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

UBS AG is offering 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, with a term of about 23 months. The Notes pay a contingent coupon at a rate of 9.35% per annum only if, on each monthly observation date, all three indexes close at or above their coupon barriers set at 70% of their initial levels. UBS can call the Notes in whole, beginning after three months, paying back the $1,000 principal per Note plus any due coupon, after which no further payments are made.

If the Notes are not called and, at maturity, any index finishes below its downside threshold (also 70% of its initial level), investors suffer a loss matching the negative return of the worst-performing index and could lose their entire investment. The estimated initial value per Note is between $943.60 and $973.60, reflecting fees and UBS’ internal funding rate. All payments depend on UBS’ credit; a default could result in a total loss.

UBS AG is offering trigger autocallable notes linked to the worst performer among the VanEck Gold Miners ETF, the SPDR S&P Regional Banking ETF and the Nasdaq-100 Index, maturing on or about February 1, 2029. Each note has a $1,000 principal amount and offers a call return rate of 26.80% per annum if, on any annual observation date, including the final valuation date, all three underlying assets are at or above 100.00% of their initial levels. In that case, the notes are automatically called and pay the applicable call price, up to $1,804.00 per note if called at maturity.

If the notes are not called and, at maturity, every underlying is at or above 60.00% of its initial level, investors receive only the $1,000 principal. If any underlying finishes below its 60.00% downside threshold, repayment is reduced one-for-one with the loss on the worst performer, and the entire investment can be lost. The notes pay no interest, do not pass through dividends, will not be listed on any exchange, and all payments depend on the creditworthiness of UBS. The estimated initial value is expected between $907.30 and $937.30 per note, below the $1,000 issue price.

UBS AG is issuing $3,531,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, each in $1,000 denominations and maturing July 26, 2027. The Notes pay a contingent coupon at a rate of 9.50% per annum (about $7.9167 per month per Note) only if, on each monthly observation date, both indices close at or above their coupon barriers, set at 70% of initial levels (1,888.720 for the Russell 2000 and 4,812.93 for the S&P 500).

UBS can call the Notes in whole, beginning after six months, paying back principal plus any due coupon, after which no further coupons are paid. If the Notes are not called and either index finishes below its 70% downside threshold at maturity, the repayment is reduced in line with the loss of the worst-performing index, up to a total loss of principal. Payments depend on UBS’s credit; the estimated initial value is $984.10 per $1,000 Note, below the issue price, reflecting fees and hedging costs.

UBS AG is offering $765,000 of three-year Trigger Autocallable Contingent Yield Notes with Memory Interest linked to Applied Digital Corporation common stock. Each $1,000 Note pays a contingent coupon at a high annual rate of 26.75% (or $66.875 per quarter) only if on the relevant observation date the stock closes at or above the coupon barrier of $17.53, which is 50% of the $35.06 initial level. Missed coupons can be paid later under the memory feature if a future observation meets the barrier.

The Notes are automatically called if, beginning after six months, Applied Digital’s stock closes at or above the call threshold of $35.06 (100% of the initial level) on an observation date, returning principal plus due and previously unpaid coupons, with no further payments. If not called and the final stock level on January 22, 2029 is at or above the $17.53 downside threshold, investors receive full principal. If the final level is below that threshold, repayment is reduced in line with the stock’s percentage loss and can fall to zero.

The Notes are unsecured, unsubordinated obligations of UBS, are not principal protected, may pay no coupons, will not be listed on an exchange, and carry both market risk linked to Applied Digital’s stock and UBS credit risk. The estimated initial value is $909.30 per $1,000 Note, reflecting underwriting discounts, hedging and issuance costs.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer among three references: the shares of the SPDR® S&P® Regional Banking ETF, the Nasdaq-100® Technology Sector IndexSM and the shares of the Energy Select Sector SPDR® Fund. The Notes are unsecured debt of UBS with a $1,000 denomination and a term of about 3 years, issued by UBS AG London Branch.

Investors can receive monthly contingent coupons at a rate of 15.10% per annum if, on each observation date, the level of every underlying asset is at or above 70% of its initial level (the coupon barrier). UBS may call the Notes in whole, beginning after 6 months, paying back principal plus any due coupon.

If the Notes are not called and, at maturity, every underlying is at or above its 70% downside threshold, investors receive full principal. If any underlying finishes below its downside threshold, repayment is reduced in line with the negative return of the worst performer and can fall to zero. The estimated initial value is expected between $954.00 and $984.00 per $1,000 issue price, and all payments depend on UBS’s creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Delta Air Lines, Inc. (DAL), maturing around February 2, 2029. Each Note has a $1,000 principal amount and pays a monthly contingent coupon at an annual rate of 11.00% (about $9.1667 per month) only when Delta’s closing share price on an observation date is at or above the coupon barrier, set at 50.00% of the initial level.

