ETRACS Alerian MLP Index ETN Series B due July 18, 2042 424B Filings

UBS AG is offering $541,000 of Capped Buffer Contingent Absolute Return Securities, issued in $1,000 denominations and linked to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index, maturing on July 30, 2027.

The notes offer upside exposure to the positive return of the least performing index, capped at an 11.00% maximum upside gain, plus a contingent “absolute return” on moderate declines up to 15.00%. Each index has a 15.00% buffer, with downside thresholds set at 85.00% of initial levels (49,003.41 for the Dow and 6,978.60 for the S&P 500). If the weaker index finishes below its threshold, investors lose principal in proportion to losses beyond the buffer and can lose almost all of their investment.

The securities pay no interest, do not provide dividends, and will not be listed on an exchange. All payments depend on UBS’s credit; the estimated initial value is $971.10 per $1,000 note, below the issue price, reflecting fees, hedging costs and UBS’s internal funding rate.

UBS AG is issuing $1,215,000 of Trigger Callable Contingent Yield Notes linked to the worst performer among the SPDR S&P Regional Banking ETF (KRE), Nasdaq-100 Technology Sector Index (NDXT) and Russell 2000 Index (RTY), maturing in February 2029.

The Notes pay a 12.80% per annum contingent coupon (about $10.6667 per $1,000 monthly) only when, on an observation date, each underlying is at or above its coupon barrier, set at 70% of its initial level. UBS may call the Notes in whole on any monthly observation date after three months, paying back principal plus any due coupon.

If not called and, at maturity, each underlying is at or above its downside threshold (60% of its initial level), investors receive full principal. If any final level is below its downside threshold, repayment is reduced dollar-for-dollar with the worst performer’s decline, and investors can lose their entire investment.

The Notes are unsecured obligations of UBS, exposed to UBS credit risk, will not be listed on an exchange, and have an estimated initial value of $980 per $1,000 issue price due to fees, hedging costs and UBS’s internal funding rate.

UBS AG is offering Trigger Callable Contingent Yield Notes with $12,881,000 total principal 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 30, 2027.

The Notes pay a 13.05% per annum contingent coupon, in monthly installments of $10.875 per $1,000 note, but only if on each observation date all three indices close at or above their coupon barriers set at 75.00% of initial levels. UBS can call the Notes in whole, beginning after three months, paying back principal plus any due coupon.

If the Notes are not called and each index finishes at or above its downside threshold of 70.00% of initial level, investors receive full principal at maturity. If any index ends below its downside threshold, repayment is reduced in line with the negative return of the worst-performing index, and investors could lose all principal.

The Notes are unsecured obligations of UBS, subject to its credit risk, will not be listed on any exchange and may have limited or no secondary market. The estimated initial value is $978.90 per $1,000 note, reflecting dealer compensation, hedging and funding costs.

UBS AG is offering $700,000 in Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of Snowflake Inc. (SNOW), maturing on February 1, 2029. Each Note has a $1,000 principal amount and offers a 12.35% per annum contingent coupon, paid quarterly only if Snowflake’s share price is at or above the coupon barrier.

The notes can be automatically called quarterly after six months if Snowflake’s stock is at or above the call threshold of $212.75 (100% of the initial level). The downside threshold and coupon barrier are both $106.38, or 50% of the initial share level of $212.75. If the notes are not called and Snowflake’s final stock price is at or above the downside threshold, investors receive full principal back, plus any due contingent coupons, including unpaid coupons via the memory feature.

If the final stock price is below the downside threshold, repayment is reduced one-for-one with Snowflake’s decline, and investors can lose all principal. The notes are unsecured obligations of UBS, carry no principal protection before maturity, are not listed, and have an estimated initial value of $972.40 per $1,000 note, below the issue price due to fees, hedging, and funding costs.

UBS AG is offering $276,000 of Buffer Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing November 1, 2028. The Notes pay a 7.00% per annum contingent coupon only if both indices are at or above 85.00% of their initial levels on monthly observation dates.

UBS can call the Notes in whole on any observation date beginning after six months, returning principal plus any due coupon, after which no further payments are made. At maturity, if not called and either index finishes below 85.00% of its initial level, principal is reduced beyond a 15.00% buffer and losses can approach total. The Notes are unsecured debt of UBS, not listed on an exchange, and their estimated initial value is $948.20 per $1,000 Note.

UBS AG is offering $300,000 of Buffer Autocallable Contingent Yield Notes linked to the worst-performing of the Russell 2000 Index and the S&P 500 Index, maturing in January 2031. Each $1,000 note can pay a 6.15% per annum contingent coupon, in monthly installments, but only if both indices close at or above 85% of their initial levels on each observation date.

Starting after 12 months, if both indices are at or above 100% of their initial levels on an observation date, the notes are automatically called and repaid at par plus that period’s coupon, ending all future payments. If the notes are not called and, at maturity, either index finishes below 85% of its initial level, investors lose principal in proportion to the index loss beyond the 15% buffer and can lose almost all of their investment.

