Every 424B that ETRACS Alerian MLP Index ETN Series B due July 18, 2042 (AMUB) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow AMUB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AMUB filings page.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of DraftKings Inc., maturing on or about February 22, 2028. These are unsecured debt obligations of UBS with no stock ownership in DraftKings.
Investors receive a contingent coupon only if DraftKings’ closing share price on an observation date is at or above a preset coupon barrier; otherwise, no coupon is paid for that period. The notes can be automatically called early if DraftKings’ share price is at or above the initial level on any observation date, in which case investors receive principal plus the due coupon and the product terminates.
If the notes are not called and DraftKings’ final share price is at or above a downside threshold on the final valuation date, investors get back principal (and a final coupon if the coupon barrier is also met). If the final price is below the downside threshold, repayment is reduced in line with the stock’s decline, and the entire investment can be lost. Notes are sold in minimums of 100 at $10 per note, with an estimated initial value between $9.38 and $9.63, and are not exchange-listed.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the American depositary receipts of Petróleo Brasileiro S.A., maturing around February 19, 2027. These unsecured senior notes pay a contingent coupon only when the underlying ADR closes at or above a preset coupon barrier on scheduled observation dates.
The notes are automatically called early if the ADR’s closing level on any observation date before maturity is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and no further payments. If the notes are not called and the final ADR level is at or above a downside threshold, investors receive only the $10 principal per note at maturity; if it is below that threshold, repayment is reduced in line with the ADR’s percentage decline and can fall to zero.
The notes are subject to UBS credit risk, are not bank deposits or FDIC insured, will not be listed on an exchange, and may be difficult to sell. The minimum investment is 100 notes at $10 each, and the estimated initial value is expected between $9.25 and $9.50 per note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices, Inc. common stock, maturing on February 22, 2028. These are unsecured UBS debt obligations, not bank deposits and not FDIC insured.
Investors receive a contingent coupon only when AMD’s closing share price on an observation date is at or above a preset coupon barrier. If on any observation date before maturity AMD’s price is at or above the initial level, the notes are automatically called and repay principal plus the due contingent coupon, with no further payments.
If the notes are not called and AMD’s final level is at or above the downside threshold, principal is repaid at maturity. If the final level is below the downside threshold, repayment is reduced in line with AMD’s percentage decline, and investors can lose all principal. All payments depend on UBS’s credit, the notes will not be listed on an exchange, the minimum investment is 100 notes at $10 each, and the estimated initial value is $9.79 per note.
UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on February 22, 2028. These unsecured notes pay a contingent coupon only when Oracle’s closing price is at or above a preset coupon barrier on observation dates.
The notes can be called early if Oracle’s price on any observation date before maturity is at or above the initial level, in which case holders receive principal plus the applicable contingent coupon and the notes terminate. If not called and Oracle’s final price is at or above the downside threshold at maturity, investors receive full principal back, with any final contingent coupon if the coupon barrier is met.
If the notes are not called and Oracle’s final price falls below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and investors can lose their entire investment. An example structure shows an approximately two-year term, an 18.53% per annum contingent coupon, a $50 downside threshold and a $56 coupon barrier for a $10 note. All payments depend on UBS’s creditworthiness, and the estimated initial value is $9.74 per note.
UBS AG offers a preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The Notes have a trade date of February 17, 2026, settlement February 19, 2026, a final valuation date of February 17, 2028 and maturity on February 22, 2028.
The Notes are unsecured debt that pay periodic contingent coupons only if the underlying closing level meets the coupon barrier on observation dates, feature an automatic call if the underlying equals or exceeds the initial level on an observation date, and repay principal at maturity only if the final level is at or above the downside threshold; otherwise principal declines with the underlying return. Principal amount per Note is $10 and minimum investment is 100 Notes ($1,000). The estimated initial value range is $9.44 to $9.69 as of the trade date.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Oracle Corporation stock due on or about February 22, 2028. The notes pay periodic contingent coupons only if the underlying closing level on an observation date meets or exceeds the coupon barrier; otherwise no coupon is paid. The notes can be automatically called early if the underlying closes at or above the initial level on an observation date, in which case holders receive principal plus any contingent coupon on the call settlement date. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold, holders suffer a loss equal to the underlying return and could lose all principal. Trade date is February 17, 2026 with settlement expected February 19, 2026. Minimum investment is 100 notes ($1,000). An illustrative contingent coupon rate is 17.59% per annum and the estimated initial value range is $9.44 to $9.69 per $10 note. All payments are subject to the creditworthiness of UBS.
UBS AG offers $2,000,000 of Trigger Callable Contingent Yield Notes linked to the least performing of EEM, KRE and XLF, with a 15.00% per annum contingent coupon and a principal of $1,000 per Note.
The Notes have monthly observation dates (callable after three months), a Trade Date of February 12, 2026, expected Settlement on February 18, 2026, a Final Valuation Date of February 12, 2029 and Maturity on February 15, 2029. The estimated initial value per Note is $984.70.
