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 Amazon.com, Inc., maturing on or about February 2, 2027. These unsecured debt notes pay contingent coupons only when Amazon’s closing level on an observation date is at or above a coupon barrier.
The notes are automatically called early if Amazon’s closing level on any observation date before maturity is at or above the initial level, paying back principal plus the applicable contingent coupon, with no further payments. If not called and the final level is at or above a downside threshold, investors receive only principal at maturity.
If the notes are not called and the final level is below the downside threshold, investors receive less than principal, with losses matching Amazon’s percentage decline and potential total loss of the initial investment. All payments depend on UBS’s credit. The notes are not listed, have a minimum investment of 100 notes at $10 each, and an estimated initial value between $9.44 and $9.69 per note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the iShares Silver Trust ETF, maturing August 3, 2026. The notes pay a contingent coupon only when the ETF’s closing level on an observation date is at or above a coupon barrier, set at 60% of the initial level in the examples. The notes are automatically called early if the ETF is at or above its initial level on any observation date before maturity, returning principal plus the applicable coupon and ending the investment. If not called and the final level is at or above the downside threshold, investors receive full principal back; if it is below, repayment is reduced in line with the ETF’s decline, and all principal can be lost. Payments depend entirely on UBS’s credit, with an estimated initial value of $9.57 for each $10 note and a minimum investment of $1,000.
UBS AG plans to issue Trigger Autocallable Contingent Yield Notes linked to the iShares Silver Trust ETF, maturing on or about August 3, 2026. These unsecured notes pay contingent coupons only when the ETF closes at or above a preset coupon barrier on observation dates.
The notes are automatically called early if the ETF is at or above the initial level on any observation date before maturity, returning principal plus the due coupon. If not called and the final level is below the downside threshold, repayment is reduced in line with the ETF’s decline, and investors could lose their entire investment.
The notes are subject to UBS’s credit risk, will not be listed on any exchange, require a minimum purchase of 100 notes at $10 each, and have an estimated initial value between $9.33 and $9.58 per note.
UBS AG is offering $225,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation, maturing on February 2, 2029. These are unsecured, unsubordinated debt obligations of UBS, not traditional bonds.
Investors receive quarterly contingent coupons only when Microsoft’s share price is at or above a specified coupon barrier on each observation date. The notes are automatically called early if Microsoft’s share price is at or above the initial level on any quarterly observation after six months, returning principal plus the applicable coupon.
If the notes are not called and Microsoft’s final share price is at or above the downside threshold at maturity, investors receive full principal back (plus any final coupon). If the final price is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose all of their initial investment. All payments depend on UBS’s creditworthiness, and the notes are described as significantly riskier than conventional debt, with no exchange listing and limited liquidity.
UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to Vistra Corp common stock, maturing on February 2, 2028. These unsecured notes can pay a high contingent coupon only when Vistra’s share price on an observation date is at or above a preset coupon barrier.
The notes may be called early if Vistra’s stock closes at or above the initial level on any observation date, in which case investors receive $10 per Note plus the due coupon and no further payments. If the notes are not called and Vistra’s final share price is at or above the downside threshold, principal is repaid; if it is below the threshold, repayment is reduced in line with the stock’s decline, up to a total loss.
The example terms show a 21.83% per annum contingent coupon (about $0.5458 per quarter on a $10 Note), with both the downside threshold and coupon barrier at 70% of the initial level. The estimated initial value is $9.72 per $10 Note. All payments depend on UBS’s credit, and the notes will not be listed, with a minimum investment of 100 Notes.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation, maturing on or about February 2, 2029. These are unsecured debt obligations of UBS, not bank deposits and not FDIC insured.
Investors receive a contingent coupon only if Microsoft’s share price on a quarterly observation date is at or above a preset coupon barrier; otherwise no coupon is paid. The notes may be automatically called after six months if Microsoft closes at or above the initial level, in which case investors receive principal plus the applicable coupon and the notes terminate early.
If the notes are not called and Microsoft’s final level is at or above a downside threshold, investors receive full principal at maturity, plus any final contingent coupon. If the final level is below the downside threshold, repayment is reduced in line with Microsoft’s decline, and investors can lose all of their initial investment. The notes are offered in minimum denominations of $10 per note, with a minimum investment of 100 notes, and the estimated initial value is between $9.44 and $9.69 per note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp., with a scheduled maturity on or about February 2, 2028. These unsecured, unsubordinated debt obligations pay a contingent coupon only if Vistra’s share price on each observation date is at or above a preset coupon barrier.
The Notes may be automatically called before maturity if Vistra’s stock closes at or above the initial level on any observation date (other than the final one), in which case investors receive principal plus the applicable contingent coupon and the Notes terminate. If the Notes are not called and the final stock level is at or above the downside threshold, investors receive only the principal back at maturity.
