Every 424B that ETRACS Alerian MLP Index ETN Series B due July 18, 2042 (AMUB) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow AMUB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AMUB filings page.
UBS AG is issuing $500,000 of Trigger Autocallable Contingent Yield Notes linked to Meta Platforms common stock, maturing January 23, 2029. These unsecured debt notes can pay quarterly contingent coupons only when Meta’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 may be called early each quarter starting about six months after issuance if Meta’s share price is at or above the initial level, in which case holders receive principal plus that period’s contingent coupon and the notes terminate. If the notes are not called and Meta’s final share price is at or above the downside threshold, investors receive full principal at maturity, plus any final contingent coupon if the coupon barrier is met.
If the notes are not called and Meta’s final share price is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose most or all of their principal. All payments depend on UBS’s creditworthiness, 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 Vertiv Holdings Co, with a scheduled maturity on January 24, 2028. The Notes are unsecured, unsubordinated debt of UBS.
Investors receive a contingent coupon only if Vertiv’s closing share price on an observation date is at or above the coupon barrier; otherwise no coupon is paid for that period. The Notes are automatically called if Vertiv’s stock closes at or above the initial level on any observation date before the final valuation date, in which case UBS repays the $10 principal per Note plus any due coupon and the product terminates early.
If the Notes are not called and Vertiv’s final share price is at or above the downside threshold, UBS repays the full principal at maturity (plus any final coupon if the barrier is met). If the final price is below the downside threshold, repayment is reduced one-for-one with Vertiv’s negative return, and investors can lose some or all of their initial investment. Payments depend entirely on UBS’s creditworthiness, the Notes will not be listed, and the estimated initial value per $10 Note is $9.72. The minimum investment is 100 Notes ($1,000).
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc., with an expected term to about January 23, 2029. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC insured.
The Notes can pay quarterly contingent coupons only when Meta’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 autocallable: if Meta’s closing level on any quarterly observation date (starting after six months) is at or above the initial level, UBS will automatically redeem the Notes early for the principal plus the applicable contingent coupon, and no further payments will be made.
If the Notes are not called and Meta’s final level on the final valuation date is at or above a downside threshold, investors receive only the principal at maturity, plus any final contingent coupon if the barrier is met. If the final level is below the downside threshold, repayment is reduced in line with Meta’s percentage decline, and investors can lose some or all of their initial investment. Any payment depends on UBS’s credit; a UBS default could result in total loss.
The minimum investment is 100 Notes at $10 per Note8.65% per annum and an estimated initial value per Note expected between $9.35 and $9.60, based on UBS internal pricing models.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co, maturing on or about January 24, 2028. These are unsecured, unsubordinated debt obligations of UBS.
UBS will pay a contingent coupon on each coupon payment date only if Vertiv’s closing share price on the related observation date is at or above a specified coupon barrier. The notes will be automatically called early if Vertiv’s stock closes at or above the initial level on any observation date before the final valuation date, returning principal plus the contingent coupon then due, with no further payments.
If the notes are not called and Vertiv’s final share price is at or above a downside threshold, investors receive back the $10 principal per Note. If the final price is below the downside threshold, repayment is reduced in line with Vertiv’s negative return, and investors can lose some or all of their initial investment. The estimated initial value on the trade date is expected to be between $9.41 and $9.66 per $10 Note, and all payments depend on UBS’s credit.
UBS AG is offering $1,800,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on January 25, 2027. These unsecured debt securities pay contingent coupons only if Broadcom’s share price on scheduled observation dates is at or above a preset coupon barrier, and they may be automatically called early if the share price is at or above the initial level.
If the notes are not called and Broadcom’s final share price on the valuation date is at or above a downside threshold, investors receive back the $10 principal per note; if it is below that threshold, repayment is reduced in line with Broadcom’s percentage decline and can fall to zero, resulting in a total loss of principal. The notes are subject to UBS’s credit risk, will not be listed on an exchange, have a minimum purchase of 100 notes ($1,000), and carry 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 Broadcom Inc., maturing on or about January 25, 2027. These unsecured debt securities pay a contingent coupon only if the Broadcom share price on each observation date is at or above a specified coupon barrier; if it is below, no coupon is paid for that period.
The notes are automatically called early if Broadcom’s stock closes at or above the 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 investment ends. If the notes are not called and Broadcom’s final level is at or above the downside threshold, investors receive full principal back at maturity.
If the notes are not called and Broadcom’s final level falls below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and investors can lose their entire initial investment. The estimated initial value is expected to be between $9.41 and $9.66 per $10 note. 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 Meta Platforms, Inc., maturing on January 23, 2029. These are unsecured debt obligations of UBS that pay quarterly contingent coupons only when Meta’s share price on the relevant observation date is at or above a preset coupon barrier; otherwise, no coupon is paid for that period.
The notes can be automatically called as early as about six months after issuance if Meta’s share price on an observation date is at or above the initial level. In that case, investors receive the principal per note plus any coupon due on the call settlement date, and the product terminates early.
