ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG plans to issue Trigger Autocallable Contingent Yield Notes linked to the common stock of Royal Caribbean Cruises Ltd. (RCL), maturing on or about 28 June 2027. The notes are unsecured, unsubordinated debt obligations that pay a quarterly contingent coupon only when RCL’s closing price on an observation date is at or above a coupon barrier set at 60 % of the initial level. The expected annualized coupon rate ranges from 9.99 % to 11.04 %.

An automatic call feature redeems the notes early at par plus the due coupon if, on any observation date before the final valuation date, RCL closes at or above the initial level. If not called, repayment at maturity depends on RCL’s final level: investors receive full principal only if RCL closes at or above the downside threshold (also 60 % of the initial level). Otherwise, repayment is reduced one-for-one with RCL’s decline, exposing holders to up to 100 % principal loss.

Key dates: trade 24 Jun 2025, settlement 26 Jun 2025, quarterly observations, final valuation 24 Jun 2027, maturity 28 Jun 2027. Minimum purchase is 100 notes ($1,000). Issue price is $10; underwriting discount $0.15; net proceeds $9.85. UBS estimates the initial economic value at $9.53–$9.78 per $10 note, reflecting internal funding and hedging costs.

Principal risks include potential loss of most or all investment, UBS credit risk, absence of listing or guaranteed liquidity, and settlement mismatches (primary T+2 vs. secondary T+1). The SEC has neither approved nor disapproved the offering, and the notes are not FDIC-insured.

Eos Energy Enterprises, Inc. (NASDAQ: EOSE) filed a Form 4 on 06/27/2025 disclosing that Chief Executive Officer and Director Joe Mastrangelo received 391,710 Restricted Stock Units (RSUs) on 06/26/2025 under the company’s 2020 Incentive Plan.

The transaction is coded “A” (award/acquisition) at a price of $0 per unit. Each RSU represents the contingent right to receive one share of common stock. The award vests in three equal installments on the first, second and third anniversaries of the grant date, conditioned on the CEO’s continued service. Following the award, Mastrangelo reports direct ownership of 391,710 derivative securities; no open-market purchases or sales of common shares were reported.

Because RSUs convert into common stock over time, they may increase the fully diluted share count when vested, but they also deepen executive equity alignment by tying compensation to the company’s future share price. No other material transactions or changes in beneficial ownership were reported in this filing.

UBS AG (London Branch) is offering $1,050,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation (INTC). Each $10 note matures on 28 June 2027, giving an effective tenor of roughly two years unless called earlier.

Income potential: The notes pay a fixed 20.26 % contingent coupon (≈ $1.013 per $10, semi-annually) whenever the closing price of INTC on an observation date is at or above the coupon barrier of $15.79 (70 % of the $22.55 initial level). Coupons are forfeited for any period in which the barrier is breached.

Autocall feature: If INTC closes at or above the initial level on any of the first three observation dates (Dec 2025, Jun 2026, Dec 2026), the notes are automatically redeemed at par plus the contingent coupon, limiting further upside but ending exposure early.

Principal repayment: • If not called and the final level on 24 Jun 2027 is ≥ $15.79, investors receive principal back.
• If the final level is < $15.79, repayment equals $10 × (1 + Underlying Return), exposing holders to a one-for-one loss that can reach 100 % of capital.

Key risks: (i) Market risk tied entirely to INTC; (ii) credit risk of UBS AG—the notes are senior unsecured obligations subject to Swiss bail-in; (iii) liquidity risk—no listing and market-making is discretionary; (iv) valuation gap—issue price of $10 exceeds the estimated initial value of $9.79 due to fees and hedging costs.

Trade date: 24 Jun 2025; settlement: 26 Jun 2025 (T+2). Observation dates are semi-annual; maturity payment (or earlier call settlement) is made two business days later. Minimum investment is 100 notes ($1,000).

UBS AG is offering $200,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Capital One Financial Corporation (COF). The notes are unsecured, unsubordinated debt of UBS maturing 28 September 2026. Investors purchase in $10 denominations (minimum $1,000).