If the Notes are not called and the final stock level is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose some or all of their initial investment. All payments depend on the creditworthiness of UBS. The Notes will not be listed, require a minimum purchase of 100 Notes at $10 each, and have an estimated initial value between $9.42 and $9.67 per Note.
UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to Oracle Corporation common stock, maturing on February 2, 2028. These market-linked notes pay a high contingent coupon only when Oracle’s share price is at or above a preset coupon barrier on each observation date.
The notes can be automatically called early if Oracle’s stock closes at or above the initial level on any observation date, in which case investors receive principal plus the applicable contingent coupon and the notes terminate. If not called, and Oracle’s final level is at or above a downside threshold, principal is repaid at maturity; if it falls below that threshold, repayment is reduced in line with Oracle’s percentage decline and can fall to zero, creating full downside market risk.
All payments depend on UBS’s creditworthiness, and the notes are unsecured, unsubordinated obligations that will not be listed on any exchange. The issue price is $10 per note, with an estimated initial value of $9.74 based on UBS’s internal models.
UBS AG is offering $175,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, maturing on February 2, 2028. Each Note has a $10 principal amount and a minimum investment of 100 Notes.
The Notes pay a 15.15% per annum contingent coupon (about $0.3788 per quarter per $10 Note) only if Constellation’s share price on an observation date is at or above a coupon barrier set at 60% of the initial level. The same 60% level is the downside threshold.
Beginning about six months after issuance, the Notes are automatically called if Constellation’s share price on a quarterly observation date is at or above the initial level. In that case, holders receive the $10 principal plus the applicable contingent coupon, and the product terminates early.
If the Notes are not called and, on the final valuation date of January 31, 2028, Constellation’s share price is at or above the downside threshold, investors receive their $10 principal plus the final contingent coupon. If it is below the downside threshold, repayment is $10 × (1 + underlying return), matching the stock’s percentage loss and potentially resulting in a total loss of principal.
The estimated initial value is $9.73 per $10 Note, reflecting UBS’s internal pricing models and funding rate. Payments depend entirely on UBS’s credit; a UBS default could result in losing the entire investment. The Notes will not be listed on any exchange, and secondary liquidity is not assured.
UBS AG is offering $206,000 of Trigger Autocallable Contingent Yield Notes linked to Micron Technology common stock, maturing February 2, 2028. These unsecured debt notes pay a high contingent coupon only when Micron’s share price on an observation date is at or above a coupon barrier.
If Micron’s stock closes at or above the initial level on any observation date before maturity, the notes are automatically called, and investors receive the principal plus the contingent coupon, with no further payments. If the notes are not called and Micron’s final share price is at or above the downside threshold, investors receive full principal back, plus a final coupon if the barrier is met.
If the notes are not called and Micron’s final share price is below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and investors can lose all of their investment. The contingent coupon rate in the example is 25.84% per year, the notes are not listed on any exchange, and UBS estimates the initial value at $9.76 per $10 note, with all payments subject to UBS’s creditworthiness.
UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to Oracle Corporation common stock, maturing February 2, 2029. These unsubordinated, unsecured debt obligations pay a contingent coupon only when Oracle’s closing level on an observation date is at or above a preset coupon barrier.
The notes may be automatically called quarterly, beginning after six months, if Oracle’s closing level is at or above the initial level. In that case, investors receive the $10 principal per note plus any due coupon, and the notes terminate early.
If the notes are not called and Oracle’s final level on January 31, 2029 is at or above the downside threshold, UBS repays the $10 principal per note. If the final level is below the downside threshold, repayment is reduced in line with Oracle’s percentage decline, and investors can lose their entire investment. All payments depend on UBS’s credit, the notes are not listed, the minimum investment is 100 notes ($1,000), and the estimated initial value is $9.67 per $10 note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on or about February 2, 2028. These unsecured debt notes pay a contingent coupon only if Oracle’s closing level on each observation date, including the final valuation date, is at or above a preset coupon barrier.
The notes are subject to an automatic call if Oracle’s level on any observation date before maturity is at or above the initial level; in that case investors receive the principal plus the applicable contingent coupon and the notes terminate early. If not called and Oracle’s final level is at or above the downside threshold, investors receive only the principal at maturity.
If the notes are not called and Oracle’s final level is below the downside threshold, repayment is reduced in line with the percentage decline in Oracle, and investors can lose their entire investment. Payments depend on UBS’s credit. The minimum investment is 100 notes at $10 each, and the estimated initial value per note is expected between $9.44 and $9.69.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on February 2, 2029. These are unsubordinated, unsecured debt obligations of UBS, not bank deposits and not FDIC insured.
Investors receive a contingent coupon only if NVIDIA’s closing level on an observation date is at or above a preset coupon barrier. The notes can be automatically called early if the stock closes at or above its initial level on any observation date before maturity, in which case UBS repays principal plus the applicable coupon and the notes terminate.