UBS AG is offering $8.685 million of Capped Leveraged Buffered S&P 500 Index‑Linked Medium‑Term Notes due June 7, 2028. These notes pay no interest and repay at maturity based on S&P 500 performance between February 12, 2026 and June 5, 2028.
Investors get 160% upside exposure to index gains, capped at a maximum settlement of $1,257.60 per $1,000 face amount, corresponding to a cap level of 116.10% of the initial index level of 6,832.76. A 15% downside buffer protects principal for moderate declines.
If the index falls more than 15%, losses accelerate at about 1.1765% of face value for each additional 1% drop, and investors can lose their entire investment. The estimated initial value is $998 per $1,000, the notes are unsecured obligations of UBS, not FDIC‑insured, and are not listed, so secondary liquidity may be limited.
UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes linked to Netflix, Inc. common stock, maturing February 18, 2027. These unsecured notes can pay periodic contingent coupons only when Netflix’s share price is at or above a preset coupon barrier on each observation date.
The notes may be automatically called before maturity if Netflix’s share price is at or above the initial level on an observation date, in which case investors receive principal plus any due coupon and no further payments. If the notes are not called and Netflix’s final share price is below a downside threshold, repayment of principal is reduced in line with the stock’s decline, up to a total loss of the investment. All payments depend on UBS’s creditworthiness, and the notes are not listed on any exchange.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Invesco S&P 500 Equal Weight ETF, the Russell 2000 Index and the Utilities Select Sector SPDR ETF, with a term of about five years and a principal amount of $1,000 per Note.
The Notes pay a contingent coupon of 9.25% per annum (about $7.7083 monthly) only when all three underlying assets close at or above 70% of their initial levels on an observation date. UBS can call the Notes monthly after six months, returning principal plus any due coupon.
If the Notes are not called and any final level is below 60% of its initial level, repayment is reduced one-for-one with the worst performer and investors can lose all principal. The Notes are unsecured, unlisted, involve significant market and credit risk, and have an estimated initial value of $956.60–$986.60 per $1,000 issue price.
UBS AG is offering $2,250,000 of Trigger Callable Contingent Yield Notes, each with $1,000 principal, linked to the least performing of the Russell 2000 Index, the S&P 500 Index and the Utilities Select Sector SPDR ETF. The Notes pay a 10.35% per annum contingent coupon (paid monthly as $8.625) only when the closing level of each underlying is at or above its coupon barrier, set at 70% of the initial level.
UBS can call the Notes on any monthly observation date beginning after six months, returning principal plus any due coupon; after a call, no further payments are made. If the Notes are not called and each underlying finishes at or above its downside threshold (65% of initial), investors receive full principal at maturity in February 2031. If any underlying finishes below its downside threshold, repayment is reduced in line with the worst performer, and investors can lose all of their initial investment. All payments depend on UBS’s credit, and the estimated initial value of each Note is $987.10, below the $1,000 issue price.
UBS AG is offering $500,000 of Step Down Trigger Autocallable Notes, each with a $1,000 principal amount, linked to the least performing of Freeport-McMoRan, Morgan Stanley and Netflix common stock, maturing on February 16, 2029.
The notes can be automatically called quarterly if all three stocks are at or above their call threshold levels, which start at 100% of the initial levels and step down to 50% by final valuation. If called, investors receive principal plus a call return based on a 16.00% per annum rate, with call prices ranging from $1,080 to $1,480 per note as time passes.
If the notes are never called and at least one stock finishes below its 50% downside threshold, UBS will deliver shares of the worst-performing stock, using a share delivery amount (e.g., 15.9134 FCX, 5.8428 MS, 13.0090 NFLX per note), likely causing a significant or total loss of principal. Payments depend on UBS's credit; the estimated initial value is $938.40 per $1,000 note, reflecting fees and hedging costs, and the notes will not be listed on an exchange.
UBS AG is offering $1,915,000 of Phoenix Autocallable Buffer Notes with Memory Interest linked to Capital One Financial common stock. Each $1,000 Note can pay fixed contingent interest of $40.775 quarterly if COF’s closing price is at or above the $176.26 interest barrier (85% of the $207.37 initial price).
The Notes auto-call on quarterly observation dates if COF closes at or above the initial price, returning principal plus due and previously unpaid coupons. If not called and COF stays at or above the $176.26 downside threshold at maturity, investors receive principal plus any due coupons.
If COF finishes below the downside threshold, UBS pays a cash equivalent based on a share-delivery formula, causing losses that increase about 1.1765% for every 1% COF falls below the threshold, up to a total loss of principal. The Notes are unsecured UBS debt, not principal protected, not listed, have a $10,000 minimum, and an estimated initial value of $987.90 per $1,000 Note.
UBS AG is offering $700,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest tied to the least performing of Freeport-McMoRan, Morgan Stanley and Netflix common stock, each note having a $1,000 principal amount and maturing on February 16, 2029 unless called earlier.