If the notes are never called and Meta’s final share price on the valuation date is at or above a downside threshold, investors receive their principal back at maturity. If the final level is below this threshold, repayment is reduced in line with Meta’s percentage decline, and investors can lose all of their investment. All payments depend on UBS’s credit, the notes are not exchange-listed, the minimum investment is 100 notes at $10 each, and the estimated initial value is $9.65 per $10 note.
UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc., scheduled to mature on or about January 23, 2029. These market-linked notes pay a contingent coupon only if Meta’s closing share price on a quarterly observation date, including the final valuation date, is at or above a preset coupon barrier. If on any observation date starting after six months the share price is at or above the initial level, the notes are automatically called and investors receive the principal plus any due coupon, with no further payments.
If the notes are not called and Meta’s final share level is at or above a downside threshold, investors receive their principal back at maturity, and a final coupon if the barrier is also met. If the final level is below the downside threshold, repayment is reduced in line with Meta’s decline, and investors can lose their entire investment. The notes are issued in $10 denominations, with a minimum investment of 100 notes, and an estimated initial value between $9.36 and $9.61 per note. They will not be listed on an exchange and all payments depend on UBS’s creditworthiness and are not FDIC insured.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on July 23, 2027. These unsecured debt securities pay contingent coupons only when NVIDIA’s stock closes at or above a preset coupon barrier on monthly observation dates; if the stock is below the barrier, no coupon is paid for that period.
The notes can be automatically called after six months if NVIDIA’s share price is at or above the initial level on an observation date, in which case investors receive the $10 principal per note plus any due coupon, and the product terminates early. If not called, and on the final valuation date NVIDIA is at or above a specified downside threshold, investors receive back principal, potentially with a final coupon.
If the notes are not called and NVIDIA finishes 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. The notes are issued in $10 denominations with a $1,000 minimum investment, and the estimated initial value is $9.71 per note. All payments depend on the creditworthiness 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 NVIDIA Corporation, with an expected maturity on or about July 23, 2027. These unsecured debt notes pay a contingent coupon only when NVIDIA’s closing price on a monthly observation date is at or above a preset coupon barrier; otherwise no coupon is paid.
The notes can be automatically called starting about six months after issuance if NVIDIA’s price is at or above the initial level, in which case holders receive the principal plus any due coupon and the product terminates early. If not called, and the final level on the July 21, 2027 valuation date is at or above the downside threshold, investors receive their principal back; if it is below that threshold, repayment is reduced in line with the stock’s decline and losses can reach 100% of principal. A hypothetical example shows a contingent coupon rate of 16.67% per annum and both the downside threshold and coupon barrier set at 75% of the initial level. All payments depend on UBS’s credit, and the notes will not be listed on an exchange.
UBS AG is offering $180,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., maturing on January 23, 2029. Each Note has a $10 principal amount and pays a contingent coupon only when Amazon’s share price on an observation date is at or above a coupon barrier set at 70.00% of the initial level, with a sample contingent coupon rate of 9.75% per year ($0.2438 per quarter per $10 in the hypothetical examples).
The Notes can 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 holders receive $10 per Note plus the applicable contingent coupon, and no further payments. If the Notes are not called and Amazon’s final level is at or above the downside threshold (also 70.00% of the initial level in the example), UBS repays the $10 principal (plus any final coupon). If the final level is below the downside threshold, principal is reduced one-for-one with Amazon’s percentage decline, and all of the initial investment can be lost.
All payments, including any coupons and repayment of principal, depend on UBS’s credit. The Notes are unsecured, unsubordinated UBS debt, are not bank deposits, are not insured, will not be listed on any exchange, and have an estimated initial value of $9.73 per $10 Note based on UBS internal models.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., maturing on or about January 23, 2029. These unsecured debt obligations pay a contingent coupon only if Amazon’s closing share price on an observation date is at or above a specified coupon barrier; otherwise no coupon is paid for that period.
The notes can be called early if Amazon’s share price on any observation date before the final valuation date is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and the product terminates. If the notes are not called and Amazon’s final level is at or above a downside threshold, investors receive back principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with Amazon’s decline, and investors can lose some or all of their initial investment. All payments depend on the creditworthiness of UBS AG, and the notes will not be listed on any exchange.
UBS AG is offering $12,357,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing January 19, 2029. Each $1,000 note pays an 8.00% per annum contingent coupon, evaluated quarterly, but only if both indices are at or above their coupon barriers, set at 70% of their initial levels.
UBS may call the notes in whole on any observation date after six months, returning principal plus any due coupon, after which no further payments are made. If the notes are not called and either index finishes below its downside threshold (also 70% of its initial level), investors take a loss matching the negative return of the worst index and can lose their entire principal. Payments depend on UBS’s credit; the estimated initial value is $959.20 per $1,000 note, below the issue price due to fees and hedging costs.
UBS AG is offering $30,551,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing January 19, 2029.
The notes pay a contingent coupon at a rate of 9.60% per annum ($24.00 per $1,000 per quarter) only if on each quarterly observation date both indices close at or above their coupon barriers, set at 70% of their initial levels (1,874.417 for the Russell 2000 and 4,858.01 for the S&P 500). If either index is below its barrier on an observation date, no coupon is paid for that period.