If the notes are not called and NVIDIA’s final level is at or above the downside threshold, UBS repays the $10 principal per note 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 could lose their entire investment.
The minimum investment is 100 notes at $10 per note. The estimated initial value is $9.67 per note, based on UBS internal models and funding rate. All payments depend on UBS’s creditworthiness; a UBS default could result in loss of all amounts due.
UBS AG is offering $200,000 of Trigger Autocallable Contingent Yield Notes linked to Amazon.com, Inc. common stock, maturing on February 2, 2029. These unsecured notes pay a contingent coupon only when Amazon’s closing level on an observation date is at or above a preset coupon barrier.
The notes are automatically called early if Amazon’s closing level on any observation date before maturity is at or above the initial level, returning principal plus the due coupon, with no further payments. If not called, investors receive full principal at maturity only if the final level is at or above the downside threshold; otherwise, repayment is reduced in line with Amazon’s decline, and the entire investment can be lost.
All payments, including any coupon and principal, depend on UBS’s credit. The notes are not listed, require a minimum investment of 100 notes at $10 each, and have an estimated initial value of $9.71 per note, reflecting UBS’s internal pricing and funding.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, maturing on or about February 2, 2028. These are unsecured UBS debt obligations, not bank deposits and not FDIC insured.
The Notes can pay quarterly contingent coupons only when the stock closes at or above a preset coupon barrier on each observation date. They may be automatically called on any quarterly observation date after six months if the stock closes at or above its initial level, in which case holders receive principal plus the applicable coupon and the Notes terminate.
If the Notes are not called and the final stock level is at or above the downside threshold (illustratively 60% of the initial level), UBS repays the $10 principal per Note, plus any final coupon. If the final level is below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and principal losses can reach 100%.
The example terms show a 14.04% per annum contingent coupon rate (about $0.351 per quarter on a $10 Note) and minimum investment of 100 Notes ($1,000). The estimated initial value is expected between $9.39 and $9.64 per $10 Note, reflecting UBS’ internal funding and pricing. Any payment depends entirely on UBS’ creditworthiness, and the Notes will not be listed on any exchange.
UBS AG is offering $100,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on February 2, 2029. These are unsecured, unsubordinated debt obligations of UBS.
Investors receive a contingent coupon only if Oracle’s closing share price on an observation date is at or above a preset coupon barrier. The notes can be automatically called quarterly after 6 months if Oracle’s price is at or above the initial level, returning principal plus any due coupon, with no further payments.
If the notes are not called and Oracle’s final level is at or above the downside threshold (60% of the initial level in the examples), UBS repays the $10 principal per Note, plus any final coupon. If the final level is below the downside threshold, repayment is reduced in line with Oracle’s percentage decline, and investors can lose up to 100% of principal.
The example terms include an annual contingent coupon rate of 18.37%, a downside threshold and coupon barrier each at 60% of the initial level, and a minimum investment of 100 Notes at $10 each. All payments depend on UBS’s creditworthiness, 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 Micron Technology, Inc., maturing around February 2, 2028. These are unsecured, unsubordinated debt obligations of UBS issued under an existing prospectus and product supplement.
The Notes can pay contingent coupons only if Micron’s share price on scheduled observation dates is at or above a preset coupon barrier. They are automatically called early if Micron’s price on any observation date before maturity is at or above the initial level, in which case investors receive principal plus the applicable coupon and no further payments.
If the Notes are not called and Micron’s final share price is at or above the downside threshold, investors receive only principal (plus any final contingent coupon). If it is below the downside threshold, repayment is reduced in line with Micron’s decline, and the entire principal can be lost. Payments depend entirely on UBS’s credit, the Notes will not be listed on an exchange, and the estimated initial value per $10 Note is between $9.41 and $9.66.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on or about February 2, 2029. These unsecured debt notes pay a contingent coupon only when Oracle’s closing level on an observation date is at or above a coupon barrier.
The notes may be automatically called quarterly, beginning after six months, if Oracle’s level is at or above the initial level, returning principal plus any due coupon. If not called and Oracle’s final level is at or above the downside threshold, investors receive principal at maturity; if below, repayment is reduced in line with Oracle’s decline and can result in a total loss. All payments depend on UBS’s creditworthiness.
UBS AG is offering $524,000 of Trigger Autocallable Contingent Yield Notes linked to Netflix, Inc. common stock, maturing February 2, 2029. The notes pay a contingent coupon only if Netflix’s share price on each quarterly observation date is at or above a set coupon barrier.
The notes are automatically called early if Netflix’s stock closes at or above the initial level on any quarterly observation date after six months, in which case investors receive principal plus the applicable coupon and the product terminates. If not called, and the final stock 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 the share price decline, and the entire investment can be lost. The notes are unsecured obligations of UBS, are not listed, have an estimated initial value of $9.77 per $10 note, and require a minimum $1,000 purchase.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on or about February 2, 2029. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC insured.
