ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is marketing unsecured, unsubordinated Airbag Callable Contingent Yield Notes that mature on December 29 2027 and are linked to three precious-metal related ETFs: VanEck Gold Miners (GDX), SPDR Gold Trust (GLD) and iShares Silver Trust (SLV). The notes pay a contingent quarterly coupon of 11.50% per annum only if, on the relevant observation date, all three ETFs close at or above 75% of their initial levels (the “coupon barriers”).

Issuer call feature: beginning after six months, UBS may redeem the notes at par plus any due coupon on any observation date, terminating further payments. Maturity payment: • If not called and each ETF finishes at or above its 75% downside threshold, investors receive full principal. • If any ETF finishes below its threshold, repayment is reduced by ~1.3333% of principal for every 1% decline beyond the 25% threshold in the worst-performing ETF, exposing investors to amplified downside and potential total loss.

Key structural points include: (i) credit risk of UBS—all payments depend on the issuer’s ability to pay; (ii) liquidity risk—the notes will not be listed; (iii) estimated initial value of $944.60–$974.60 per $1,000 face indicates an initial dealer discount/hedging cost; and (iv) the airbag mechanism (downside leverage of 1.3333) softens losses until the 25% buffer is breached but accelerates losses thereafter. Investors comfortable with precious-metal ETF volatility, early-call uncertainty and issuer credit risk may find the 11.5% contingent yield attractive; others should weigh the possibility of receiving no coupons and suffering material principal loss.

UBS AG is offering Buffer Callable Contingent Yield Notes due 28 Jun 2028 that are linked to the worst performer among the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index. The Notes pay a contingent coupon of 8.50% p.a. (paid monthly) only if, on each observation date, all three indices close at or above 70% of their initial levels. If any index is below its 70% coupon barrier, no coupon is paid for that period.

Issuer call feature: UBS may redeem the Notes in whole on any quarterly call date starting after six months, returning principal plus the due coupon; investors then forego future coupons and upside.

Principal at risk: If the Notes are not called and any index finishes below its 70% downside threshold at final valuation (23 Jun 2028), repayment is reduced dollar-for-dollar beyond a 30% buffer, exposing investors to nearly total loss in severe declines. Full principal is repaid only when every index ends at or above its threshold.

Key economics: Issue price is $1,000; estimated initial value is 95.35%-98.35% of face, reflecting dealer margin and UBS funding cost. Settlement is T+3 (27 Jun 2025). The securities are senior unsecured obligations of UBS AG, carry UBS credit risk, are not FDIC-insured, and will not be listed on an exchange.

ATI Inc. (NYSE: ATI) has refinanced and expanded its senior secured credit facilities by executing a Second Amended & Restated Revolving Credit, Term Loan, Delayed Draw Term Loan and Security Agreement dated June 13, 2025.

The new five-year agreement matures on June 13, 2030 and consists of:

• $200 million term loan (fully funded at closing)
• $600 million asset-based revolving credit facility that includes (i) a $200 million letter-of-credit sub-facility and (ii) a $50 million swing-line
• Optional delayed-draw term loans of up to $100 million through June 13, 2026 (minimum $25 million per draw)
• The ability to request up to $300 million of incremental commitments at lender discretion

Borrowing availability under the revolver is determined by eligible accounts receivable and inventory, with an option to include certain machinery and equipment as collateral. Collateral is limited to working-capital assets and related proceeds; all obligations are guaranteed by domestic subsidiaries.

Pricing: SOFR-based borrowings carry spreads of 1.25%-1.75% (revolver) and 2.00% (term loans); base-rate borrowings carry spreads of 0.25%-0.75% (revolver) and 2.00% (term loans).

Covenants: If availability falls below the greater of 10% of maximum borrowing or $60 million—or if an event of default exists—the Loan Parties must maintain a minimum fixed-charge coverage ratio of 1.0x. Minimum liquidity must also be demonstrated during the 90-day window before maturity of several outstanding senior notes (2025-2031). The agreement contains customary affirmative, negative and change-of-control covenants and events of default; upon default, lenders may terminate commitments and accelerate all obligations.

Strategic Impact: The transaction extends ATI’s primary credit maturities to 2030, increases liquidity headroom, and adds structural flexibility through delayed-draw and incremental facilities, albeit at the cost of additional collateral pledges and covenant constraints.