The notes pay a monthly contingent coupon of $12.125 per note (14.55% per annum) only if all three shares close at or above their coupon barriers (60% of initial levels). Missed coupons can be paid later under the memory feature if conditions are met on a future observation date.
The notes are automatically called quarterly, starting after six months, if each share is at or above its call threshold (100% of initial level), returning principal plus due and unpaid coupons. If not called and, at maturity, all three shares are at or above their downside thresholds (50% of initial levels), investors receive back the $1,000 principal.
If at maturity any share is below its downside threshold, investors receive the share delivery amount of the worst-performing stock instead of cash, with the value likely far below principal, meaning a significant or total loss of the initial investment. Payments depend on UBS’s credit, the notes are not insured, may have limited liquidity, and their estimated initial value is $938.00 per $1,000 issue price.
UBS AG is offering $3,110,000 of Trigger Callable Contingent Yield Notes linked to three risk assets, maturing August 16, 2030. The notes pay a high contingent coupon of 17.40% per annum ($14.50 per $1,000 note per month) only when all three underlying assets are at or above their coupon barriers.
The notes reference the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and shares of the VanEck Semiconductor ETF. If UBS calls the notes (possible monthly after six months), investors receive principal plus the applicable coupon and the investment ends early.
If the notes are not called and any underlying finishes below its downside threshold (60% of its initial level), the payoff is reduced one-for-one with the loss on the worst performer, and investors can lose all principal. The notes are unsecured UBS debt, with an estimated initial value of $982.40 per $1,000 and no exchange listing.
UBS AG is issuing $5,590,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to Okta, Inc. common stock, maturing on February 16, 2029. Each $1,000 note pays an 11.00% per annum contingent coupon when Okta’s closing price is at or above a coupon barrier set at $43.63, 50.00% of the $87.26 initial level.
The notes are observed quarterly and can be automatically called after six months if Okta closes at or above the $87.26 call threshold level, returning principal plus due and previously unpaid coupons. If not called and Okta’s final level is at or above the $43.63 downside threshold, investors receive full principal back; if below, repayment is reduced one-for-one with Okta’s decline, up to total loss of principal.
The notes are unsecured debt of UBS AG London Branch, exposed to both Okta’s market performance and UBS credit risk, will not be listed on an exchange, and may have limited liquidity. The estimated initial value is $953.20 per note, below the $1,000 issue price due to fees, funding and hedging costs.
UBS AG is offering $4,381,000 of Phoenix Autocallable Buffer Notes with Memory Interest linked to Microsoft common stock. Each $1,000 Note can pay a fixed $41.40 contingent interest per quarter if Microsoft’s closing price is at or above the interest barrier of $361.19 (90% of the $401.32 initial price) on observation dates.
The Notes may be automatically called if Microsoft’s price is at or above the initial price on any autocall observation date, returning principal plus due and previously unpaid contingent interest. If not called and Microsoft stays at or above the downside threshold of $361.19 at maturity on March 3, 2027, investors receive full principal back plus any due and previously unpaid contingent interest.
If the final price is below the downside threshold, repayment is based on a “cash equivalent” tied to a share delivery amount, and investors can lose some or all of their principal. All payments depend on the creditworthiness of UBS, and the Notes are unsecured, unsubordinated obligations with no listing on any exchange.
UBS AG is offering $380,000 of Trigger Callable Contingent Yield Notes, issued in $1,000 denominations, linked to the common stock of CoreWeave, Inc. These roughly two-year notes pay a high 44.50% per annum contingent coupon if CoreWeave’s share price stays at or above a coupon barrier of $57.62, which is 60% of the $96.04 initial level, on each monthly observation date.
UBS may call the notes in whole on any observation date beginning after three months, repaying principal plus any due coupon but ending all future payments. If the notes are not called and CoreWeave’s final level on the February 2028 valuation date is at or above the same $57.62 downside threshold, investors receive full principal back. If the final level is below the threshold, repayment is reduced dollar-for-dollar with the stock’s percentage loss and can result in a complete loss of principal.
The notes are unsecured, unsubordinated UBS debt and all payments depend on UBS’s credit. The estimated initial value is $903.70 per $1,000 note, reflecting embedded fees and hedging costs. The notes will not be listed on an exchange, secondary liquidity may be limited, and the tax treatment is complex and uncertain.
UBS AG is offering $1,010,000 of Trigger Callable Contingent Yield Notes due February 19, 2030, linked to the worst performer of three underlying assets: the SPDR S&P Regional Banking ETF (KRE), the Nasdaq-100 Technology Sector Index (NDXT) and the Utilities Select Sector SPDR ETF (XLU).
The notes pay a contingent coupon of 14.10% per annum ($11.75 per month per $1,000) only when, on a monthly observation date, each underlying is at or above 70% of its initial level. UBS can call the notes in whole on any observation date after six months, then repays principal plus any due coupon and stops future payments.
