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

UBS AG is offering $12 million of one-year Buffered Contingent Income Auto-Callable Securities linked to Pfizer Inc. common stock. These unsecured notes pay a contingent coupon of $11.9167 per $1,000 security (about 14.30% per year) on each monthly determination date if Pfizer’s closing price is at or above 87% of the $25.48 initial price, the downside threshold of $22.17. Missed coupons may be paid later if the threshold is met, through a memory feature.

The notes can be auto-called on any monthly date before maturity if Pfizer closes at or above the $25.48 call threshold, returning principal plus the due coupon and any unpaid coupons, but no participation in stock gains. If the notes are not called and Pfizer is at or above the downside threshold at final observation, investors receive principal plus all due coupons.

If at final observation Pfizer is below the downside threshold, investors receive a cash value tied to the stock price with leveraged downside of about 1.1494% loss for each 1% drop beyond the buffer, which can result in a full loss of principal. The securities are not listed, may have limited liquidity, are subject to UBS credit risk, and have complex, uncertain U.S. tax treatment.

UBS AG is offering $12 million of Buffered Contingent Income Auto-Callable Securities linked to Microsoft common stock, maturing on January 15, 2027. Each $1,000 security can pay a contingent coupon of $11 per period, equivalent to 13.20% per year, for any determination date on which Microsoft’s share price is at or above the downside threshold of $407.39, or 85% of the $479.28 initial price. Missed coupons can be paid later if the threshold is met, through a “memory” feature.

If the stock is at or above the initial price (the call threshold) on any non-final determination date, the notes are automatically redeemed for $1,000 plus all due coupons. If held to maturity and the final price is at or above the downside threshold, investors receive $1,000 plus all contingent payments. If the final price is below the downside threshold, repayment is reduced on an approximately 1.1765× leveraged basis to a cash amount tied to the stock, and investors can lose some or all principal. The notes pay no dividends, are unsecured obligations of UBS, won’t be listed on an exchange, and have an estimated initial value of $994.90 per $1,000.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc., providing contingent coupons and conditional principal protection in exchange for equity market risk. Each Note has a principal amount of $10, with a minimum investment of 100 Notes. Contingent coupons are paid only if Meta’s share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period. The Notes can be automatically called early if Meta’s stock closes at or above the initial level on an observation date, in which case investors receive principal plus any due coupon and the Notes terminate. If the Notes are not called and Meta’s final share level is at or above the downside threshold, investors receive their principal at maturity; if it is below the threshold, repayment is reduced in line with Meta’s percentage decline, and the entire investment can be lost. All payments depend on the creditworthiness of UBS, and the estimated initial value per Note on the trade date is $9.73.

UBS AG is issuing Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc., scheduled to mature on January 18, 2028. These unsecured debt 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 for that period.

The notes are automatically called early if the stock closes at or above its initial level on any observation date before maturity, in which case investors receive the principal plus any due coupon and the product terminates. If the notes are not called and the final stock level on the valuation date is at or above a downside threshold, investors receive their 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 percentage loss, and investors can lose all of their investment.

The minimum investment is 100 notes at $10 each, and the estimated initial value is $9.77 per note based on UBS internal pricing. All payments depend on the creditworthiness of UBS; a UBS default could result in a total loss regardless of the stock’s performance. The notes will not be listed on any exchange, and UBS highlights that they are significantly riskier than conventional debt instruments.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc., maturing on or about January 15, 2027. These unsecured debt notes can pay contingent coupons on scheduled dates, but only if Meta’s closing share price on the relevant observation date is at or above a preset coupon barrier. The notes may be automatically called early if Meta’s share price is at or above the initial level on any observation date before maturity, in which case investors receive the principal plus any due coupon and no further payments.

If the notes are not called and Meta’s final share price is at or above a downside threshold on the final valuation date, investors receive back the $10 principal amount per note, plus the final contingent coupon if the coupon barrier is also met. If the final price is below the downside threshold, repayment is reduced in line with Meta’s negative return, and investors can lose a significant portion or all of their investment. Payments depend entirely on the creditworthiness of UBS, and the estimated initial value per $10 note is expected to be between $9.43 and $9.68. The notes are offered in minimums of 100 notes at $10 each and will not be listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of GE Vernova Inc., with a stated principal amount of $10 per Note and a minimum investment of 100 Notes. The Notes run from a trade date of January 13, 2026 to a maturity date of January 15, 2027 and are designed to pay a high contingent coupon of 19.70% per annum, but only when the GE Vernova share price on an observation date is at or above a coupon barrier set at 70% of the initial level.

The Notes will be automatically called early if GE Vernova’s share price on any observation date before maturity is at or above the initial level, in which case investors receive $10 per Note plus the applicable contingent coupon and no further payments. If the Notes are not called and the final share price is at or above a downside threshold, also 70% of the initial level, investors receive their $10 principal back (plus any final contingent coupon if the barrier is met). If the final share price is below the downside threshold, repayment is reduced dollar-for-dollar with the stock’s loss, and investors can lose their entire investment.