The Notes are autocallable monthly after 6 months if Delta closes at or above the call threshold level, equal to 100.00% of the initial level. If called, investors receive the $1,000 principal plus the applicable coupon and the Note terminates.

If not called, and Delta’s final level on the valuation date is at or above the downside threshold (also 50.00% of the initial level), UBS repays the full principal (plus any final coupon). If the final level is below the downside threshold, repayment is reduced dollar-for-dollar with Delta’s percentage decline, and investors can lose up to 100% of principal. The Notes are unsecured, unsubordinated obligations of UBS, with payments fully exposed to UBS credit risk. The estimated initial value is expected between $950.00 and $980.00 per $1,000 Note.

UBS AG is offering Contingent Income Auto-Callable Securities with Memory Coupon linked to the common stock of Broadcom Inc. These unsecured notes pay a contingent coupon of $31.75 per $1,000 (equivalent to 12.70% per annum) on each scheduled determination date only if Broadcom’s share price is at or above 50.00% of the initial price, with missed coupons potentially paid later under a memory feature.

The notes can be auto-called on any non-final determination date if Broadcom closes at or above 100.00% of the initial price, returning principal plus the due and unpaid coupons. If not called, and Broadcom is at or above the 50% downside threshold at final maturity in February 2029, investors receive principal plus all due coupons. If Broadcom finishes below the 50% threshold, repayment is based on the stock’s final price via a cash value formula, exposing investors to 1:1 downside and potentially a total loss of principal.

The securities are not principal protected, do not pay dividends, will not be listed on an exchange, and all payments depend on the creditworthiness of UBS AG. The estimated initial value is expected to be between $933.80 and $963.80 per $1,000 note, below the issue price, reflecting fees, hedging costs and UBS’ internal funding rate.

UBS AG is offering $1,282,000 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 January 25, 2029. Each Note has a $1,000 principal amount and pays a contingent coupon at a rate of 10.90% per annum only if, on a monthly observation date, all three indices close at or above their coupon barriers, set at 70% of their initial levels.

UBS may call the Notes in whole on any observation date beginning after three months, paying back principal plus any due coupon, after which no further payments are made. If the Notes are not called and each index finishes at or above its downside threshold (also 70% of its initial level), investors receive full principal at maturity; if any index finishes below its downside threshold, the repayment is reduced in line with the loss on the worst-performing index and can fall to zero.

The Notes are unsecured, unsubordinated obligations of UBS, are not insured deposits, will not be listed on an exchange and may have limited or no secondary market. The estimated initial value is $965.80 per $1,000 Note, reflecting underwriting discounts, hedging and structuring costs, and all payments are subject to UBS’s creditworthiness.

UBS AG is offering Capped Buffer Contingent Absolute Return Securities linked to the MSCI EAFE® Index, maturing April 12, 2027. These unsecured notes have a $1,000 principal amount and a term of about 15 months. They do not pay interest and are subject to UBS credit risk.

At maturity, if the index has risen, holders receive $1,000 plus the index gain, capped at a maximum upside gain of 15.60% (a maximum payment of $1,156 per Security). If the index return is zero or negative but no worse than the 10.00% downside buffer (final level at or above 90% of the initial level), investors receive a "contingent absolute return" equal to the absolute value of the index move, up to 10.00%, for a maximum payment of $1,100.

If the index falls below the downside threshold, investors lose principal on a 1:1 basis beyond the 10% buffer and could lose almost all of their investment. The estimated initial value is expected to be $965.60–$995.60 per $1,000 Security, reflecting underwriting and hedging costs. The notes will not be listed, may have limited liquidity, and carry complex tax treatment.

UBS AG is offering $14,090,000 in 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 in December 2027. The Notes pay an 11.50% per annum contingent coupon (about $9.5833 per $1,000 per month) only if, on each monthly observation date, every index is at or above its coupon barrier, set at 70% of its initial level. UBS can call the Notes in whole on any observation date after three months, returning principal plus any due coupon, ending all future payments.

If the Notes are not called and, at maturity, each index is at or above its downside threshold (also 70% of its initial level), holders receive back their $1,000 principal per Note. If any index finishes below its downside threshold, repayment is reduced based on the worst-performing index’s negative return, and investors can lose some or all of their principal. The estimated initial value is $974.00 per $1,000 Note, reflecting internal funding and fees. All payments are subject to UBS’s credit risk, and the Notes will not be listed on an exchange.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000, S&P 500 and EURO STOXX 50, maturing on October 24, 2029. Each Note has a $10 principal amount and pays a quarterly contingent coupon at a rate of 11.10% per annum, but only if all three indices stay at or above their coupon barriers on every trading day in the observation period.