If the notes are not called and each underlying finishes at or above its 70% downside threshold, investors receive full principal back at maturity. If any finishes below its threshold, repayment is reduced one-for-one with the percentage loss of the worst performer, and all principal can be lost. All payments depend on UBS’s credit, and the estimated initial value is $971.50 per $1,000 note, below the issue price.
UBS AG is offering capped buffer securities linked to the SPDR S&P 500 ETF (SPY), maturing February 25, 2027. Each $1,000 note pays at maturity based on SPY’s price change from a February 13, 2026 strike level of $681.75.
Upside is tracked one-for-one up to a maximum gain of 11.10%, capping the maximum payment at $1,111 per security. On the downside, a 15% buffer applies: investors are fully protected as long as SPY’s final level stays at or above the downside threshold of $579.49, which is 85% of the initial level.
If SPY finishes below the downside threshold, principal is reduced by losses beyond the 15% buffer, and investors could lose almost all of their investment. The notes pay no interest or dividends, are not listed, and all payments depend on the creditworthiness of UBS.
UBS AG is offering $8,673,000 of Trigger Callable Contingent Yield Notes, each with a $1,000 principal amount, linked to the least performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index. The Notes pay a contingent coupon at a rate of 12.30% per annum (about $10.25 per month per Note) only if, on a monthly observation date, the closing level of each index is at or above its coupon barrier, set at 70% of its initial level. UBS may call the Notes in whole on any observation date after three months; if called, investors receive principal plus any due coupon and the product terminates early. If the Notes are not called and, at maturity, each index is at or above its downside threshold (also 70% of its initial level), investors receive full principal back. If any index finishes below its downside threshold, repayment is reduced one-for-one with the negative return of the worst-performing index, and investors can lose up to their entire investment. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on an exchange.
UBS AG is offering $1,025,000 of Trigger Callable Contingent Yield Notes linked to the worst performer of the Russell 2000 Index and the S&P 500 Index, maturing in February 2031. The notes pay a 9.60% per annum contingent coupon only when both indices stay at or above preset coupon barriers on monthly observation dates.
UBS can call the notes in whole after three months; if called, investors receive principal plus any due coupon, ending all future payments. At maturity, if the notes are not called and either index finishes below its downside threshold (60% of its initial level), repayment is reduced one-for-one with the loss on the worst index, up to a total loss of principal. The notes are unsecured UBS debt, have an estimated initial value of $971.20 per $1,000, are not exchange-listed, and expose investors to significant market, liquidity and issuer credit risk.
UBS AG is offering $1,250,000 of Buffer Autocallable Notes, issued at $1,000 per Note, maturing on February 16, 2029. These unsecured debt securities are linked to the least performing of the Nasdaq-100 Index and the S&P 500 Index.
The Notes are automatically called on annual observation dates if the closing level of each index is at or above 100.00% of its initial level, paying a call price based on a 12.05% per annum call return rate (e.g., $1,120.50 after one year, $1,241.00 after two, $1,361.50 at final date). If never called and both final index levels stay at or above their 90.00% downside thresholds, investors receive only the $1,000 principal.
If at maturity at least one index finishes below its 90.00% downside threshold, repayment is reduced according to that index’s loss beyond the 10.00% buffer; investors can lose most or almost all of their investment. Payments depend entirely on UBS’s credit and the Notes will not be listed. The estimated initial value is $990.70 per Note, below the issue price, reflecting fees and hedging costs.
UBS AG is issuing $6.305 million of Capped Leveraged Medium-Term Notes linked to the iShares® Expanded Tech-Software Sector ETF. The notes mature on April 1, 2027, pay no interest, and are unsecured obligations of UBS.
At maturity, investors receive $1,000 plus 150% of any positive ETF return, capped at a maximum settlement amount of $1,367.50 per $1,000 (a 36.75% maximum gain). If the ETF is flat, investors receive $1,000. If it falls, investors lose 1% of principal for every 1% decline, down to a total loss.
The initial ETF level is $80.96, the cap level is 124.50% of that value, and the estimated initial value of each note is $982.00 per $1,000 face amount. The notes are not listed, may have limited liquidity, and expose holders to both market risk of the ETF and UBS credit risk.
UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the worst performer of the SPDR S&P Regional Banking ETF (KRE) and the Utilities Select Sector SPDR ETF (XLU), in $1,000 denominations and maturing in February 2029.
The notes pay a 13.75% per annum contingent coupon (paid quarterly as $34.375) only when the closing level of each ETF is at or above 80% of its initial level on an observation date. They are automatically called early, returning principal plus the coupon, if both ETFs are at or above 100% of their initial levels on any quarterly observation before maturity.
If not called and at least one ETF finishes below 80% of its initial level at maturity, investors receive less than principal, with losses matching the percentage decline of the worst ETF and potential total loss. The notes are not listed, investors forgo ETF dividends, and all payments depend on UBS’s credit. The estimated initial value is $933.70–$963.70 per $1,000 note, below the issue price, with $23.50 per note in underwriting discount and $976.50 in proceeds to UBS.