UBS may call the notes in whole on any observation date after six months; if called, investors receive $1,000 per note plus any due coupon, and no further payments. If not called and at maturity both indices are at or above their downside thresholds (also 70% of initial levels), investors receive full principal. If any index finishes below its downside threshold, repayment is reduced dollar-for-dollar with the negative return of the worst-performing index, and investors can lose all principal.
The notes are unsubordinated, unsecured UBS obligations, not FDIC insured, will not be listed, and may have limited liquidity. The estimated initial value is $976.20 per $1,000 note, reflecting fees, hedging and UBS’s internal funding rate, and all payments are exposed to UBS’s credit and potential Swiss resolution measures.
UBS AG is offering $245,000 of Step Down Trigger Autocallable Notes linked to the Russell 2000 Index and S&P 500 Index, maturing January 22, 2030. The notes may be automatically called each year if both indices are at or above their call thresholds, paying $1,000 plus an 8.30% per annum call return, with the call price rising the longer the notes remain outstanding.
If the notes are never called and at least one index finishes below its downside threshold of 75% of its initial level, investors receive $1,000 times one plus the return of the worst-performing index, and can lose all principal. The notes pay no interest, do not participate in any index upside beyond the fixed call return, are unsecured obligations of UBS, and are not listed on an exchange. The estimated initial value is $967.60 per $1,000 note, below the issue price, reflecting fees, hedging and UBS’ internal funding rate.
UBS AG is offering $3,029,000 of Step Down Trigger Autocallable Notes linked to the weaker of the Russell 2000 Index and the S&P 500 Index, maturing January 22, 2030. These unsecured notes pay no interest and can be automatically called each year if both indices are at or above their call thresholds; in that case investors receive $1,000 plus a call return based on a 10.00% per annum rate, rising over time up to 40% if called at maturity.
If the notes are never called and at least one index finishes below its downside threshold, set at 75% of its initial level, repayment is reduced in line with the loss on the weaker index, and investors can lose all of their principal. The structure is linked to the least-performing index, offers no participation in upside beyond the fixed call return, and does not pass through dividends. UBS estimates the initial value at $989.70 per $1,000 note, reflecting dealer costs and hedging. The notes are not listed, may have limited liquidity, and all payments depend on UBS’s credit strength.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer among the Nasdaq‑100 Technology Sector Index, Russell 2000 Index and S&P 500 Index, with a 13.05% per annum contingent coupon. Coupons are paid monthly only if all three indexes close at or above 75% of their initial level on the relevant observation date.
UBS may 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, all three indexes are at or above 70% of their initial levels, investors receive full principal; otherwise they are fully exposed to the negative return of the worst‑performing index and can lose all of their investment.
Payments depend entirely on UBS’s creditworthiness. The estimated initial value per note is expected between $958.60 and $988.60, reflecting fees, hedging costs and UBS’s internal funding rate. The notes are unsecured, will not be listed, may have limited liquidity, and carry complex market, correlation, reinvestment and tax risks.
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 18 months. The Notes pay a contingent coupon at a rate of 12.25% per annum (about $10.2083 per $1,000 per month) only if, on each 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, beginning after three months, paying back principal plus any due coupon.
If the Notes are not called and on the final valuation date any index finishes below its 70% downside threshold, investors receive less than the $1,000 principal, with losses matching the negative return of the worst-performing index and the potential for a total loss. The Notes are unsecured obligations of UBS AG, and all payments depend on UBS’s credit. The estimated initial value is expected to be between $960.10 and $990.10 per $1,000 issue price, reflecting dealer compensation, hedging and issuance costs.
UBS AG is offering $1,000,000 of Trigger Callable Contingent Yield Securities due January 21, 2028, linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each $1,000 security pays a 9.40% per annum contingent coupon (about $23.50 per quarter) only if all three indices stay at or above 70% of their initial levels on every trading day in the relevant observation period.
UBS can call the notes in whole on specified quarterly dates, paying back principal plus any due coupon, after which investors receive no further payments. If the notes are not called and, at maturity, every index is at or above its 70% trigger level, investors receive full principal back (and any final coupon if conditions were met.
If at least one index finishes below its trigger, repayment is reduced in line with the worst index’s percentage loss, and principal losses can reach 100%. The notes are unsecured UBS obligations, not listed on an exchange, and the estimated initial value is $958.90 per $1,000, below the issue price, reflecting fees, costs and UBS’ internal funding rate.
UBS AG is offering $8,877,000 of Contingent Income Auto-Callable Securities due January 19, 2029, linked to the common stock of U.S. Bancorp. These unsecured, unsubordinated notes pay a contingent coupon of $30.375 per $1,000 (12.15% per annum) on each determination date only if the U.S. Bancorp share price is at or above 80% of the initial price of $54.40, a downside threshold of $43.52. If on any non-final determination date the stock closes at or above the call threshold of 100% of the initial price, the notes are redeemed early at par plus that period’s coupon.