Any payment depends on UBS’s credit, the Notes are unsecured and unsubordinated, not insured by the FDIC, and will not be listed on an exchange. The estimated initial value is $9.80 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 Freeport-McMoRan Inc., with a term running from an expected trade date of January 13, 2026 to an expected maturity on January 18, 2028. These are unsecured debt obligations of UBS, and all payments depend on UBS’s credit.

Investors may receive periodic contingent coupons only when the stock closes at or above a specified coupon barrier on each observation date. The notes are automatically called early, and principal is repaid with any due coupon, if the stock closes at or above its initial level on any observation date before the final one, ending all future payments.

If the notes are not called and the stock is at or above a downside threshold at final valuation, UBS repays principal (and a final coupon if the barrier is met). If the stock finishes below the downside threshold, repayment is reduced in line with the stock’s loss, and investors can lose all of their investment. Hypothetical examples show both modest positive returns and losses exceeding 60%.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of GE Vernova Inc., maturing on or about January 15, 2027. Each Note has a principal amount of $10, with a minimum investment of 100 Notes. These unsecured, unsubordinated debt obligations pay a contingent coupon only if the underlying stock closes at or above a specified coupon barrier on the relevant observation date.

The Notes may be automatically called if the underlying 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 Notes terminate early. 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; if it is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors could lose their entire investment.

The estimated initial value per Note on the trade date is expected to be between $9.43 and $9.68, based on UBS’s internal pricing models. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on any securities exchange.

UBS AG is offering $815,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on January 15, 2027. Each Note has a $10 principal amount and pays a 19.94% per annum contingent coupon only when Micron’s closing share price on an observation date is at or above a preset coupon barrier.

The Notes can be automatically called early if Micron’s share price on any observation date before maturity is at or above the initial level, in which case investors receive $10 per Note plus the applicable contingent coupon and no further payments. If the Notes are not called and Micron’s final share price is at or above the downside threshold, investors receive their $10 principal per Note, plus a contingent coupon if the coupon barrier is met on the final valuation date.

If the Notes are not called and Micron’s final share price is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose most or all of their principal. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on any exchange. The estimated initial value is $9.80 per $10 Note.

UBS AG is offering $1,540,000 of Trigger Autocallable Contingent Yield Notes linked to the American depositary receipts of Novo Nordisk A/S, maturing on July 15, 2027. The Notes pay a contingent coupon only if the ADR closing level on each observation date is at or above a coupon barrier set at 70% of the initial level, with a hypothetical contingent coupon rate of 15.60% per annum shown in the examples.

The Notes are automatically called early if the ADR level on any observation date before maturity is at or above the initial level, in which case investors receive $10 per Note plus the applicable coupon and no further payments. If not called, and the final level is at or above the downside threshold (also 70% of the initial level), principal is repaid; if it is below this threshold, repayment is reduced in line with the ADR’s loss, and investors can lose all of their investment.

The minimum investment is 100 Notes at $10 each, and the estimated initial value per Note on the trade date is $9.81. The Notes are unsecured, unsubordinated UBS debt, not listed on any exchange, and all payments depend on UBS’s creditworthiness.

UBS AG is offering $10,429,500 of Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc., maturing on January 16, 2029. These unsecured debt notes pay contingent quarterly coupons only if CrowdStrike’s share price on each 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 after the first six months if, on any quarterly observation date before maturity, the stock closes at or above the initial level. In that case, investors receive the $10 principal per note plus any due coupon, and the investment ends early. If the notes are not called and the stock is at or above the downside threshold at maturity, investors receive back the principal; if it is below, repayment is reduced in line with the stock’s percentage loss, and the entire investment can be lost.

The notes will not be listed on any exchange, are subject to UBS’s credit risk, and have an estimated initial value of $9.77 per $10 note. The minimum investment is 100 notes, or $1,000.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., with a term running from a trade date of January 13, 2026 to a scheduled maturity on or about January 15, 2027. Each Note has a principal amount of $10, with a minimum investment of 100 Notes.

Investors may receive periodic contingent coupons only if Micron’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 before maturity if Micron’s share price on any observation date (other than the final one) is at or above the initial level, in which case investors receive principal plus the contingent coupon then due and no further payments. If the Notes are not called and Micron’s final level is at or above the downside threshold, principal is repaid at maturity; if it is below that threshold, repayment is reduced in line with Micron’s decline, and investors could lose their entire investment. All payments depend on the creditworthiness of UBS, and the estimated initial value per Note is expected to be between $9.42 and $9.67.

UBS AG is offering $1,980,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Generac Holdings Inc., maturing on January 18, 2028. Each Note has a $10 principal amount and pays a contingent coupon only if Generac’s closing share price on an observation date is at or above a preset coupon barrier.