UBS AG is offering $500,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index, maturing on August 16, 2030.
The Notes pay an 11.25% per annum contingent coupon (about $9.375 per $1,000 monthly) only if on each observation date every index closes at or above its coupon barrier set at 75% of its initial level. UBS can call the Notes in whole on any monthly observation date after six months, returning principal plus any due coupon, ending future payments.
If the Notes are not called and any index finishes below its downside threshold at 60% of its initial level, repayment is reduced in line with the worst-performing index and investors can lose up to their entire principal. The Notes are unsecured obligations of UBS, not listed on an exchange, have an estimated initial value of $959.20 per $1,000, and involve complex market, liquidity, credit and tax risks.
UBS AG is offering $970,000 of Trigger Callable Contingent Yield Notes linked to the worst performer of the Russell 2000 Index, the S&P 500 Index and the Utilities Select Sector SPDR ETF, maturing on February 19, 2030.
The notes pay a 10.10% per annum contingent coupon (about $8.4167 per $1,000 monthly) only if on each observation date all three underlyings stay at or above their coupon barriers set at 70% of initial levels. UBS can call the notes monthly after three months, returning principal plus any due coupon.
If the notes are not called and any underlying finishes below its 60% downside threshold, repayment of principal is reduced one-for-one with the worst-performing asset, and investors can lose their entire investment. Credit risk of UBS applies to all payments. The estimated initial value is $986.80 per $1,000 note, below the issue price.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of the SPDR S&P Regional Banking ETF (KRE) and the Financial Select Sector SPDR ETF (XLF).
The notes pay a 10.45% per annum contingent coupon quarterly, but only if each ETF stays at or above 70% of its initial level on the observation dates. The notes can be called early after six months if both ETFs are at or above 100% of their initial levels, returning principal plus that period’s coupon.
If the notes are not called and any ETF finishes below its 70% downside threshold at maturity, principal is reduced one-for-one with the worst ETF’s decline, and investors can lose their entire investment. All payments depend on UBS’s ability to meet its debt obligations.
UBS AG is offering $1,022,000 of Trigger Callable Contingent Yield Notes linked to Robinhood Markets, Inc. common stock. Each Note has a $1,000 principal amount, matures on August 18, 2027, and is issued by UBS AG London Branch as an unsubordinated, unsecured debt obligation.
The Notes pay a contingent coupon at a rate of 25.50% per annum (about $21.25 per month per Note) only if Robinhood’s closing share price is at or above the coupon barrier on each monthly observation date. UBS may call the Notes in whole on any observation date starting after three months, paying back principal plus the applicable contingent coupon.
If the Notes are not called and Robinhood’s final share price is at or above the downside threshold of $37.99 (50.00% of the $75.97 initial level), investors receive full principal at maturity. If the final level is below the downside threshold, the maturity payment is reduced one-for-one with Robinhood’s percentage decline, and all principal can be lost. Payments depend entirely on UBS’s credit; a UBS default could result in a total loss. The estimated initial value is $960.20 per Note, below the $1,000 issue price, and the Notes will not be listed on any exchange, so any secondary market may be limited and at prices below the issue price.
UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the Class A common stock of Lennar Corporation, maturing on February 17, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes ($1,000).
The Notes pay a contingent coupon of 14.37% per annum only if Lennar’s share price on an observation date is at or above the coupon barrier of $70.00, which is 70% of the initial level. If on any observation date before maturity the share price is at or above the initial level, the Notes are automatically called and investors receive $10 plus the contingent coupon, with no further payments.
If the Notes are not called and the final share price is at or above the downside threshold of $70.00, investors receive full principal back plus the final contingent coupon if the barrier is met. If the final price is below the downside threshold, repayment is reduced in line with the stock’s loss, and investors can lose their entire investment. All payments depend on the creditworthiness of UBS, and the estimated initial value is $9.70 per $10 Note.
UBS AG is offering $5,195,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the worst performer among three sector ETFs: SPDR S&P Regional Banking (KRE), VanEck Semiconductor (SMH) and SPDR S&P Biotech (XBI). The notes pay an 11.05% per annum contingent coupon, observed monthly, but only when all three ETFs close at or above their coupon barriers, set at 70% of initial levels. Missed coupons can be paid later under the memory feature if conditions are met.
The notes can be automatically called after 12 months if each ETF is at or above its call threshold (100% of initial levels), returning principal plus due and unpaid coupons. If not called, principal is protected at maturity only if every ETF finishes at or above its downside threshold, set at 60% of its initial level. If any ETF ends below its downside threshold, repayment is reduced in line with the worst ETF’s percentage loss and can fall to zero.
The notes are unsecured debt of UBS maturing on February 18, 2031, with an estimated initial value of $938.30 per $1,000 note, will not be listed on an exchange, and expose investors to both market risk of the ETFs and UBS credit risk.
UBS AG is offering $1,000,000 of market-linked notes tied to the performance of the South Korean won versus the U.S. dollar, maturing on February 19, 2031. Each note has a $1,000 principal amount, with an issue price of $1,000 and estimated initial value of $931.70.