UBS AG is offering unlisted Airbag Yield Notes maturing 28 Jan 2027 that are linked to the least-performing of the Nasdaq-100 Index (NDX) and the S&P 500 Index (SPX). The notes are unsecured, unsubordinated debt obligations of UBS and carry UBS credit risk. Investors receive a fixed coupon of 7.05% per annum, paid monthly, regardless of index performance.

Principal repayment is contingent. If on the final valuation date (25 Jan 2027) both indices close at or above 80 % of their initial levels (the “downside thresholds”), investors are repaid 100 % of principal. If any index finishes below its threshold, repayment is reduced dollar-for-dollar with 1.25× leveraged downside beyond the 20 % buffer (i.e. every additional 1 % decline below the threshold erodes 1.25 % of principal). In a severe decline the entire investment can be lost.

Key dates: strike 23 Jun 2025, trade 24 Jun 2025, settlement 27 Jun 2025. Issue price is $1,000 per note; the estimated initial value (UBS internal model) is $966.50–$996.50, reflecting dealer margin and UBS funding costs. The notes are not exchange-listed; secondary market liquidity, if any, will be provided solely by the dealer on a best-efforts basis and may reflect significant bid-offer spreads.

Risk highlights: (1) investors bear 100 % of UBS credit risk; (2) no participation in index upside—total return is capped at coupons; (3) market value may be volatile and trade below issue price well before maturity; (4) the product may not suit investors seeking capital preservation or index participation.

UBS AG is offering unsubordinated, unsecured Airbag Callable Contingent Yield Notes, due 26 June 2026. The notes are linked to the least-performing of three underlying assets: the Nasdaq-100® Technology Sector Index (NDXT), the S&P 500® Index (SPX) and the shares of the Financial Select Sector SPDR® Fund (XLF).

Income feature: a contingent coupon of 12.10% p.a. is paid monthly only if, on the relevant observation date, the closing level of each underlying is at or above its coupon barrier set at 82 % of its initial level. Miss the barrier on any observation date and the coupon for that month is forfeited.

Issuer call: beginning two months after issuance, UBS may redeem the notes on any observation date at par plus the applicable coupon, regardless of asset performance. Early redemption ends all future coupon opportunities.

Principal risk: if the notes are not called and, on the final valuation date (23 June 2026), any underlying closes below its downside threshold (also 82 % of its initial level), investors suffer an accelerated loss of principal. The loss equals approximately 1.2195 % for every 1 % decline in the worst-performing asset beyond the 18 % threshold, potentially up to a total loss of capital.

Key economic terms:

• Initial levels: NDXT 11,184.93; SPX 6,025.17; XLF $50.82
• Coupon & downside barriers: 82 % of each initial level
• Observation frequency: monthly
• Settlement date: 27 June 2025 (T+3)
• Estimated initial value: $947.90 – $977.90 versus the $1,000 issue price, reflecting distribution costs and UBS’s funding spread
• Not listed; secondary market trading is expected to be limited and at the dealer’s discretion

Risk considerations: investors face (1) credit risk of UBS AG, (2) market risk from the three underlyings, (3) liquidity risk due to the absence of an exchange listing, and (4) call risk that caps upside if UBS redeems early. The product is suitable only for investors who understand structured notes and can tolerate potential loss of principal.

Offering overview: UBS AG is marketing unsubordinated, unsecured Trigger Callable Contingent Yield Notes due on or about 27 June 2030. The notes are linked to the least-performing of three U.S. equity benchmarks—the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index.

Key economic terms:

• Contingent coupon: 9.00% p.a., paid monthly only if the closing level of each underlying is ≥70 % of its initial level on the relevant observation date.
• Issuer call: UBS may redeem the notes in whole on any monthly observation date beginning after three months; investors would receive the principal plus any due coupon.
• Downside protection: At maturity investors receive full principal only if the final level of each index is ≥60 % of its initial level. Otherwise repayment is reduced one-for-one with the worst-performing index; total loss of principal is possible.
• Initial value: Estimated at US$941.20-US$971.20 per US$1,000 note (inclusive of internal funding rate).
• Issue price: US$1,000; underwriting discount US$2.50; proceeds to issuer US$997.50.
• Key dates: Trade Date 27 Jun 2025; Settlement 2 Jul 2025; Final Valuation 24 Jun 2030; Maturity 27 Jun 2030.

