ETRACS Whitney US Critical Techs ETN SEC Filings

UBS AG is offering $560,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of lululemon athletica inc. (LULU). The notes, priced at $10 each (minimum purchase 100 notes), settle on 25 Jun 2025 and mature on 27 Dec 2027 unless called earlier.

Income feature: Investors may receive a quarterly contingent coupon of 16.08% p.a. (4.02% per quarter) only when LULU’s closing price on an observation date is at or above the Coupon Barrier = $135.34 (60 % of the initial level). Miss the barrier and no coupon is paid for that quarter.

Autocall feature: If LULU’s price on any observation date is at or above the Initial Level = $225.56, the notes are automatically called and pay (1) the $10 principal and (2) the contingent coupon for that period; the product then terminates.

Principal at risk: If not called, protection at maturity is limited. Should the Final Level be ≥ $135.34, investors receive full principal. If it is < $135.34, redemption equals principal reduced by the same percentage loss in LULU, exposing investors to up to 100 % capital loss.

Credit & liquidity considerations: The notes are senior unsecured obligations of UBS AG; repayment depends on UBS’s creditworthiness. They are not listed on an exchange, and secondary liquidity is expected to be limited. The estimated initial value is $9.79, 2.1 % below issue price, reflecting embedded fees and UBS’s funding spread.

Key dates: Trade Date 23 Jun 2025, quarterly observations (see prospectus p. 4), Final Valuation 22 Dec 2027, Maturity 27 Dec 2027.

Bottom line: The product offers high contingent income and 40 % downside buffer against LULU but couples equity risk, call risk, UBS credit risk and limited liquidity. It is designed for informed investors comfortable with structured products and potential loss of principal.

Instrument: UBS AG Trigger Autocallable Contingent Yield Notes (unsubordinated, unsecured) linked to the common stock of lululemon athletica inc. (LULU).

Key economics

• Issue price: 10 USD per note; minimum investment 1,000 USD.
• Contingent coupon: 13.86%–14.83% per annum, paid quarterly when LULU closes at or above the coupon barrier (60% of the initial level).
• Automatic call: redemption at par plus the accrued coupon on any quarterly observation date when LULU closes at or above the initial level, terminating the trade early.
• Downside protection: if not called and the final level is at least 60% of the initial, principal is returned; below that threshold repayment falls one-for-one with the equity decline, potentially to zero.
• Estimated initial value: 9.52–9.77 USD (95.2%–97.7% of issue price); underwriting discount 0.175 USD per note; net proceeds 9.825 USD.
• Tenor: trade 23 Jun 2025, settle 25 Jun 2025, maturity 27 Dec 2027; quarterly observation schedule (see page 4).

Risk highlights: Investors may receive no coupons, face full downside exposure below the 60% threshold, rely on UBS credit, and encounter limited liquidity because the notes are not exchange-listed. Contingent principal protection applies only at maturity, and the T+2 primary settlement differs from standard T+1 equity settlement.

UBS AG is issuing $200,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp. (VST), maturing on June 25, 2030. The notes are unsecured, unsubordinated debt obligations of UBS and do not benefit from FDIC or other governmental insurance.

Coupon mechanics: Investors are eligible to receive a quarterly contingent coupon of 14.38% per annum (3.595% per quarter) only if Vistra’s closing share price on the relevant observation date is at or above the coupon barrier of $93.28 (50 % of the initial level). Missed coupons are not cumulative.

Automatic call: Should Vistra close at or above the initial level of $186.55 on any observation date before maturity, UBS will automatically redeem the notes at par plus the accrued coupon, terminating the investment early.

Principal repayment scenarios at maturity:

• If the notes have not been called and the final share price is ≥ the downside threshold of $93.28, investors receive 100 % of principal.
• If the final price is below the downside threshold, repayment is reduced dollar-for-dollar with Vistra’s percentage decline, potentially resulting in a total loss of principal.

Key economic terms:

• Issue price: $10.00 per note (minimum purchase 100 notes).
• Estimated initial value: $9.66, indicating a 3.4 % issuer discount relative to issue price.
• Underwriting discount: $0.225 per note (2.25 %).
• Trade date: June 23 2025; Settlement: June 25 2025; Final valuation: June 21 2030.

Risk highlights: Investors face (i) full downside market risk below the 50 % barrier, (ii) credit risk of UBS AG, (iii) liquidity risk because the notes will not be listed on any exchange, and (iv) model-based pricing risk as secondary market prices may deviate from theoretical value.