If the notes are not called and the final stock price is at or above the downside threshold, investors receive par plus the last coupon. If the final price is below the downside threshold, UBS will pay a cash amount equal to the stock’s final price times the exchange ratio, exposing investors 1-for-1 to the stock’s decline and potentially causing a full loss of principal. The estimated initial value is $966.60 per $1,000, and the notes will not be listed, with any secondary market making at the discretion of UBS affiliates. All payments depend on UBS’s creditworthiness, and extensive risk factors highlight market, liquidity, conflict-of-interest and tax risks.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices. Each Note has a $1,000 principal amount, a term of about 5 years and pays a contingent coupon at a rate of 10.45% per annum when, on an observation date, every index closes at or above its coupon barrier, set at 70% of its initial level. UBS can call the Notes in whole, beginning after 6 months, paying principal plus any due coupon and ending all future payments.
If the Notes are not called and each index finishes at or above its downside threshold (also 70% of initial), holders receive full principal at maturity. If any index finishes below its downside threshold, the payoff is reduced dollar‑for‑dollar with the loss on the worst‑performing index, and holders can lose some or all of their investment. Payments depend on UBS’s credit, the Notes will not be listed, may have limited liquidity, and their estimated initial value (between $962.60 and $992.60 per $1,000) is below the issue price due to fees, hedging and funding costs.
UBS AG is offering Capped Buffer Contingent Absolute Return Securities linked to the S&P 500 Index, each with a $1,000 principal amount and a term of about two years, maturing around February 2, 2028. The notes offer upside exposure to the S&P 500 up to a maximum gain of 19.00%, for a maximum payment of $1,190 per Security if the index rises sufficiently.
If the index return is zero or negative but the final level is at or above 85.00% of the initial level, investors receive a contingent absolute return equal to the absolute value of the index move, capped at 15.00%, for up to $1,150 per Security. If the index falls below the downside threshold, principal is reduced 1:1 beyond the 15.00% buffer, and investors can lose almost all of their investment.
The Securities pay no interest, do not provide dividends from S&P 500 constituents, and all payments depend on the creditworthiness of UBS AG. The estimated initial value is expected to be between $956.10 and $986.10 per Security, reflecting internal pricing, underwriting discounts of up to $9.50 per Security, and hedging and issuance costs.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index, with a term of about three years to February 1, 2029. The Notes pay a 10.55% per annum contingent coupon (about $8.7917 per $1,000 monthly) only when each index closes 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 starting after three months, returning principal plus any due coupon; no further payments would be made. If the Notes are not called and every index finishes at or above its 60% downside threshold, investors receive full principal at maturity. If any index ends below its downside threshold, repayment is reduced one-for-one with the negative return of the least performing index, and investors can lose all principal.
These unsecured debt obligations expose investors to the market risk of all three indices and to UBS credit risk. The estimated initial value is expected between $947.50 and $977.50 per $1,000 note, reflecting dealer compensation, hedging and funding costs, including a $7.00 underwriting discount per note.
UBS AG is offering Capped Leveraged Buffered S&P 500® Index‑Linked Medium‑Term Notes with a $1,000 face amount and no interest payments. The notes’ payoff depends on S&P 500® performance over about 19–22 months. If the index rises, investors get 160.00% of the positive return, but gains are capped by a maximum settlement amount expected between $1,168.96 and $1,198.72 per $1,000.
If the index falls up to 12.50%, investors receive back $1,000. Below this 12.50% buffer, losses accelerate: investors lose about 1.1429% of face value for each 1% drop beyond the buffer and could lose their entire investment. The notes are unsecured obligations of UBS, are not FDIC insured, will not be listed on an exchange, and have an estimated initial value between $967.50 and $997.50 per $1,000 based on UBS’ internal models.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer among the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index, with a term of about 4.5 years and a contingent coupon rate of 10.65% per annum.
Investors receive a monthly coupon of $8.875 per $1,000 note only if, on the relevant observation date, each index closes at or above its coupon barrier, set at 70% of its initial level. UBS can call the notes in whole, beginning after six months, and if it does, investors get back principal plus any due coupon, with no further payments.
If the notes are not called and, at maturity, every index is at or above its downside threshold (60% of its initial level), principal is repaid. If any index finishes below its downside threshold, the maturity payment is reduced dollar-for-dollar with the decline of the worst-performing index, and investors can lose some or all of their initial investment. All payments depend on the creditworthiness of UBS, and the notes will not trade on an exchange and may have limited liquidity.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of three underlying assets: the VanEck Gold Miners ETF, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index. The Notes have a term of approximately three years, are issued in $1,000 denominations and pay a contingent coupon only if, on a monthly observation date, each underlying is at or above its coupon barrier. The indicative contingent coupon rate is 11.50% per annum, paid in equal monthly amounts when conditions are met.
The Notes are automatically called if, beginning after six months, all underlyings are at or above their call threshold levels on an observation date, in which case investors receive principal plus any due coupon and the product terminates early. At maturity, if not called and each underlying is at or above its downside threshold, investors receive full principal (and a coupon if barriers are met). If any underlying finishes below its downside threshold, repayment is reduced in line with the negative return of the worst performer, and investors can lose some or all of their principal. Payments depend entirely on the creditworthiness of UBS, and the Notes will not be listed on an exchange and may have limited liquidity. The estimated initial value is expected to be below the $1,000 issue price, reflecting fees, hedging and UBS’ internal funding rate.