The notes are unsecured, unsubordinated UBS debt, so all payments depend on UBS’s credit. They are not listed, may be hard to sell, and their estimated initial value of $937.80 per $1,000 note is below the issue price due to dealer discounts, hedging costs and UBS’s internal funding rate. Investors also forgo index dividends and any upside beyond coupons.

UBS AG is offering $4,877,000 of Trigger Callable Contingent Yield Notes maturing in February 2028, linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. The notes pay a contingent coupon of 10.70% per annum, but only when all three indices close at or above their coupon barriers, set at 70% of initial levels.

UBS can call the notes on any quarterly observation date (except the final one), repaying principal plus any due coupon. If the notes are not called and any index finishes below its 60% downside threshold at maturity, investors lose principal in line with the worst index’s percentage decline, up to a total loss. All payments depend on UBS’s credit and the notes are unsecured, not FDIC insured, and will not be listed on an exchange. The estimated initial value is $978.40 per $1,000 note, reflecting fees and UBS’s internal funding rate.

UBS AG is offering Bearish Barrier Early Redeemable Market Linked Notes tied to the S&P 500® Index, maturing around May 18, 2027. Each Note has a $1,000 principal amount, a term of about 15 months and no periodic interest.

The Notes auto-redeem early if, on any trading day, the index closes below a “lower barrier” set at 20% below the initial level. In that case, investors only receive principal back and earn no positive return.

If no barrier event occurs and the final index level is at or above the initial level, investors receive principal plus a fixed 3.00% digital return. If no barrier event occurs and the final level is below the initial level but above the lower barrier, investors receive principal plus the absolute value of the index loss, capped at 20.00%. Payments depend entirely on the credit of UBS, and the estimated initial value per Note is expected to be between $955.50 and $985.50, below the $1,000 issue price.

UBS AG is offering Bearish Barrier Early Redeemable Market Linked Notes tied to the S&P 500® Index, maturing around May 18, 2027, in $1,000 denominations. These are unsecured, unsubordinated debt obligations of UBS AG London Branch.

The notes redeem early if the index ever closes below the initial level minus 20% during the observation period. In that case, investors only receive principal back on the call settlement date and earn no positive return. If no barrier event occurs and the final index level is at or above the initial level, investors receive principal plus a fixed digital return of 3.75%.

If no barrier event occurs and the final level is below the initial level but not more than 20% lower, the payoff equals principal plus the absolute value of the index decline, capped at a 20.00% gain. The notes pay no interest, are not listed on any exchange, and secondary liquidity may be limited. Any payment depends on UBS’s credit; a default could result in loss of all invested principal. UBS estimates the initial value at $960–$990 per $1,000 note, reflecting internal pricing, funding and hedging costs.

UBS AG is offering approximately 2-year Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of Broadcom, NVIDIA and Tesla common stock.

The Notes pay a contingent coupon at a 23.30% per annum rate (about $19.4167 per $1,000 monthly) if on an observation date each stock closes at or above 70% of its initial level. Missed coupons can be paid later if this condition is met on a future date.

The Notes auto-call after 3 months if each stock is at or above 100% of its initial level, returning principal plus due and unpaid coupons. If not called, at maturity investors receive full principal only if a threshold event does not occur. A threshold event occurs when each stock finishes below 100% of its initial level and at least one finishes below 60%, in which case repayment is reduced one-for-one with the decline of the worst stock, potentially to zero.

The Notes are unsecured, unsubordinated UBS obligations, not listed on an exchange, and carry UBS credit risk. The estimated initial value per $1,000 Note is expected between $936.40 and $966.40, reflecting underwriting discounts of $7.50 and embedded costs.

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the S&P 500 Index and the Russell 2000 Index, maturing on or about February 16, 2029. Each Note has a $1,000 denomination.

The Notes pay a contingent coupon of 7.25% per annum, evaluated semiannually, only if both indices are at or above their coupon barriers, set at 70% of their initial levels. Missed coupons can be paid later if a future observation meets the barrier, via the memory interest feature.

The Notes are automatically called if, on any observation date before maturity, both indices are at or above 100% of their initial levels. In that case, investors receive principal plus the due and previously unpaid contingent coupons, and the investment ends early.

If the Notes are not called and, at maturity, both indices are at or above their downside thresholds (70% of initial), investors receive full principal back, plus any contingent coupons due. If at least one index finishes below its downside threshold, repayment is reduced in line with the loss of the worst-performing index, and investors can lose up to their entire principal.

All payments depend on the creditworthiness of UBS AG. The estimated initial value per $1,000 Note is expected to be between $944.20 and $974.20, reflecting underwriting discounts, hedging, and issuance costs. The Notes will not be listed on any exchange and may have limited or no secondary market liquidity.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Technology Sector Index, the Financial Select Sector SPDR Fund and the Utilities Select Sector SPDR Fund. The notes have a $1,000 denomination and a term of about four years, maturing around February 7, 2030.

Investors earn a 12.20% per annum contingent coupon (paid monthly as $10.1667 per note) only when the closing level of each underlying is at or above 70% of its initial level (the coupon barrier) on the relevant observation date. UBS may call the notes in whole on any monthly observation date starting after three months, returning principal plus any due coupon, with no further payments.

