ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering $5.567 million of Buffer Contingent Yield Notes linked to the VanEck® Gold Miners ETF (GDX). The notes are unsecured, unsubordinated debt that pay a contingent coupon of 10.75% per annum only when the ETF’s monthly closing level is at or above the Coupon Barrier of $37.18 (70 % of the $53.11 initial level). Miss the barrier and the coupon for that period is forfeited.

At maturity on 28-Jul-2026, repayment of principal is conditional. Investors receive 100 % of par only if the final ETF level is at or above the Downside Threshold of $47.80 (90 % of the initial level). Below that threshold, principal is reduced one-for-one beyond the 10 % buffer, exposing holders to almost the full downside of the ETF.

Other key terms include:

• Monthly observation dates with T+3 initial settlement (23-Jun-2025 trade, 26-Jun-2025 settle).
• Estimated initial value: $981.30, ~1.9 % below the $1,000 issue price, reflecting internal funding costs and dealer compensation.
• Issue not listed on any exchange; liquidity is dealer-driven and may be limited.
• UBS Securities LLC receives up to $7.50 underwriting discount per note; a similar amount may be paid as a structuring fee to third-party dealers.

The product suits investors seeking enhanced yield, willing to forgo ETF upside, accept credit risk of UBS, tolerate potential loss of principal beyond a 10 % buffer, and capable of holding to maturity with limited secondary-market liquidity.

UBS AG has filed a preliminary pricing supplement for Airbag Callable Contingent Yield Notes maturing on or about 30 June 2028. The unsecured senior notes are linked to the least-performing of three reference assets: Nasdaq-100 Index (NDX), Utilities Select Sector SPDR Fund (XLU) and Health Care Select Sector SPDR Fund (XLV). Each $1,000 note can generate a 10.00% p.a. contingent coupon, paid monthly, but only when all assets close at or above their 72 % coupon barriers on the relevant observation date.

UBS may call the notes (in whole) on any monthly observation date beginning two months after issuance. If called, investors receive principal plus any due coupon and no further payments. If not called, repayment at maturity depends on asset performance. Should every asset finish at or above its 75 % downside threshold, holders receive full principal; if any asset breaches that level, repayment is reduced at an accelerated rate of approximately 1.3333 % loss for every 1 % decline beyond the 25 % buffer, exposing investors to the full downside of the worst-performing asset, potentially to zero.

The issue price is $1,000, while the estimated initial value stands between $947.80 and $977.80, reflecting structuring and funding costs. UBS Securities LLC receives a $1.40 underwriting discount and may pay unaffiliated dealers a $0.60 marketing fee. The notes will not be listed, and secondary liquidity is expected to be limited. Investors face conditional income, leveraged downside, early-call reinvestment risk, credit risk of UBS AG and limited exit options, making these notes significantly riskier than conventional debt securities.

UBS AG is offering $8.69 million of Digital S&P 500® Index-Linked Medium-Term Notes maturing 24 August 2026. The unsecured senior notes provide no periodic interest and repay principal based solely on the level of the S&P 500 Index on the 20 August 2026 determination date.

Pay-off structure:

• If the final index level is ≥ 90% of the initial level (5,967.84), investors receive a fixed maximum settlement amount of $1,095.10 per $1,000 face value, representing a capped upside of 9.51% (simple, not annualised).
• If the index falls below the 90% buffer, repayment equals $1,000 plus 111.11% of the index decline beyond −10%. Every additional 1% drop below the buffer reduces principal by approximately 1.1111%, exposing investors to a potential 100% loss of capital.

Key terms: Trade date 20 June 2025; issue date 27 June 2025; price 100% of face; underwriting discount 1.17%; net proceeds 98.83%. The notes may be reopened at different prices and discounts. The estimated initial value calculated by UBS’s internal models is $986.30, below the issue price, largely because of internal funding costs and selling concession.

Risk highlights: • Full issuer credit risk of UBS AG. • No dividend participation. • Limited or no secondary liquidity; market-makers may charge bid–ask spreads. • Valuation likely to fall below issue price immediately after pricing. • Tax treatment expected to follow prepaid derivative contract characterisation.

Investor suitability: UBS targets investors who (1) can tolerate loss of principal, (2) believe the S&P 500 will remain within −10% to +9.51% over 14 months, (3) can forgo dividends and current income, and (4) are prepared to hold to maturity.

UBS AG is offering unsubordinated, unsecured Trigger Autocallable Notes linked to the worst performer among three U.S. equity indices – the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 – with a scheduled maturity of 7 July 2028. The $1,000-denominated notes can be automatically called on any monthly observation date, starting 12 months after issuance, if each index closes at or above its call-threshold (100 % of the initial level). In that event, investors receive the principal plus a call return that accrues at 12.50 % per annum and the notes terminate early.