Investors receive a contingent coupon only if NVIDIA’s closing level on an observation date is at or above a preset coupon barrier. The notes can be automatically called early if NVIDIA’s level on any observation date (before the final valuation date) is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and the notes terminate.
If the notes are not called and NVIDIA’s final level on January 31, 2029 is at or above a defined downside threshold, UBS repays principal at maturity (and pays the final contingent coupon if the coupon barrier is also met). If the final level is below the downside threshold, repayment is reduced in line with NVIDIA’s percentage decline, and investors can lose all of their investment. Any payment depends on UBS’s creditworthiness. The notes are expected to settle on February 2, 2026, are not exchange‑listed, have a minimum investment of 100 notes at $10 per note, and have an estimated initial value between $9.36 and $9.61 per note.
UBS AG is offering preliminary Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., maturing on or about February 2, 2029. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC insured.
The notes can pay periodic contingent coupons, but only if Amazon’s closing share price on each observation date is at or above a specified coupon barrier. 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 the principal plus any due contingent coupon, with no further payments.
If the notes are not called and Amazon’s final share price is at or above a downside threshold, investors receive only the principal at maturity (plus any final contingent coupon if the coupon barrier is met). If the final price is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose some or all of their initial investment. All payments depend on the creditworthiness of UBS.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, each with a $10 principal amount and a minimum investment of 100 Notes. These unsecured debt securities pay a contingent coupon only when Oracle’s closing level on an observation date is at or above a preset coupon barrier.
The Notes may be automatically called quarterly, beginning after 6 months, if Oracle’s level is at or above the initial level, in which case investors receive principal plus any due contingent coupon and no further payments. If not called, and Oracle’s final level on January 31, 2029 is at or above the downside threshold, investors receive full principal; if it is below the downside threshold, repayment is reduced in line with Oracle’s percentage decline, and all principal can be lost. All payments depend on UBS’s creditworthiness, and the Notes will not be listed on any exchange. The estimated initial value per Note is expected between $9.37 and $9.62.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc., maturing on or about February 2, 2029. Each Note has a principal amount of $10, with a minimum investment of 100 Notes ($1,000).
The Notes pay a contingent coupon only when Netflix’s closing stock price on an observation date is at or above a coupon barrier (illustrated at $63.00, 63% of the initial level). The Notes may be automatically called quarterly, beginning after 6 months, if the stock closes at or above the initial level.
If not called, and the final Netflix level is at or above the downside threshold (also illustrated at $63.00), investors receive the $10 principal at maturity plus any 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. All payments depend on the creditworthiness of UBS. The estimated initial value per Note is expected between $9.40 and $9.65.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The Notes pay a contingent coupon only when AMD’s closing price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid.
The Notes can be automatically called early if AMD’s closing price on any observation date before maturity is at or above the initial level. In that case, investors receive the principal plus the applicable contingent coupon, and the Notes terminate.
If the Notes are not called and AMD’s final price is at or above the downside threshold at maturity, investors receive full principal back (and a final coupon if AMD is also above the coupon barrier). If AMD ends below the downside threshold, repayment is reduced in line with AMD’s percentage decline, and investors can lose all of their investment.
The term runs from a trade date of January 29, 2026 to a maturity date of February 2, 2028. The Notes are unsecured, unsubordinated obligations of UBS, not listed on any exchange, have a minimum investment of 100 Notes at $10 each, and an estimated initial value of $9.74 per Note. All payments depend on UBS’s creditworthiness.
UBS AG is issuing Trigger Autocallable Contingent Yield Notes linked to Expedia Group common stock, maturing on February 2, 2028. The notes are unsecured UBS debt and pay contingent coupons only when Expedia’s closing price on an observation date is at or above a coupon barrier.
The notes can be automatically called quarterly (after 6 months) if Expedia’s price is at or above the initial level, returning principal plus any due coupon but ending future payments. If not called and Expedia finishes below a downside threshold at maturity, repayment is reduced in line with the stock’s decline and can fall to zero.
The example terms show a $10 denomination, a contingent coupon rate of 13.66% per annum and an estimated initial value of $9.74 per note. The minimum investment is 100 notes ($1,000). Payments depend on both Expedia’s share performance and UBS’s creditworthiness, and the notes will not be listed on any exchange.
UBS AG is offering $250,000 of Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation common stock, maturing on February 2, 2028. These are unsecured debt obligations that pay coupons only if NVIDIA’s share price is at or above a preset coupon barrier on quarterly observation dates.
The notes may be automatically called after six months if NVIDIA’s price is at or above the initial level on any observation date, in which case investors receive principal plus the applicable coupon and no further payments. If the notes are not called and NVIDIA’s final level is at or above a downside threshold, principal is repaid at maturity; if it is below that threshold, repayment is reduced in line with NVIDIA’s decline and up to the entire principal can be lost.