UBS may call the Notes in whole on any quarterly observation end date (other than the final one), paying back principal plus any due coupon, after which no further payments are made. If the Notes are not called and, at maturity, every index is at or above its downside threshold (60% of its initial level), investors receive full principal. If any index finishes below its downside threshold, the maturity payment is reduced in proportion to the worst-performing index, and investors can lose up to all of their investment.

Coupons are not guaranteed, there is no participation in any index upside, the Notes will not be listed, and all payments depend on the creditworthiness of UBS. The estimated initial value is expected to be between $9.58 and $9.88 per $10 Note, reflecting underwriting and hedging costs.

UBS AG is offering $25,000 of Buffer Callable Contingent Yield Notes, each with a $1,000 principal amount, linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes. The notes pay a contingent coupon at an annual rate of 8.90% only if, on a monthly observation date, each index closes at or above its coupon barrier, set at 80% of its initial level. UBS may call the notes in whole on any observation date after three months, repaying principal plus any due coupon.

If the notes are not called and, at maturity, each index is at or above its downside threshold (also 80% of its initial level), investors receive full principal back. If any index finishes below its downside threshold, principal is reduced in line with the worst index’s loss beyond the 20% buffer, and investors can lose almost all of their investment. The notes are unsecured, subject to UBS credit risk, not listed on an exchange, and have an estimated initial value of $968.10 per $1,000 issue price.

UBS AG is offering Callable Contingent Interest Barrier Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing in May 2027. The Notes pay a fixed contingent interest of $7.50 per $1,000 Note each month only if on an observation date both indices are at or above 65% of their initial levels; otherwise no interest is paid for that period.

UBS may call the Notes on any monthly observation date (other than the final one) and return principal plus any due interest, ending all future payments. If the Notes are not called and at maturity either index is below its 65% trigger, investors lose principal in line with the worst index’s decline and can lose their entire investment. The Notes are unsecured UBS debt, carry UBS credit risk, are not listed, and their estimated initial value is $955–$985 per $1,000, below the issue price.

UBS AG is offering $426,000 of Trigger Callable Contingent Yield Notes linked to the worst performer among three equity indexes: the Nasdaq‑100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each Note has a $1,000 principal amount and a maximum term of about three years, maturing in January 2029, with monthly observation dates.

The Notes pay a contingent coupon at a rate of 9.15% per annum (or $7.625 per month per $1,000) only when the closing level of every index is at or above its coupon barrier, set at 65% of its initial level. UBS can call the Notes in whole, beginning after three months, regardless of index performance; if called, holders receive principal plus any due coupon.

If the Notes are not called and each index finishes at or above its downside threshold, set at 60% of its initial level, investors receive full principal at maturity (and a final coupon if each index is also above its coupon barrier). If any index ends below its downside threshold, the maturity payment is reduced in line with the negative return of the worst performing index, and all principal can be lost. All payments depend on UBS’s credit, and the estimated initial value per Note is $964.70, below the $1,000 issue price.

UBS AG is offering $12,920,090 of Trigger Autocallable Contingent Yield Notes linked to the worst performer of the Nasdaq-100 Index® and the Russell 2000® Index, maturing January 25, 2029. The unsecured notes pay a quarterly contingent coupon at an annual rate of 8.40% only if both indices are at or above 70% of their initial levels on each observation date, and can be automatically called after six months if both are at or above 100% of their initial levels, returning principal plus the applicable coupon.

If not called and any index finishes below 70% of its initial level, repayment at maturity is reduced one-for-one with the worst index’s loss, up to a total loss of principal. The minimum investment is 100 notes at $10 each. The notes are not listed, carry UBS credit risk, and have an estimated initial value of $9.529 per $10 note, reflecting fees, hedging costs and UBS’ internal funding rate.

UBS AG is offering approximately 3-year Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. The Notes pay a contingent coupon at a rate of 11.00% per annum (about $9.1667 per month on each $1,000 Note) only if on an observation date the closing level of each index is at or above 70.00% of its initial level.

UBS may call the Notes in whole on any monthly observation date beginning after 3 months, paying back the $1,000 principal plus any due coupon, after which no further payments are made. If the Notes are not called and, at maturity, each index is at or above its 70.00% downside threshold, investors receive full principal. If any index finishes below its downside threshold, the repayment is reduced one-for-one with the negative return of the worst-performing index, up to a total loss of principal.

The Notes are unsecured, unsubordinated debt of UBS AG (London Branch), not insured by any government agency, and will not be listed on any exchange. The estimated initial value is expected to be between $962.30 and $992.30 per $1,000 issue price, reflecting embedded costs and dealer compensation, and investors face significant market, liquidity, credit and tax risks.

UBS AG is offering $2,052,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector IndexSM, the Russell 2000® Index and the S&P 500® Index, maturing on December 27, 2027. Each Note has a $1,000 principal amount and pays a 9.30% per annum contingent coupon ($7.75 per month) only if, on a monthly observation date, all three indices close at or above their coupon barriers, set at 70.00% of their initial levels.