The notes pay no interest. At maturity, investors receive $1,000 plus a gain equal to the currency appreciation multiplied by a 1.24 participation rate if the won has strengthened against the dollar; otherwise they receive only the $1,000 principal. Principal repayment applies only if held to maturity and all payments depend on UBS’s credit. The notes are unsecured, unsubordinated debt, not FDIC insured, will not be listed on an exchange, and may have little or no secondary market.
UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc., maturing on February 18, 2027. The Notes pay contingent coupons only when Netflix’s closing price on an observation date is at or above a coupon barrier; otherwise no coupon is paid for that period.
The Notes are automatically called early if Netflix closes at or above the initial level on any observation date before maturity, in which case investors receive principal plus the due contingent coupon and the Notes terminate. If not called and the final Netflix level is at or above a downside threshold, investors receive full principal at maturity; if it is below, repayment is reduced in line with the share’s decline and can fall to zero.
The Notes are unsecured, unsubordinated obligations of UBS, are not listed on any exchange, and are sold in minimum investments of 100 Notes at $10 each. The estimated initial value is $9.87 per Note, reflecting UBS’ internal pricing models and funding rate, and all payments depend on UBS’s creditworthiness.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc., maturing on or about February 18, 2027. These are unsecured, unsubordinated debt obligations of UBS, not investments in Netflix shares.
The Notes pay a contingent coupon only if Netflix’s closing share price on each observation date is at or above a specified coupon barrier. The Notes are automatically called early if Netflix’s price on any observation date (before the final valuation date) is at or above the initial level, in which case holders receive principal plus that period’s coupon and no further payments.
If the Notes are not called and Netflix’s final share price is at or above a defined downside threshold, investors receive only their principal at maturity, plus any final contingent coupon if the barrier is met. If the final level is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose most or all of their initial investment.
The Notes are subject to UBS credit risk, will not be listed on any exchange, and have a minimum purchase of 100 Notes at $10 per Note. Their estimated initial value on the trade date is expected to be between $9.50 and $9.75 per Note, reflecting UBS’s internal pricing and funding costs.
UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc. These unsecured senior notes can pay contingent coupons only when NIKE’s share price on an observation date is at or above a preset coupon barrier.
The notes may be automatically called before maturity if NIKE’s share price is at or above the initial level on an observation date, in which case holders receive $10 per note plus the applicable coupon and the product terminates. If not called, investors receive full principal at maturity only if the final share level is at or above a downside threshold; otherwise, repayment is reduced one-for-one with NIKE’s decline and can fall to zero.
The notes mature on February 18, 2027, have a minimum investment of $1,000 (100 notes at $10 each), and an estimated initial value of $9.87 per note, below the issue price. All payments depend on UBS’s creditworthiness, so a UBS default could result in total loss.
UBS AG is offering $240,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Salesforce, Inc., maturing on February 18, 2028. These unsecured debt notes pay a contingent coupon only when Salesforce’s closing share price on a quarterly observation date is at or above a preset coupon barrier.
The notes can be called early if Salesforce’s price on any observation date (starting after six months) is at or above the initial level. In that case, investors receive the $10 principal per Note plus the applicable contingent coupon, and the notes terminate. If the notes run to maturity and the final stock level is at or above the downside threshold (illustrated as 60% of the initial level), investors receive full principal back, plus a final contingent coupon if the coupon barrier is also met.
If the notes are not called and the final level is below the downside threshold, repayment is reduced in line with the stock’s percentage loss, so investors can lose most or all of their investment. An example uses a 14.20% per annum contingent coupon rate and shows a severe loss when the final level is 60% below the initial level. All payments depend on UBS’s creditworthiness, and the estimated initial value is $9.79 per $10 Note, reflecting UBS’s internal pricing and funding.
UBS AG is offering $245,000 of Trigger Autocallable Contingent Yield Notes linked to Western Digital Corporation common stock, each with a $10 principal amount. These unsecured, unsubordinated notes run from a trade date of February 13, 2026 to a maturity date of February 20, 2029.
Investors receive a high contingent coupon at a rate of 28.10% per annum only if, on each observation date, Western Digital’s share price is at or above a preset coupon barrier, initially illustrated as 50% of the initial level. UBS will automatically call the notes early and return principal plus the contingent coupon if the stock closes at or above the initial level on any observation date before maturity.
If the notes are not called and the final share price is at or above the downside threshold (also illustrated at 50% of the initial level), principal is repaid and any final contingent coupon may be paid. If the final share price is below the downside threshold, repayment is reduced in line with the stock’s loss, and investors can lose all of their investment. Payments depend entirely on UBS’s credit, the estimated initial value is $9.62 per $10 note, the minimum investment is $1,000, and the notes will not be listed on any exchange.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Salesforce, Inc., maturing around February 18, 2028. These unsecured notes can pay quarterly contingent coupons only when Salesforce’s share price is at or above a specified coupon barrier on each observation date.