The Notes may be automatically called quarterly, beginning after 6 months, if Generac’s share price is at or above the initial level, in which case investors receive $10 per Note plus any due coupon and the Notes terminate. If not called, and on the final valuation date Generac’s price is at or above the downside threshold, investors receive their $10 principal back (and possibly a final coupon). If the final level is below the downside threshold, repayment is reduced in line with Generac’s percentage decline, and investors can lose all of their investment.

The Notes are unsecured, unsubordinated obligations of UBS, with all payments subject to UBS’s creditworthiness. The estimated initial value is $9.67 per $10 Note, and the minimum investment is 100 Notes ($1,000). The Notes will not be listed on any securities exchange and are described as significantly riskier than conventional debt instruments.

UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes linked to Intel Corporation common stock, maturing on January 15, 2027. These unsecured debt notes can pay a high contingent coupon of 27.52% per annum, with $0.688 per $10 note per observation period, but only when Intel’s share price is at or above the coupon barrier on the relevant observation date.

The notes may be automatically called early if Intel’s stock closes at or above the initial level on an observation date, in which case investors receive principal plus any due coupon and the product terminates. If the notes are not called and Intel’s final share price is at or above the downside threshold (70% of the initial level, or $70.00 in the example), investors receive full principal back, plus any final coupon if the 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 most or all of their investment. All payments depend on the creditworthiness of UBS, and the estimated initial value per $10 note is $9.79.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the American depositary receipts of Novo Nordisk A/S, maturing on or about July 15, 2027. Each Note has a principal amount of $10, with a minimum investment of 100 Notes (a $1,000 investment).

Investors may receive periodic contingent coupons only when the Novo Nordisk ADR closes at or above a specified coupon barrier on an observation date. The Notes are automatically called early if the ADR closes at or above the initial level on an observation date, in which case UBS pays back principal plus any due coupon and the Notes terminate.

If the Notes are not called and the ADR closes at or above a downside threshold on the final valuation date, UBS repays the $10 principal per Note at maturity. If the final level is below the downside threshold, repayment is reduced in line with the ADR’s decline, and investors can lose some or all of their investment. Payments depend entirely on the creditworthiness of UBS, the Notes are unsecured, are not FDIC insured, will not be listed on an exchange, and carry an estimated initial value between $9.43 and $9.68 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc., maturing on or about January 16, 2029. These are unsecured, unsubordinated debt obligations of UBS.

The Notes pay a contingent coupon only if, on each quarterly observation date, CrowdStrike’s share price is at or above a preset coupon barrier. The Notes are automatically called early if, on any observation date after an initial period, the share price is at or above the initial level; in that case, holders receive principal plus the applicable 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 their full principal at maturity. If the final share price is below the downside threshold, repayment is reduced in line with the negative share performance and principal can be lost in full. Payments depend entirely on UBS’s credit, and the Notes will not be listed on any exchange. The minimum investment is 100 Notes at $10 each, and UBS currently estimates the initial value per Note between $9.39 and $9.64.

UBS AG is offering $1,200,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on January 18, 2028. These unsecured debt notes pay a contingent coupon only if NVIDIA’s closing level on each observation date, including the final valuation date, is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The notes can be automatically called quarterly, beginning after six months, 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 coupon, and the notes terminate early. If the notes are not called and NVIDIA is at or above a downside threshold at maturity, investors receive full principal back; if it is below that threshold, repayment is reduced in line with the stock’s decline, up to a total loss of principal.

The notes are subject to UBS’s credit risk, are not insured or listed on an exchange, and the estimated initial value per note on the trade date is $9.88 versus a $10 issue price. The minimum investment is 100 notes, or $1,000.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Generac Holdings Inc. common stock, maturing on or about January 18, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes, and pays contingent coupons only if Generac’s share price on quarterly observation dates is at or above a preset coupon barrier.

The Notes can be automatically called before maturity if Generac’s stock closes at or above the initial level on an observation date, in which case investors receive the $10 principal plus any due contingent coupon and no further payments. If the Notes are not called and the final stock level on January 13, 2028 is at or above the downside threshold, investors receive full principal back (and possibly 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.

All payments depend on UBS’s creditworthiness, and the Notes are not insured or listed on any exchange. UBS estimates the initial value per $10 Note will be between $9.30 and $9.55, reflecting internal pricing and funding assumptions.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation, maturing on or about January 15, 2027. These unsecured debt notes pay a contingent coupon only if Intel’s closing share price on each observation date is at or above a coupon barrier; otherwise no coupon is paid for that period.

The notes are automatically called early if Intel’s stock is at or above the initial level on any observation date before maturity, in which case investors receive the principal plus any due coupon and the notes terminate. If not called and the final stock level is at or above a downside threshold, investors receive only their principal at maturity, plus the final coupon if the barrier is met. If the final level is below the downside threshold, repayment is reduced in line with Intel’s percentage decline and investors can lose all of their investment.