UBS may call the Notes in whole, but not in part, on any observation date beginning after 3 months, paying back principal plus any due coupon, after which no further payments are made. If the Notes are not called and any index finishes below its downside threshold (also 70.00% of its initial level) on the final valuation date, investors receive $1,000 × (1 + the return of the least performing index), which can result in a substantial loss, including total loss of principal.

The Notes are unsecured, unsubordinated obligations of UBS, are not FDIC insured, and will not be listed on any exchange. The estimated initial value is $958.80 per Note, below the $1,000 issue price, reflecting underwriting compensation, hedging and issuance costs.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index, with a term of about 18 months to around July 30, 2027. Each Note has a $1,000 principal amount and pays a contingent coupon at a rate of 11.85% per annum (monthly coupon of $9.875) only if, on each monthly observation date, all three indices close at or above their coupon barriers.

Both the coupon barriers and downside thresholds for each index are set at 70% of its initial level

UBS AG is offering unsecured Trigger Autocallable Notes linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index, maturing on or about February 3, 2032. Each Note has a $1,000 principal amount and can be called quarterly after 12 months if the index is at or above a call threshold set at 100% of the initial level. If called, investors receive the principal plus a call return based on a 28.50% per annum call return rate, with call prices rising over time up to $2,710 per Note at maturity if the final call is triggered.

If the Notes are never called and the index at final valuation is at or above a 50% downside threshold, investors receive only their principal back with no gain. If the final level is below the downside threshold, repayment is reduced one-for-one with the index decline, and investors can lose all of their investment. The underlying index itself is complex, featuring up to 500% leverage, a 40% target volatility mechanism and a 6.0% per annum daily decrement, which all drag on performance. Estimated initial value is expected between $937.70 and $967.70 per Note, below the $1,000 issue price, and all payments depend on UBS’s credit.

UBS AG is offering Airbag Callable Contingent Yield Notes linked to the worst performer among the Nikkei 225, Russell 2000, S&P 500 and EURO STOXX 50. The Notes pay a contingent coupon of 12.25% per annum (about $10.2083 per $1,000 monthly) only when every index closes at or above 70% of its initial level on an observation date.

UBS can call the Notes in whole on any monthly observation date starting after three months, returning principal plus any due coupon. If the Notes are not called and any index finishes below 70% of its initial level at final valuation in January 2029, investors suffer leveraged losses of about 1.4286% of principal for each 1% decline beyond the 30% buffer, up to a complete loss. All payments depend on UBS’s credit.

UBS AG is offering $1,611,000 of Trigger Callable Contingent Yield Notes, each with a $1,000 principal amount, linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a 9.55% per annum contingent coupon (about $23.875 per quarter) only when all three indices close at or above their coupon barriers, set at 70% of initial levels.

UBS may call the notes on any quarterly observation date (other than the final one), returning principal plus any due coupon, after which no further payments are made. If the notes are not called and any index finishes below its 60% downside threshold at maturity in January 2030, investors incur a loss matching the negative return of the worst index and can lose their entire investment. All payments depend on UBS’s credit, and the estimated initial value is $965.20 per note, below the $1,000 issue price.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index, the S&P 500 Index and the Utilities Select Sector SPDR Fund, maturing around February 4, 2031. Each $1,000 Note pays a 9.75% per annum contingent coupon only when all three underlyings close at or above their coupon barriers, set at 70% of their initial levels.

UBS may call the Notes quarterly, paying back principal plus any due coupon, after which no further payments are made. If the Notes are not called and any underlying finishes below its downside threshold, set at 65% of its initial level, investors receive $1,000 × (1 + return of the worst performer) and can lose up to their entire investment. The Notes are unsecured UBS debt, and all payments depend on UBS’s credit. The estimated initial value is expected between $954.40 and $984.40 per $1,000 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Delta Air Lines, Inc., maturing on or about February 2, 2029. The Notes pay a contingent coupon at a rate of 10.00% per annum only if, on each monthly observation date, Delta’s share price is at or above the coupon barrier, initially set at 50.00% of the Initial Level; otherwise no coupon is paid for that period.

The Notes are automatically called if, beginning after 6 months, Delta’s share price on any observation date is at or above the call threshold level, initially 100.00% of the Initial Level, in which case investors receive principal plus the applicable coupon and the Notes terminate. If not called and the final level is at or above the downside threshold, also 50.00% of the Initial Level, investors receive full principal at maturity; if it is below this level, repayment is reduced in line with Delta’s decline and investors can lose up to all of their investment.