The notes may be automatically called after six months if Salesforce’s stock closes at or above the initial level on an observation date, in which case investors receive principal plus any due coupon and the product terminates early. If not called, principal is repaid at maturity only if the final stock level is at or above a downside threshold; otherwise, repayment is reduced in line with the stock’s decline, and investors can lose all of their investment. All payments depend on UBS’s creditworthiness, and the notes are not listed on any exchange, with a minimum investment of 100 notes at $10 each.
UBS AG is offering $865,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp., maturing on February 18, 2028. These unsecured notes pay a contingent coupon only when Vistra’s closing level on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.
The notes may be called early on bimonthly observation dates starting after six months if Vistra’s closing level is at or above the initial level, in which case investors receive the principal plus any due coupon and the product terminates. If the notes are not called and Vistra’s final level on the valuation date is at or above the downside threshold, investors receive full principal at maturity.
If the notes are not called and Vistra’s final level is below the downside threshold, repayment is reduced in line with the share’s percentage decline, and investors can lose all of their investment. All payments depend on UBS’s credit, the notes will not be listed, are sold in $10 denominations with a $1,000 minimum, and have an estimated initial value of $9.77 per $10 note.
UBS AG is offering $800,000 of Trigger Autocallable Contingent Yield Notes linked to Centene Corporation common stock, maturing on February 18, 2028. The Notes are unsecured UBS debt, issued in $10 denominations with a minimum investment of 100 Notes ($1,000).
Investors receive a contingent coupon, illustrated at 17.67% per annum ($0.2945 per $10 note per period), only when Centene’s closing level on an observation date is at or above the coupon barrier, set at $65.00 (65% of the initial level). The Notes are autocallable bimonthly, starting about four months after the trade date, if Centene’s price is at or above the initial level, returning principal plus the due coupon and ending further payments.
If not called, and the final level on February 16, 2028 is at or above the downside threshold of $65.00, investors receive full principal back (plus any final coupon). If the final level is below the downside threshold, repayment is reduced in line with Centene’s decline, and investors can lose most or all of their investment. The estimated initial value is $9.78 per $10 note, the Notes will not be listed on any exchange, and all payments depend on UBS’s creditworthiness.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp, maturing around February 18, 2028. These unsecured notes pay a contingent coupon only when Vistra’s share price on an observation date is at or above a coupon barrier.
The notes auto-call bimonthly, starting after six months, if Vistra’s stock is at or above the initial level, returning the $10 principal per note plus any due coupon, with no further payments. If not called and the final stock level is at or above a downside threshold, investors receive principal back; below that threshold, repayment is reduced in line with the stock’s decline and can fall to zero.
Example terms show an 18.42% per annum contingent coupon (about $0.307 per period) and a $65 downside threshold and coupon barrier, equal to 65% of the initial level. The minimum investment is 100 notes ($1,000). The estimated initial value is expected between $9.38 and $9.63 per note, and the notes are not listed. All payments depend on UBS’s creditworthiness, so a UBS default could result in a total loss.
UBS AG is offering $500,000 in Trigger Autocallable Contingent Yield Notes linked to Humana Inc. common stock, maturing on February 18, 2027. These unsecured, unsubordinated notes pay a contingent coupon only when Humana’s share price is at or above a set coupon barrier on observation dates.
The notes can be called early if Humana’s stock closes at or above the initial level on any observation date, returning principal plus the due coupon, after which no further payments are made. If the notes are not called and the final share price is below the downside threshold, investors suffer losses matching Humana’s percentage decline and can lose their entire investment.
An example term set shows an annual contingent coupon rate of 18.87%, with both the downside threshold and coupon barrier at 60% of the initial level. The issue price is $10 per note, with an estimated initial value of $9.85, and all payments depend on UBS’s creditworthiness.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Centene Corporation, maturing on or about February 18, 2028. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC insured.
The notes pay a contingent coupon only if, on each observation date, Centene’s share price is at or above a specified coupon barrier. UBS will automatically call the notes early if the share price is at or above the initial level on any bimonthly observation date after four months, repaying principal plus any due coupon.
If the notes are not called and Centene’s final share price is at or above a downside threshold, investors receive back the $10 principal per note at maturity. If the final share price is below the downside threshold, repayment is reduced in line with the stock’s negative return, and investors can lose all of their investment. The minimum investment is 100 notes at $10 each, and the estimated initial value per note is between $9.40 and $9.65, based on UBS internal pricing models. All payments depend on UBS’s creditworthiness.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Humana Inc., maturing on or about February 18, 2027. These are unsubordinated, unsecured debt obligations of UBS, not listed on any exchange and not FDIC insured.
Investors receive contingent coupons only if Humana’s share price on each observation date is at or above a preset coupon barrier. The notes are automatically called if Humana closes at or above the initial level on any observation date before maturity, returning principal plus that period’s coupon.