The notes are subject to UBS credit risk, are not listed on any exchange, and have an estimated initial value of $9.76 per $10 note. The minimum investment is 100 notes at $10 each, with trade date January 29, 2026 and settlement on February 2, 2026.
UBS AG is offering trigger autocallable contingent yield notes linked to the common stock of Advanced Micro Devices, Inc., combining conditional income with substantial downside market and credit risk.
Investors receive a contingent coupon on each observation date only if AMD’s share price is at or above a preset coupon barrier; otherwise no coupon is paid. The notes auto-call before maturity if AMD closes at or above the initial level on any observation date, returning principal plus that period’s coupon and ending the investment. If not called, principal is repaid at maturity only if AMD’s final level is at or above a downside threshold; below that level, repayment is reduced in line with AMD’s decline and can fall to zero. The notes are unsecured obligations of UBS, are not listed, require a minimum purchase of 100 notes at $10 each, and have an estimated initial value between $9.44 and $9.69 per note.
UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation, maturing February 2, 2027. The Notes pay contingent coupons only when Microsoft’s closing share price on an observation date is at or above a preset coupon barrier.
The Notes can be called early if Microsoft’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the $10 principal per Note plus any due coupon, and the Notes terminate. If not called and the final share price is at or above a downside threshold, principal is repaid at maturity.
If the Notes are not called and Microsoft’s final share price is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose all of their investment. All payments depend on UBS’s credit, the Notes are not listed on an exchange, and the minimum investment is 100 Notes at $10 each.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on or about February 2, 2028. These are unsubordinated, unsecured debt obligations of UBS.
The notes may pay a contingent quarterly coupon only when NVIDIA’s share price on an observation date is at or above a preset coupon barrier. They can be automatically called after six months if NVIDIA’s price is at or above the initial level, in which case holders receive principal plus any due coupon and the notes terminate early.
If the notes are not called and NVIDIA’s final level is at or above a downside threshold at maturity, investors receive full principal back (and a final coupon if the barrier is met). If the final level is below the downside threshold, repayment is reduced in line with NVIDIA’s decline, and investors can lose all of their investment. Payments depend entirely on UBS’s credit, the notes are not insured, will not be listed on an exchange, and are offered in minimum denominations of 100 notes at $10 per note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Expedia Group, Inc., maturing on or about February 2, 2028. These are unsecured, unsubordinated debt obligations of UBS, documented in a preliminary pricing supplement under a registered program.
Holders may receive quarterly contingent coupons only when the Expedia share price on an observation date is at or above a specified coupon barrier. The notes can be called early if the share price is at or above the initial level on any observation date after six months, in which case UBS repays principal plus the applicable coupon and the product terminates.
If the notes are not called and Expedia’s final share level is at or above a downside threshold, investors receive full principal at maturity. If the final level is below that threshold, repayment is reduced in line with the share’s percentage decline, and all principal can be lost. The notes are sold in minimums of 100 notes at $10 each, and the estimated initial value per note on the trade date is expected to range between $9.40 and $9.65, reflecting UBS’ internal pricing and funding.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation, maturing on or about February 2, 2027. These unsecured debt obligations pay contingent coupons only when Microsoft’s share price on an observation date is at or above a preset coupon barrier.
The notes are automatically called early if Microsoft’s stock closes at or above the initial level on any observation date before maturity, returning principal plus the applicable coupon. If not called, investors receive full principal only if the final stock level is at or above a downside threshold; otherwise they absorb the full percentage loss in the stock and can lose their entire investment. The notes are unlisted, subject to UBS credit risk, require a minimum purchase of 100 notes at $10 each, and have an estimated initial value between $9.39 and $9.64 per note.
UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the Class C stock of Alphabet Inc., providing contingent coupons and potential early redemption based on Alphabet’s share performance.
Coupons are paid only when Alphabet’s closing level on an observation date is at or above a coupon barrier. The notes are automatically called if Alphabet’s level on any observation date before maturity is at or above the initial level, returning principal plus the due coupon and ending the investment.
If not called, principal is repaid at maturity only if the final level is at or above a downside threshold; otherwise repayment is reduced in line with Alphabet’s decline and can fall to zero. Payments depend on UBS’s credit, the notes are not listed, the minimum investment is 100 notes at $10 each, and the estimated initial value is $9.74 per note.
UBS AG is offering $1,550,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to AST SpaceMobile, Inc. common stock. These unsecured notes pay a 30.80% per annum contingent coupon ($77 per $1,000) only if ASTS closes at or above the coupon barrier on quarterly observation dates.
The notes can be automatically called after six months if ASTS is at or above the $121.23 call threshold (100% of the initial level), returning principal plus due and unpaid coupons. If not called and the final ASTS level is at or above the $60.62 downside threshold (50% of the initial level), investors receive full principal back.
