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

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Capital One Financial Corporation, maturing on or about January 12, 2028. These unsecured debt notes can pay periodic contingent coupons, but only if the stock closes at or above a preset coupon barrier on each observation date.

The notes are automatically called early if, on any observation date before maturity, the stock closes at or above its initial level. In that case, investors receive their principal plus the applicable contingent coupon on the call settlement date, and the notes terminate.

If the notes are not called and, on the final valuation date, the stock is at or above a downside threshold, investors receive only their principal (plus any final contingent 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 a significant portion or all of their investment. All payments depend on the creditworthiness of UBS AG, and the notes will not be listed on any exchange.

UBS AG is offering $110,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on January 12, 2028. These unsecured debt securities may pay contingent coupons only when Micron’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 are automatically called early if Micron’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive principal plus any due coupon and no further payments. If the notes are not called and Micron’s final stock level is at or above the downside threshold, investors receive their principal at maturity, but if it is below that threshold, repayment is reduced in line with the stock’s decline and all principal can be lost. The notes are issued at $10 per note (minimum 100 notes), are not listed on any exchange, have an estimated initial value of $9.72 per note, and all payments depend on the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on or about January 12, 2028. These unsecured debt notes pay a contingent coupon only if Micron’s 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 Micron’s stock closes at or above the initial level on any observation date before the final valuation date, in which case investors receive the principal plus any due contingent coupon and the product terminates. If the notes are not called and Micron’s final stock level is at or above a downside threshold, investors receive their principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with Micron’s percentage decline, and investors could lose their entire initial investment.

The notes are not listed on any exchange, are subject to UBS credit risk, and have an estimated initial value between $9.41 and $9.66 per $10 note. The minimum investment is 100 notes at $10 each.

UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc., maturing on July 12, 2027. These unsecured debt securities can pay a high contingent coupon only when Palantir’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 Palantir’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the $10 principal per note plus the applicable coupon and no further payments. If the notes are not called and Palantir’s final price is at or above the downside threshold, UBS repays principal at maturity, potentially with a final coupon. If the final price is below the downside threshold, repayment is reduced in line with the stock’s percentage loss, and investors can lose all of their investment. All payments depend on the creditworthiness of UBS, and the estimated initial value of each $10 note is $9.78.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc., maturing on or about July 12, 2027. These unsecured debt obligations pay a contingent coupon only if Palantir’s share price on an observation date is at or above a preset coupon barrier.

The notes can be automatically called early if Palantir’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 contingent coupon and no further payments. If the notes are not called and Palantir’s final share price is at or above the downside threshold, investors receive back the principal at maturity. If the final price is below the downside threshold, repayment is reduced in line with Palantir’s decline and can fall to zero.

The notes are subject to the credit risk of UBS, will not be listed on any exchange, and have a minimum investment of 100 notes at $10 per note. The estimated initial value is expected to be between $9.42 and $9.67 per note.

UBS AG is offering $175,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, with principal at risk through July 12, 2027. These unsecured debt notes can pay contingent coupons only on dates when NVIDIA’s closing share price is at or above a preset coupon barrier; if the share price is below that level, no coupon is paid for that period.

The notes are automatically called early if NVIDIA’s closing price on any observation date before maturity is at or above the initial level, in which case investors receive the $10 principal per Note plus any due coupon and the product terminates. If the notes are not called and NVIDIA’s final share price is at or above a downside threshold on the final valuation date, UBS repays principal at maturity; if it is below that threshold, repayment is reduced in line with the stock’s decline and investors can lose all of their investment.

The notes are senior unsecured obligations of UBS, so all payments depend on UBS’s creditworthiness. They are not listed on any exchange, have an estimated initial value of $9.78 per $10 Note, and are offered in minimum investments of 100 Notes ($1,000) and integral multiples of $10 above that amount.