UBS AG is offering Trigger Callable Contingent Yield Notes that pay a high contingent coupon linked to the worst performer among the Nasdaq‑100 Technology Sector Index, the Russell 2000 Index and the VanEck Semiconductor ETF. The Notes have a term of about four years, a principal amount of $1,000 per Note and a contingent coupon rate of 16.30% per annum, paid monthly only when all three underlying assets are at or above 75% of their initial levels on the relevant observation date.
UBS can call the Notes in whole on any monthly observation date after six months, returning principal plus any due coupon, and ending further payments. If the Notes are not called and all underlyings finish at or above 60% of their initial levels, investors receive full principal at maturity. If any finishes below 60%, repayment is reduced one‑for‑one with the worst underlying’s loss, and investors can lose all of their investment. Payments depend entirely on UBS’s credit, and the estimated initial value per Note (between $960.50 and $990.50) is below the $1,000 issue price, reflecting fees and hedging costs.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of three market exposures: the shares of the VanEck® Gold Miners ETF, the Nasdaq-100® Technology Sector IndexSM and the Russell 2000® Index. Each Note has a $1,000 principal amount, an expected term of about 3 years and a contingent coupon rate of 14.00% per annum, paid monthly only if all three underlying assets close at or above their coupon barriers (70% of initial levels).
The Notes can be automatically called after six months if all underlyings are at or above their call threshold levels (100% of initial levels), in which case investors receive principal plus the applicable coupon and the product terminates early. If not called, principal is repaid at maturity only if each underlying’s final level is at or above its downside threshold (60% of initial levels). If any final level is below its downside threshold, repayment is reduced one-for-one with the worst performer and can fall to zero.
The estimated initial value is expected between $922.10 and $952.10 per $1,000 Note, reflecting underwriting discounts, hedging and issuance costs. The Notes are unsecured obligations of UBS, are not FDIC insured, will not be listed, may have limited or no secondary market, and expose investors to both underlying market risk and UBS credit risk, with a meaningful possibility of losing a significant portion or all of the initial investment.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index, maturing on or about August 2, 2030. The Notes pay a contingent coupon at an annual rate of 11.15% (about $9.2917 per $1,000 per month) only if, on each monthly observation date, every index is at or above 75% of its initial level (the coupon barrier).
UBS may, at its discretion, call the Notes in whole on any observation date beginning after six months, paying back 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 60% of its initial level (the downside threshold), investors receive full principal. If any index finishes below its downside threshold, the maturity payment is $1,000 × (1 + return of the worst-performing index), exposing investors to the full downside of that index and potentially a total loss.
The Notes are unsecured, unsubordinated obligations of UBS AG London Branch, not deposits and not FDIC-insured, and are subject to UBS credit risk and possible Swiss resolution measures. They will not be listed, may have limited or no secondary market, and the estimated initial value is expected to be between $954.50 and $984.50 per $1,000, reflecting underwriting and hedging costs. Tax treatment is uncertain; UBS intends to treat the Notes as prepaid derivatives with contingent coupons taxed as ordinary income.
UBS AG is offering Trigger Callable Contingent Yield Securities linked to the worst performer of the Nikkei 225, Russell 2000 and S&P 500, maturing around January 31, 2028. These unsecured notes pay a contingent coupon of $22.75 per $1,000 (9.10% per annum) for any quarter when the closing level of each index is at least 65% of its initial level. If any index is below that coupon barrier, no interest is paid for that period.
UBS can call the notes at its discretion on any coupon date (other than maturity), returning the $1,000 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 65% trigger level, investors receive $1,000 per note plus any final coupon.
If at maturity any index finishes below its 65% trigger level, the payoff is $1,000 × (1 + the return of the worst index), so losses match the worst index’s percentage decline and can reach a total loss of principal. Investors do not participate in any index upside, face limited or no income if barriers are breached, have exposure to UBS credit risk and may encounter little or no secondary market liquidity.
UBS AG is offering unsecured Trigger Callable Contingent Yield Notes linked to the worst performer of the Russell 2000® Index and the S&P 500® Index, maturing around February 2, 2028. The Notes pay a contingent coupon at an annual rate of 8.40% (about $7.00 per $1,000 period) only if, on each monthly observation date, both indices close at or above coupon barriers set at 70% of their initial levels. UBS can call the Notes in whole, 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 either index finishes below its downside threshold of 55% of its initial level at maturity, investors receive reduced principal tied to the negative return of the worst-performing index and can lose their entire investment. The Notes will not be listed, may have limited liquidity, and all payments depend on UBS’s credit. The estimated initial value is between $962.70 and $992.70 per $1,000, reflecting fees and UBS’s internal funding rate.
UBS AG is offering Buffer Autocallable Contingent Yield Notes linked to the worst performer of the Russell 2000® Index and the S&P 500® Index, maturing around January 30, 2031. The Notes pay a contingent coupon at a rate of 6.15% per annum (about $5.125 per $1,000 per month) only if, on each monthly observation date, both indices close at or above their coupon barriers, set at 85% of their initial levels.