If the notes are not called and, at maturity, the final level of every underlying is at or above 70% of its initial level (the downside threshold), investors receive full principal back (plus any final coupon). If any underlying finishes below its downside threshold, repayment is reduced one-for-one with the worst performer’s negative return, and investors can lose up to 100% of principal.

The product is unsecured, unsubordinated debt of UBS AG, not principal protected, and not listed on an exchange. The estimated initial value is expected between $951.90 and $981.90 per $1,000 note, reflecting dealer compensation, hedging and funding costs. Extensive risk factors highlight market risk of all three underlyings, reinvestment risk from potential early calls, liquidity risk, and UBS credit risk, including potential Swiss regulatory resolution actions.

UBS AG is offering $992,000 of Trigger Autocallable Notes linked to the least performing of the VanEck Gold Miners ETF, the SPDR S&P Regional Banking ETF and the Nasdaq-100 Index, maturing on February 1, 2029.

The Notes may be automatically called each year if every underlying is at or above its call threshold (100% of its initial level), paying back principal plus a call return based on a 26.80% per annum call return rate. If held to maturity and no call occurs, principal is repaid only if each underlying finishes at or above its downside threshold set at 60% of its initial level.

If any underlying ends below its downside threshold and the Notes were not called, repayment is reduced in line with the loss on the worst performer and can fall to zero. The estimated initial value is $920.30 per $1,000 Note, lower than the issue price, and secondary market liquidity is not assured.

All payments depend on UBS’s credit; a default by UBS could result in a total loss. The product also forfeits dividends on the ETFs, offers no interest, limits upside to the call return and concentrates risk in gold miners, regional banks and large-cap growth equities.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing around February 16, 2029.

The Notes pay a contingent coupon at an annual rate of 8.75% (periodic $43.75 per $1,000) only if on an observation date the closing level of each index is at or above its coupon barrier. Missed coupons can be “remembered” and paid later if conditions are met.

The Notes are automatically called early if both indices are at or above their call threshold levels on an observation date, returning principal plus due and previously unpaid coupons. If not called and, at maturity, any index finishes below its downside threshold (70% of its initial level), repayment is reduced one-for-one with the decline of the worst-performing index, and all principal can be lost. All payments depend on the creditworthiness of UBS, and the Notes are not listed, may have limited liquidity, and pay no dividends on index constituents.

UBS AG is offering 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 Fund. The notes pay a contingent coupon of 9.10% per annum on a $1,000 principal amount if, on each monthly 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 on or about February 4, 2030 and can be called quarterly at UBS’ discretion for principal plus any due coupon. If the notes are not called and any underlying finishes below its downside threshold, set at 60% of its initial level, repayment of principal will be reduced in line with the worst underlying’s loss, and investors could lose their entire investment. The notes are unsecured obligations of UBS, with an estimated initial value per $1,000 between $954.10 and $984.10.

UBS AG is offering Trigger Callable Contingent Yield Notes due in February 2031, linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index. These are unsecured debt obligations of UBS.

The Notes pay a contingent monthly coupon at 10.75% per annum only if, on each observation date, all three indices are at or above their coupon barriers, set at 75% of initial levels. UBS can call the Notes in whole, starting after six months, on any observation date, paying principal plus any due coupon.

If the Notes are not called and, at maturity, any index is below its downside threshold of 60% of its initial level, repayment is reduced in line with the worst index’s loss, up to a complete loss of principal. Minimum denomination is $1,000 per Note, with an underwriting discount of $7.50 and proceeds to UBS of $992.50 per Note. The estimated initial value is expected between $953.30 and $983.30. The Notes will not be listed and all payments depend on UBS’s credit.

UBS AG is offering Trigger Autocallable Yield Notes linked to Dell Technologies common stock, maturing around February 23, 2029. Each $1,000 note pays a fixed 10.00% per annum coupon in quarterly $25 installments as long as the notes remain outstanding and are not automatically called.

The notes can be called quarterly starting about 12 months after issuance if Dell’s stock closes at or above its initial level (the 100% call threshold). If never called and Dell’s final level is at or above 50% of the initial level, investors receive full principal back at maturity; if it is below 50%, principal is reduced one-for-one with Dell’s decline, and losses can reach 100%.

Any payment depends entirely on UBS’s credit. The notes are unsecured, not FDIC-insured, and will not be listed on an exchange. The estimated initial value per note is expected between $933.40 and $963.40, reflecting underwriting discounts, hedging and internal funding costs, so secondary market prices may be materially below the $1,000 issue price.

UBS AG is offering trigger autocallable yield notes linked to the common stock of Constellation Energy Corporation. These unsecured debt notes pay a fixed coupon of 10.40% per annum, with quarterly payments, regardless of stock performance unless the notes are called early.

The notes may be automatically called each quarter beginning after 12 months if Constellation Energy’s share price is at or above 100.00% of the initial level, returning principal plus that period’s coupon. If not called and the final share price is at or above 60.00% of the initial level, investors receive full principal back at maturity on or about February 23, 2029.

