ETRACS Whitney US Critical Techs ETN SEC Filings

Offering overview: UBS AG London Branch is issuing $6.115 million of Contingent Income Auto-Callable Securities maturing 23 June 2028. Each $1,000 note references the worst-performing of three equity indices—the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX).

Cash-flow profile:

• Contingent coupon: $20.275 per quarter (8.11% p.a.) paid only if the closing level of all indices is at or above 70 % of their respective initial levels (coupon barrier) on a determination date.
• Auto-call: Beginning 17 Sep 2025 (after a six-month non-call period), the notes redeem at par plus the coupon if all indices close at or above 100 % of their initial levels (call threshold) on any quarterly observation date other than the first and last.
• Principal at maturity: If all indices are ≥70 % of initial on the final observation date, holders receive par plus final coupon. Otherwise, repayment is par × (1 + worst index return), exposing investors to 1-for-1 downside below –30 %, up to total loss.

Key terms: Coupon/Downside barrier set at 70 % of initial (NDX 15,203.36; RTY 1,471.372; SPX 4,187.90). Estimated initial value is $950.60 (95.06 % of issue price) after 2.5 % combined selling commission and structuring fee. Notes are unsecured and unsubordinated obligations of UBS AG; payments depend on the issuer’s credit.

Investor considerations: Product offers potentially above-market income and early redemption but carries (1) zero guaranteed coupons, (2) worst-of index exposure, (3) 30 % buffer only at maturity, (4) credit risk of UBS, and (5) limited liquidity—unlisted notes may trade at significant discounts. Suitable only for investors comfortable with equity downside, contingent income and issuer credit exposure.

Amendment No. 1 to the June 18, 2025 pricing supplement details a $2.024 million issuance of UBS AG Trigger Autocallable Contingent Yield Notes due June 24, 2030. The notes are unsecured senior obligations linked to the least-performing of three underlying assets: the SPDR® S&P® Regional Banking ETF (KRE), the Nasdaq-100® Technology Sector IndexSM (NDXT) and the Energy Select Sector SPDR® Fund (XLE).

• Contingent coupon: 11.25% p.a., paid monthly if all three underlyings close ≥ their 70% coupon barrier on the observation date.
• Automatic call: Beginning after 12 months, the notes will be redeemed at par plus any coupon if all three underlyings close ≥ 100% of their initial level on any monthly observation date.
• Downside exposure: If not called and any underlying finishes < 60% of its initial level on the final valuation date, principal is reduced one-for-one with the worst performer, potentially to zero.
• Credit & liquidity: Payments depend on UBS AG’s credit; the notes are not exchange-listed. Estimated initial value is $945.60 (94.56% of face), indicating a 5.44% embedded cost.
• Fees: Underwriting discount $36.25/Note; additional $5.00 structuring fee paid by UBS Securities LLC.

Key dates: trade 18-Jun-2025, settlement 24-Jun-2025 (T+3), monthly observations, final valuation 18-Jun-2030, maturity 24-Jun-2030.

Investor takeaway: The product offers an attractive headline yield and potential early redemption, but carries significant market, credit and liquidity risks, especially given the 60% downside threshold tied to the weakest underlying.

UBS AG plans to issue unsubordinated, unsecured Trigger Autocallable Notes linked to the Russell 2000® Index and the EURO STOXX 50® Index, maturing on or about 1 July 2030. The Notes will be automatically called on any quarterly observation date, including the final valuation date, if the closing level of each underlying is at or above its call threshold (100 % of the initial level). Upon an automatic call, investors receive the principal plus a call return that accrues at an annualised rate of 11.25 %-12.25 %, increasing the longer the Notes remain outstanding.

If the Notes are not called and the final level of every underlying is at least 70 % of its initial level (the downside threshold), investors receive full principal at maturity. If any underlying closes below its downside threshold at maturity, repayment is reduced dollar-for-dollar with the decline of the worst-performing index, exposing holders to up to 100 % capital loss.

The estimated initial value is $934.70-$964.70 per $1,000 face amount, reflecting dealer margins and UBS’s internal funding rate. The Notes will price on 26 June 2025, settle on 30 June 2025 (T+2) and will not be listed on any exchange, limiting secondary market liquidity. All payments depend on UBS’s credit; a UBS default could leave investors with no recovery. These characteristics make the Notes considerably riskier than conventional debt securities and suitable only for investors who fully understand the product’s equity-linked risk profile and potential loss of principal.

