AGÕæÈ˹ٷ½

Atlantic Union Bankshares Corp. (AUB) filed a Form 4 reporting that director Ronald L. Tillett acquired 639 phantom stock units on 01 July 2025 through the company’s non-qualified deferred-compensation plan. Each unit represents the economic value of one share of AUB common stock and will be settled in cash or shares at a future date chosen by the director. The acquisition price reference of $31.28 reflects AUB’s closing price on the trading day prior to the transaction. Following the award, Tillett beneficially owns 9,057.594 phantom stock units, a figure that already includes 92.512 units gained via dividend reinvestment since his last filing. No open-market purchases or sales of AUB common stock were disclosed, and there were no changes to his direct share ownership.

The reported transaction is routine compensation-related activity and does not materially alter the company’s capital structure or indicate a directional view on AUB’s share price. Investors typically view phantom stock accruals as a neutral incentive-alignment mechanism rather than a market signal.

Atlantic Union Bankshares Corp. (AUB) filed a Form 4 reporting that director Ronald L. Tillett acquired 639 phantom stock units on 01 July 2025 through the company’s non-qualified deferred-compensation plan. Each unit represents the economic value of one share of AUB common stock and will be settled in cash or shares at a future date chosen by the director. The acquisition price reference of $31.28 reflects AUB’s closing price on the trading day prior to the transaction. Following the award, Tillett beneficially owns 9,057.594 phantom stock units, a figure that already includes 92.512 units gained via dividend reinvestment since his last filing. No open-market purchases or sales of AUB common stock were disclosed, and there were no changes to his direct share ownership.

The reported transaction is routine compensation-related activity and does not materially alter the company’s capital structure or indicate a directional view on AUB’s share price. Investors typically view phantom stock accruals as a neutral incentive-alignment mechanism rather than a market signal.

JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Capped Buffered Return Enhanced Notes linked to the S&P 500 Index. Each $1,000 note provides 2.0x leveraged upside on any index gain, but the total payoff is capped by a Maximum Return set on the pricing date (10.40%â€�14.40%). The notes include a 10% downside buffer; investors are protected against index losses up to that amount, but will lose 1% of principal for every 1% decline beyond the buffer. Maturity is November 5, 2026 with a single observation date on July 31, 2025.

The estimated value at issuance will be no less than $900 per $1,000 face, reflecting dealer fees and an internal funding rate. Payments depend entirely on JPMorgan’s credit; the notes pay no coupons, dividends, or voting rights. Secondary market liquidity is not guaranteed, and any bid from JPMS may be at a significant discount. Key risks highlighted include potential principal loss, issuer/guarantor credit exposure, valuation opacity, conflicts of interest in hedging/pricing, and uncertain tax treatment.

These securities are intended for investors who seek enhanced—but capped—equity upside, are comfortable with structured credit risk, and can tolerate limited liquidity and tax complexity through a three-year horizon.

UBS AG is issuing $4.037 million of Buffer Autocallable Contingent Yield Notes due 7 July 2028 that reference the Nasdaq-100 Technology Sector Index (NDXT) and the S&P 500 Index (SPX). The $1,000-denominated notes pay a contingent coupon of 8.90% p.a. (â‰� $7.42 per month) only when the closing level of each index is â‰� 80 % of its initial level (coupon barrier) on the monthly observation date.

Early redemption is possible: starting six months after issuance, the notes are automatically called if both indices close � 100 % of their initial level (call threshold). In that event investors receive par plus the applicable coupon and the instrument terminates early.

If not called, principal is buffered by 20 % at maturity. Should either index finish < 80 % of its initial level on the final valuation date, repayment is reduced dollar-for-dollar beyond the buffer, exposing investors to losses that could reach almost their entire investment.

Key terms: settlement 7 Jul 2025; maturity 7 Jul 2028; CUSIP 90308V6X4; estimated initial value $986 (�1.4 % below issue price); underwriting discount $7 per note. The notes are unsecured, unsubordinated obligations of UBS AG and are not exchange-listed. All payments are subject to UBS’s credit risk.

JPMorgan Chase Financial Company LLC is marketing Trigger In-Digital Notes that mature on or about 30 September 2026 and are fully and unconditionally guaranteed by JPMorgan Chase & Co. The Notes are linked to the first-nearby Brent crude oil futures contract (CO1) or, on the expiry day of that contract, the second-nearby contract (CO2).

Key economic terms

• Issue price: $10 per Note (minimum purchase 100 Notes).
• Term: â‰� 15 months (Trade Date 2 Jul 2025; Maturity 30 Sep 2026).
• Digital Return: to be fixed on the Trade Date, expected between 11.00 % â€� 12.00 %.
• Digital Barrier / Downside Threshold: 70 % of the Initial Value (rounded to two decimals).
• Payment at maturity: â€� If Final Value â‰� Barrier â†� principal + Digital Return. â€� If Final Value < Barrier â†� principal reduced dollar-for-dollar with the negative Underlying Return, with a minimum of $0.
• No periodic coupons & no interim principal protection.
• Secondary market: not exchange-listed; any liquidity relies on J.P. Morgan Securities (JPMS) acting as bid provider.
• Fees: selling concession to UBS â‰� $0.20 per $10 Note; proceeds to issuer â‰� $9.80.
• Estimated value on pricing date: expected â‰� $9.50 (illustrative $9.651 today), i.e. 3 %â€�5 % below issue price.