This pricing supplement supersedes prior communications and must be read together with the accompanying February 6 2025 prospectus and product supplement.

UBS AG is marketing Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp. (VST), maturing on or about 25 June 2030. The unsecured, unsubordinated Notes pay a contingent quarterly coupon of 13.34 %–13.89 % per annum only when the underlying’s closing price on the observation date is at or above the Coupon Barrier, set at 50 % of the Initial Level. If on any observation date before final valuation the underlying closes at or above the Initial Level, the Notes are automatically called and investors receive par plus the contingent coupon; no further payments are made.

If not called early, principal protection is contingent: at maturity investors receive par only if the Final Level is at or above the Downside Threshold (50 % of Initial Level). Otherwise, repayment is reduced one-for-one with the underlying’s decline, potentially to zero, exposing investors to full equity downside. All payments depend on UBS AG’s creditworthiness.

The Notes will be issued at $10 per Note (minimum purchase: 100 Notes) with an estimated initial value of $9.42 – $9.67, reflecting underwriting fees of $0.225 per Note and the bank’s internal funding spread. Settlement is expected on T+2 (25 June 2025), but secondary trades settle on T+1 under current SEC rules, requiring alternative arrangements before delivery. The securities will not be exchange-listed, and liquidity may be limited.

Key risks highlighted include: potential loss of all principal, non-payment of coupons, market risk equivalent to direct equity exposure, issuer credit risk, and secondary-market price volatility. Investors should review the detailed “Key Risks” and “Risk Factors” sections and ensure the product fits their suitability profile before investing.

UBS AG is issuing $200,000 of Trigger Autocallable Contingent Yield Notes linked to CrowdStrike Holdings (CRWD) common stock, maturing 25 June 2027. The notes are unsubordinated, unsecured debt of UBS and will pay an 11.06% p.a. contingent coupon (quarterly) only when the underlying share price closes at or above the coupon barrier of $245.91 (50% of the $491.81 initial level) on the relevant observation date. If on any quarterly observation date before maturity the CRWD closing level is at or above the initial level, the notes are automatically called, returning principal plus the coupon for that period; no further payments are made.

If not called, repayment outcomes at maturity hinge on the downside threshold, also set at $245.91. A final level at or above the threshold returns full principal; a level below it triggers a loss matching CRWD’s percentage decline from the initial level, up to total loss. Principal protection is therefore only conditional.

The issue price is $10 per note, with a $0.15 underwriting discount; estimated initial value is $9.79, reflecting dealer margins and UBS funding costs. Minimum purchase is 100 notes ($1,000). The securities will not be listed, limiting secondary-market liquidity, and purchasers are exposed both to market risk in CRWD and UBS credit risk.

Key dates: trade 23 Jun 2025, settlement 25 Jun 2025 (T+2), quarterly observations, final valuation 23 Jun 2027, maturity 25 Jun 2027. CUSIP 90309J305 / ISIN US90309J3059.

UBS AG is offering $660,000 of Trigger Autocallable Contingent Yield Notes linked to Alphabet Inc. (GOOG) common stock, maturing 27 December 2027. The structured notes are unsubordinated, unsecured debt obligations that expose investors to both UBS credit risk and market risk in GOOG shares.

Key economic terms:

• Issue price: $10.00 per note; minimum purchase 100 notes.
• Contingent coupon: 8.09 % p.a., paid quarterly only if GOOG’s closing level on an observation date is ≥ the coupon barrier of $99.61 (60 % of the $166.01 initial level).
• Automatic call: notes are redeemed early at par plus coupon if GOOG closes ≥ $166.01 on any quarterly observation before final valuation (22 Dec 2027).
• Principal at maturity: • Par return if GOOG ≥ $99.61 and notes not previously called.
  • Loss of principal, one-for-one with GOOG’s decline, if GOOG < $99.61; maximum loss 100 %.
• Estimated initial value: $9.79, 2.1 % below issue price, reflecting UBS’ internal funding spread.
• Underwriting discount: $0.175 per note (1.75 % of face); net proceeds to issuer $9.825 per note.
• Trade date 23 Jun 2025; settlement 25 Jun 2025; quarterly observation schedule; the notes will not be listed on any exchange.

Risk considerations: investors may receive zero coupons if GOOG trades below the barrier on observation dates; downside exposure below the 60 % threshold is linear and uncapped. Any payment is subject to UBS’ ability to pay; the notes rank pari-passu with UBS’ other senior unsecured debt. Secondary market liquidity may be limited and quoted prices may deviate materially from theoretical value, especially because the estimated initial value is below par.

