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UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the least-performing of three U.S. equity indices鈥攖he Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX). The unsecured, unsubordinated notes carry a 7.50% per-annum contingent coupon payable monthly only if, on the relevant observation date, the closing level of each index is at or above its 75 % coupon barrier. Coupons can therefore be missed entirely.

Automatic call: Beginning three months after issuance (first potential call settlement 21 Oct 2025), the notes will be redeemed early at par plus the coupon if every index is at or above its 100 % call-threshold level on an observation date.

Maturity profile (22 Jun 2027):

• If never called and all indices finish 鈮�70 % of initial levels (downside thresholds), principal is returned.
• If any index finishes <70 %, repayment equals par multiplied by (1 + the worst index return)鈥攊nvestors suffer the full downside of the weakest index, up to total loss.

Key economic terms (to be fixed on 16 Jul 2025 trade date):

• Issue price: $1,000 per note
• Estimated initial value: $929.90 鈥� $959.90 (below issue price, reflecting fees and hedging costs)
• Call threshold: 100 % of initial level; Coupon barrier: 75 %; Downside threshold: 70 %
• Contingent coupon: $6.25 per month (7.50 % p.a.)
• Settlement: T+3 (21 Jul 2025); 23-month tenor

Principal risks: Investors face (1) market risk on each index, (2) loss of principal if any index falls >30 %, (3) coupon cancellation if any index is below barrier on an observation date, (4) credit risk of UBS, and (5) liquidity risk鈥攏otes are not exchange-listed and secondary markets may be limited. Estimated value is below issue price, creating initial mark-to-market pressure.

The notes may suit investors seeking enhanced yield who are comfortable with equity index downside, possible non-payment of coupons, early redemption, and UBS credit exposure.

Bank of Montreal (BMO) is marketing an offering of Senior Medium-Term Notes, Series K 鈥� 鈥淎utocallable Barrier Notes with Memory Coupons鈥� 鈥� maturing 25 July 2028. The $1,000-denominated notes are linked to the least performing of three equity indices: the S&P 500庐 (SPX), Russell 2000庐 (RTY) and Nasdaq-100 Technology Sector Index (NDXT). The securities are unsecured, unsubordinated obligations of BMO and will not be listed on any exchange.

Income feature. Investors may receive a 0.825 % monthly contingent coupon (鈮� 9.90 % p.a.). A coupon is paid only if each index closes on the relevant Observation Date at or above its 70 % Coupon Barrier. The 鈥淢emory Coupon鈥� provision repays any previously missed coupons the next time all three barriers are satisfied.

Automatic call. From the 21 January 2026 Observation Date onward, if all three indices exceed their 100 % Call Level, the notes are automatically redeemed at par plus the due coupon; no further payments are made thereafter.

Maturity payoff. If the notes have not been called, principal repayment depends on the final closing levels on the 20 July 2028 Valuation Date. 鈥� If no index has closed below 70 % of its Initial Level (no 鈥淭rigger Event鈥�), investors receive par plus the final coupon(s). 鈥� If any index breaches the Trigger, redemption equals $1,000 脳 (Final Level 梅 Initial Level) of the least-performing index, producing a 1 : 1 downside loss and possible total principal loss.

Pricing & fees. Public offering price is 100 % of par; agent鈥檚 commission is up to 0.60 %, leaving 鈮� 99.40 % in proceeds to BMO. The estimated initial value is $973.70 per $1,000 (not less than $925), reflecting structuring and hedging costs.

Key risks highlighted include (1) full downside exposure below the 70 % Trigger, (2) the possibility of receiving no coupons, (3) early redemption risk, (4) limited secondary market liquidity, (5) credit risk of BMO, and (6) uncertain tax treatment. Investing in the notes is not equivalent to a direct investment in the underlying indices and may underperform conventional debt of similar maturity.

Sony Group Corporation (SONY) filed a Form 6-K reporting June 2025 activity under the 楼250 billion share-repurchase program authorized by the Board on 14 May 2025 (up to 100 million shares, period 15 May 2025 - 14 May 2026).

• June repurchases: 10,772,700 common shares for 楼40.30 billion.
• Cumulative since program launch: 18,956,000 shares for 楼71.26 billion, equal to 18.96 % of the share cap and 28.51 % of the yen cap.
• Treasury stock position (30 Jun 2025): 145,694,280 shares, representing ~2.4 % of the 6,149,810,645 shares outstanding.
• Share dispositions: 1,511,500 treasury shares issued upon employee stock-option exercises, book value 楼3.92 billion; no cancellations or other uses reported.

The filing confirms that repurchases are executed on the Tokyo Stock Exchange via a discretionary trading mandate. With over nine months remaining, Sony retains capacity to repurchase a further ~81 million shares and ~楼178.7 billion, leaving meaningful scope for additional shareholder returns.