Key economics:

• Contingent coupon: 10.46 % p.a., paid quarterly only when COF’s closing price on the relevant observation date is ≥ the coupon barrier of $144.45 (70 % of initial level).
• Automatic call: If COF closes ≥ its initial level of $206.36 on any observation date before maturity, UBS pays par plus the coupon and terminates the note.
• Principal protection: None. If not called and the final level is < the downside threshold of $144.45, redemption is reduced dollar-for-dollar with the underlying decline; investors could lose their entire investment.
• Estimated initial value: $9.78 versus the $10 issue price, reflecting a 2.2 % discount due to UBS funding spread and structuring costs.
• Issue price/underwriting: Investors pay $10; dealers receive a $0.15 concession, net proceeds to UBS $9.85.

Timeline: Trade date 24 Jun 2025, settlement 26 Jun 2025 (T+2), quarterly observations, final valuation 24 Sep 2026, maturity 28 Sep 2026.

Risk highlights: Coupons are not guaranteed, principal is at risk below the 70 % threshold, the note is exposed to UBS credit risk, and there will be no exchange listing, limiting liquidity. Higher coupon compensates for this elevated risk profile.

UBS AG is offering $4.743 million of Trigger Autocallable Contingent Yield Notes linked to Constellation Energy Corporation common stock. The Notes are unsecured, unsubordinated debt maturing 26 June 2028 and settle T+2 on 26 June 2025. Investors receive a contingent coupon of 14.34% p.a. paid quarterly only when the underlying closes at or above the 55% coupon barrier ($176.36). Beginning six months after issuance, the Notes will be automatically called on any quarterly observation date if Constellation Energy closes at or above its $320.66 initial level; in that case holders receive par plus the coupon and no further payments.

If not called, repayment at maturity depends on performance versus the 50% downside threshold ($160.33). A final level at or above that threshold returns full principal; a level below it subjects investors to a 1-for-1 loss on the underlying decline, potentially wiping out the entire investment.

The Notes price at par ($10) but the estimated initial value is $9.67, reflecting structuring and hedging costs (approx. 3.3% discount). Issue proceeds to UBS after the $0.225 per-note underwriting discount are $4.636 million. The securities are not FDIC-insured, not exchange-listed, and carry UBS credit risk. Minimum purchase is 100 Notes ($1,000).

UBS AG is marketing an unsubordinated, unsecured structured note—“Trigger Autocallable Contingent Yield Notes” (the “Notes”)—linked to the common stock of Lam Research Corporation (LRCX). The preliminary terms call for:

• Face amount: $10 per Note; minimum purchase 100 Notes.
• Tenor: ~3 years, maturing 26 Jun 2028, unless automatically called earlier.
• Contingent quarterly coupon: 11.73 – 12.54% p.a. (≈ 0.2933 – 0.3135 per quarter) paid only if LRCX closes ≥ the Coupon Barrier (65% of initial level) on the relevant observation date.
• Automatic call: if LRCX closes ≥ its initial level on any quarterly observation date (first possible call 6 months after issue). If called, investors receive par plus the applicable coupon and the trade terminates.
• Principal at risk: at maturity, if not previously called and LRCX closes < the Downside Threshold (also 65% of initial level), investors are exposed one-for-one to the negative return of LRCX, potentially losing all principal.
• Estimated initial value: $9.46 – $9.71 (94.6% – 97.1% of face), below the $10 issue price due to dealer compensation, hedging and funding costs.
• Issuer credit: payments depend on UBS AG; the Notes carry UBS senior unsecured risk.
• No listing; secondary liquidity, if any, will be provided by UBS Securities LLC on a best-efforts basis and may be at substantial discounts.

The document details extensive risk factors: loss of principal if the equity declines ≥ 35%; non-payment of coupons if LRCX trades below the barrier; potential early redemption limiting income; wide bid–ask spreads; tax uncertainty (prepaid derivative characterization); UBS conflicts of interest; and the possibility of FINMA-driven bail-in/write-off should UBS experience financial distress.

Illustrative scenarios show: (1) early call after two quarters delivers a 6.27% total return; (2) no call, LRCX above threshold, par plus accrued coupons; (3) no call, LRCX down 38.25%, investor receives only $6.17, a 35.1% loss despite one early coupon.