UBS AG is offering $110,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Moderna, Inc., maturing on January 12, 2028. These unsecured debt notes pay a contingent coupon only if Moderna’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 Moderna’s 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 the product terminates. If not called, principal is repaid at maturity only if the final stock level is at or above a downside threshold; if the final level is below this threshold, repayment is reduced in line with the stock’s percentage loss and can fall to zero.

The term sheet shows a hypothetical contingent coupon rate of 27.05% per annum, with a downside threshold and coupon barrier both at $60.00, or 60% of the initial level. The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.70 per Note. All payments depend on UBS’s creditworthiness, and the notes will not be listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation’s common stock, maturing on or about July 12, 2027. Each Note has a $10 principal amount and is expected to settle on January 12, 2026, with a term of about 18 months. Investors may receive contingent coupons only when NVIDIA’s closing price on an observation date is at or above a preset coupon barrier; no coupon is paid if it falls below this level.

The Notes are automatically called early if NVIDIA’s price on any observation date before maturity is at or above the initial level, paying back principal plus the applicable contingent coupon and ending the investment. If the Notes are not called and NVIDIA’s final level is at or above the downside threshold, investors receive their $10 principal at maturity, potentially with a final coupon. If the final level is below the downside threshold, repayment is reduced in line with NVIDIA’s decline, which can result in a total loss of principal. Payments depend on UBS’s credit, the Notes will not be listed on an exchange, and the estimated initial value is between $9.44 and $9.69 per $10 Note.

UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to Vistra Corp. common stock, which combine contingent income with equity-like downside risk. Investors receive a coupon only if Vistra’s share price on quarterly observation dates is at or above a preset coupon barrier; otherwise no coupon is paid for that period. The notes can be called early if the share price is at or above the initial level, in which case investors receive principal plus any due coupon and the product terminates.

If the notes are not called and Vistra’s final share price is at or above the downside threshold, principal is repaid at maturity; if it is below, repayment is reduced in line with the stock’s decline and losses can reach 100% of the investment. All payments depend on UBS’s credit, the notes are not listed, and the estimated initial value is $9.71 per $10 note, below the issue price.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Moderna, Inc., maturing on or about January 12, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes, and pays a contingent coupon only if Moderna’s closing share price on an observation date is at or above a preset coupon barrier.

The Notes are automatically called if, on any observation date before the final valuation date, the stock closes at or above the initial level, in which case investors receive principal plus the due contingent coupon and no further payments. If the Notes are not called and the final stock level is at or above the downside threshold, investors receive full principal at maturity, plus a contingent coupon if the coupon barrier is met. If the final level is below the downside threshold, repayment of principal is reduced in line with the stock’s loss, and investors could lose their entire investment.

The Notes are unsecured, unsubordinated obligations of UBS; all payments depend on UBS’s credit. They will not be listed on an exchange, and the estimated initial value is expected to be between $9.40 and $9.65 per $10 Note.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp., maturing on or about January 12, 2029. These notes pay a contingent coupon only on observation dates when Vistra’s stock closes at or above a preset coupon barrier; if the stock is below that level, no coupon is paid for that period.

The notes are automatically called early if, on any quarterly observation date before maturity, Vistra’s stock closes at or above the initial level. In that case, investors receive the principal plus any due contingent coupon, and the product terminates. If the notes are not called and, at maturity, Vistra’s stock is at or above a downside threshold, investors receive their full principal; if it is below that threshold, repayment is reduced in line with the stock’s decline and losses can reach 100% of principal. Any payment depends on the creditworthiness of UBS. The notes are not listed, have a minimum investment of 100 notes at $10 each, and have an estimated initial value between $9.35 and $9.60 per $10 note.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Marvell Technology, Inc., maturing on January 12, 2029. Each Note has a principal amount of $10, with a minimum investment of 100 Notes ($1,000). UBS pays a contingent coupon only if the Marvell share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The Notes are automatically called early if, on any monthly observation date after three months and before final valuation, the share price is at or above the initial level. In that case, investors receive principal plus the applicable contingent coupon and no further payments. If the Notes are not called and the final share price is at or above the downside threshold, investors receive principal back at maturity; if it is below the threshold, repayment is reduced in line with the stock decline and can fall to zero.