Investor profile � Suitable only for investors who (1) can tolerate full principal loss, (2) expect Brent crude to finish � 70 % of its initial level in September 2026, (3) are comfortable foregoing upside above 11-12 %, and (4) accept credit and liquidity risk from JPMorgan Financial/JPMorgan Chase & Co.

Principal risk highlights

• Full downside exposure below the 70 % threshold may result in up to 100 % loss of principal.
• Limited upside is capped at the fixed Digital Return even if Brent appreciates far beyond the barrier.
• Credit risk of both JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
• Liquidity risk: Notes are not listed; secondary bids, if any, likely below issue price and may reflect an internal funding rate.
• Estimated value discount to issue price reflects embedded costs (commissions, hedging, structuring) and is expected to amortise over roughly seven months.
• Tax uncertainty: treated as an “open transactionâ€� for U.S. tax purposes; IRS could challenge this view.

In short, investors receive a fixed 11-12 % return if Brent does not fall more than 30 % over 15 months, but assume unlimited downside beyond that point and face typical structured-product complexities (valuation opacity, liquidity constraints, credit exposure and tax ambiguity).

Atlantic Union Bankshares Corp. (AUB) director Linda V. Schreiner filed a Form 4 disclosing the purchase of 639 common shares on 07/01/2025 at $31.28 per share. The transaction was coded “Aâ€� (direct acquisition from the issuer). After the purchase, Schreiner’s direct holdings total 22,679.296 shares. The filing also notes that the total includes 174.902 shares accumulated via the company’s dividend reinvestment plan since her last Form 4. No derivative securities were reported.

This is a modest insider buy (� $20k), which can signal confidence but is unlikely to be materially impactful to AUB’s valuation on its own. There are no sales, option exercises, or negative disclosures attached to the filing.

Atlantic Union Bankshares Corp. (AUB) Form 4 filing: Director Michelle A. O’Hara reported the acquisition of 639 common shares on 01 July 2025 at an average price of $31.28 per share. The transaction was coded “Aâ€� (acquisition) and described as a “direct issue from issuer,â€� suggesting the shares were granted rather than purchased on the open market. Following the transaction, O’Hara’s directly held stake rose to 3,777 shares. No derivative securities were involved, and no concurrent dispositions were disclosed.

The filing represents a modest increase in insider ownership—roughly $20 k in market value—providing a limited but positive signal of director alignment with shareholders. However, given AUB’s multi-billion-dollar market capitalization, the size of the transaction is immaterial to overall float and should not meaningfully affect valuation or liquidity.

Southern Company (SO) Form 4 filing dated 07/02/2025 details insider activity by director John D. Johns. On 07/01/2025, Johns acquired 460.455 Deferred Stock Units (DSUs) under the company’s Deferred Compensation Plan at an indicative price of $92.30, bringing his total DSU balance to 83,849.1942 units. Because DSUs settle in stock only upon termination, they represent a long-term alignment mechanism rather than an immediately exercisable option. The filing also shows 60 common shares held directly and 670 shares held indirectly via his spouse; no open-market purchases or sales of common shares were reported. The transaction is routine compensation-related and does not alter Johns’s board status. Market impact is expected to be minimal given the small relative size (�$42 k) compared with Southern Company’s ~$80 bn market capitalization.

UBS AG is offering three-year Trigger Autocallable Notes (unsubordinated, unsecured debt) linked to the worst performer among the Dow Jones Industrial Average®, the Nasdaq-100® Technology Sector IndexSM and the Energy Select Sector SPDR® Fund (XLE). The notes pay no coupons but can be automatically called on any of five semi-annual observation dates, beginning July 13 2026 and ending on the final valuation date, if each underlying closes at or above 90 % of its initial level (the “call thresholdâ€�).

• Call return rate: 13.85 % per annum, producing call prices from 113.85 % to 141.55 % of principal depending on when the call occurs.
• Downside protection: Conditional only. If the notes are not called and every underlying finishes at or above 70 % of its initial level (the “downside thresholdâ€�), principal is repaid at par. Otherwise, investors are fully exposed to the decline of the worst performing underlying, with a potential 100 % loss of principal.
• Key dates: Trade 8 Jul 2025; settle 11 Jul 2025 (T+3); maturity 13 Jul 2028.
• Issue price: 100 % of face; estimated initial value 94.29 –â€�97.29 % (reflecting dealer discounts of up to USD 9.50 per note and UBSâ€� internal funding rate).
• Credit risk: Payments depend solely on UBS AG; the notes are not FDIC-insured and rank pari passu with other senior unsecured UBS debt.
• Liquidity: No exchange listing; secondary market making is discretionary by UBS Securities LLC and may reflect a bid-ask spread and a declining market-making premium.

Investment thesis: The product targets investors who expect all three reference assets to hold above the 90 % call threshold on at least one observation date and do not anticipate a drawdown beyond -30 % on the worst asset by maturity. The 13.85 % annual call yield is attractive relative to traditional fixed-income, but investors face: (1) limited upside capped at the call price, (2) significant downside below the 70 % barrier, (3) concentration risk because only the weakest asset matters, and (4) UBS credit exposure including potential Swiss bail-in measures. The note therefore suits tactical, yield-seeking investors comfortable with equity-style risk and illiquidity, and who can independently assess UBSâ€� credit profile.