New Issue: UBS sells $310,000 trigger return optimization notes on iShares Silver Trust

By Kiku Steinfeld

Chicago, Feb. 19 – UBS AG, London Branch priced $310,000 of trigger return optimization securities due Aug. 11, 2023 linked to the iShares Silver Trust, according to an FWP filing with the Securities and Exchange Commission.

If the fund return is positive, the payout at maturity will be par plus five times the gain, capped at 60.5%.

If the fund return is zero or negative but the fund finishes at or above the 80% trigger level, the payout will be par. Otherwise, investors will share in any losses.

UBS Financial Services Inc. and UBS Investment Bank are the agents.

Issuer:	UBS AG, London Branch
Issue:	Trigger return optimization securities
Underlying fund:	iShares Silver Trust
Amount:	$310,000
Maturity:	Aug. 11, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus five times any fund gain, return capped at 60.5%; par if fund falls by up to 20%; otherwise, full exposure to any fund decline
Initial price:	$25.39
Trigger price:	$20.31, 80% of initial price
Pricing date:	Feb. 8
Settlement date:	Feb. 10
Agents:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	1.5%
Cusip:	90285E213

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