If the notes are not called and the final share price is below the 60.00% downside threshold, repayment is reduced one-for-one with the stock’s decline, and investors can lose most or all of their principal. UBS estimates the initial value at $935.00–$965.00 per $1,000 note, reflecting underwriting and hedging costs, and all payments depend on UBS’s creditworthiness.

UBS AG is offering three-year Trigger Autocallable Contingent Yield Notes linked separately to the common stock of Freeport-McMoRan, Palo Alto Networks and The Charles Schwab Corporation. Each Note has a $10 principal amount and pays quarterly contingent coupons only when the underlying stock closes at or above a preset barrier.

The notes may be automatically called after six months if the stock closes at or above 100% of its initial level on an observation date, returning principal plus the applicable coupon and ending further payments. If not called and the final stock level is below the downside threshold, repayment is reduced in line with the stock’s decline, and holders can lose all principal. All payments depend on UBS’s creditworthiness.

UBS AG, through its London branch, is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of AST SpaceMobile, Inc. The Notes have a 3-year term, quarterly observation dates and a principal amount of $1,000 per Note.

Investors may receive a high contingent coupon at a rate of 30.80% per annum when AST SpaceMobile’s share price is at or above a coupon barrier set at 50% of the initial level. The Notes can be automatically called after 6 months if the stock is at or above the call threshold level, set at 100% of the initial level, returning principal plus applicable coupons.

If the Notes are not called and the final stock level is below the downside threshold, also 50% of the initial level, repayment at maturity is reduced in line with the stock’s percentage decline, and investors can lose all of their principal. All payments depend on UBS’s credit, and the estimated initial value per Note is between $910.30 and $940.30, below the $1,000 issue price.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Class C capital stock of Alphabet Inc., maturing on or about January 28, 2028. These unsecured debt notes pay contingent quarterly coupons only when Alphabet’s closing level is at or above a preset coupon barrier on each observation date.

The notes are automatically called early if Alphabet’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 Alphabet’s final level is at or above the downside threshold, investors receive full principal at maturity; if it is below the downside threshold, repayment is reduced in line with the stock’s decline and can fall to zero.

The document highlights that the notes are significantly riskier than conventional debt, are subject to UBS’s credit risk, and will not be listed on any exchange. The minimum investment is 100 notes at $10 each, and the estimated initial value is expected between $9.44 and $9.69 per note. A hypothetical example uses a 9.63% per annum contingent coupon rate with a downside threshold and coupon barrier at 70.00% of the initial level to illustrate potential outcomes, including scenarios where investors lose a significant portion or all of their initial investment.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Class C capital stock of Alphabet Inc., maturing on January 28, 2028. These unsecured debt obligations pay a contingent coupon only when Alphabet’s closing level on an observation date is at or above a specified coupon barrier.

The Notes may be automatically called early if Alphabet’s closing level on any observation date before maturity is at or above the initial level, in which case holders receive the principal plus the applicable contingent coupon and no further payments. If not called and Alphabet’s final level is at or above the downside threshold, investors receive only the principal at maturity.

If the Notes are not called and Alphabet’s final level is below the downside threshold, repayment is reduced in line with Alphabet’s percentage decline, and holders can lose all of their initial investment. Payments depend on UBS’s creditworthiness, the Notes will not be listed on any exchange, the minimum investment is 100 Notes at $10 each, and the estimated initial value per Note is $9.74.

UBS AG is offering Airbag Autocallable Yield Notes linked separately to the common stock of Toll Brothers, Inc. and United Parcel Service, Inc., each at $1,000 principal per Note and issued by UBS AG London Branch.

The Toll Brothers Notes pay a fixed coupon of 9.55% per annum and the UPS Notes pay 8.50% per annum, with monthly coupons paid regardless of stock performance unless the Notes are automatically called. The Notes can be called quarterly if the stock closes at or above the call threshold (100.00% of the initial level), returning principal plus the due coupon.

If not called and the final stock level is at or above the conversion level (85.00% of the initial level for both offerings), holders receive back the $1,000 principal in cash. If the final level is below the conversion level, holders receive a share delivery amount instead of cash—8.2230 Toll shares or 10.9745 UPS shares per Note based on initial terms—likely worth less than principal, so some or all of the initial investment may be lost.

The Notes are unsecured, unsubordinated obligations of UBS; all payments depend on UBS’s credit. They will not be listed on any exchange. Estimated initial values are expected between $946.70–$976.70 for the Toll-linked Notes and $949.20–$979.20 for the UPS-linked Notes, below the $1,000 issue price, reflecting fees, hedging and UBS’s internal funding rate.

UBS AG is offering $3,520,000 of capped leveraged buffered medium-term notes linked to the S&P 500® Index, maturing on March 3, 2027. The notes pay no interest and the payoff depends entirely on index performance from January 26, 2026 to March 1, 2027.