The Notes are unsecured, unsubordinated obligations of UBS, so all payments depend on UBS’s credit. They are not bank deposits, are not FDIC-insured, will not be listed on an exchange, and the estimated initial value per $10 Note is $9.65, reflecting UBS’s internal pricing models and funding costs.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Marvell Technology, Inc., maturing around January 12, 2029. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC insured.

Holders may receive periodic contingent coupons only if the stock closes at or above a coupon barrier on monthly observation dates. The notes can be automatically called after three months if 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 the final stock level is at or above a downside threshold, investors receive the $10 principal at maturity, potentially with a final coupon. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose all of their initial investment. All payments depend on UBS’s creditworthiness. The minimum investment is 100 notes at $10 each, and the estimated initial value per note is expected to be between $9.35 and $9.60.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on January 12, 2028. These unsecured debt notes pay a contingent coupon only if AMD’s closing level on each observation date is at or above a coupon barrier set at 70% of the initial level; otherwise no coupon is paid.

The notes are automatically called if AMD is at or above its initial level on any observation date before maturity, returning principal plus the applicable contingent coupon, with no further payments. If not called, investors receive full principal at maturity only if AMD’s final level is at or above the downside threshold, also 70% of the initial level. If AMD finishes below that threshold, repayment is reduced in line with AMD’s negative return, and investors can lose all of their investment.

The hypothetical contingent coupon rate is 21.19% per annum100 notes at $10 each. The estimated initial value is $9.75 per $10 note, and all payments depend 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 Advanced Micro Devices, Inc., maturing on or about January 12, 2028. These unsecured debt notes may pay a contingent coupon on each observation date only if AMD’s share price is at or above a preset coupon barrier; otherwise no coupon is paid for that period. The notes are automatically called early if AMD’s share price on any observation date before maturity is at or above the initial level, in which case investors receive principal plus the applicable coupon and no further payments.

If the notes are not called and AMD’s final share price is at or above the downside threshold, investors receive their full principal at maturity, potentially with a final coupon. If the final price is below the downside threshold, repayment is reduced in line with AMD’s decline, and all principal can be lost. All payments depend on the creditworthiness of UBS, and the notes will not be listed on any exchange.

UBS AG is offering $7,716,500 of Trigger Autocallable Contingent Yield Notes linked to the worst performer of the SPDR S&P 500 ETF Trust (SPY) and the Energy Select Sector SPDR Fund (XLE), maturing in January 2029. The notes pay a contingent coupon at a 9.15% per annum rate only if on each quarterly observation date both ETFs close at or above their coupon barriers, set at 70% of their initial levels.

The notes can be called automatically after six months if both ETFs are at or above their full initial levels, returning principal plus any due coupon. If not called and both final ETF levels are at or above their 70% downside thresholds, investors receive back the $10 principal per note. If any ETF finishes below its downside threshold, repayment is reduced one-for-one with the loss of the worst-performing ETF, and investors can lose all principal. All payments depend on UBS’s creditworthiness.

UBS AG is offering $5,806,000 of Callable Contingent Interest Barrier Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, each in $1,000 denominations. These 18‑month unsecured debt securities can pay a fixed contingent coupon of $7.2917 per month per Note, but only if on a given observation date both indices close at or above their interest barriers, set at 65% of their initial levels.

UBS may call the Notes on any monthly observation date (other than the final one), returning principal plus any due coupon and ending all future payments. If the Notes are not called and, at maturity, either index finishes below its 65% trigger level, investors receive their principal reduced one‑for‑one by the loss on the worst‑performing index and could lose their entire investment. All payments depend on UBS’s credit, the Notes are not insured or exchange‑listed, and the estimated initial value of $984.70 per $1,000 is below the issue price, reflecting fees and hedging costs.