If the notes are not called and Humana’s final level is below a downside threshold, repayment is reduced in line with the stock’s decline, and all principal can be lost. Payments depend entirely on UBS’s creditworthiness. The minimum investment is 100 notes at $10 each, and the estimated initial value per note is between $9.47 and $9.72.
UBS AG is offering $500,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of Starbucks Corporation, maturing on February 18, 2027. These are unsubordinated, unsecured UBS debt obligations.
Investors receive contingent coupons only when Starbucks’ stock closes at or above a coupon barrier on scheduled observation dates. The notes are automatically called early if the stock closes at or above the initial level on any observation date before maturity, returning principal plus the applicable coupon, with no further payments.
If not called and the final stock level is at or above a downside threshold, principal is repaid at maturity, potentially with a final coupon. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose all principal. Payments depend on UBS’s credit; the notes are not insured, will not be listed on an exchange, require a $1,000 minimum investment, and have an estimated initial value of $9.88 per $10 note.
UBS AG plans to issue Trigger Autocallable Contingent Yield Notes linked to the common stock of Starbucks Corporation, maturing on or about February 18, 2027. These are unsecured debt obligations of UBS, not bank deposits and not FDIC insured.
Investors receive a contingent coupon only if Starbucks’ stock closes at or above a specified coupon barrier on each observation date. The notes are automatically called early if the stock closes at or above the initial level on any observation date before the final valuation date, returning principal plus the applicable contingent coupon.
If the notes are not called and the final stock level is at or above the downside threshold, UBS repays the $10 principal per note at maturity. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose some or all of their investment. The preliminary supplement highlights significant risk and that all payments depend on UBS’s creditworthiness. Notes are offered in minimum investments of 100 notes at $10 each, with an estimated initial value between $9.51 and $9.76 per note.
UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Dollar General Corporation, maturing on February 17, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes.
Investors receive a contingent coupon only if Dollar General’s closing level on an observation date is at or above a preset coupon barrier; otherwise, no coupon is paid for that period. The Notes are automatically called before maturity if the stock closes at or above its initial level on any observation date, returning principal plus any due coupon, with no further payments.
If the Notes are not called and Dollar General’s final level is at or above the downside threshold, UBS repays principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose all of their initial investment. Payments depend entirely on UBS’s credit, and the Notes will not be listed. UBS estimates the initial value at $9.71 per $10 Note, reflecting internal pricing and funding.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Class C capital stock of Alphabet Inc., maturing on February 17, 2027. These are unsecured, unsubordinated debt obligations of UBS with performance tied to Alphabet’s share price.
Investors receive a contingent coupon only if Alphabet’s closing level on each observation date is at or above a coupon barrier, illustrated at 70% of the initial level, with an example contingent coupon rate of 9.66% per annum or $0.2415 per $10 note per quarter.
The notes are automatically called early if Alphabet’s level on any observation date before maturity is at or above the initial level, paying back principal plus the applicable contingent coupon and ending further payments. If not called, and Alphabet’s final level is at or above the downside threshold, principal is repaid at maturity, plus any final contingent coupon if the coupon barrier is met.
If the notes are not called and Alphabet’s final level is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose most or all of their initial investment. Any payment depends on UBS’s creditworthiness, the notes will not be listed on an exchange, and secondary trading may be limited. The minimum investment is $1,000 (100 notes at $10 each), and the estimated initial value per note is $9.79, reflecting UBS’s internal pricing and funding costs.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of three underlying assets: the SPDR S&P Regional Banking ETF (KRE), the Nasdaq-100 Technology Sector Index (NDXT) and the Energy Select Sector SPDR ETF (XLE). Each $1,000 Note pays a contingent coupon at a rate of 12.70% per annum (paid monthly as $10.5833) only if, on each observation date, the closing level of every underlying is at or above its coupon barrier, set at 70% of its initial level.
The Notes mature in about three years and are issuer callable monthly after six months; if called, holders receive principal plus any due coupon, and the product terminates. If not called and each final level is at or above its downside threshold (50% of initial), investors receive full principal at maturity; if any final level is below its threshold, repayment is reduced 1:1 with the worst performer and can drop to zero. Payments depend entirely on UBS’s credit and the Notes will not be listed, may pay few or no coupons, and can result in a significant or total loss of principal.
UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of NVIDIA Corporation (NVDA), due on or about February 23, 2029. Each Note has a $1,000 issue price and pays a 14.10% per annum contingent coupon only when NVIDIA’s closing level on an observation date is at or above the coupon barrier, which is set at 60.00% of the initial level.
The Notes can be automatically called quarterly (beginning after 6 months) if NVIDIA’s level is at or above the call threshold of 100.00% of the initial level, returning principal plus due and unpaid contingent coupons. If not called and the final level is below the downside threshold of 60.00% of the initial level, investors incur a loss matching NVIDIA’s percentage decline and could lose their entire investment. The estimated initial value is expected between $941.10 and $971.10 per Note, reflecting underwriting compensation of $15.00 and other costs, and all payments depend on the creditworthiness of UBS.