; investors then receive par plus the applicable coupon and the Note terminates early. If no call occurs:

• Principal repayment is contingent. At maturity investors receive par only if the Final Level is at or above the Downside Threshold (85 % of the Initial Level).
• If the Final Level is below the Downside Threshold, repayment equals par reduced by the full percentage decline in XOM, exposing investors to losses up to 100 % of principal.

Pricing & Settlement: Issue price is $10 per Note; estimated initial value is $9.53–$9.78 (reflecting a 2.2 %–4.7 % issuer discount). Underwriting discount is $0.15 per Note. Minimum purchase is 100 Notes ($1,000). Trade date and settlement are expected on 24 June 2025 and 26 June 2025, respectively (T+2).

Key Risks highlighted include credit risk of UBS, market risk identical to direct XOM exposure below the threshold, potential for zero coupons, lack of listing, and limited secondary market liquidity. The Notes suit investors who can tolerate full downside risk, understand structured products, and seek enhanced conditional income tied to XOM’s performance.

UBS AG is offering $200,000 of unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of BioMarin Pharmaceutical Inc. (BMRN). The Notes, issued at $10 per Note, pay a contingent coupon of 10.66% per annum but only if BMRN’s closing price on a quarterly observation date is at least the Coupon Barrier of $38.28 (70% of the Initial Level of $54.69). If this condition is not met, the investor receives no coupon for that quarter.

An Automatic Call is triggered if BMRN closes at or above the Initial Level on any observation date. In that case, UBS repays principal plus the due coupon, and the Note terminates early. Absent a call, principal is protected at maturity only if the Final Level is at or above the Downside Threshold of $38.28. Should the Final Level fall below this threshold, repayment is reduced dollar-for-dollar with BMRN’s decline, potentially resulting in a total loss of principal.

Key dates include a Trade Date of 24 Jun 2025, Settlement on 26 Jun 2025, and Maturity on 28 Sep 2026. The estimated initial value is $9.78, 2.2% below the issue price, reflecting internal funding costs and dealer margins. Underwriting discount is $0.15 per Note. The Notes will not be listed on any exchange, and secondary market liquidity is expected to be limited.

Investors face UBS credit risk, equity market risk in BMRN, potential illiquidity, and the possibility of receiving few or no coupons. The product may appeal to investors comfortable with these risks who seek enhanced yield and are moderately bullish on BMRN over the 15-month term.

Offering: UBS AG is issuing $200,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Dow Inc. (DOW), maturing on 28-Sep-2026. These are senior, unsecured debt obligations.

Key terms

• Issue price: $10 per note; minimum purchase 100 notes.
• Contingent coupon: 19.75% per annum, paid quarterly only when DOW closes at or above the $19.27 coupon barrier (70 % of the $27.53 initial level) on the relevant observation date.
• Automatic call: If DOW closes at or above the initial level on any quarterly observation date, investors receive par plus the coupon and the note terminates.
• Principal at risk: If not called and the final level is below the $19.27 downside threshold, repayment is reduced one-for-one with the underlying decline; investors could lose their entire principal.
• Estimated initial value: $9.72, or 97.2 % of par, reflecting dealer spread and UBS funding cost.
• Credit & liquidity: Payments depend on UBS’s credit; notes are not FDIC-insured or exchange-listed and may have limited secondary liquidity.
• Settlement: Trade 24-Jun-2025 (T), settle 26-Jun-2025 (T+2); secondary trades will require T+1 settlement arrangements.

The supplement stresses that the notes carry higher risk than conventional debt—no guaranteed coupons, full downside exposure below the 70 % barrier and reliance on UBS’s creditworthiness.

UBS AG is offering $200,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation (NVDA). The notes are unsubordinated, unsecured debt of UBS that mature on 28 June 2027 unless automatically called earlier.

• Contingent coupon: 9.05% per annum, paid quarterly, but only if NVDA’s closing price on the relevant observation date is at or above the coupon barrier = $73.95 (50% of the initial level).
• Automatic call: If NVDA closes at or above the initial level = $147.90 on any quarterly observation date before final valuation, investors receive par plus the coupon and the notes terminate.
• Principal repayment: • If not called and NVDA closes on the final valuation date at or above the downside threshold = $73.95, investors receive 100% of principal.
  • If NVDA is below the downside threshold, repayment equals principal reduced by the full percentage decline in NVDA; total loss of principal is possible.
• Issue economics: Minimum purchase 100 notes ($1,000). Issue price $10.00; estimated initial value $9.78 (reflecting dealer costs and UBS funding spread). Underwriting discount $0.15 per note (1.5% of face). Net proceeds to UBS $9.85 per note.
• Key dates: Trade 24 June 2025; settlement 26 June 2025 (T+2); quarterly observations; final valuation 24 June 2027; maturity 28 June 2027.
• Risk profile: Investors face (i) credit risk of UBS, (ii) market risk identical to a long NVDA position once the 50% barrier is breached, (iii) liquidity risk—notes will not be listed, and (iv) valuation risk—the initial value is 2.2% below issue price.

