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UBS AG is marketing a new structured product 鈥� Trigger Callable Contingent Yield Notes 鈥� that mature on or about 30 July 2029 and are linked to the least-performing of three U.S. equity indices: the Dow Jones Industrial Average, Russell 2000 and S&P 500. The notes offer a fixed 8.15 % p.a. contingent coupon, paid quarterly only if the closing level of every index on the relevant observation date is at least 75 % of its initial level (the 鈥渃oupon barrier鈥�).

Issuer call option: Beginning after six months, UBS may redeem the notes on any quarterly observation date at par plus the contingent coupon then due. If called, investors forgo all future coupons.

Principal repayment scenarios at maturity:

• If the notes are not called and the final level of each index is 鈮� 65 % of its initial level (the 鈥渄ownside threshold鈥�), investors receive 100 % of principal.
• If any index closes < 65 % of its initial level, repayment equals $1,000 脳 (1 + return of the worst-performing index), exposing investors to full downside of that index and potential total loss.

The estimated initial value is $922.80鈥�$952.80 per $1,000 note, reflecting underwriting fees ($15), a $6 structuring fee and hedging/issuance costs. The notes are unsecured, unsubordinated obligations of UBS AG and will not be listed on an exchange, limiting liquidity.

Key dates: trade 25 Jul 2025; settle 30 Jul 2025; first call possibility 29 Jan 2026; final valuation 25 Jul 2029; maturity 30 Jul 2029.

Main risks include: potential loss of all principal, no guaranteed coupons, issuer credit risk, early-call reinvestment risk, pricing opacity (issue price exceeds estimated value) and lack of secondary market.

Franklin Resources, Inc. (BEN) filed a Form 4 disclosing that director Karen M. King acquired additional deferred-compensation units tied to the company鈥檚 common stock on 07/01/2025. The transaction involves the company鈥檚 2006 Directors Deferred Compensation Plan, under which directors may elect to have fees credited to a hypothetical investment account that tracks BEN鈥檚 share performance (including reinvested dividends) and is ultimately paid out in cash.

• Security type: Deferred Director鈥檚 Fees (plan units convertible into cash, value mirrors BEN common stock).
• Amount acquired: 1,304.4372 units credited at an underlying reference price of $24.34.
• Total derivative units now held: 55,859.4113.
• Ownership form: Direct.
• Payout mechanics: Quarterly cash installments over 10 years beginning after the earlier of the first Jan 20, Apr 20, Jul 20 or Oct 20 following the director鈥檚 separation from service. Units may be moved into an alternative investment track at the start of any calendar quarter.
• Expiration assumption: Plan documentation assumes exercisable/expiration dates keyed to the February after the director鈥檚 75th birthday; stated expiration is 01/20/2058.

The filing represents routine deferred-fee accrual rather than an open-market purchase or sale, and does not involve common shares changing hands in the market. No other non-derivative transactions were reported.

Citigroup Global Markets Holdings Inc. is issuing $4.582 million of unlisted, 15-month Enhanced Trigger Jump Securities that reference West Texas Intermediate (WTI) light sweet crude oil front-month futures (Bloomberg: CL1). The $1,000-denominated notes are senior, unsecured obligations of the issuer and are fully and unconditionally guaranteed by Citigroup Inc.; however, investors bear the full credit risk of both entities.

Return profile

• Fixed upside: At maturity on 5 Oct 2026, holders receive par plus a fixed $135 payment (13.50%) if the final WTI futures price is 鈮� $48.833 (75% of the initial $65.11 reference level).
• Contingent downside: If the final price is below the trigger, redemption equals $1,000 + ($1,000 脳 commodity return). Every 1% drop beyond 鈥�25% reduces principal 1-for-1; no floor, so total loss is possible.

Structural terms

• Pricing date: 30 Jun 2025  |  Issue date: 3 Jul 2025  |  Valuation date: 30 Sep 2026
• Estimated value: $937.50 (6.3% below issue price) based on CGMI models and internal funding rate.
• Fees: $22.50 underwriting fee per note, of which $17.50 is selling concession and $5.00 structuring fee to Morgan Stanley Wealth Management.
• Not listed; secondary liquidity, if any, will be solely through CGMI on a best-efforts basis and may cease at any time.
• Early redemption right in the event of a Commodity Hedging Disruption Event; payout equals a model-based fair value, likely below par.

Key risks

• No periodic coupons; limited to a single fixed payment cap of 13.5%.
• Principal at risk beyond a 25% decline in WTI; high historical volatility and possibility of negative futures prices.
• Issue price exceeds estimated value; investors pay embedded distribution/hedging costs.
• Credit exposure to Citigroup; no FDIC insurance.
• Potential illiquidity and wide bid-ask spreads; notes will not qualify for CFTC protections.

These securities suit investors with a moderately bullish to neutral view on WTI over 15 months, a willingness to sacrifice upside above 13.5%, and tolerance for full principal loss and issuer credit risk.

Franklin Resources, Inc. (BEN) 鈥� Form 4 insider filing, 24 Jun 2025

President & CEO Jennifer M. Johnson reported a Code J (non-open-market) transfer on 23 Jun 2025 involving 458,790 BEN common shares. The shares were distributed to her personal account as the maturity payment of an irrevocable grantor-retained annuity trust (GRAT) established for estate-planning purposes. The filing indicates no cash consideration was involved (鈥淧rice: not applicable鈥�).

After the transfer, Johnson鈥檚 direct ownership increased to 3,077,218.327 shares. She also reports several indirect holdings:

• 2,607.01 shares in the Franklin Templeton 401(k) Plan (statement dated 11 Apr 2025)
• 2,637,700 shares through a business limited partnership she controls
• 595,649 shares held by or for the benefit of her children (beneficial ownership disclaimed)
• 216,900 shares via a venture limited partnership that also benefits her children (beneficial ownership disclaimed)

The transaction does not change the company鈥檚 share count and does not reflect an open-market purchase or sale; it merely reallocates how Johnson鈥檚 existing economic interest is classified. The filing was signed by Attorney-in-Fact Virginia Rosas on 24 Jun 2025.

Gregory E. Johnson, Executive Chairman and Director of Franklin Resources (NYSE: BEN), reported significant beneficial ownership changes on June 23, 2025. Johnson received 458,790 shares as a maturity payment from an irrevocable grantor retained annuity trust, increasing his direct ownership to 2,664,868 shares.

Johnson's total beneficial ownership includes multiple indirect holdings:

• 7,576 shares through 401(k) plan
• 2,573,100 shares via business limited partnership under his control
• 252,415 shares held by/for children as trustee
• 26,444 shares held by spouse
• 396,000 shares through venture limited partnership

The transaction was coded as 'J' (Other) and represents an estate planning-related distribution. Johnson disclaims beneficial ownership of shares held in children's trusts, spouse's holdings, and certain partnership interests.