These securities may appeal to investors seeking enhanced yield linked to GOOG who are comfortable with equity downside risk, contingent income uncertainty, and issuer credit exposure.

UBS AG is marketing preliminary Trigger Autocallable Contingent Yield Notes due June 25, 2027 that are linked to the common stock of CrowdStrike Holdings, Inc. (CRWD). The notes are unsecured, unsubordinated debt obligations of UBS; payments depend on the issuer’s creditworthiness.

Key economic terms (to be finalized on the June 23, 2025 trade date):

• Investment size: minimum 100 notes at $10 each.
• Contingent coupon: 9.57 %–10.34 % p.a., payable quarterly only if CRWD’s closing price on the relevant observation date is ≥ the coupon barrier (50 % of the initial level).
• Automatic call: If on any quarterly observation date before final valuation CRWD closes ≥ its initial level, UBS will redeem at par plus the contingent coupon and the notes terminate early.
• Downside protection: If not called and the final level on June 23, 2027 is ≥ the 50 % downside threshold, investors receive 100 % of principal. Otherwise, repayment is reduced one-for-one with the underlying decline, potentially to zero.
• Estimated initial value: $9.55–$9.80 per $10 note, reflecting UBS internal pricing and funding costs.
• Offering economics: issue price $10.00; underwriting discount $0.15; net proceeds to UBS $9.85.

Risk highlights: investors face full market risk below the 50 % barrier, no scheduled coupons, secondary-market illiquidity (no listing), and exposure to UBS credit risk. Contingent principal protection applies only at maturity and only if the downside threshold is respected.

UBS AG is offering $400,000 of unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes due 25 June 2027 that are linked to the common stock of NVIDIA Corporation (NVDA). The notes are issued in $10 denominations (minimum $1,000) and pay a contingent coupon of 9.88% per annum on quarterly observation dates only when NVDA’s closing price is at or above the Coupon Barrier of $72.09 (50 % of the $144.17 Initial Level). If, on any observation date before final valuation, NVDA closes at or above the Initial Level, the notes will be automatically called; investors then receive principal plus the applicable coupon and the contract terminates.

If not called, principal is repaid in full at maturity only when the Final Level is at or above the Downside Threshold ($72.09). Should NVDA finish below that level, investors incur a loss that matches the negative return of the stock, up to 100 % of principal. All payments depend on the creditworthiness of UBS AG.

The estimated initial value is $9.80 per note, versus the $10 issue price, reflecting dealer discount ($0.15) and hedging costs. The securities will not be listed; secondary market liquidity is expected to be limited, and T+2 initial settlement means early secondary trades must arrange alternative settlement to comply with T+1 equity rules.

UBS directs investors to review “Key Risks” (page 5) and the product supplement risk factors. The SEC has neither approved nor disapproved these securities, which are not deposits and are not FDIC-insured.

UBS AG is offering $460,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of Alphabet Inc. (GOOG), maturing on 25 September 2026. The notes are unsecured senior obligations of UBS and therefore subject to the issuer’s credit risk. Investors purchase the notes at $10 per note (minimum 100 notes) while UBS’ internal model assigns an estimated initial value of $9.78, reflecting a 2.2 % discount to the issue price and embedded underwriting fees of $0.175 per note (1.75 %).

The product offers an 11.19 % p.a. contingent coupon, payable quarterly only when Alphabet’s closing share price on the relevant observation date is at or above the Coupon Barrier of $124.51 (75 % of the Initial Level). Failure to meet that barrier forfeits the coupon for that quarter.

Automatic Call: If Alphabet closes at or above the Initial Level of $166.01 on any observation date (quarterly, first observation after six months), UBS will redeem the notes early at par plus the applicable coupon, ceasing all future payments. If not called, the notes continue to the Final Valuation Date.

Principal Repayment Contingency: At maturity, if the notes were not previously called and Alphabet’s final level is ≥ the Downside Threshold of $124.51, investors receive full principal. If the final level is < $124.51, investors suffer a loss equal to the percentage decline in Alphabet shares, potentially losing their entire investment.

• Settlement: Trade Date 23 Jun 2025, Settlement 25 Jun 2025 (T+2 initial settlement).
• Liquidity: Notes will not be listed on an exchange; secondary market, if any, will be limited and at UBS’ discretion.
• Risk Disclosure: Market risk of Alphabet, credit risk of UBS, coupon non-payment risk, and liquidity constraints are explicitly highlighted.

The structure is suitable only for investors who understand structured products, can tolerate full downside risk, and are comfortable with UBS’ credit profile.