If the notes are not called and ASTS finishes below the downside threshold, repayment is reduced one-for-one with the share price decline, and principal losses can reach 100%. The estimated initial value is $945 per $1,000 note, the notes will not be listed, and all payments depend on UBS’s creditworthiness, with complex U.S. tax treatment.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst-performing of three ETFs: the SPDR® S&P® Regional Banking ETF (KRE), the Energy Select Sector SPDR® Fund (XLE) and the Real Estate Select Sector SPDR® Fund (XLRE). The Notes pay a contingent coupon at a rate of 14.75% per annum (about $12.2917 per $1,000 monthly) only if, on each monthly observation date, the closing level of every ETF is at or above its coupon barrier, set at 75% of its initial level. UBS may call the Notes in whole, but not in part, on any observation date starting after three months, returning principal plus any due coupon.
If the Notes are not called and, on the final valuation date, all ETFs are at or above their downside thresholds (60% of initial levels), investors receive full principal back. If any ETF finishes below its downside threshold, the maturity payment is reduced one-for-one with the decline of the worst ETF, and investors can lose all principal. The Notes are unsecured obligations of UBS AG, will not be listed on an exchange, and have an estimated initial value between $945.40 and $975.40 per $1,000 issue price.
UBS AG is offering preliminary Trigger Autocallable Notes linked to the least performing of Arista Networks (ANET), Moderna (MRNA) and Micron Technology (MU), issued by UBS AG London Branch. Each Note has a $1,000 principal amount and an expected term of about 3 years, from February 2026 to February 2029.
The Notes can be automatically called monthly after 12 months if, on any observation date, the closing level of each stock is, or has been, at or above its call threshold (100% of its initial level). If called, holders receive the principal plus a “call return” based on a 73.85% per annum call return rate, with the call price increasing the longer the Notes remain outstanding.
If the Notes are not called and on the final valuation date each stock is at or above its downside threshold (60% of its initial level), holders receive only the $1,000 principal back. If at least one stock finishes below its downside threshold, the maturity payment is $1,000 × (1 + underlying return of the least performing stock), which can result in substantial loss, up to a complete loss of principal.
The Notes pay no interest, provide no participation in stock price appreciation, and pay no dividends. All payments depend on UBS’s credit; if UBS defaults, holders could lose all amounts due. The estimated initial value per Note is expected to be between $951.80 and $981.80, reflecting internal pricing, costs and dealer compensation, and may differ from any secondary market price.
UBS AG is offering $1,730,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, maturing on December 31, 2027.
The notes pay a contingent coupon at a rate of 9.35% per annum ($7.7917 per $1,000 note per month) only if, on each monthly observation date, all three indices close at or above their coupon barriers, set at 70% of initial levels, which are also the downside thresholds. UBS may call the notes in whole, beginning after three months, paying principal plus any due coupon.
If the notes are not called and any index finishes below its downside threshold on the final valuation date, investors incur a loss matching the negative return of the worst-performing index and can lose their entire principal. All payments depend on UBS’s credit; the estimated initial value is $958.80 per $1,000 note, below the issue price, reflecting fees and hedging costs.
UBS AG is offering trigger autocallable notes linked to the least performing of the Russell 2000® Index and EURO STOXX 50® Index, maturing on or about February 14, 2031. Each note has a $1,000 principal amount and monthly observation dates beginning about six months after issuance.
The notes pay no interest or dividends. If on any observation date the closing level of each index is at or above its call threshold level, set at 100% of its initial level, the notes are automatically called and pay the call price, which equals principal plus a call return based on an 11.25% per annum call return rate that increases over time.
If the notes are not called and on the final valuation date the level of each index is at or above its downside threshold, set at 75% of its initial level, holders receive full principal back at maturity. If at least one index finishes below its downside threshold, the maturity payment is reduced dollar-for-dollar with the percentage loss of the least performing index, up to a total loss of principal.
The estimated initial value per note is expected between $935.30 and $965.30, below the $1,000 issue price, reflecting underwriting discount, hedging and other costs. Any payment depends on the creditworthiness of UBS; a UBS default could result in loss of all invested principal.
UBS AG is offering $2,758,000 of Digital MSCI EAFE® Index-Linked Medium-Term Notes due February 25, 2028. These unsecured notes pay no interest and their payoff depends on MSCI EAFE Index performance between January 27, 2026 and February 23, 2028.
For each $1,000 note, if the final index level is at or above 87.50% of the initial level of 3,061.23, holders receive a capped $1,149.00 (114.90% of face). If the index falls more than 12.50%, principal losses accelerate at about 1.1429% for each additional 1% decline, up to a total loss. The notes are not listed, carry UBS credit risk, and have an estimated initial value of $997.00 per $1,000 based on UBS internal models.