UBS AG is offering unsubordinated, unsecured Market-Linked Notes that give investors leveraged, but capped, upside to an unequally-weighted basket of six major currencies versus the U.S. dollar (EUR, JPY, GBP, CAD, SEK, CHF) and limited downside to –5% at maturity on 7 July 2026. The basket level was set to 100 on the 18 June 2025 strike date. A 1.20 participation rate applies to any positive basket return, but each individual currency return is effectively capped at 100%, embedding an undisclosed overall maximum payout per $1,000 note. If the basket return is zero or negative, investors receive the greater of (i) the basket return or (ii) a minimum return of –5%, resulting in a minimum payment of $950.

The notes do not pay coupons, will not be listed on an exchange, and are subject to UBS credit risk. Settlement is T+3, creating potential failed-trade issues for secondary transactions before initial delivery. Estimated initial value, calculated using UBS internal models, is $954.70–$984.70, materially below the $1,000 issue price, reflecting dealer spread and funding charges. J.P. Morgan Securities LLC and UBS Investment Bank act as placement agents, receiving a $10 underwriting discount per $1,000 note (waived for certain fiduciary accounts). Proceeds to UBS are $990 per note.

Key investor suitability criteria highlight the product’s appropriateness only for investors who (1) expect the basket currencies to appreciate, (2) can tolerate principal loss up to 5%, (3) do not require current income or liquidity prior to maturity, and (4) accept UBS credit exposure. Extensive risk factors warn of market, liquidity and valuation concerns, including the fact that secondary market prices, if any, will initially exceed UBS’s internal valuation but could trade at a significant discount thereafter.

UBS AG is offering $16.051 million of Capped Market-Linked Notes due 17 Dec 2026 that are tied to the worst performer between the Dow Jones Industrial Average and the S&P 500 Index. Investors will receive at maturity: (i) full principal if the least-performing index is flat or declines, or (ii) principal plus a gain equal to the lesser of the index appreciation or the 14.40 % maximum gain ($1,144 per $1,000 Note). The Notes do not pay periodic interest and upside is strictly capped.

Key economic terms: issue price $1,000; underwriting discount $1.50; net proceeds $998.50; estimated initial value $1,001.90. Trade date 13 Jun 2025; settlement 18 Jun 2025 (T+3); final valuation 14 Dec 2026; maturity 17 Dec 2026.

Risk profile: Principal is protected only if held to maturity and subject to UBS credit risk. The product is unsecured, unsubordinated debt; a UBS default could result in total loss. Investors face market risk from both indices; any single-index decline limits returns. The Notes are not exchange-listed, and secondary trading—if any—may occur at prices below intrinsic value, particularly before the T+3 initial settlement.

Distribution: UBS Securities LLC receives the full $1.50 per-note underwriting discount, re-allowable to third-party dealers that may sell to fee-based advisers at ≤ $998.50.

Documentation hierarchy: this amended pricing supplement (20 Jun 2025) governs over the February 6 2025 product supplement, index supplement and prospectus.

Overview: The submitted document is a Form NPORT-P – Monthly Portfolio Investments Report – filed with the U.S. Securities and Exchange Commission. It includes all standard sections (Filer Information, General Registrant & Series Information, Assets & Liabilities, Portfolio-level Risk Metrics, Securities Lending, Returns and Share-Flow Data).

Key observation: Virtually every data field across Parts A and B is blank. Critical quantitative items such as total assets, total liabilities, net assets, risk metrics (DV01/DV100), monthly returns, derivative gains / losses, and share-flow figures are not populated. Likewise, registrant identifiers (CIK, LEI), series details, addresses, and contact information are missing. The only populated field is the “LIVE” indicator confirming this is not a test filing.

Investor relevance: Because no numerical or narrative disclosures are provided, the filing offers no insight into portfolio composition, performance, liquidity, or risk. From an analytical standpoint, the document is effectively a placeholder or incomplete submission and carries no material financial information.

UBS AG has filed a preliminary 424(b)(2) pricing supplement for its Trigger Callable Contingent Yield Notes maturing on or about 29 June 2028. The unsecured, unsubordinated notes are linked to the least-performing of three U.S. equity indices: the Nasdaq-100, Russell 2000 and S&P 500.