If the notes are not called, investors receive full principal at maturity only if each index finishes at or above its downside threshold of 70 % of the initial level. Otherwise, the redemption amount is reduced dollar-for-dollar with the worst-performing index, exposing investors to up to a 100 % loss of principal.

The estimated initial value is 92.38-95.38 % of face, reflecting dealer margins and UBS’s funding spread. Settlement is expected on 8 July 2025 (T+3), with CUSIP 90308V5S6. UBS Securities LLC receives a $27.50 underwriting discount per note and may re-allow the full amount to third-party dealers. The notes will not be listed on any exchange and carry UBS credit risk.

UBS AG is marketing unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the Russell 2000® Index (RTY) and the S&P 500® Index (SPX). The three-year notes (trade date: 25 Jun 2025; maturity: 29 Jun 2028) pay a contingent coupon of 7.50%-8.00% p.a. if, on any quarterly observation date, the closing level of each index is at or above its 70% coupon barrier. Should this condition be met and both indices also equal or exceed their 100% call-threshold, the notes will be automatically called, returning principal plus the coupon as early as six months after issuance.

If the notes are not called, principal is protected only so long as the final level of each index is at or above its 70% downside threshold. Should either index finish below that level, investors suffer a loss matching the full negative return of the worst-performing index and could lose their entire investment.

The issue price is $10 per note with a minimum purchase of 100 notes. UBS expects an estimated initial value of $9.309-$9.609, reflecting internal funding costs and distribution fees. The notes will settle T+3 and will not be listed on any exchange, limiting secondary market liquidity. Any payment—coupons or principal—depends on UBS’s creditworthiness; the notes are not FDIC-insured.

Key risks highlighted include (i) total loss potential below the downside threshold, (ii) no assurance of receiving any coupons, (iii) credit risk of UBS AG, (iv) valuation discount at issuance, and (v) limited liquidity. Investors considering the product should fully understand structured-product mechanics and be able to tolerate equity-index volatility and issuer credit exposure.

Offering overview: UBS AG is marketing unsubordinated, unsecured Phoenix Autocallable Buffer Notes with Memory Interest linked to the common stock of Costco Wholesale Corporation (COST). The preliminary pricing supplement covers a single-underlying issue that will mature on or about 16 July 2026 unless called earlier.

Key economic terms

• Issue price: $1,000 per note; minimum purchase 10 notes.
• Contingent interest: at least $24.40 per note (rate set on trade date). Paid only if COST closes at or above the Interest Barrier = 85 % of Initial Price on any observation date. Missed coupons accrue (“memory interest”) and are payable once the barrier is subsequently met.
• Autocall feature: automatically redeemed at par on any observation date if COST closes at or above the Initial Price.
• Downside protection: 15 % buffer. If not called and the Final Price ≥ 85 % of Initial Price, principal is repaid in full. If the Final Price falls below the downside threshold, investors receive a cash equivalent tied to COST that declines about 1.1765 % for every 1 % drop below the threshold, exposing them to substantial loss of principal.
• Key dates: trade 27 Jun 2025 (T+3 settlement 2 Jul 2025); valuation 10 Jul 2026; maturity 16 Jul 2026.
• Estimated initial value: $955.40–$985.40, 1.5 %–4.5 % below issue price, reflecting structuring costs and UBS’s internal funding spread.
• Distribution: J.P. Morgan Securities LLC and UBS Investment Bank act as placement agents; standard underwriting discount $10 per note, waived for certain fiduciary accounts.

Risk highlights: Investors bear (1) equity risk in COST below the 15 % buffer, (2) credit risk of UBS AG, (3) liquidity risk because the notes will not be listed, and (4) valuation risk as secondary prices may be well below issue price, especially given the initial value discount.

The product may appeal to investors seeking enhanced yield with conditional protection over a 12-13-month horizon, but it is unsuitable for those unwilling to absorb potential full equity-like losses or who require guaranteed income.

UBS AG is offering Phoenix Autocallable Buffer Notes with Memory Interest linked to Meta Platforms Inc. common stock, maturing on or about July 15, 2026. The notes are unsecured, unsubordinated debt obligations whose repayment depends on both UBS’s creditworthiness and the performance of META shares.