UBS AG has launched a $9.377 million offering of Phoenix Autocallable Buffer Notes with Memory Interest linked to the common stock of CrowdStrike Holdings, Inc. (CRWD). The notes are unsecured, senior obligations of UBS AG London Branch, carry a one-year stated maturity (trade date 11 Jul 2025; maturity 29 Jul 2026) and are issued in $1,000 denominations (minimum purchase 10 notes).

Income profile. Each quarterly interest observation date pays a fixed contingent coupon of $51.625 per $1,000 (鈮�12.9% p.a.) if CRWD closes at or above the interest barrier of $382.76 (80% of the initial price $478.45). The 鈥渕emory鈥� feature accumulates missed coupons and pays them when a later observation meets the barrier.

Early redemption. The notes are automatically called on any observation date that CRWD closes at or above the initial price. Investors then receive par plus the current and any unpaid coupons; no further payments accrue.

Downside mechanics. If not called, principal is protected only if the final CRWD price on the valuation date (24 Jul 2026) is at or above the 80% downside threshold ($382.76). Should CRWD finish below the threshold, investors receive a cash equivalent that declines 1.25% for each 1% the final price falls below the threshold, exposing them to losses greater than the equity move and up to 100% of principal.

Key economics. 鈥� Estimated initial value: $984.20 (1.6% below issue price). 鈥� Underwriting discount: $10 per note (1%). 鈥� Share delivery amount for loss calculation: $1,000 梅 $382.76 鈮� 2.613 shares.
鈥� Secondary market: unlisted; UBS Securities LLC may make markets but is not obligated.

Risk highlights. Holders face (1) full CRWD equity downside beyond the 20% buffer magnified by the 1.25 leverage factor, (2) UBS credit risk, (3) liquidity risk due to the absence of an exchange listing, and (4) reinvestment risk if the notes are called early. Tax treatment is uncertain; UBS intends to treat the notes as prepaid derivatives with ordinary income coupon taxation.

The instrument targets investors comfortable with single-stock volatility who seek high contingent income and are willing to accept potential loss of principal and lack of equity upside.

The Bank of Nova Scotia (BNS) is issuing $1.355 million of Autocallable Contingent Coupon Notes (Series A) linked to Alphabet Inc. Class A shares (GOOGL).

• Structure: Unsubordinated, unsecured senior notes; not CDIC/FDIC-insured; subject to BNS credit risk.
• Tenor: Trade Date 11-Jul-2025; maturity 14-Jul-2028 (鈮�3 years) unless automatically called.
• Coupons: 10.25% p.a. paid quarterly ($25.625 per $1,000) only if GOOGL 鈮� 70% of Initial Value ($126.13) on each observation date. Coupons are not guaranteed.
• Autocall: If on any quarterly Call Observation Date GOOGL closes 鈮� Initial Value ($180.19), note is called at par plus the due coupon; no further payments.
• Principal repayment: 鈥� If not called and Final Value 鈮� Barrier (70% of initial), pay 100% principal.
  鈥� If Final Value < Barrier, repay $1,000 + ($1,000 脳 Return), exposing investor to up to 100% loss.
• Pricing economics: Issue price 100%; initial estimated value 96.724% ($967.24) due to internal funding rate and selling costs; underwriting commission 2%.
• Liquidity: No listing; secondary market, if any, only through Scotia Capital (USA) Inc.; prices may include a bid/ask spread and be below estimated value, especially after a ~4 month temporary reimbursement period.
• Key risks disclosed: contingent coupons may never be paid; full downside exposure below barrier; limited upside (no participation in Alphabet appreciation); credit risk of BNS; potential conflicts of interest; tax uncertainty (pre-paid derivative treatment assumed); FATCA / Section 871(m) considerations.
• Minimum purchase: $1,000 (integral multiples thereafter); CUSIP 06419DBD4.

The Bank of Nova Scotia (BNS) has filed a preliminary 424(b)(2) pricing supplement for the issuance of Capped Buffered Enhanced Participation Notes linked to the S&P 500庐 Index. The structured notes are unsecured, unsubordinated senior obligations of the Bank and do not pay periodic interest. Investors鈥� total return will be determined solely at maturity, expected 16-18 months after the trade date (T+5 settlement).

• Upside: 200% participation in any positive price return of the S&P 500, subject to a maximum payment amount of 112.84%-115.06% of principal (cap reached when the index rises ~6.42%-7.53%).
• Downside Buffer: Principal is protected only for index declines up to 10%. If the index falls more than 10%, losses accelerate at roughly 111.11% of the excess decline, exposing investors to up to 100% loss of principal.
• Issue economics: Original issue price is 100% of principal; underwriting commission 1.34% ($13.40 per $1,000). The initial estimated value is $951.20-$981.20, reflecting dealer margin, internal funding rate and hedge costs.
• Key terms: Principal amount $1,000 per note; minimum investment $1,000; currency USD; CUSIP 06419DBB8; calculation agent 鈥� Scotia Capital Inc.; no exchange listing; secondary market making, if any, only by affiliates and GS&Co.
• Credit & liquidity risk: Payments depend on BNS鈥檚 creditworthiness; notes are not insured by CDIC or FDIC and may be difficult to sell before maturity.
• Investor profile: Suitable for investors willing to cap upside, accept potential full principal loss, forgo dividends and hold to maturity; not suitable for those needing principal protection or liquidity.