UBS AG is offering $419,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of the Nasdaq-100 Index®, iShares® Silver Trust and VanEck® Semiconductor ETF, maturing on January 10, 2031.

The Notes pay a 12.50% per annum contingent coupon (paid monthly) only if on a coupon observation date the closing level of each underlying is at or above its coupon barrier, set at 70% of its initial level. Missed coupons can be paid later if this condition is met, via the memory feature.

Starting after 12 months, the Notes are automatically called if all underlyings are at or above their call threshold levels, each at 100% of initial, returning principal plus due and unpaid coupons. If not called and any final level is below its 60% downside threshold, repayment is reduced one-for-one with the loss of the worst-performing underlying, and investors can lose all principal. The estimated initial value is $916.60 per $1,000 Note, and the Notes will not be listed, so liquidity may be limited. All payments depend on UBS’s credit.

UBS AG is offering trigger callable contingent yield notes linked to three major U.S. equity indexes: the Nasdaq-100, Russell 2000 and S&P 500. The notes pay a contingent coupon at a rate of 9.90% per annum (about $8.25 per $1,000 note per month) only if on each observation date all three indexes are at or above their respective coupon barriers, set at 70% of their initial levels.

UBS can redeem the notes in whole, at its discretion, on any monthly observation date beginning after three months, returning principal plus any due coupon but ending all future payments. If the notes are not called and, at maturity, any index finishes below its downside threshold (also 70% of its initial level), investors lose principal one-for-one with the loss on the worst-performing index, up to a total loss. All payments depend on the creditworthiness of UBS, and the notes will not be listed on an exchange, with an estimated initial value between $958.10 and $988.10 per $1,000 note.

UBS AG, through its London Branch, 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, maturing around January 19, 2029. The Notes pay a monthly contingent coupon at a rate of 11.00% per annum (about $9.1667 per $1,000) only when the closing level of each index is at or above 70% of its initial level on the observation date. UBS can call the Notes in whole, beginning after three months, paying back principal plus any due coupon, ending all future payments.

If the Notes are not called and any index finishes below its 70% downside threshold at maturity, investors receive $1,000 multiplied by one plus the worst index return, which can mean a significant loss of principal, including total loss. The Notes are unsecured debt obligations of UBS, carry no principal protection unless all indices stay above their downside thresholds, and will not be listed on any exchange. The estimated initial value is expected between $955.40 and $985.40 per $1,000 issue price.

UBS AG is offering $700,000 of Buffer Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, maturing on January 11, 2029. Each Note has a $1,000 principal amount.

The Notes pay a contingent coupon of 8.25% per annum (quarterly $20.625 per $1,000) only if, on each quarterly observation date, the closing level of every index is at or above its coupon barrier, set at 70% of its initial level. UBS may call the Notes on any observation date (except the final one); if called, investors receive the principal plus any due coupon and the Notes terminate.

If not called and, at maturity, every index is at or above its downside threshold (also 70% of initial), investors receive full principal. If any index finishes below its downside threshold, the payoff is reduced based on the loss of the least performing index beyond the 30% buffer, and investors can lose almost all of their investment. The Notes are unsecured UBS debt, not FDIC insured, will not be listed, and have an estimated initial value of $995.40 per $1,000, below the issue price.

UBS AG is offering trigger callable contingent yield notes linked to the worst performer of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, with a term of about two years.

The notes pay an 11.00% per annum contingent coupon (monthly installments of $9.1667 per $1,000) only when all three indices close at or above 70% of their initial levels on an observation date. UBS may call the notes in whole on any monthly observation date after three months, paying principal plus any due coupon and ending all future payments.