The structure appeals to investors seeking enhanced yield and willing to accept substantial downside and issuer credit risk. Contingent principal protection applies only at maturity and only if NVDA holds above the 50% threshold. Coupons are not guaranteed, and the product may terminate early via the autocall mechanism.

Instrument: UBS AG Trigger Autocallable Contingent Yield Notes (unsubordinated, unsecured) linked to the common stock of BioMarin Pharmaceutical Inc. (BMRN).

The notes promise a quarterly contingent coupon when BioMarin’s closing price is at or above the 70 % coupon barrier; the indicative coupon range is 8.57 %–9.67 % per annum. UBS will automatically call the notes if the underlying ever closes at or above the initial level on any observation date, returning principal plus the due coupon on the related payment date.

If not called, principal is repaid at maturity only when the final level on 24 Sep 2026 is at or above the 70 % downside threshold. Otherwise, the redemption value reflects the full percentage decline in BioMarin stock, exposing investors to up to a 100 % loss of principal.

Key expected dates: trade 24 Jun 2025, settle 26 Jun 2025, final valuation 24 Sep 2026, maturity 28 Sep 2026. The estimated initial value is $9.54–$9.79 per $10 note, highlighting an issuer price-value differential. Minimum purchase is 100 notes ($1,000). Issue price is $10, underwriting discount $0.15, leaving $9.85 in proceeds to UBS.

The notes will not be listed on an exchange and may have limited secondary liquidity. All payments are subject to the credit risk of UBS AG; they are not FDIC-insured.

• Contingent coupon: 8.57 %–9.67 % p.a., paid quarterly if ≥ barrier
• Coupon barrier / downside threshold: 70 % of initial level
• Automatic call: triggered if underlying ≥ initial level on any observation date
• Underlying asset: BioMarin Pharmaceutical Inc. common stock (BMRN)

Suitable only for investors comfortable with equity downside, issuer credit risk, and potential illiquidity. Terms are preliminary and may change before final pricing.

UBS AG is offering unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Dow Inc. (DOW). The notes will be issued at $10 per note on or about 26 Jun 2025 and will mature on 28 Sep 2026, unless automatically called earlier.

Investors may receive a quarterly contingent coupon of 17.49 %–18.96 % per annum if, on the relevant observation date, DOW’s closing price is at or above the Coupon Barrier (70 % of the Initial Level). Coupons are forgone for any quarter in which this condition is not met.

An automatic call occurs if DOW closes at or above its Initial Level on any observation date before maturity. In that event, investors receive the principal plus the applicable coupon on the corresponding payment date and the note terminates.

If the notes are not called, principal is protected only when the Final Level is at or above the Downside Threshold (also 70 % of the Initial Level). Should DOW finish below this threshold, repayment is reduced one-for-one with the share’s decline, exposing investors to full downside risk and potential total loss of principal.

The estimated initial value is $9.48–$9.73, below the $10 issue price, reflecting structuring and distribution costs. UBS will receive proceeds of $9.85 per note after a $0.15 underwriting discount. The notes are not listed on any exchange, may be illiquid, and are subject to the credit risk of UBS AG.

Minimum purchase is 100 notes ($1,000). Investors must understand the potential for no coupons, early redemption, market risk equivalent to DOW shares below the 30 % buffer, and UBS credit exposure.

UBS AG is offering $200,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of Royal Caribbean Cruises Ltd. ("RCL"). The two-year notes (trade date 24-Jun-2025; maturity 28-Jun-2027) pay a contingent coupon of 11.84% p.a. on quarterly observation dates only when RCL’s closing level is at or above the 60% coupon barrier ($168.28).

Automatic call: If RCL closes at or above the initial level ($280.47) on any observation date prior to the final valuation date, investors receive the $10 principal plus the coupon on the related payment date and the notes terminate early.

Principal at risk: If not called early and RCL’s final level is below the 60% downside threshold, repayment is reduced dollar-for-dollar with the underlying decline, exposing investors to a potential 100% loss of principal. Principal protection is therefore only contingent and only at maturity.

Key economics:

• Issue price: $10.00; estimated initial value: $9.78 (2.2% issuance premium)
• Underwriting discount: $0.15 (1.5%) per note; proceeds to issuer: $9.85
• Minimum investment: 100 notes ($1,000 face)

Risk considerations: Investors face (1) full downside market risk below the threshold; (2) credit risk of UBS AG as unsecured creditor; (3) limited liquidity because the notes will not be listed; and (4) the possibility of receiving few or no coupons if RCL trades below the barrier on any observation date. UBS highlights these risks in the "Key Risks" and "Risk Factors" sections of the accompanying documents.

The filing is a Rule 424(b)(2) pricing supplement that incorporates the prospectus and product supplement dated 6-Feb-2025. No regulatory body has approved or disapproved of the notes.