Key economic terms

• Principal amount: $1,000 per note (minimum purchase 10 notes).
• Trade date: June 27, 2025; settlement: July 2, 2025 (T+3).
• Valuation date: July 10, 2026; maturity: July 15, 2026.
• Contingent interest: at least $44.875 per note on any observation date when META closes ≥ the 85% interest barrier; missed coupons accrue via “memory” feature and are paid on the next qualifying date.
• Autocall: the notes are automatically called on any observation date at which META closes ≥ the initial price; investors then receive par plus any accrued contingent interest.
• Downside protection: 15% buffer. If final META price ≥ 85% of initial, par is repaid; otherwise investors receive a cash equivalent worth 1.1765% less than par for every 1% decline below the threshold, exposing them to full downside beyond the buffer.
• Estimated initial value: $953.80 – $983.80 per $1,000 note, reflecting UBS’s internal pricing and funding costs.
• Underwriting: issue price $1,000; placement‐agent fee $10 per note; net proceeds to UBS $990.

Risk highlights

• Credit risk of UBS: payments are subject to issuer solvency; the notes are not FDIC-insured.
• Market risk: if META falls more than 15% by valuation date, investors suffer corresponding losses and could lose their entire principal.
• Contingent coupon risk: interest is paid only when META meets the barrier; periods of low prices result in zero coupon accrual until the barrier is regained.
• Liquidity risk: the notes will not be listed on an exchange; secondary market trading, if any, may be limited and at prices well below issue price.
• Valuation uncertainty: estimated initial value is below par, indicating a built-in investor cost.

Investors seeking enhanced yield and willing to assume issuer credit exposure and equity downside risk may consider the notes. Those requiring predictable income, principal protection, or ready liquidity should exercise caution.

Preliminary 424(b)(2) filing: UBS AG intends to issue Trigger Autocallable Contingent Yield Notes linked to the least-performing of the SPDR S&P 500 ETF Trust (SPY) and the Energy Select Sector SPDR Fund (XLE).

Key mechanics: Investors receive a quarterly contingent coupon of 10.00%–10.60% per annum only if the closing level of each ETF is ≥ 70 % of its initial level (the coupon barrier) on the relevant observation date. Miss the barrier and that quarter’s coupon is forfeited.

Autocall feature: Beginning after six months, the notes are automatically called if both ETFs close at or above 100 % of their respective initial levels. Early call returns the $10 principal plus the contingent coupon; no further payments are made.

Downside risk: If the notes are not called and, on the June 26 2028 final valuation date, either ETF is below the 70 % downside threshold, principal is reduced 1-for-1 with the worst performer’s decline, potentially to zero. Full principal is repaid only if both ETFs stay above their thresholds.

Credit & liquidity considerations: The notes are unsubordinated but unsecured obligations of UBS AG. All payments depend on UBS’s ability to pay. The securities will not be listed; secondary liquidity is expected to be limited and initial settlement is T+3 versus T+1 secondary trading.

Economics: Face value $10 per note (minimum 100 notes). Underwriting discount $0.20; net proceeds $9.80. Estimated initial value $9.286–$9.586, below face due to structuring costs and UBS’s internal funding rate.

Investor profile: Suitable only for investors who can tolerate contingent income, full downside exposure, and issuer credit risk, and who believe both ETFs are unlikely to fall more than 30 % over the next three years.

UBS AG is marketing preliminary Trigger Autocallable Contingent Yield Notes (unsubordinated, unsecured debt) linked to ARM ADRs, Netflix common stock and Uber common stock, maturing on or about 5 January 2027. The notes pay a contingent coupon of 20.35% per annum (rate for ARM shown; other two to be finalized) on any monthly observation date when each underlying closes at or above its 70 % coupon barrier. Thanks to the “memory interest” feature, any missed coupons are caught-up when the test is next satisfied.

Automatic call: starting after three months, the notes are redeemed early at par plus any due coupons if all three underlyings are at or above their 100 % call threshold on an observation date. Once called, no further payments accrue.

Principal at maturity: if not previously called and no “threshold event” occurs (all underlyings finish ≥ their 80 % upper barrier), investors receive full principal. If a threshold event occurs (all underlyings < upper barrier and at least one < 60 % downside threshold) the repayment is reduced one-for-one with the worst performer’s decline, potentially to $0.

Key risks disclosed: (1) investors may lose their entire principal; (2) coupons are contingent and may never be paid; (3) market risk is tied to the worst-performing asset at each test; (4) credit risk of UBS AG; (5) the notes will not be listed, so secondary liquidity and pricing transparency are limited; (6) estimated initial value is only $927.30–$957.30 (92.7 %–95.7 % of issue price), reflecting fees and UBS’s internal funding spread.

Economics: issue price $1,000; underwriting discount $3.50 (0.35 %); proceeds to UBS $996.50. Trade date expected 30 June 2025; settlement 3 July 2025; monthly observations; final valuation 30 December 2026; maturity 5 January 2027.

Overall, the product offers elevated yield potential in exchange for significant downside, concentrated worst-of exposure and issuer credit risk—appropriate only for investors who fully understand structured products and UBS credit.