The notes are subject to UBS’s credit risk, will not be listed on any exchange, require a minimum $1,000 purchase (100 notes at $10), and have an estimated initial value between $9.42 and $9.67 per $10 note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on or about January 18, 2028. These are unsecured, unsubordinated debt obligations of UBS.

Investors receive contingent quarterly coupons only when NVIDIA’s closing level on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period. The notes are automatically called if NVIDIA’s closing level on an observation date before maturity is at or above the initial level, in which case investors receive the principal plus any due contingent coupon and the notes terminate early.

If the notes are not called and NVIDIA’s final level on the final valuation date is at or above a downside threshold, investors receive the full principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline and investors can lose all of their initial investment. The minimum investment is 100 notes at $10 per note, and the estimated initial value is expected to be between $9.50 and $9.75 per note. All payments depend on the creditworthiness of UBS, and the notes are neither listed nor FDIC-insured.

UBS AG is offering $146,000 of Trigger Autocallable Contingent Yield Notes linked to Conagra Brands, Inc. common stock, maturing January 16, 2029. These unsecured debt notes pay contingent coupons only if the stock closes at or above a specified coupon barrier on quarterly observation dates; if the condition is not met, no coupon is paid for that period.

The notes can be called early if, on an observation date beginning after 6 months, the stock closes at or above its initial level, in which case investors receive the $10 principal per Note plus any due coupon and no further payments. If not called, and at maturity the stock is at or above a downside threshold, investors receive principal back; if it is below that threshold, repayment is reduced in line with the stock’s decline and can fall to zero. All payments depend on UBS’s creditworthiness, the notes are not listed, the minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.52 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation common stock and maturing on January 16, 2029. These unsecured debt notes pay a contingent coupon only when NVIDIA’s closing share price on a quarterly observation date, including the final valuation date of January 11, 2029, is at or above a preset coupon barrier. If the condition is not met, no coupon is paid for that period.

The notes can be called early: if on any quarterly observation date starting about six months after the trade date of January 13, 2026, NVIDIA’s share price is at or above the initial level, UBS will automatically redeem the notes at the $10 principal amount per note plus any due coupon, and all future payments stop. If the notes are not called and NVIDIA’s final level is at or above the downside threshold, investors receive full principal at maturity, plus a final coupon if the barrier is met. If the final level is below the downside threshold, repayment is reduced in line with the share price decline, and the entire principal can be lost.

The notes are offered at $10 per note, with a minimum investment of 100 notes, and have an estimated initial value of $9.71 per note based on UBS’ internal models. All payments depend on UBS’ creditworthiness, the notes are not insured or exchange-listed, and the issuer and its counsel highlight that these securities involve significant risks compared with conventional bonds.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. stock, maturing January 18, 2028. Each Note has a principal amount of $10 and offers a contingent coupon of $0.3415 per quarter, reflecting a 13.66% per annum rate, but only when Broadcom’s closing price on the observation date is at or above the coupon barrier of $55.00, which is 55.00% of the initial level. If this condition is not met, no coupon is paid for that period.

The Notes can be automatically called if, on any observation date before maturity, Broadcom’s closing price is at or above the initial level. In that case, investors receive $10 plus the applicable contingent coupon and no further payments. If the Notes are not called and Broadcom’s final level on January 13, 2028 is at or above the $55.00 downside threshold, investors receive $10 per Note plus any final coupon. If the final level is below the downside threshold, repayment is reduced to $10 × (1 + underlying return); losses match Broadcom’s percentage decline and can reach 100% of principal.

All payments depend on UBS’s credit. The Notes are not listed, have an estimated initial value of $9.77 per $10 Note, and involve significant market and credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Albemarle Corporation stock, maturing January 18, 2028. Each Note has a principal amount of $10, with a minimum investment of 100 Notes, and the estimated initial value is $9.72 per Note based on UBS’ internal models. Investors receive a contingent coupon only when the Albemarle share price on an observation date is at or above the coupon barrier; in the hypothetical example, the contingent coupon rate is 21.33% per annum with a $0.5333 coupon.

The Notes are automatically called if Albemarle’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive principal plus the applicable contingent coupon and no further payments. If the Notes are not called and the final stock level on January 13, 2028 is at or above the downside threshold, set at $60.00 (60.00% of the initial level in the example), investors receive full principal, plus any 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 percentage decline, and investors can lose a significant portion or all of their investment, as illustrated by an example payoff of $3.60 per Note. All payments depend on UBS’ creditworthiness, the Notes are not insured or listed on any exchange, and they carry significant market, credit and liquidity risk.

UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes linked to PVH Corp. common stock, each with a $10 principal amount. The Notes run from a trade date of January 13, 2026 to a maturity date of January 15, 2027, unless called earlier. Investors receive a contingent coupon only if PVH’s closing price on an observation date, including the final valuation date, is at or above the coupon barrier of $65.00, which is 65.00% of the initial level; the indicative contingent coupon rate is 15.02% per year, or $0.3755 per period on a $10 Note.