Beginning after 12 months, the Notes are automatically called if both indices are at or above their call thresholds, set at 100% of initial levels, returning principal plus any due coupon. If not called, and at maturity both indices are at or above their downside thresholds (also 85% of initial levels), investors receive full principal. If any index finishes below its downside threshold, repayment is reduced according to the loss of the worst index beyond a 15% buffer, and investors could lose almost all of their investment.
The Notes are unsecured, unsubordinated debt of UBS, not deposits and not FDIC insured. Estimated initial value is between $917.40 and $947.40 per $1,000 Note, reflecting fees and UBS’ internal funding rate. The offering targets investors who understand equity index risk, can tolerate loss of principal and irregular income, and accept complex U.S. tax treatment as prepaid derivatives with contingent coupons.
UBS AG is offering Trigger Callable Contingent Yield Notes maturing around February 1, 2029, linked to the SPDR S&P Regional Banking ETF (KRE), the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY). The notes pay a 12.80% per annum contingent coupon (about $10.6667 per $1,000 each month) only if, on a monthly observation date, the level of every underlying is at or above 70% of its initial level.
UBS may call the notes in whole on any observation date starting after three months, returning principal plus any due coupon, and ending further payments. If the notes are not called and, at maturity, every underlying is at or above 60% of its initial level, investors receive back the $1,000 principal. If any underlying finishes below its 60% downside threshold, repayment is reduced in line with the worst performer, and investors can lose up to their entire investment.
The notes are unsecured obligations of UBS, are not FDIC‑insured, will not be listed on an exchange, and their payments depend on UBS’s credit. The estimated initial value is expected to be between $948.90 and $978.90 per $1,000 note, reflecting fees, hedging and UBS’s internal funding rate.
UBS AG is offering Trigger Callable Contingent Yield Notes maturing around February 1, 2028, linked to 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 (about $26.75 per quarter on a $1,000 note) only if, on each observation date, all three indices are at or above 70% of their initial level.
UBS can redeem the notes early on any 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, at maturity, all indices are at or above 60% of their initial level, investors receive back their full principal. If any index finishes below its downside threshold, repayment is reduced one-for-one with the worst-performing index, and investors can lose up to 100% of principal.
The notes are unsecured obligations of UBS, are not FDIC-insured, will not be listed on an exchange, may have limited liquidity, and their estimated initial value (between $960.10 and $990.10 per $1,000 note) is below the issue price, reflecting fees, hedging and funding costs.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer of the Nasdaq-100, Russell 2000 and EURO STOXX 50 Indexes, maturing around July 26, 2027. The Notes pay a contingent coupon at a 14.05% per annum rate only if, on each monthly observation date, every index closes at or above 65% of its initial level. UBS can call the Notes in whole on any observation date starting after five months, paying back principal plus any due coupon.
A daily “knock-in” trigger occurs if any index ever closes below 70% of its initial level during the observation period. If the Notes are not called, a trigger has occurred and the final level of any index is below its initial level, principal is reduced one-for-one with the decline of the worst-performing index and can be fully lost. The issue price is $1,000 per Note, with per-Note proceeds to UBS of $998 and an estimated initial value between $949.50 and $979.50, and all payments depend on UBS’s creditworthiness.
UBS AG is issuing $3,930,000 of Trigger Callable Contingent Yield Notes linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, maturing on December 23, 2027. Each Note has a $1,000 principal amount and offers a contingent coupon at a 9.60% per annum rate, paid monthly at $8.00 per Note only when all three indexes close at or above their coupon barriers, set at 70% of initial levels.
UBS can call the Notes in whole on any monthly observation date beginning after three months, returning principal plus any due coupon, ending further payments. If the Notes are not called and all indexes finish at or above their downside thresholds (60% of initial levels), investors receive full principal at maturity. If any index finishes below its downside threshold, repayment is reduced in line with the worst index’s negative return, and investors can lose up to their entire investment.
The Notes are unsecured debt of UBS, not listed on an exchange, and their payments depend on UBS’s credit. The estimated initial value is $969.00 per $1,000 Note, reflecting fees, hedging and UBS’s internal funding rate.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Russell 2000® Index, maturing around January 26, 2029. Each Note has a $1,000 principal amount and pays a contingent coupon of 8.80% per annum, or $22.00 per quarter, but only when the index closes at or above a set coupon barrier on quarterly observation dates.
The Notes can be called early after 12 months if the index is at or above a call threshold equal to 100% of the initial level; in that case investors receive principal plus the due coupon and the Note ends. If the Notes are not called and, at maturity, the index is at or above a downside threshold of 75% of the initial level, investors receive full principal. If the index finishes below this threshold, repayment is reduced one-for-one with the index loss, and investors can lose up to their entire investment.
The estimated initial value is expected between $959.20 and $989.20 per $1,000 Note, reflecting fees and UBS’ internal funding rate. The Notes are unsecured, unsubordinated debt of UBS, are not listed, may have limited liquidity, and all payments depend on UBS’ creditworthiness.
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. Each Note has a $1,000 principal amount, a term of approximately 18 months from a trade date of January 23, 2026 to a maturity date of July 28, 2027, and pays a contingent coupon at a rate of 11.30% per annum (about $9.4167 per month) if on an observation date all three indices close at or above their coupon barriers.