Key commercial terms

• Issue price: $1,000 per note; underwriting discount $7.50 (0.75%).
• Contingent coupon: 12.00% p.a., paid monthly only if all three indices close ≥ their respective coupon barriers (75 % of initial level) on the relevant observation date.
• Issuer call: UBS may redeem in whole on any monthly observation date beginning after three months; investors then receive par plus any earned coupon.
• Downside protection: At maturity, principal is repaid only if each index is ≥ its downside threshold (70 % of initial level). Otherwise, repayment is reduced 1-for-1 with the worst-performing index; total loss of principal is possible.
• Estimated initial value: 93.84 % – 96.84 % of face, reflecting internal models and funding costs.
• Settlement cycle: T+3 initial; secondary trades must accommodate potential T+1 mismatches.

Risk highlights: investors face equity market risk across three indices, early-call risk, limited upside (coupons only), credit risk of UBS, no exchange listing and potential illiquidity. Coupons are not guaranteed and principal protection is contingent.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Tesla, Inc. common stock, maturing on or about July 6, 2028. The notes are unsecured, unsubordinated obligations of UBS AG and are designed to provide high current income through a contingent coupon of 20.65% per annum, paid monthly only when the closing price of Tesla stock on the relevant observation date is at or above a Coupon Barrier set at 60 % of the Initial Level. If Tesla’s closing price meets or exceeds a Call Threshold of 100 % of the Initial Level on any quarterly call observation date (first observation after six months), UBS will automatically redeem the notes at par plus any due coupon, terminating further payments.

At maturity, if the notes have not been called:

• If Tesla’s final price is ≥ the Downside Threshold (60 % of Initial Level), investors receive 100 % of principal.
• If Tesla’s final price is < the Downside Threshold, investors receive a Share Delivery Amount determined by $1,000 divided by the Initial Level (fractional shares paid in cash). The market value of this share delivery is expected to be materially below the $1,000 principal, resulting in a proportional loss matching Tesla’s decline.

Key dates: Trade Date June 30 2025; Settlement July 3 2025; monthly coupon observations; quarterly call observations; Final Valuation Date June 30 2028; Maturity July 6 2028.

The estimated initial value is $913.50–$943.50 per $1,000 Note, reflecting UBS’s internal pricing models and funding costs. Underwriting compensation is up to $30.00 per Note, with proceeds to UBS of at least $970.00 per Note. The notes will not be listed on any exchange, and secondary market liquidity may be limited. All payments are subject to UBS AG’s credit risk; a UBS default could result in loss of the entire investment.

Risk highlights (see “Key Risks” p. 5): potential loss of principal, possibility of receiving no coupons for the entire term, full downside exposure below the 60 % threshold, lack of market listing, and valuation/secondary-market price uncertainty. Investors should be comfortable with both market risk in Tesla shares and UBS’s credit profile before considering the notes.

UBS AG plans to issue “Trigger Autocallable Notes” maturing 1 July 2030 that are linked to the least-performing of the Russell 2000® Index (RTY) and the EURO STOXX 50® Index (SX5E). The notes are unsecured senior debt and will be offered at $1,000 per note; UBS Securities LLC will receive an underwriting discount of $33.50 per note. Estimated initial value is $922.80–$952.80 (92.28-95.28 % of issue price), reflecting dealer compensation and internal funding spread.

Key economic terms: (i) quarterly observation dates begin 12 months after settlement; (ii) an automatic call is triggered if, on any observation date, each index closes at or above 100 % of its initial level (the “call threshold”), in which case investors receive their principal plus a call return calculated at 11.60 % per annum and the note terminates; (iii) if the notes are not called and each index is at or above 70 % of its initial level on the final valuation date, investors are repaid principal only; (iv) if any index finishes below the 70 % downside threshold, redemption is reduced dollar-for-dollar with the worst-performing index, exposing investors to up to a 100 % loss of principal.

Risk considerations: Investors face (a) full downside market risk to the least-performing index; (b) credit risk of UBS AG; (c) valuation and liquidity risk since the notes will not be listed; and (d) potential conflicts arising from UBS’s roles as issuer, calculation agent and market-maker. The product is designed for sophisticated investors who can tolerate the possibility of significant or total loss and who seek enhanced income in exchange for contingent protection.

Timeline: Trade date expected 26 June 2025, T+2 settlement on 30 June 2025, quarterly observations thereafter, final valuation 26 June 2030, maturity 1 July 2030.