UBS AG is offering $6,392,000 of Trigger Callable Contingent Yield Notes, $1,000 each, linked to the least performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, maturing on August 2, 2027.
The notes pay a contingent coupon at an annual rate of 11.85% (monthly $9.875 per note) only if, on each monthly observation date, all three indices close at or above their coupon barriers, set at 70% of initial levels. UBS may call the notes in whole on any observation date starting after three months, repaying principal plus any due coupon.
If the notes are not called and, at final valuation, each index is at or above its downside threshold (also 70% of initial), 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 their entire investment. All payments depend on UBS’s credit, and the estimated initial value is $979.30 per $1,000 note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation. Each Note has a $1,000 principal amount, a term of about two years and pays a contingent coupon only when the stock closes at or above a preset coupon barrier on quarterly observation dates.
The notes can be automatically called early if the stock closes at or above a call threshold (100% of the initial level in the term sheet example), in which case investors receive principal plus the applicable contingent coupon and no further payments. If the notes are not called and the final stock level is at or above a downside threshold (50% of the initial level in the example), investors receive full principal back.
If the notes are not called and the final stock level is below the downside threshold, investors receive a fixed share delivery amount of Constellation Energy stock per Note instead of cash, which can result in a loss of a significant portion or all of the initial investment. The indicative minimum contingent coupon rate is at least 11.75% per annum, but coupons are not guaranteed. UBS estimates the initial value of each Note will be between $942.00 and $972.00, below the $1,000 issue price, and all payments are subject to UBS’s credit risk.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100 Index®, iShares® 20+ Year Treasury Bond ETF and Utilities Select Sector SPDR® Fund. Each Note has a $1,000 principal amount and a term of approximately five years, maturing on or about February 6, 2031.
The Notes pay a monthly contingent coupon at a rate of 10.00% per annum (about $8.3333 per month) only if, on each observation date, the closing level of every underlying asset is at or above its coupon barrier, set at 70% of its initial level. If any underlying is below its barrier, no coupon is paid for that month.
UBS may call the Notes in whole, but not in part, on any monthly observation date starting after three months, paying principal plus any due coupon; no further payments would be made. If the Notes are not called and the final level of every underlying is at or above its downside threshold, set at 60% of its initial level, investors receive full principal back at maturity.
If the Notes are not called and the final level of any underlying is below its downside threshold, repayment is reduced based on the negative return of the worst-performing underlying, and investors can lose a significant portion or all of their initial investment. All payments depend on the creditworthiness of UBS. The estimated initial value per Note is expected to be between $956.70 and $986.70, compared with the $1,000 issue price, reflecting underwriting discounts, hedging and issuance costs.
UBS AG is issuing Capped Leveraged Buffered MSCI EAFE® Index-Linked Medium-Term Notes with an aggregate face amount of $3,771,000, maturing on February 18, 2028. The notes pay no interest and all returns depend on the performance of the MSCI EAFE Index.
For each $1,000 face amount, holders receive 160% of any positive index return, capped at a maximum settlement amount of $1,248.32 (a 24.832% maximum gain). If the index falls up to 15% from the initial level of 3,061.23, principal is repaid in full at maturity.
If the index declines by more than 15%, losses are magnified: investors lose approximately 1.1765% of principal for every 1% drop below the 85% buffer level, and could lose their entire investment. The estimated initial value is $997.50 per $1,000, the notes are unsecured obligations of UBS, and there is no listing or assurance of a liquid secondary market.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices. The notes pay a 10.00% per annum contingent coupon, paid monthly, but only if each index is at or above 75% of its initial level on the relevant observation date.
UBS can call the notes in whole on any monthly observation date after six months, repaying the $1,000 principal per note plus any due coupon. If the notes are not called and, at maturity in February 2027, each index is at or above its 70% downside threshold, investors receive full principal back. If any index finishes below its downside threshold, repayment is reduced one‑for‑one with the worst index’s decline, and investors can lose all principal.
The notes are unsecured obligations of UBS, not insured deposits, will not be listed on any exchange, and involve significant market and credit risk. The estimated initial value is expected between $963.30 and $993.30 per $1,000 note, reflecting fees, hedging and UBS’s internal funding rate.
UBS AG is issuing $207,000 of Step Down Trigger Autocallable Notes linked to the Solactive U.S. Large Cap Volatility Navigator Index, maturing on January 31, 2036. These unsecured notes can be automatically called quarterly after 12 months if the index closes at or above a call threshold.
The call threshold equals 100% of the initial level (272.41) on interim dates and 60% of that level (the downside threshold of 163.45) on the final valuation date. If called, investors receive $1,000 plus a call return based on a 21.00% per annum rate, increasing the longer the notes remain outstanding.