The coupon barriers and downside thresholds are each set at 70.00% of the initial level for every index. If UBS does not call the Notes and any index finishes below its downside threshold, investors receive $1,000 multiplied by 1 plus the return of the worst-performing index, which can mean a substantial loss, up to a total loss of principal. UBS may call the Notes in whole, beginning after six months, paying principal plus any due coupon.
The Notes are unsubordinated, unsecured obligations of UBS, are not bank deposits, are not insured by the FDIC, and will not be listed on an exchange. The estimated initial value is expected between $947.50 and $977.50 per Note. The issue price is $1,000, with a $6.00 per Note underwriting discount and $994.00 per Note in proceeds to UBS.
UBS AG is offering Buffer Callable Contingent Yield Notes linked to the least performing of the Nasdaq‑100 Index and the S&P 500 Index, with a 3‑year term and a $1,000 issue price per note. The notes pay a 9.00% per annum contingent coupon (monthly $7.50) only when both indices close at or above 80% of their initial levels on an observation date; otherwise no coupon is paid.
UBS may call the notes in whole, but not in part, on any monthly observation date beginning after three months, returning principal plus any due coupon, after which no further payments are made. If the notes are not called and on the final valuation date either index finishes below 80% of its initial level, investors suffer a loss of principal beyond a 20% buffer, potentially losing almost all of their investment.
The notes are unsecured obligations of UBS, not bank deposits, and are not listed on any exchange. Underwriting discount is $6.00 per note, and UBS estimates the initial value between $958.50 and $988.50, reflecting internal funding and hedging costs.
UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the worst performer of three sector ETFs: VanEck Semiconductor (SMH), SPDR S&P Biotech (XBI) and Energy Select Sector SPDR (XLE). The Notes pay a contingent coupon of 10.75% per annum, or $8.9583 per $1,000 Note each month, but only when the closing level of every ETF is at or above its coupon barrier.
The Notes can be automatically called monthly after 12 months if each ETF is at or above its call threshold, set at 100% of its initial level. If called, holders receive the $1,000 principal plus any due and previously unpaid coupons.
If not called, and on the final valuation date in January 2031 every ETF is at or above its downside threshold (60% of its initial level), investors receive their $1,000 principal back, plus any due coupons. If any ETF finishes below its downside threshold, the maturity payment is reduced dollar-for-dollar with the loss on the worst-performing ETF, and the principal repayment can fall to zero.
The estimated initial value is expected between $929.30 and $959.30 per $1,000 Note, reflecting underwriting discounts of up to $39.75 and UBS’ internal funding. All payments are unsecured obligations of UBS AG and depend on its creditworthiness.
UBS AG is offering $870,000 of Trigger Callable Contingent Yield Notes, maturing on January 25, 2029, linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and S&P 500 Index. The Notes pay an 8.25% per annum contingent coupon (about $6.875 per $1,000 per month) only if on each observation date all three indices are at or above their coupon barriers, set at 55% of initial levels.
UBS can call the Notes in whole on any monthly observation date after three months, returning principal plus any due coupon, ending all future payments. If the Notes are not called and any index finishes below its downside threshold (also 55% of initial) at maturity, investors’ principal is reduced one-for-one with the worst index’s loss, up to a total loss. Payments depend entirely on UBS credit. The estimated initial value is $973.80 per $1,000 Note, below the issue price, reflecting fees, hedging costs and UBS’s internal funding rate.
UBS AG is offering unsecured Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing in January 2029. Each Note has a $1,000 denomination and pays a contingent coupon at an annual rate of 8.75% (about $21.875 per quarter) only when, on an observation date, both indices close at or above their coupon barriers.
UBS may call the Notes on any quarterly observation date (other than the final one), in which case investors receive principal plus any due coupon and the product terminates early. If the Notes are not called and either index finishes below its downside threshold—set at 60.00% of its initial level (1,587.217 for the Russell 2000; 4,078.12 for the S&P 500)—repayment at maturity is reduced one-for-one with the loss on the worst index, up to a total loss of principal.
The estimated initial value per Note on the trade date is expected between $965.20 and $995.20, below the $1,000 issue price due to fees, hedging and UBS’ internal funding rate. The Notes will not be listed, may have limited liquidity, offer no participation in index upside or dividends, and all payments are subject to UBS credit risk; a UBS default or Swiss regulatory action could result in partial or total loss of the investment.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer of the Russell 2000 Index and the S&P 500 Index. The notes target a 9.10% per annum contingent coupon, paid monthly only when both indexes close at or above 70% of their initial levels on each observation date.
The notes run for about four years and are callable quarterly after six months at UBS’s discretion at $1,000 per note plus any due coupon. If not called, investors receive full principal at maturity only if each index finishes at or above 60% of its initial level; otherwise repayment is reduced one-for-one with the decline of the worst index, up to a total loss of principal. The notes are unsecured UBS debt, not listed on an exchange, priced at $1,000 with $4.00 per-note underwriting discount, and have an estimated initial value between $961.70 and $991.70.