The Notes are unsubordinated, unsecured obligations of UBS, are not bank deposits, and are not insured. Any payment depends on UBS’s creditworthiness. The estimated initial value per $1,000 Note is expected to be between $941.10 and $971.10, reflecting underwriting discounts, hedging and other costs. The Notes will not be listed on any securities exchange, and secondary market liquidity may be limited.

UBS AG is offering $2,450,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., maturing on July 23, 2027. These unsecured debt notes pay contingent coupons only when Amazon’s closing share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The notes are automatically called early if Amazon’s 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 the product terminates. If the notes are not called and Amazon’s final level is at or above a downside threshold, investors receive full principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with Amazon’s percentage decline, and investors can lose all of their initial investment.

The notes are subject to UBS’s credit risk, will not be listed on an exchange, and are offered at $10 per Note with a minimum investment of 100 Notes. The estimated initial value is $9.82 per Note, reflecting internal pricing and funding considerations.

UBS AG is offering $650,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on July 23, 2027. These unsecured debt notes pay a contingent coupon only if NVIDIA’s stock closes at or above a preset coupon barrier on each monthly observation date, including the final valuation date. If on any observation date starting after about six months the stock closes at or above the initial level, the notes are automatically called and investors receive the $10 principal per Note plus any due coupon, with no further payments.

If the notes are not called and NVIDIA’s final stock level on the final valuation date is at or above the downside threshold (75% of the initial level in the hypothetical), investors receive full principal back, plus any final coupon. If the final level is below the downside threshold, repayment is reduced in line with the stock’s negative return, and investors can lose up to 100% of principal. A hypothetical structure shows an 18.44% per annum coupon with a $0.1537 monthly coupon and $75 downside threshold and coupon barrier. The estimated initial value is $9.78 per $10 Note, and all payments depend on UBS’s creditworthiness; the notes are not listed on an exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., maturing on or about July 23, 2027. These unsecured debt notes can pay contingent coupons only when Amazon’s closing share price on an observation date is at or above a preset coupon barrier; if it is below that level, no coupon is paid for that period.

The notes will be automatically called early if Amazon’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the principal plus any due coupon and the product terminates. If the notes are not called and Amazon’s final price is at or above a downside threshold, investors receive back principal at maturity, potentially plus a 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 investment.

Payments depend entirely on UBS’s creditworthiness. The minimum investment is 100 notes at $10 per note, and the estimated initial value per note on the trade date is expected to be between $9.44 and $9.69, reflecting internal pricing and funding assumptions.

UBS AG is issuing $300,000 of Trigger Autocallable Contingent Yield Notes linked to Netflix, Inc. common stock, offering contingent coupons and potential early redemption. The notes pay an 11.76% per annum contingent coupon only when Netflix’s closing level on an observation date is at or above the coupon barrier, set at 75% of the initial level in the examples. UBS will automatically call the notes before maturity if Netflix’s closing level on an observation date is at or above the initial level, returning the $10 principal per note plus any due coupon. If not called, investors receive full principal at maturity only if the final Netflix level is at or above the downside threshold; otherwise repayment is reduced in line with the stock’s decline, and all principal can be lost. The minimum investment is 100 notes ($1,000), and the estimated initial value is $9.75 per $10 note, reflecting UBS’s internal pricing and funding.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on or about July 23, 2027. The Notes pay a contingent coupon only if NVIDIA’s share price on a monthly observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that month. UBS may automatically call the Notes after six months if NVIDIA closes at or above the initial level, in which case investors receive the principal plus any due coupon and no further payments.

If the Notes are not called and NVIDIA’s final level on the valuation date is at or above the downside threshold, investors receive their full principal at maturity, plus a 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 decline and investors can lose some or all of their investment. The hypothetical terms illustrate a $10 principal amount, a 16.45% per annum contingent coupon and downside and coupon barriers at 75% of the initial level. Payments depend on UBS’s credit, and the Notes will not be listed on any exchange.

UBS AG is offering $280,600 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Advance Auto Parts, Inc., maturing January 24, 2028. These unsecured, unsubordinated notes pay a contingent coupon only if the stock closes at or above a preset coupon barrier on each observation date; otherwise no coupon is paid. If on any observation date before maturity the stock closes at or above the initial level, the notes are automatically called and investors receive the $10 principal per note plus that period’s contingent coupon, with no further payments.

If the notes are not called and on the final valuation date the stock is at or above the downside threshold, investors receive only the $10 principal per note (plus any final coupon if the barrier is met). If the final level is below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and investors can lose their entire investment. An illustrative structure shows a 24.67% per annum contingent coupon, or $0.6168 per $10 note when conditions are met. The estimated initial value is $9.68 per $10 note. The notes are not listed, require a minimum $1,000 investment, are not insured, and all payments depend on UBS’s credit.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc. The notes have a principal amount of $10 per Note, a minimum investment of 100 Notes, and a term to about January 25, 2027. Investors receive a contingent coupon only when Netflix’s closing level on an observation date is at or above a specified coupon barrier; no coupon is paid otherwise.