In short, the Notes offer a double-digit headline yield and conditional principal protection, balanced against issuer credit risk, equity downside risk below −35%, limited upside, liquidity constraints, and complex tax treatment.

UBS AG is offering unsecured, unsubordinated Trigger Autocallable Contingent Yield Notes linked to Intel Corporation common stock and scheduled to mature on 28 June 2027. The Notes are issued in $10 denominations (minimum 100 Notes) and pay a contingent coupon of 18.27 %–19.03 % per annum only if the Intel closing price on a semi-annual observation date is at or above the coupon barrier (70 % of the initial level). If on any observation date before maturity Intel closes at or above the initial level, the Notes are automatically called and investors receive par plus the applicable coupon on the related payment date.

If the Notes are not called early and the final Intel price is at least the downside-threshold (also 70 % of the initial level), investors receive full principal at maturity. Otherwise, repayment equals par reduced by the exact percentage decline in Intel from the trade date to the final valuation date—potentially resulting in a total loss of principal. The contingent protection therefore applies only at maturity and only above the threshold.

The preliminary range for the estimated initial value is $9.52–$9.77 per $10 Note, reflecting UBS’s internal pricing assumptions and an underwriting discount of $0.175 (1.75 %). The Notes will not be listed on any exchange, and secondary market liquidity, if any, will be limited and subject to bid–offer spreads. All payments depend on UBS’s creditworthiness; a UBS default would leave investors with no recourse to the underlying asset.

Key dates: trade date 24 Jun 2025, settlement 26 Jun 2025 (T+2), semi-annual observations, final valuation 24 Jun 2027, maturity 28 Jun 2027.

These structured Notes may appeal to investors comfortable with Intel equity risk, UBS credit risk, potential illiquidity and the possibility of receiving no coupons and suffering significant to complete capital loss.

UBS AG is marketing unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Capital One Financial Corporation (COF). The preliminary terms call for a 15-month tenor, settling on 26 June 2025 and maturing on 28 September 2026. Investors receive a quarterly contingent coupon of 8.22 – 9.45% per annum only when COF’s closing price on the relevant observation date is at or above the Coupon Barrier, set at 70% of the Initial Level.

The notes feature an automatic call: if COF closes at or above its Initial Level on any observation date before final valuation (24 September 2026), UBS will redeem at par plus the due coupon, ending the investment early. Absent a call, principal is protected only if the final COF level is at or above the Downside Threshold (also 70% of Initial). Should the final level breach that threshold, repayment is reduced one-for-one with the underlying decline, exposing investors to up to 100% loss of principal.

Issue price is $10.00 per note; underwriting discount is $0.15, yielding net proceeds of $9.85. UBS estimates the initial economic value at $9.54 – $9.79, reflecting internal funding costs and dealer margins. The notes will not be listed on any exchange, and secondary market liquidity is uncertain. All payments depend on UBS AG’s credit; the notes are neither FDIC-insured nor bank deposits.

UBS AG is marketing unsubordinated, unsecured Trigger Callable Contingent Yield Notes maturing on July 8, 2030. The Notes are linked to the least-performing of three equity benchmarks: the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index.

Investors may receive a 9.25 % p.a. contingent coupon paid monthly, but only if the closing level of each underlying is at or above 70 % of its initial level (the “coupon barrier”) on the relevant observation date. If any index is below its barrier, the coupon for that period is forfeited.

Beginning six months after issuance, UBS may call the Notes on any monthly observation date. If called, holders receive the principal plus any due coupon, and the instrument terminates early.

If not called, principal is protected at maturity only when all final index levels are ≥ 70 % of their initial levels. Should any index finish below that downside threshold, redemption equals the principal reduced by the full negative return of the worst-performing index, exposing investors to 100 % downside on that leg.

• Trade date: July 2, 2025; settlement: July 8, 2025.
• Estimated initial value: $910.20 – $940.20 per $1,000 Note (91 %–94 % of issue price).
• Issue price: $1,000; underwriting discount: $27.50; proceeds to UBS: $972.50.
• Notes will not be listed on any exchange; secondary market liquidity is expected to be limited.

Any payment is subject to UBS credit risk; the Notes are not FDIC-insured. Investors should review the detailed “Key Risks” and product supplement for full risk disclosure.