For each $1,000 note, investors get 170% of any positive index return, capped at a maximum settlement of $1,133.45. A 10% downside buffer protects principal if the index falls by up to 10%, but below that level investors lose about 1.1111% of principal for every additional 1% index decline and could lose their entire investment.

The notes are unsecured obligations of UBS, are not listed, provide no dividends, and involve UBS credit risk. The estimated initial value is $998.00 per $1,000 face amount, reflecting internal pricing, funding and hedging costs.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Solactive U.S. Large Cap Volatility Navigator Index, in $1,000 denominations, paying a contingent coupon of 18.20% per annum when the index stays at or above a set barrier.

The notes can be automatically called quarterly after six months if the index is at or above 100% of its initial level, returning principal plus the due coupon. If held to maturity in 2032 and the index is at or above 50% of its initial level, investors receive full principal; below that, repayment is reduced one-for-one with the index loss, up to total loss of principal.

Coupons stop in months when the index closes below 70% of its initial level and may be zero for the entire term. The estimated initial value is expected between $935.50 and $965.50 per $1,000 note, reflecting underwriting and hedging costs, and all payments depend on UBS’s credit.

UBS AG is offering $980,000 of Buffer Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index and the S&P 500 Index, maturing January 31, 2029.

The Notes pay a 9.00% per annum contingent coupon ($7.50 monthly) only when both indices close at or above 80% of their initial levels. UBS can call the Notes monthly after three months, repaying principal plus any due coupon.

If the Notes are not called and either index finishes below its 80% downside threshold, investors suffer a loss matching the decline of the worst index beyond the 20% buffer and could lose almost all principal. The Notes are unsecured UBS debt, fully exposed to UBS credit risk.

UBS AG is offering $1.5 million of Trigger Callable Contingent Yield Notes linked to the least performing of Berkshire Hathaway Class B, Meta Platforms and Palantir common stock, maturing on January 25, 2029. Each Note has a $1,000 principal amount.

The Notes pay a 30.00% per annum contingent coupon ($25 per month per $1,000) only if, on an observation date, the closing level of each stock is at or above its coupon barrier, set at 65% of its initial level. UBS may call the Notes in whole on any monthly observation date starting after three months, returning principal plus any due coupon.

If not called and, at maturity, every stock is at or above its downside threshold (60% of initial level), investors receive full principal back, plus any final coupon if barriers are met. If any stock finishes below its downside threshold, repayment is reduced one-for-one with the loss on the worst performer, and all principal can be lost. All payments depend on UBS’s credit; the estimated initial value is $987.50 per $1,000 Note, below the issue price.

UBS AG is offering $1,739,000 of Trigger Autocallable Yield Notes linked to shares of the iShares^® Silver Trust. The nine‑month Notes pay a fixed 16.55% per annum coupon in equal monthly installments, regardless of ETF performance, unless the Notes are automatically called.

The Notes are automatically called, and principal repaid, if SLV’s closing level on any monthly observation date (after three months) is at or above the call threshold of $92.91, 100% of the initial level. If not called and the final level on October 23, 2026 is at or above the downside threshold of $65.04 (70% of the initial level), investors receive full principal at maturity plus the last coupon.

If the Notes are not called and the final level is below the downside threshold, the maturity payment is $1,000 times (1 + underlying return), causing losses matching SLV’s percentage decline and potentially a total loss of principal. All payments depend on UBS’s credit, and the estimated initial value is $956.60 per $1,000 Note, below the issue price.

UBS AG is offering $3,359,000 of Trigger Autocallable Contingent Yield Notes linked to the Russell 2000® Index, maturing January 26, 2029. The notes pay an 8.80% per annum contingent coupon (about $22 per $1,000 quarterly) only when the index closes at or above the coupon barrier, set at 2,001.872, or 75% of the 2,669.162 initial level.

The notes may be automatically called quarterly after 12 months if the index is at or above the call threshold of 2,669.162 (100% of the initial level), returning principal plus that period’s coupon. If not called and the final level is at or above the downside threshold (also 75% of the initial level), investors receive full principal at maturity.

If the notes are not called and the index finishes below the downside threshold, repayment is reduced dollar-for-dollar with the index’s percentage loss, and investors can lose all principal. Payments depend entirely on UBS’s credit, the notes will not be listed, the estimated initial value is $980.70 per $1,000, and the U.S. tax treatment is complex and uncertain.

UBS AG is offering $3,022,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of Broadcom Inc., maturing on January 26, 2029. The notes pay a contingent coupon at a rate of 14.50% per annum, but only for quarters when Broadcom’s closing share price is at or above the coupon barrier of $192.03, which is 60% of the initial level of $320.05. Missed coupons can be "remembered" and paid later if a future observation meets the barrier.

The notes can be automatically called quarterly, starting about six months after issuance, if Broadcom closes at or above the call threshold of $320.05 (100% of the initial level). In that case, investors receive principal plus the applicable coupon and any unpaid coupons, and the investment ends early.