The notes are automatically called early if Netflix’s closing level on any observation date before maturity is at or above the initial level, in which case investors receive the principal plus any due coupon and no further payments. If not called, and the final level is at or above the downside threshold, investors receive the full principal (and a final coupon if the coupon barrier is met). If the final level is below the downside threshold, repayment is reduced in line with the stock’s negative return, and the entire investment can be lost. The estimated initial value is expected between $9.40 and $9.65 per $10 Note. All payments depend on the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advance Auto Parts, Inc., maturing on or about January 24, 2028. These unsecured debt securities pay a contingent coupon only if the stock closes on or above a preset coupon barrier on each observation date; otherwise no coupon is paid for that period. The notes are automatically called before maturity if the stock closes at or above its initial level on any observation date, in which case investors receive the principal plus the applicable coupon and no further payments.

If the notes are not called and the stock’s final level is at or above a downside threshold, investors receive back the full principal; if it is below that threshold, repayment is reduced in line with the stock’s decline and investors can lose all of their investment. The notes are not listed on any exchange, are subject to UBS’s credit risk, and the estimated initial value per $10 note is expected to be between $9.31 and $9.56, reflecting internal pricing and funding assumptions.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on January 23, 2029. The Notes have a principal amount of $10 per Note, with a minimum investment of 100 Notes, and an estimated initial value of $9.70 per Note as of the trade date.

Investors may receive a contingent coupon at a rate of 15.56% per annum, paid only if NVIDIA’s closing level on an observation date is at or above the coupon barrier, initially set at $70.00 (70% of the initial level). The Notes are automatically called, and principal plus any due coupon is paid, if NVIDIA’s closing level on any non-final observation date is at or above the initial level.

If not called, and NVIDIA’s final level is at or above the downside threshold of $70.00, UBS repays principal (plus any final contingent coupon). If the final level is below the downside threshold, repayment is reduced in line with NVIDIA’s negative return, and investors can lose some or all of their initial investment. All payments depend on the creditworthiness of UBS, 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 NVIDIA Corporation, with a scheduled maturity on or about January 23, 2029. These unsecured debt obligations can pay periodic contingent coupons, but only when NVIDIA’s closing share price on an observation date is at or above a preset coupon barrier.

The Notes may be automatically called early if NVIDIA’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the principal plus any due coupon and no further payments. If the Notes are not called and NVIDIA’s final share price is at or above a downside threshold, investors receive the full principal at maturity. If the final share price is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose some or all of their principal.

The Notes are issued in $10 denominations, with a minimum investment of 100 Notes. The estimated initial value per Note on the trade date is expected to be between $9.36 and $9.61. Payments depend on NVIDIA’s share performance and are also subject to the credit risk of UBS, and the Notes will not be listed on an exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Alphabet Inc., each with a $10 principal amount and a term to April 23, 2027. These unsecured debt obligations pay a contingent coupon only if Alphabet’s closing level on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The notes can be automatically called prior to maturity if Alphabet’s closing level on any observation date (other than the final one) is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and the notes terminate. If not called, and the final level is at or above the downside threshold, investors receive full principal at maturity, potentially with a final coupon.

If the notes are not called and Alphabet’s final level is below the downside threshold, repayment is reduced in line with the negative return of the stock, and investors can lose some or all of their investment. The notes are subject to UBS credit risk, are not FDIC insured, will not be listed on an exchange, and are offered with a minimum investment of 100 notes. The estimated initial value is stated as $9.74 per note.

UBS AG is offering $320,000 of Trigger Autocallable Contingent Yield Notes linked to Micron Technology, Inc. common stock, maturing January 25, 2027. These unsecured debt notes pay a contingent coupon only if Micron’s share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period. If Micron’s share price on any observation date before maturity is at or above the initial level, the notes are automatically called and pay back principal plus any due contingent coupon, with no further payments.

If the notes are not called and Micron’s final share price on the January 21, 2027 valuation date is at or above the downside threshold, investors receive the $10 principal per note at maturity. If the final price is below the downside threshold, the maturity payment is reduced in line with Micron’s percentage decline, and investors can lose all of their investment. The notes are not listed, require a minimum purchase of 100 notes ($1,000), have an estimated initial value of $9.80 per $10 note, and all payments depend on UBS’s creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Alphabet Inc., maturing on or about April 23, 2027. These unsecured debt securities pay a contingent coupon only if Alphabet’s share price on each observation date is at or above a preset coupon barrier; otherwise, no coupon is paid for that period. The notes can be called early if Alphabet’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive the principal plus the applicable coupon and the investment ends.