The Notes are automatically called if PVH closes at or above the initial level on any observation date before maturity, paying $10 plus the coupon then due, with no further payments. If not called and PVH’s final level is at or above the $65.00 downside threshold, holders receive $10 per Note at maturity, plus any final coupon if the barrier is met. If the final level is below the downside threshold, repayment is reduced to $10 × (1 + underlying return), creating full downside exposure to the stock and potential total loss. The estimated initial value is $9.86 per Note, the minimum investment is 100 Notes ($1,000), the Notes are unsecured, unsubordinated obligations of UBS, and all payments depend on UBS’s credit.

UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., maturing on July 15, 2027. These are unsecured debt obligations of UBS that pay contingent coupons only when Amazon’s closing share price on a given observation date is at or above a preset coupon barrier.

The notes may be called early bimonthly, beginning about six months after issuance, if Amazon’s share price is at or above the initial level on an observation date. In that case, holders 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 is at or above a downside threshold, investors receive full principal at maturity; if it is below that threshold, repayment is reduced in line with the stock’s decline and can fall to zero.

The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.81 per Note, reflecting UBS’s internal pricing. Any payment depends on UBS’s credit; if UBS defaults, investors could lose their entire investment. The notes will not be listed on any exchange, and secondary-market liquidity may be limited.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, with an expected maturity around January 16, 2029. The Notes may pay quarterly contingent coupons only when NVIDIA’s closing level on an observation date is at or above a coupon barrier, and can be automatically called after about 6 months if the stock closes at or above its initial level on an observation date, returning principal plus the applicable coupon.

If the Notes are not called and NVIDIA’s final level is at or above a downside threshold, UBS repays the $10 principal per Note at maturity; if the final level is below the threshold, repayment is reduced in line with the stock’s decline, up to a total loss of principal. The Notes are unsecured obligations of UBS, are not insured, will not be listed on an exchange, require a minimum purchase of 100 Notes at $10 each, and have an estimated initial value between $9.36 and $9.61 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Conagra Brands, Inc., maturing on or about January 16, 2029. These unsecured debt securities pay a contingent coupon only when the stock closes at or above a specified coupon barrier on quarterly observation dates and may be automatically called early if the stock is at or above the initial level on an observation date.

If the Notes are not called and the final stock level is at or above the downside threshold, investors receive back the principal at maturity, potentially plus a final contingent 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 all of their investment. The minimum investment is 100 Notes at $10 per Note, and the estimated initial value is between $9.18 and $9.43 per Note. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on any exchange.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co, scheduled to mature on January 18, 2028. The notes pay a contingent coupon only if Vertiv’s closing 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 on quarterly observation dates starting after six months if Vertiv’s share price is at or above the initial level, in which case investors receive the principal plus any due contingent coupon and the contract ends. If the notes are not called and Vertiv’s final level on the January 13, 2028 valuation date is at or above the downside threshold, investors receive full principal back; if it is below, repayment is reduced in line with the share-price decline and total loss of principal is possible.

The minimum investment is 100 notes at $10 each, and the estimated initial value is $9.84 per note, based on UBS’ internal models. Payments depend on the creditworthiness of UBS, the notes are not FDIC-insured, and they will not be listed on any securities exchange.

UBS AG is offering $170,000 of Trigger Autocallable Contingent Yield Notes linked to Lam Research Corporation common stock, maturing January 18, 2028. These unsecured debt notes may pay periodic contingent coupons, but only if Lam Research’s share price on each observation date is at or above a preset coupon barrier; if it is below, no coupon is paid for that period.

The notes are automatically called early if the 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 any due coupon, and the product terminates. If the notes are not called and the final stock level is at or above the downside threshold, investors receive principal back at maturity. If the final level is below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and investors could lose their entire investment.

Payments depend on UBS’s credit; a UBS default could result in total loss. The minimum investment is 100 notes at $10 each, and the estimated initial value is $9.76 per $10 note, based on UBS internal pricing models.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Albemarle Corporation, maturing on or about January 18, 2028. These unsecured debt notes pay a contingent coupon only when Albemarle’s closing share price on an observation date, including the final valuation date, is at or above a preset coupon barrier; otherwise no coupon is paid.

The notes are automatically called early if Albemarle’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 not called and Albemarle’s final level is at or above a downside threshold, investors receive full principal at maturity; if it is below the threshold, they are exposed one-for-one to the share’s decline and can lose all of their investment.