If the notes are not called and Broadcom’s final level on January 23, 2029 is at or above the downside threshold of $192.03, investors receive full principal back, plus any due coupons. If the final level is below the downside threshold, repayment is reduced one-for-one with Broadcom’s percentage decline from the initial level, and investors can lose most or all of their principal. Payments depend on UBS’s credit, the notes will not be listed, and the estimated initial value is $971.30 per $1,000 note, reflecting embedded fees and hedging costs.

UBS AG, through its London Branch, is offering Phoenix Autocallable Buffer Notes with Memory Interest linked to the common stock of Eli Lilly and Company. Each Note has a $1,000 principal amount, a minimum investment of 10 Notes, and a term of approximately 54 weeks unless called earlier.

On each quarterly interest observation date, investors receive a fixed contingent interest payment of at least $44.525 per Note if Eli Lilly’s closing price is at or above an interest barrier set at 85% of the initial price. Missed coupons can be paid later under a memory interest feature if the barrier is later met. The Notes are autocallable: if Eli Lilly closes at or above the initial price on any autocall observation date, UBS repays principal on the related payment date plus the due and any previously unpaid contingent interest.

If the Notes are not called and the final price on the valuation date is at or above the downside threshold, also 85% of the initial price, UBS repays full principal plus any contingent interest then due and any unpaid past coupons. If the final price is below the downside threshold, investors receive a cash equivalent based on a share delivery amount, causing losses that increase about 1.1765% for each 1% the final price falls below the threshold, up to a total loss of principal.

The Notes are unsubordinated, unsecured debt of UBS and all payments depend on UBS’s credit. The estimated initial value is expected between $953.80 and $983.80 per $1,000 Note, reflecting dealer discounts, hedging and internal funding. The Notes will not be listed on any exchange, and UBS Securities LLC and affiliates may, but are not required to, make a secondary market. The disclosure highlights significant risks, complex U.S. tax treatment and suitability only for investors who can tolerate potential loss of all invested principal.

UBS AG plans to issue Trigger Autocallable Contingent Yield Notes with Memory Interest linked to NVIDIA Corporation common stock, maturing around February 3, 2028. These unsecured senior notes pay a high contingent coupon of 17.90% per annum only when NVIDIA’s closing share price on a monthly observation date is at or above an 80% coupon barrier.

The notes can be automatically called monthly after three months if NVIDIA closes at or above 110% of its initial level; in that case, holders receive principal plus the due coupon and any previously missed coupons under the “memory” feature, and the investment ends early. If the notes are not called and NVIDIA’s final level is at or above a 60% downside threshold, investors receive full principal at maturity. If the final level is below that threshold, repayment is reduced in line with NVIDIA’s percentage decline, and all principal can be lost.

UBS highlights significant risks: the possibility of losing most or all of the initial investment, receiving no coupons, lack of listing or assured liquidity, an estimated initial value below the $1,000 issue price due to fees and funding costs, and full exposure to UBS’ credit and Swiss resolution regime powers. The notes also forgo dividends and upside participation in NVIDIA stock.

UBS AG is offering $120,000 of Trigger Autocallable Contingent Yield Notes linked to Albemarle Corporation common stock, maturing on January 29, 2029. The notes pay a high contingent coupon only when Albemarle’s share price is at or above a preset coupon barrier on observation dates.

The notes can be automatically called before maturity if Albemarle’s stock is at or above the initial level, returning the $10 principal per note plus any due coupon, after which no further payments occur. If never called and the final stock level is at or above the downside threshold, investors receive only principal, plus the final coupon if the barrier is met.

If the final level is below the downside threshold, repayment is reduced in line with Albemarle’s percentage decline, and the entire investment can be lost. Example terms show a 21.58% annual contingent coupon, with a $0.5395 coupon per period and both the downside threshold and coupon barrier at $60. The estimated initial value is $9.67 per $10 note, and all payments depend on UBS’s credit.

UBS AG is offering $150,000 of Trigger Autocallable Contingent Yield Notes linked to Microsoft common stock, maturing on January 29, 2027. These unsecured debt notes can 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 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 the applicable contingent coupon, and the product ends. If the notes run to maturity and Microsoft’s final share level is at or above the downside threshold, investors receive full principal back.

If the notes are not called and Microsoft’s final share level is below the downside threshold, repayment is reduced dollar‑for‑dollar with the stock’s percentage decline, and investors can lose all of their investment. The minimum investment is $1,000, and the estimated initial value is $9.77 per $10 Note. All payments depend on UBS’s creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Albemarle Corporation, maturing on or about January 29, 2029. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC insured.

Investors can receive periodic contingent coupons only when Albemarle’s share price on an observation date is at or above a preset coupon barrier. The notes are automatically called early if the share price 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 Albemarle’s final share price is at or above a downside threshold, investors receive full principal at maturity, with any final contingent coupon if the coupon barrier is also met. If the final share price is below the downside threshold, repayment is reduced in line with the stock’s decline and investors can lose all of their investment. Payments depend entirely on UBS’s credit. The notes will not be listed, require a minimum purchase of 100 notes at $10 each, and have an estimated initial value between $9.35 and $9.60 per note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Microsoft common stock, maturing around January 29, 2027. These unsecured debt notes pay contingent coupons only when Microsoft’s closing level on an observation date is at or above a preset coupon barrier.