The document lists extensive risk factors, including valuation uncertainty, conflicts of interest, hedging impact, tax considerations and a lack of secondary market. Final economic terms鈥攊nitial level, maximum payment amount and trade/valuation dates鈥攚ill be fixed on the trade date.

Kilroy AG真人官方ty Corp. (NYSE: KRC) 鈥� Insider Form 4 filing dated 07/09/2025

Executive Vice President & Chief Leasing Officer A. Robert Paratte reported routine equity accruals tied to previously granted awards:

• Common stock: 384.0617 shares credited at $0, lifting his direct holdings to 87,560.8592 shares.
• Restricted Stock Units (derivative): 447.6106 RSUs and 423.759 RSUs added, both priced at $0 under dividend-equivalent provisions of the 2006 Incentive Award Plan.
• Post-transaction derivative balances: 57,667.5507 and 58,091.3097 RSUs, respectively.

The RSUs relate to multi-year performance unit awards (2023鈥�2025 and 2024鈥�2026 cycles) and remain subject to time-based vesting. No open-market buys or sales occurred, and the filing does not affect KRC鈥檚 capital structure. While the additional equity modestly increases insider alignment, the size (<1% of total holdings) suggests limited market impact.

Insider filing overview: On 07/09/2025, Kilroy AG真人官方ty Corporation (NYSE: KRC) director Daryl J. Carter reported the acquisition of 185.3499 shares of KRC common stock via an "A" (award/grant) transaction code.

The shares were issued at $0.00 cost as dividend-equivalent restricted stock units granted under the Kilroy AG真人官方ty 2006 Incentive Award Plan. Following the grant, Carter鈥檚 direct beneficial ownership stands at 12,356.6594 shares. No derivative securities were involved.

Because the award represents fewer than 200 shares and was not an open-market purchase, the filing is generally considered routine for equity-based director compensation rather than a signal of market sentiment.

Document type: Post-Effective Amendment No. 1 to Form S-1 for the iShares Ethereum Trust ETF (ticker ETHA), sponsored by iShares Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock, Inc.

The filing updates the Trust鈥檚 prospectus following its effectiveness on 22 July 2024. Key new disclosures include: (1) the option to conduct in-kind creations and redemptions in addition to cash transactions, (2) incorporation by reference of the Trust鈥檚 5 March 2025 Annual Report, and (3) other routine prospectus information. No additional securities are being registered.

Trust profile

• Structure: Delaware statutory trust that issues shares representing fractional interests in its ether holdings. Not registered under the Investment Company Act and not regulated by the CFTC.
• Ticker: ETHA, listed on NASDAQ. Shares trade independently of NAV and are created/redeemed only in 40,000-share Baskets.
• Assets: Primarily ether held at Coinbase Custody Trust Co.; Anchorage Digital Bank is named as an alternative custodian. Cash is held at BNY Mellon.
• Size: Net Asset Value (NAV) on 7 July 2025 was $4.601 billion; per-share NAV was $19.28.
• Basket size: 302.64 ether (鈮�$771,122) as of 7 July 2025.
• Fee structure: Sponsor鈥檚 fee accrues daily at 0.25 % p.a.; waived to 0.12 % on the first $2.5 billion of assets during the first 12 months after listing. Sponsor also covers most routine expenses.
• No staking: The Trust forbids any ether staking or other yield-generating activities.

Operational mechanics

• Authorized Participants (APs) create/redeem Baskets for cash or ether. Current APs for cash transactions include major broker-dealers (e.g., J.P. Morgan, Jane Street, Virtu, BMO).
• Primary ether custodian uses cold storage; trading balances are handled through Coinbase Prime. Trades for cash creations/redemptions may also be routed to four named third-party Ether Trading Counterparties.
• Valuation: Daily NAV is struck after 4 p.m. ET using the CF Benchmarks Ether-Dollar Reference Rate. Intraday Indicative Value (IIV) is disseminated every 15 seconds via ETHUSD_RTI.

Risk highlights

• Extreme ether price volatility could erode share value.
• Custody, key-management and cyber-security risks.
• Regulatory uncertainty in U.S. digital-asset markets; potential money-transmitter or MSB classification.
• Lack of insurance and limited shareholder recourse for asset loss.
• Baskets may be suspended if operational disruptions occur.

Dissolution triggers include NASDAQ delisting, regulatory orders, inability to secure a custodian, or Sponsor determination. Upon dissolution assets are liquidated and proceeds distributed via DTC.