If the notes are never called and the final index level is below the downside threshold, the maturity payment equals $1,000 × (1 + underlying return), exposing investors to full downside and potentially a total loss of principal. Payments depend entirely on UBS’s credit, and the notes will not be listed, with only limited expected secondary liquidity.
UBS AG is offering unsecured Trigger Autocallable Notes linked to the least performing of Capital One Financial, Interactive Brokers Group and Marvell Technology, with a principal amount of $1,000 per Note and a term of about three years.
The notes can be automatically called monthly after 12 months if each stock closes at or above its call threshold level, set at 100% of its initial level. If called, investors receive their principal plus a call return based on a 43.30% per annum call return rate, with higher payouts the longer the notes stay outstanding.
If the notes are not called and each final stock level is at or above 60% of its initial level, investors receive only their principal back at maturity. If any stock finishes below its 60% downside threshold, repayment is reduced one-for-one with the percentage loss of the worst-performing stock, and investors can lose all principal. The estimated initial value is expected between $955.60 and $985.60 per $1,000 note, and all payments depend on UBS’s credit; the notes pay no interest, pass through no dividends, will not be listed, and may have limited or no secondary market.
UBS AG is offering $4,182,000 of Trigger Callable Contingent Yield Notes linked to the worst performer of three sector exposures: the SPDR S&P Regional Banking ETF (KRE), the Nasdaq-100 Technology Sector Index (NDXT) and the Energy Select Sector SPDR Fund (XLE).
The notes pay a 15.10% per annum contingent coupon (about $12.5833 per $1,000 monthly) only if, on each monthly observation date, every underlying stays at or above 70% of its initial level. UBS can call the notes in whole after six months, returning principal plus any due coupon.
If the notes are not called and any underlying finishes below its 70% downside threshold at maturity, investors lose principal in line with the worst performer and can lose their entire investment. Payments also depend entirely on the creditworthiness of UBS as an unsecured senior issuer.
UBS AG is offering $539,000 of Buffer Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing in February 2029.
The Notes pay a 9.80% per annum contingent coupon ($8.1667 per month per $1,000) only if, on each monthly observation date, both indices close at or above their coupon barriers, set at 85% of initial levels (2,255.514 for Russell 2000 and 5,931.33 for S&P 500). UBS may call the Notes in whole on any observation date after 12 months, returning principal plus any due coupon.
If the Notes are not called and either index finishes below its downside threshold (also 85% of its initial level), investors lose principal based on the decline of the worst-performing index beyond the 15% buffer, and could lose almost all of their investment. The Notes are unsecured obligations of UBS, with an estimated initial value of $980.90 per $1,000, and carry both market and issuer credit risk.
UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to Flutter Entertainment plc common stock. The Notes pay a 10.55% per annum contingent coupon ($26.375 per quarter per $1,000) only if Flutter’s closing price on each observation date is at or above the coupon barrier of $108.37, equal to 65% of the $166.73 initial level.
The Notes can be automatically called quarterly after six months if Flutter closes at or above the call threshold of $166.73 (100% of the initial level), in which case investors receive principal plus any due and previously unpaid coupons and the Notes terminate. If not called and Flutter’s final level is at or above the $108.37 downside threshold, investors receive full principal at maturity in February 2029.
If the final level is below the downside threshold, repayment is reduced one-for-one with Flutter’s decline, and investors can lose all principal. The Notes are unsubordinated, unsecured UBS obligations, not insured by any government agency. The estimated initial value is $950.20 per $1,000 Note, lower than the issue price, and the Notes will not be listed, so secondary liquidity may be limited.
UBS AG is offering $1,983,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector and Russell 2000 Index, maturing in February 2029.
The notes pay a 10.55% per annum contingent coupon only when all three indices stay at or above 70% of their initial levels on monthly observation dates. UBS can call the notes after three months, repaying principal plus any due coupon. If held to maturity and any index finishes below 60% of its initial level, investors take a loss matching that index’s decline and can lose their entire principal. All payments depend on UBS’s creditworthiness.
UBS AG is offering Airbag Callable Contingent Yield Notes linked to the worst performer of the Nasdaq-100® Technology Sector Index and the S&P 500® Index, maturing on February 2, 2027, with a $1,000 principal amount per Note.
The Notes pay a contingent coupon of 12.00% per annum ($10.00 per month) only if, on each monthly observation date, both indices close at or above their coupon barriers, set at 85.00% of their initial levels. UBS may call the Notes in whole on any observation date beginning after three months, returning principal plus any due coupon.
If the Notes are not called and either index finishes below its downside threshold (also 85.00% of its initial level), repayment at maturity is reduced on a leveraged basis. Investors lose approximately 1.1765% of principal for each 1% decline in the worst-performing index beyond the 15.00% buffer, and can lose their entire investment. All payments depend on UBS’s credit; default by UBS could result in a total loss. The estimated initial value is between $961.50 and $991.50 per $1,000 Note.