If the notes are not called and Alphabet’s final share price is at or above a downside threshold, investors receive back the 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 in line with Alphabet’s decline, and investors can lose all of their principal. The notes are issued in $10 denominations with a minimum investment of 100 notes, and the estimated initial value per $10 note is expected between $9.44 and $9.69, reflecting UBS’s internal pricing. Payments depend entirely on UBS’s creditworthiness, and the notes will not be listed on any exchange.

UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc., maturing on January 25, 2027. Each Note has a $10 principal amount and pays a contingent coupon only when NIKE’s closing level on an observation date is at or above the coupon barrier, illustrated at $75.00, which is 75.00% of the initial level, with an example contingent coupon rate of 12.60% per annum ($0.315 per quarter).

The Notes may be automatically called if NIKE’s price on an observation date before maturity is at or above the initial level, in which case holders receive $10 per Note plus any due coupon and the Notes terminate. If not called, and NIKE’s final level is at or above the downside threshold (also illustrated at $75.00), investors receive their $10 principal plus any final coupon. If the final level is below the downside threshold, repayment is reduced in line with NIKE’s decline, and investors can lose some or all of their initial investment. All payments depend on the creditworthiness of UBS.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on or about January 25, 2027. These structured notes pay a contingent coupon only if Micron’s share price on each observation date is at or above a specified coupon barrier.

The notes can be automatically called before maturity if Micron’s stock closes at or above the initial level on any observation date. In that case, investors receive the principal plus the contingent coupon for that period, and the notes terminate. If the notes are not called and Micron’s final share price is at or above the downside threshold, investors receive their full principal back at maturity, plus any final contingent coupon if the coupon barrier is also 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 some or all of their principal. The notes are unsubordinated obligations of UBS, subject to UBS’s credit risk, will not be listed on any exchange, have a minimum investment of 100 notes at $10 each, and an estimated initial value per note expected between $9.44 and $9.69.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc., maturing on or about January 25, 2027. These unsecured debt notes pay a contingent coupon only when NIKE’s share price on a given observation date is at or above a preset coupon barrier; otherwise, no coupon is paid for that period.

The notes can be automatically called before maturity if NIKE’s stock closes at or above the initial level on any observation date. In that case, investors receive principal plus the applicable contingent coupon and the notes terminate. If the notes are not called and NIKE’s final level is at or above a downside threshold, investors receive full principal back at maturity. If the final level is below the downside threshold, repayment is reduced in line with NIKE’s percentage decline, and investors can lose some or all of their investment.

All payments depend on the creditworthiness of UBS, the notes are not insured or listed on an exchange, and the estimated initial value is expected to be below the issue price, reflecting fees and UBS’s internal funding rate.

UBS AG is offering $5,041,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of First Solar, Inc., maturing on January 24, 2028. The Notes can pay a high contingent coupon, here illustrated at 14.60% per annum ($0.365 per $10 note per quarter), but only when First Solar’s share price is at or above a specified coupon barrier on each observation date.

UBS will automatically call the Notes early, starting about six months after issuance, if the stock is at or above the initial level on an observation date, returning the $10 principal plus any due coupon. If the Notes are not called and the stock stays at or above a downside threshold at maturity, investors receive back their $10 principal (plus any final coupon). If the stock finishes below the downside threshold, repayment is reduced in line with the stock’s loss, and investors can lose their entire investment.

The Notes are unsecured, unsubordinated UBS debt, not bank deposits, and are not FDIC insured. Any payment depends on UBS’s credit; a UBS default could result in total loss. The Notes will not be listed on an exchange, have a minimum purchase of 100 Notes ($1,000), and their estimated initial value is $9.79 per $10 note.

UBS AG is offering $140,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Applied Materials, Inc., maturing on January 24, 2028. The Notes are unsecured, unsubordinated debt of UBS and are sold at $10 per Note, with a minimum investment of 100 Notes.

Investors receive a contingent coupon only if the Applied Materials share price on an observation date is at or above a coupon barrier; otherwise no coupon is paid for that period. The Notes are automatically called early if the share price on any observation date (before final valuation) is at or above the initial level, returning principal plus the applicable coupon. If not called and the final share price is at or above a downside threshold, principal is repaid at maturity; if it is below the threshold, repayment is reduced in line with the stock’s decline and investors can lose all principal. All payments depend on UBS’s credit, and the estimated initial value is $9.79 per $10 Note.

UBS AG is offering unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of First Solar, Inc., maturing on or about January 24, 2028. These notes can pay quarterly contingent coupons only when the stock closes on or above a preset coupon barrier on the relevant observation date; otherwise no coupon is paid for that period.

The notes are automatically called if, on any quarterly observation date beginning after six months, the stock closes at or above its initial level. In that case, investors receive the principal plus any due coupon and the investment ends. If the notes are not called and the final stock level is at or above the downside threshold, investors receive their principal back at maturity, potentially with a final coupon.