Risk highlights: • Investors may receive no coupons. • Principal is at risk below the 60 % downside threshold. • UBS credit risk applies; notes are not FDIC-insured. • Notes will not be listed, limiting liquidity. • Higher coupon compensates for elevated risk profile.

UBS AG, London Branch is issuing $520,000 of Buffered Return Optimization Securities ("BROS") linked to the common stock of Micron Technology, Inc. (initial level: $122.08). The notes price at $10 per Security, require a minimum $1,000 purchase and mature on 28 September 2026, roughly 15 months from the 23 June 2025 trade date. Investors receive leveraged upside through a 5.00 multiplier, but gains are capped at 34.02 %. If Micron’s price rises, the maturity payment equals $10 + ($10 × Underlying Return × 5) up to the cap.

Downside is limited only by a 10 % buffer. A decline of 10 % or less returns full principal; beyond that, investors lose dollar-for-dollar excess loss, exposing them to nearly total loss in extreme scenarios. The Securities are senior unsecured debt of UBS AG and therefore carry the issuer’s credit risk. The estimated initial value is $9.516, below the $10 issue price, highlighting embedded fees and structuring costs, including a $0.20 underwriting discount (2 % of face value). Secondary trading may occur, but liquidity is not assured and trades will initially settle on T+2 versus the new T+1 standard, requiring special settlement arrangements. The Securities are not FDIC-insured and have not been approved or disapproved by the SEC.

UBS AG (London Branch) is marketing Buffered Return Optimization Securities ("BROS") linked to Micron Technology, Inc. common stock. The preliminary terms cover a small, unsecured debt issuance with a principal amount of $10 per Security (minimum $1,000 investment) that matures on or about 28 September 2026 (≈15-month tenor).

Payout profile:

• Upside: If Micron’s share price rises, investors receive principal plus 5× the positive return, capped at a 31.37 %–32.50 % maximum gain.
• Neutral/limited downside: If the share price is flat or declines ≤10 %, investors are repaid principal only.
• Downside: Declines >10 % expose investors to a dollar-for-dollar loss beyond the 10 % buffer, potentially leading to near-total principal loss.

Key indicative terms: Trade date 23 June 2025, settlement T+2 on 25 June, final valuation 23 September 2026. Estimated initial value is 92.35 %–94.85 % of issue price, reflecting structuring and funding costs. The underwriting discount is 2 %; net proceeds to UBS are 98 % of face. The notes are senior unsecured obligations of UBS AG, carry full issuer credit risk, are not FDIC-insured, and rank pari-passu with UBS’s other senior debt.

The filing emphasises that the Securities are “significantly riskier than conventional debt”. Investors should review detailed risk factors—market risk, liquidity, credit risk and valuation considerations—contained in the accompanying prospectus, product supplement, and this preliminary terms supplement. Neither the SEC nor any other regulator has approved the Securities.

UBS AG is offering $100,000 in Trigger Autocallable Contingent Yield Notes (unsubordinated, unsecured debt) linked to the common stock of Snap Inc. (initial level $7.91; Bloomberg ticker SNAP). The Notes trade on June 23 2025, settle on June 25 2025, and mature on June 25 2026, unless automatically called earlier.

• Contingent coupon: 25.45 % p.a., paid quarterly only if Snap’s closing level on the relevant observation date is ≥ the 60 % coupon barrier ($4.75). Miss the barrier and no coupon is paid for that period.
• Automatic call: If Snap closes ≥ the initial level ($7.91) on any quarterly observation date, the Notes are redeemed early at par plus the contingent coupon.
• Principal repayment: If not called and the final level on June 23 2026 is ≥ the 60 % downside threshold ($4.75), investors receive par; otherwise they absorb the full percentage decline in Snap (down to a total loss of principal).
• Credit & liquidity: Payment depends solely on UBS AG’s creditworthiness; the Notes are not FDIC-insured and will not be listed on any exchange. Estimated initial value is $9.71 per $10 note (97.1 % of issue price), indicating embedded fees and potential secondary-market discounts.
• Offering economics: Issue price $10.00, underwriting discount $0.15, net proceeds $9.85 per note; minimum purchase 100 notes ($1,000).

Key risks: investors may receive few or no coupons, can lose up to 100 % of principal if Snap falls > 40 % and the Notes are not called, face UBS credit risk, and may encounter limited secondary-market liquidity.