The notes are issued in $10 denominations, with a minimum investment of 100 notes. Hypothetical examples illustrate a 20.24% per annum contingent coupon on a $10 note and scenarios ranging from modest gains to losses of almost all principal. The estimated initial value per $10 note on the trade date is expected between $9.42 and $9.67, and any payment depends on the creditworthiness of UBS. The notes will not be listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on or about January 18, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes. These unsecured debt obligations pay a contingent coupon only if Broadcom’s closing level 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 Broadcom’s closing level on any observation date before the final valuation date is at or above the initial level, in which case investors receive principal plus any due contingent coupon and the Notes terminate. If not called, and the final level is at or above a downside threshold, investors receive only the $10 principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline and can fall to zero. Any payment depends on the creditworthiness of UBS, and the estimated initial value per Note on the trade date is expected to be between $9.43 and $9.68.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of PVH Corp., maturing on or about January 15, 2027. These unsecured debt notes pay a contingent coupon only if, on each observation date, the PVH share price is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The notes can be automatically called early if PVH’s stock closes at or above the initial level on any observation date before final valuation. In that case, investors receive the principal plus any due contingent coupon on the call settlement date, and the investment ends. If the notes are not called and the final stock level is at or above the downside threshold, investors receive full principal back at maturity.

If the notes are not called and the final PVH level falls below the downside threshold, the repayment is reduced in line with the stock’s percentage loss, and investors can lose some or all of their initial investment. Payments, including any contingent coupons and principal, depend entirely on the creditworthiness of UBS. The minimum investment is 100 notes at $10 each, and the estimated initial value per note on the trade date is expected to be between $9.49 and $9.74.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co, maturing on or about January 18, 2028. These unsecured, unsubordinated notes pay a contingent coupon only if Vertiv’s closing share price on a quarterly observation date is at or above a specified coupon barrier; otherwise no coupon is paid.

The notes can be automatically called after about 6 months on any quarterly observation date if the share price is at or above the initial level, in which case investors receive the principal plus the applicable contingent coupon and the product terminates early. If not called, and Vertiv’s final share price is at or above the downside threshold at maturity, investors receive the $10 principal per Note; if it is below that level, repayment is reduced in line with the share price decline, and total loss of principal is possible.

The minimum investment is 100 Notes at $10 each. The estimated initial value per Note is expected to be between $9.46 and $9.71 based on UBS’s internal models. Payments depend on UBS’s credit, the notes will not be listed on an exchange, and the documents emphasize that the product is complex and significantly riskier than conventional debt.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., scheduled to mature on or about July 15, 2027. These unsecured debt securities can pay contingent coupons only if Amazon’s closing share price on an observation date is at or above a preset coupon barrier, and the notes may be called early if the share price reaches or exceeds the initial level on any bimonthly observation date.

If the notes are not called and Amazon’s closing price on the final valuation date 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 percentage decline and investors could lose their entire investment. Any payment depends on UBS’s creditworthiness. The notes are sold in a minimum of 100 notes at $10 each, and their estimated initial value is expected to be between $9.44 and $9.69 per $10 note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation, maturing on or about January 18, 2028. These unsecured debt obligations can pay periodic contingent coupons only if Lam Research’s share price on specified observation dates is at or above a preset 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 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 the final share level is at or above a downside threshold, investors receive full principal at maturity; if it is below that threshold, repayment is reduced in line with the share’s decline and total loss of principal is possible.

The notes are issued in $10 denominations with a minimum $1,000 investment. UBS expects the initial value per $10 note to be between $9.42 and $9.67, and all payments depend on UBS’s creditworthiness. The notes will not be listed on any exchange.

UBS AG is offering $1,751,000 of Trigger Callable Contingent Yield Notes linked to the worst performer of the SPDR S&P Regional Banking ETF (KRE) and the Financial Select Sector SPDR Fund (XLF), maturing on May 11, 2028. The Notes pay a contingent coupon at a rate of 9.05% per annum (about $7.5417 per $1,000 Note per period) only if on each monthly observation date both ETFs close at or above their coupon barriers, set at 60% of initial levels ($40.85 for KRE and $33.54 for XLF). UBS may call the Notes in whole, but not in part, on any observation date beginning after 13 months, paying principal plus any due coupon and ending further payments. If the Notes are not called and either ETF finishes below its downside threshold (also 60% of initial level), repayment is reduced in line with the negative return of the worst-performing ETF, up to a total loss of principal. The Notes are unsecured debt of UBS, are not listed on any exchange, and carry both market risk from the underlying ETFs and UBS credit risk. The estimated initial value is $986.70 per $1,000 Note, below the $1,000 issue price.

UBS AG is offering Airbag Autocallable Contingent Yield Notes linked to the S&P 500® Index, combining contingent income with substantial downside risk. Each $1,000 Note pays a semiannual contingent coupon at a rate of at least 7.70% per annum if, on an observation date, the index closes at or above a coupon barrier set at 80.00% of the initial level; otherwise no coupon is paid.

Beginning after 12 months, the Notes are automatically called if the index closes at or above a call threshold equal to 100.00% of the initial level, in which case investors receive principal plus the applicable coupon and the Notes terminate. If not called, and on the final valuation date in 2030 the index is at or above the 80.00% downside threshold, investors receive full principal; if it is below, repayment is reduced so that investors lose 1.25% of principal for each 1% decline beyond the 20.00% threshold, up to a total loss.