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 decline, and investors can lose some or all of their initial investment. Payments depend entirely on UBS’s credit. The notes are sold in minimums of 100 notes at $10 each, and the estimated initial value per $10 note is expected between $9.40 and $9.65.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Applied Materials, Inc., maturing on or about January 24, 2028. These unsecured debt obligations can pay periodic contingent coupons, but only if the underlying stock closes at or above a specified coupon barrier on each observation date.

The notes are automatically called early if the stock closes at or above its initial level on any observation date before the final valuation date. In that case, investors receive the principal plus any due 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 the full principal at maturity, plus a final contingent coupon if the coupon barrier is met.

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 decline, and investors can lose all of their initial investment. Any payment depends on the creditworthiness of UBS, and the notes are not FDIC insured or listed on an exchange. The estimated initial value per $10 note is expected to be between $9.46 and $9.71.

UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on July 23, 2027. Each Note has a $10 principal amount and pays a contingent coupon only if NVIDIA’s closing level on a monthly observation date is at or above a preset coupon barrier.

The Notes may be automatically called starting about six months after issuance if NVIDIA’s closing level on an observation date is at or above the initial level. In that case, investors receive the $10 principal per Note plus any due contingent coupon, and the Notes terminate early.

If the Notes are not called and NVIDIA’s final level on the July 21, 2027 valuation date is at or above the downside threshold, investors receive the $10 principal per Note, plus a 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. All payments depend on UBS’s credit, and the estimated initial value is $9.77 per $10 Note.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to Amazon.com, Inc. stock, maturing July 23, 2027. These unsecured debt notes can pay periodic contingent coupons, but only when Amazon’s closing share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The notes are automatically called early if Amazon’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 no further payments. If the notes are not called and Amazon’s final level on the July 21, 2027 valuation date is at or above a downside threshold, investors receive full principal back, potentially with a final coupon. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose all of their investment. Payments depend on UBS’s credit; an estimated initial value of $9.74 per $10 Note is below the issue price, and the minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, with an expected trade date of January 21, 2026 and maturity on or about July 23, 2027. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC insured.

Investors may receive monthly contingent coupons only if NVIDIA’s closing level on an observation date is at or above a specified coupon barrier. The notes will be automatically called, and principal repaid with any due coupon, if NVIDIA’s closing level on any monthly observation date starting after six months is at or above the initial level. After an automatic call, no further payments are made.

If the notes are not called and NVIDIA’s final level on the July 21, 2027 final valuation date is at or above a downside threshold, UBS repays principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with NVIDIA’s percentage decline, and investors can lose some or all of their initial investment. All payments depend on UBS’s credit. Illustrative examples use a $10 note, a contingent coupon rate of 16.46% per annum and a downside threshold and coupon barrier at 75% of the initial level.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., maturing on or about July 23, 2027. These are unsecured, unsubordinated debt obligations of UBS whose payments depend both on Amazon’s share performance and UBS’s creditworthiness.

Investors may receive periodic contingent coupons, but only if Amazon’s closing level on each observation date is at or above a preset coupon barrier. The notes are subject to an automatic call before maturity if Amazon’s level is at or above the initial level on any observation date, in which case investors receive principal plus the applicable contingent coupon and the product terminates early.

If the notes are not called and Amazon’s final level is at or above a downside threshold, investors receive their principal at maturity; if it is below that threshold, repayment is reduced in line with the share decline and losses can reach 100% of principal. The notes will not be listed, require a minimum $1,000 investment, and have an estimated initial value per $10 note between $9.44 and $9.69.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Blackstone Inc. common stock, maturing January 23, 2029. These unsecured debt notes pay a contingent coupon only when Blackstone’s closing price on an observation date is at or above a preset coupon barrier; if it is below, no coupon is paid for that period.

The notes can be automatically called early if Blackstone’s price on any observation date (before final valuation) is at or above the initial level. In that case, investors receive the $10 principal per note plus the applicable contingent coupon, and the product terminates.

If the notes are not called and Blackstone’s final price is at or above the downside threshold, investors get back principal (and a final coupon if the coupon barrier is met). If the final 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, are not insured, the minimum investment is $1,000, and the estimated initial value is $9.60 per $10 note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc., maturing on or about January 23, 2029. These unsecured debt securities pay a contingent coupon only when the stock closes at or above a preset coupon barrier on each observation date.

The notes are automatically called if, on any observation date before maturity, the Blackstone share price is at or above the initial level. In that case, holders receive the principal plus the applicable contingent coupon, and the investment ends early.

If the notes are not called and the final stock level is at or above the downside threshold, investors receive back the full principal at maturity, plus any final contingent coupon if the coupon barrier is met. 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.

The minimum investment is 100 notes at $10 each. UBS estimates the initial value per $10 note will be between $9.29 and $9.54, and all payments depend on UBS’s creditworthiness.