UBS AG is offering $1,250,000 of Buffer Autocallable Contingent Yield Notes linked to the worst performer of the Nasdaq-100 Index and the S&P 500 Index, each in $1,000 denominations and maturing on February 25, 2027. The notes pay a contingent coupon at a rate of 6.80% per annum (about $5.6667 per month per note) only if on an observation date both indices close at or above their coupon barriers, set at 85% of their initial levels.
The notes can be automatically called monthly starting after six months if both indices are at or above 100% of their initial levels, in which case holders receive principal plus any due coupon and the product terminates early. If not called and at maturity both indices are at or above their 85% downside thresholds, investors receive full principal; otherwise repayment is reduced based on the decline of the worst-performing index beyond a 15% buffer, and losses can approach the full investment.
All payments depend on UBS’s credit, and the estimated initial value is $975.00 per $1,000 note, below the issue price.
UBS AG is offering $150,000 of Trigger Autocallable Contingent Yield Notes linked to Western Digital common stock, maturing on January 22, 2029. These unsecured debt notes can pay a contingent coupon only when Western Digital’s share price on an observation date is at or above a coupon barrier, set at 50% of the initial level in the hypothetical examples. The product can be called early if the stock closes at or above its initial level, returning principal plus the due coupon but ending further payments. If the notes are not called and the final stock level is below the downside threshold, repayment at maturity is reduced in line with the stock’s loss, and the entire principal can be lost. A hypothetical contingent coupon rate of 19.88% per year (about $0.3313 per $10 note per period) illustrates the high income potential but also the high risk. The notes are not listed, carry UBS credit risk, have a minimum purchase of 100 notes at $10 each, and an estimated initial value of $9.49 per note.
UBS AG is offering $815,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Deckers Outdoor Corporation, maturing on January 22, 2029. These notes can pay a contingent coupon only if Deckers’ share price on each 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 Deckers’ stock closes at or above the initial level on any observation date before maturity, in which case investors receive the $10 principal per note plus the applicable coupon and no further payments. If not called and the final stock level is at or above a downside threshold at maturity, investors receive only their principal (and any final coupon). If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline and investors can lose all of their investment.
All payments depend on UBS’s ability to meet its obligations. The minimum investment is 100 notes at $10 each, and the estimated initial value is $9.70 per note, reflecting UBS’s internal pricing and funding assumptions.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Western Digital Corporation, maturing on or about January 22, 2029. These unsecured debt obligations can pay contingent coupons on scheduled dates, but only if Western Digital’s share price on the relevant observation date is at or above a preset coupon barrier.
The notes are automatically called early if, on any observation date before maturity, the share price is at or above the initial level. 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 share price is at or above a downside threshold, investors receive only their 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 initial investment.
Any payment depends on the creditworthiness of UBS AG. The notes are not bank deposits, are not insured by the FDIC, will not be listed on an exchange, and are offered in minimums of 100 notes at $10 per note. The estimated initial value on the trade date is expected to be between $9.15 and $9.40 per note.
UBS AG is offering preliminary terms for Trigger Autocallable Contingent Yield Notes linked to the common stock of Deckers Outdoor Corporation, maturing on or about January 22, 2029. These unsecured, unsubordinated debt securities pay a contingent coupon only when the underlying stock closes at or above a preset coupon barrier on each observation date.
The Notes may be automatically called before maturity if the stock closes at or above the initial level on any observation date (other than the final one). In that case, investors receive principal plus the relevant contingent coupon and no further payments. If the Notes are not called and the final stock level is at or above a downside threshold, principal is repaid at maturity, with any final contingent coupon if the coupon barrier is also met.
If the final stock level is below the downside threshold and the Notes have not been called, investors are exposed to the full downside of the stock and receive a reduced payment based on the stock’s negative return, which can result in losing most or all of the initial investment. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on any exchange.
UBS AG is offering $1,700,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Alphabet Inc., maturing on April 22, 2027. These unsecured debt notes pay a contingent coupon only if Alphabet’s closing level on each 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 Alphabet’s level on any observation date before maturity is at or above the initial level, in which case holders receive the $10 principal per Note plus any due coupon and no further payments. If not called and Alphabet’s final level is at or above the downside threshold, UBS repays principal (and a final coupon if the coupon barrier is also met). If the final level is below the downside threshold, repayment is reduced in line with Alphabet’s decline and can fall to zero, so investors may lose all principal. Payments depend on UBS’s credit. Notes are offered in minimums of 100 Notes at $10 each, with an estimated initial value of $9.82 per Note.
UBS AG is offering $9,294,800 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on January 22, 2029.
Holders receive a contingent coupon only if Broadcom’s share price on a quarterly observation date is at or above a coupon barrier set at 50% of the initial level; otherwise no coupon is paid. The notes are automatically called if Broadcom’s price on any observation date (starting after 6 months) is at or above the initial level, in which case investors receive principal plus the due coupon and the notes terminate early.
If the notes are not called and Broadcom’s final level is at or above the downside threshold (also 50% of the initial level), investors receive full principal back; if it is below, repayment is reduced one-for-one with Broadcom’s decline, and all principal can be lost. The example terms show a 13.40% per annum coupon rate and an estimated initial value of $9.76 per $10 note. All payments depend on the creditworthiness of UBS.