The Notes are unsubordinated, unsecured obligations of UBS, not bank deposits and not insured, so all payments depend on UBS’s credit. They will not be listed on any exchange, and UBS estimates the initial value at $957.20–$987.20 per $1,000 Note, reflecting fees, hedging and funding costs.

UBS AG is offering $40,217,000 of Capped Leveraged S&P 500® Index‑Linked Medium‑Term Notes due February 16, 2027. Each note has a $1,000 face amount and pays no interest. At maturity, holders receive cash based on S&P 500® performance from the January 9, 2026 trade date to the February 11, 2027 determination date.

If the index rises, investors earn 150% of the index gain but are capped at a maximum settlement amount of $1,151.50 per $1,000, corresponding to a cap level of 110.10% of the initial index level of 6,966.28. If the index is flat, investors receive only their $1,000 principal. If the index falls, the notes lose 1% of principal for every 1% index decline, up to a total loss of principal.

The notes are unsecured obligations of UBS AG London Branch, carry full issuer credit risk, are not FDIC‑insured, and will not be listed on an exchange, so secondary market liquidity may be limited. The estimated initial value is $985.00 per $1,000, below the issue price, reflecting dealer compensation, 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 S&P 500 indices, maturing around July 18, 2029. The notes pay a contingent coupon only if, on every trading day in a quarter, each index stays at or above its coupon barrier, with a minimum coupon rate of at least 10.30% per annum on the $10 denomination.

UBS can call the notes on quarterly observation dates, repaying 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 (60% of its initial level), investors take a loss matching that index’s negative return and could lose their entire investment. Barriers are set at 70% (coupon) and 60% (downside) of initial index levels, the estimated initial value is expected between $9.60 and $9.90 per $10 note, and all payments depend on UBS’s credit.

UBS AG is offering Capped Buffer GEARS linked to an equally weighted basket of 10 equities, with a term of about 15 months. Each Security has a $10 principal amount and provides 2.00x leveraged exposure to any positive basket return, but gains are capped at a maximum gain of 30.00%–32.00%, for a maximum payment of $13.00–$13.20 per Security. The initial basket level will be set to 100.00 and the downside threshold to 92.00, giving an 8.00% buffer.

If the basket return is positive, the payout equals $10 times 1 plus the lesser of the geared basket return or the maximum gain. If the basket return is zero or negative but the final basket level stays at or above the downside threshold, investors receive their $10 principal back. If the final basket level falls below the downside threshold, principal is reduced in proportion to losses beyond the 8.00% buffer, and investors could lose almost all of their investment.

The Securities pay no interest, do not provide dividends on the basket assets, and will not be listed on an exchange. The issue price is $10.00, including a $0.20 underwriting discount, for net proceeds to UBS of $9.80 per Security. UBS estimates the initial value at $9.501–$9.801, reflecting its internal pricing models and costs. All payments depend on UBS’s credit; a default could result in total loss.

UBS AG is offering Trigger Callable Contingent Yield Securities due January 2028 linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500. Each $1,000 security pays a quarterly contingent coupon of $23.50, equivalent to a 9.40% annual rate, but only if on every trading day in the observation period all three indices stay at or above 70% of their initial levels, the coupon barrier.

UBS can call the notes in whole on any coupon date before maturity, paying back principal 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 70% trigger level, repayment is reduced in line with the worst index’s percentage loss, potentially to zero, so investors may lose all principal. The notes are unsecured obligations of UBS AG London Branch, are not listed, and have an estimated initial value between $930.00 and $960.00 per $1,000, reflecting fees, hedging and UBS’ internal funding rate.

UBS AG is offering Trigger Callable Contingent Yield Notes due December 3, 2027, with a total issue of $8,443,000 and a principal amount of $1,000 per Note. The Notes pay a contingent coupon at a rate of 11.35% per annum (about $9.4583 per month per Note) only if, on each monthly observation date, the Dow Jones Industrial Average®, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index all close at or above their coupon barriers, set at 70.00% of their initial levels.

UBS may call the Notes in whole on any observation date beginning after 3 months, paying back principal plus any due coupon; no further payments would then be made. If the Notes are not called and, at maturity, any index finishes below its downside threshold (also 70.00% of its initial level), repayment is reduced in line with the negative return of the worst-performing index, and the entire principal can be lost. The estimated initial value is $977.60 per $1,000 Note, and all payments depend on the creditworthiness of UBS.

UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. common stock, maturing January 18, 2029. These unsecured notes pay a 13.30% per annum contingent coupon (about $33.25 per $1,000 note per year) only if Broadcom’s closing price on quarterly observation dates is at or above a coupon barrier set at 50% of the $344.97 initial level.