The notes can be automatically called before maturity if Microsoft’s level 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 not called and Microsoft finishes at or above the downside threshold, investors receive full principal; if it finishes below, repayment is reduced in line with the stock’s decline and can fall to zero.

The notes carry significant risk, including potential loss of all principal, the possibility of receiving no coupons, and full exposure to UBS credit risk. They are not listed on an exchange, 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 $125,000 of Trigger Autocallable Contingent Yield Notes linked to Alcoa Corporation common stock, maturing on January 29, 2027. These unsecured debt securities pay a contingent coupon only when Alcoa’s share price on an observation date is at or above a preset coupon barrier.

The notes can be automatically called early if Alcoa’s share price is at or above the initial level on any observation date before maturity, in which case investors receive the $10 principal per note plus any due coupon, and the product ends. If not called, investors receive full principal at maturity only if the final share price is at or above a downside threshold; otherwise, repayment is reduced in line with Alcoa’s percentage decline, and all principal can be lost.

The product example shows a contingent coupon rate of 12.40% per annum, a downside threshold and coupon barrier each set at 60.00% of the initial level, and an estimated initial value of $9.56 per $10 note. Minimum investment is 100 notes ($1,000). All payments depend on UBS’s credit; a UBS default could result in total loss.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Humana Inc. stock, maturing on January 31, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes ($1,000), and an estimated initial value of $9.61 per Note.

Investors receive a contingent coupon only if Humana’s closing level on an observation date is at or above the coupon barrier, set at 65% of the initial level in the examples, implying a 14.07% per annum coupon or $0.1173 per period. The Notes may be automatically called monthly after 12 months if Humana’s price is at or above the initial level, returning principal plus any due coupon and ending further payments.

If the Notes are not called and Humana’s final level is at or above the downside threshold (also 65% of the initial level in the examples), investors receive full principal at maturity, plus any final coupon if the barrier is met. If the final level is below the downside threshold, repayment is reduced based on the stock’s percentage decline, and investors can lose most or all of their investment, as illustrated by the example where payment falls to $3.90 per Note. All payments depend on UBS’s creditworthiness, and the Notes are not listed on any exchange and are not insured.

UBS AG is offering $1,316,000 of Trigger Autocallable Contingent Yield Notes linked to Micron Technology, Inc. stock, maturing January 31, 2028. These unsecured debt notes pay a contingent coupon only when Micron’s closing share price on an observation date is at or above a preset coupon barrier.

The notes can be called early if Micron’s share price on any observation date before maturity is at or above the initial level; in that case investors receive the $10 principal per note plus the applicable coupon and the product terminates. If the notes run to maturity and Micron’s final share price is at or above the downside threshold, investors receive back principal, plus the final contingent coupon if the coupon 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 loss from the initial level, and investors can lose some or all of their investment. The indicative contingent coupon rate is 24.99% per year, and the estimated initial value is $9.80 per $10 note. All payments depend on UBS’s ability to meet its obligations, 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 Alcoa Corporation, maturing on or about January 29, 2027. These unsecured debt securities pay a contingent coupon only when Alcoa’s closing level on an observation date is at or above a specified coupon barrier.

The notes may be automatically called before maturity if Alcoa’s stock closes at or above the initial level on any observation date, in which case investors receive the principal plus any due coupon and no further payments. If the notes are not called and Alcoa’s final level is at or above the downside threshold, investors receive their $10 principal per note at maturity; if it is below the downside threshold, repayment is reduced in line with the stock’s decline and can fall to zero.

The notes are subject to UBS’s credit risk, will not be listed on an exchange, and have a minimum investment of 100 notes at $10 each. The estimated initial value per note on the trade date is expected to be between $9.24 and $9.49, reflecting internal pricing and funding assumptions.

UBS AG is offering $150,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of Bank of America Corporation. These unsecured notes pay a contingent coupon only when the stock closes at or above a preset coupon barrier on each observation date.

The notes can be called early if the stock closes at or above its initial level on any observation date before maturity; in that case, holders receive the $10 principal per Note plus the applicable contingent 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 notes are not called and the final stock level is below the downside threshold, repayment is reduced in line with the stock’s percentage loss, and investors can lose their entire investment. The notes are subject to UBS credit risk, are not listed on an exchange, have a minimum $1,000 investment, and an estimated initial value of $9.76 per $10 Note.

UBS AG is offering $438,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation, maturing on January 31, 2028. Each Note has a $10 principal amount and is designed to pay high contingent coupons but exposes investors to stock-like downside.

UBS pays a contingent coupon only when Intel’s closing level on an observation date is at or above a preset coupon barrier. The Notes are automatically called early if Intel’s stock closes at or above the initial level on any observation date, returning principal plus the applicable coupon, with no further payments.