UBS will automatically call the notes after six months if Broadcom’s price is at or above the call threshold, set at 100% of the initial level, returning principal plus the due coupon and ending further payments. If the notes are not called and Broadcom finishes at or above the 50% downside threshold, investors receive full principal back; below that level, repayment is reduced in line with Broadcom’s percentage decline, and investors could lose their entire investment. The estimated initial value is $971.30 per $1,000 note, and all payments depend on UBS’s creditworthiness.

UBS AG is offering Trigger Callable Contingent Yield Notes, each with a $1,000 principal amount and a term of about five years, linked to the least performing of four underlying assets: the Nasdaq-100 Index, the Russell 2000 Index, the iShares 20+ Year Treasury Bond ETF and the Utilities Select Sector SPDR Fund.

The Notes pay an 11.00% per annum contingent coupon, but only for months when the closing level of each underlying is at or above its coupon barrier, set at 70% of its initial level. UBS can call the Notes in whole, starting after three months, paying back principal plus any due coupon, and ending all future payments.

If the Notes are not called and, at maturity in January 2031, every underlying is at or above its downside threshold of 60% of its initial level, investors receive full principal back (plus any final coupon if all are above the coupon barriers). If any underlying finishes below its downside threshold, repayment is reduced one-for-one with that worst performer, and investors could lose their entire investment. The Notes are unsecured obligations of UBS, carry significant market and credit risk, will not be listed, and have an estimated initial value between $960.10 and $990.10 per $1,000 issue price.

UBS AG is issuing $250,000 of Trigger Callable Contingent Yield Notes maturing January 11, 2029, linked to the worst performer among the Dow Jones Industrial Average®, Russell 2000® Index and S&P 500® Index. The notes pay a contingent coupon at a rate of 11.05% per annum (approximately $9.2083 per $1,000 note each month) only if on an observation date the closing level of each index is at or above its coupon barrier, set at 85.00% of its initial level.

UBS may call the notes in whole on any monthly observation date beginning after six months; if called, investors receive the $1,000 principal per note plus any due coupon, and the investment ends early. If the notes are not called and at maturity every index is at or above its downside threshold, set at 70.00% of its initial level, investors receive $1,000 per note (plus any final coupon.

If any index finishes below its downside threshold, the maturity payment is reduced dollar-for-dollar with the negative return of the least performing index, potentially leading to a complete loss of principal. Payments depend on UBS’s credit, the notes are not insured or exchange-listed, and the estimated initial value is $986.80 per $1,000 note, below the issue price.

UBS AG is offering unsecured Trigger Autocallable Notes linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index, each with a $1,000 principal amount and a term of about six years to January 22, 2032. The notes pay no coupons and may be automatically called quarterly, beginning after 12 months, if the index is at or above the call threshold, set at 100.00% of the initial level. If called, investors receive the principal plus a call return based on a 28.40% per annum call return rate, with call prices rising over time.

If the notes are not called and the final index level is at or above the downside threshold of 50.00% of the initial level, investors receive only the $1,000 principal back. If the final level is below the downside threshold, repayment is reduced to $1,000 × (1 + underlying return), exposing investors to full downside, up to a total loss of principal. The estimated initial value is expected between $933.70 and $963.70 per $1,000 note, reflecting underwriting discounts, hedging and other costs. The notes are not listed, may have little or no secondary market, do not provide dividends, are not CFTC‑regulated, and all payments depend on the creditworthiness of UBS AG London Branch.

UBS AG is offering $11,128,000 of Capped Market-Linked Notes linked to the least performing of the Dow Jones Industrial Average and the S&P 500 Index, maturing around July 14, 2027. These unsecured debt securities have a $1,000 principal amount per Note, pay no interest, and are issued at $1,000 with an estimated initial value of $997.20.

At maturity, if the index with the weaker performance has risen, investors receive principal plus the lesser of that index’s percentage gain or the 11.20% maximum gain, capping the payment at $1,112 per Note. If the least performing index is flat or lower, investors only receive their $1,000 principal back.

Principal protection applies only at maturity and all payments depend on UBS’s credit. The Notes will not be listed, may have limited or no secondary market, and the issue price includes underwriting, hedging and issuance costs, so early sale could result in a loss. The tax treatment is complex, as the Notes are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes.

UBS AG is offering $1,015,000 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 in December 2027. The notes pay an 11.25% per annum contingent coupon only if all three indexes close at or above 70% of their initial levels on monthly observation dates; otherwise no coupon is paid for that period.

UBS can call the notes after three months, returning principal plus any due coupon, which introduces reinvestment risk. If the notes are not called and any index finishes below its 70% downside threshold at maturity, investors lose principal in line with the worst index’s percentage decline and could lose their entire investment. Payments depend on UBS’s credit, and the estimated initial value of each $1,000 note is $975.50, reflecting fees, hedging costs and UBS’s internal funding rate. The notes will not be listed and may have limited liquidity.