If the Notes are not called and Intel’s final level is at or above the downside threshold, investors receive only principal (and any final coupon if the coupon barrier is met). If the final level is below the downside threshold, repayment is reduced in line with Intel’s percentage decline, and the entire investment can be lost. Payments depend on UBS’s credit, the Notes are not insured or exchange‑listed, the minimum investment is 100 Notes ($1,000), and the estimated initial value is $9.81 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Humana Inc., maturing on or about January 31, 2028. These unsecured, unsubordinated notes can pay monthly contingent coupons only when Humana’s share price on an observation date is at or above a preset coupon barrier.

The notes are automatically called, returning principal plus the applicable coupon, if Humana’s stock is at or above its initial level on any monthly observation date after 12 months. If not called, and the final stock level is at or above a downside threshold, investors receive principal back at maturity; if it is below that threshold, repayment is reduced one-for-one with Humana’s decline, and all principal can be lost.

The preliminary examples illustrate a contingent coupon rate of 13.76% per year with a coupon barrier and downside threshold at 65% of the initial level. All payments depend on UBS’s credit; if UBS defaults, investors may receive nothing. The notes are not listed, have an estimated initial value between $9.31 and $9.56 per $10 note, and require a minimum investment of 100 notes at $10 each.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing around January 31, 2028. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC-insured.

Investors receive contingent coupons only when Micron’s closing price on an observation date is at or above a coupon barrier. The notes can be called early if Micron closes at or above the initial level, returning principal plus the applicable coupon, with no further payments.

If the notes are not called and Micron’s final level is at or above a downside threshold, principal is repaid at maturity. If the final level is below the downside threshold, repayment is reduced in line with Micron’s decline and can fall to zero. All payments depend on UBS’s creditworthiness, and investors may lose a significant portion or all of their investment.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, with a term to January 29, 2027 and a minimum investment of 100 Notes at $10 each. The Notes pay a contingent coupon only if NVIDIA’s closing price on each observation date is at or above a preset coupon barrier. They may be automatically called early if the stock closes at or above the initial level on any observation date before maturity, in which case holders receive principal plus the applicable coupon and no further payments.

If the Notes are not called and the final NVIDIA level is at or above the downside threshold, investors receive back principal (and a final coupon if the level is also above the coupon barrier). If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose their entire investment. An example structure in the document shows a contingent coupon rate of 10.41% per year, a $0.2603 coupon per observation, and both the downside threshold and coupon barrier set at $60.00, which is 60.00% of the initial level. All payments depend on UBS’s creditworthiness, and the Notes will not be listed on an exchange. The estimated initial value on the trade date is $9.77 per $10 Note.

UBS AG plans to issue Trigger Autocallable Contingent Yield Notes linked to the common stock of Bank of America Corporation, maturing on or about January 29, 2027. These unsecured notes pay a contingent coupon only when the stock closes at or above a set coupon barrier on observation dates.

The notes can be called early if the stock closes at or above its initial level on any observation date before maturity, in which case investors receive principal plus any due coupon and the notes terminate. If not called and the final stock level is at or above a downside threshold, principal is repaid at maturity.

If the notes are not called and the final stock level falls 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 minimum investment is 100 notes at $10 each, and the estimated initial value is between $9.43 and $9.68 per note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation, maturing on or about January 31, 2028. These are unsecured, unsubordinated debt obligations of UBS and are not bank deposits or FDIC insured.

Investors can receive contingent coupons only if Intel’s share price on each observation date, including the final valuation date, is at or above a preset coupon barrier. The Notes are automatically called early if Intel’s price 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 Intel’s final level is at or above the downside threshold, investors receive the $10 principal per Note at maturity, plus any 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 Intel’s percentage decline, and investors can lose some or all of their initial investment. The estimated initial value is expected to be between $9.44 and $9.69 per $10 Note, and the Notes will not be listed on any securities exchange.

UBS AG is offering $310,000 of Trigger Autocallable Contingent Yield Notes linked to Micron Technology, Inc. common stock, maturing January 31, 2028. These unsecured debt notes pay a contingent coupon only when Micron’s share price on an observation date is at or above a preset coupon barrier.

The notes can be called early if Micron’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive principal plus any due coupon and no further payments. If the notes are not called and Micron’s final share level is at or above a downside threshold, investors receive full principal back at maturity.

If the notes are not called and Micron’s final share level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose all of their investment. Coupons and principal are also subject to UBS credit risk. The notes will not be exchange‑listed and have an estimated initial value of $9.80 per $10 note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing around January 29, 2027. These unsecured debt notes can pay periodic contingent coupons, but only when NVIDIA’s closing level on an observation date is at or above a preset coupon barrier.

The notes may be automatically called early if NVIDIA’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive principal plus any due coupon and no further payments. If the notes are not called and NVIDIA’s final level is at or above a downside threshold, investors receive full principal at maturity; if it is below that threshold, repayment is reduced in line with NVIDIA’s decline, and all principal can be lost in extreme cases.

The notes are subject to UBS’s credit risk, will not be listed on any exchange, and are sold in minimum denominations of 100 notes at $10 per note. A hypothetical example shows an annual contingent coupon rate of 8.94% and a downside threshold and coupon barrier set at 60.00% of the initial level, illustrating both income potential and significant downside market exposure.