If the notes are not called and, at maturity, any index finishes below its 70% downside threshold, investors receive reduced principal based on the negative return of the worst-performing index and can lose their entire investment. The notes are unsecured UBS obligations, not insured deposits, will not be listed on an exchange, and have an estimated initial value between $954.70 and $984.70 per $1,000 issue price, reflecting dealer discounts and hedging costs.

UBS AG is offering preliminary 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 around January 21, 2028. The Notes pay a contingent coupon of 12.00% per annum ($10 per $1,000) only if, on a monthly observation date, each index closes at or above its coupon barrier, set at 70% of its initial level. UBS may, at its discretion, call the Notes in whole on any observation date beginning after three months, returning principal plus any due coupon.

If the Notes are not called and each index finishes at or above its downside threshold (also 70% of initial), investors receive full principal at maturity. If any index finishes below its downside threshold, repayment is reduced one-for-one with the loss on the worst-performing index, and investors could lose their entire investment. The estimated initial value is expected between $960.40 and $990.40 per $1,000 Note, and all payments depend on the creditworthiness of UBS.

UBS AG is offering $2,034,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq‑100 Index®, Russell 2000® Index and S&P 500® Index, maturing on January 11, 2029. The Notes pay a 10.70% per annum contingent coupon (about $8.9167 per $1,000 monthly) only when all three indices close at or above their coupon barriers, set at 70% of initial levels, which are also the downside thresholds.

UBS may call the Notes monthly 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, repayment is reduced one‑for‑one with the decline of the worst‑performing index, and investors can lose all principal. Any payment depends on UBS’s credit. The issue price is $1,000 per Note, with estimated initial value of $973.40 and net proceeds to UBS of $995 per Note after a $5 underwriting discount.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc. with a term of about three years, maturing around January 19, 2029.

The Notes pay a contingent coupon at an annual rate of 11.85% (about $9.875 per $1,000 per month) only if Netflix’s closing price on each monthly observation date is at or above a coupon barrier set at 70% of the initial level. Beginning after six months, the Notes are automatically called if Netflix closes at or above 100% of the initial level, returning principal plus the applicable coupon.

If the Notes are not called and Netflix’s final level is at or above the 70% downside threshold, investors receive full principal back; if it is below that threshold, repayment is reduced one-for-one with Netflix’s decline, down to a total loss. The Notes are unsecured, unsubordinated obligations of UBS, with an issue price of $1,000, an underwriting discount of $27.50 per Note, and an estimated initial value between $933.70 and $963.70.

UBS AG is issuing $36,305,000 of Capped Buffer GEARS, unsecured debt securities linked to an equally weighted basket of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000 indices, maturing on February 11, 2027.

Each $1,000 Security offers 3x leveraged exposure to positive basket performance, but gains are capped at a maximum 12.85%, for a maximum payment of $1,128.50 at maturity. A 10% downside buffer protects principal only if the basket’s final level is at or above 90% of its initial level; below that threshold, investors lose principal in line with further declines and could lose almost all of their investment.

The notes pay no interest, do not provide dividends on underlying stocks, will not be listed on an exchange and may have limited or no secondary market liquidity. Any payment depends entirely on UBS’s credit; the estimated initial value is $996.80 per Security versus the $1,000 issue price, reflecting underwriting discounts, hedging and issuance costs.

UBS AG is offering Contingent Income Auto-Callable Securities due around January 19, 2029, linked to the common stock of U.S. Bancorp. Each $1,000 security may pay a contingent coupon of $30.375 (12.15% per annum) on scheduled dates if the U.S. Bancorp share price is at or above 80% of the initial price on the relevant determination date.

If on any non-final determination date the share price is at or above 100% of the initial price, the notes are automatically redeemed early for $1,000 plus the applicable contingent payment. If the notes are not called and the final share price is at or above 80% of the initial price, investors receive $1,000 plus the final contingent payment at maturity.

If the notes are not redeemed early and the final share price is below 80% of the initial price, UBS pays a cash value tied 1:1 to the share decline, and investors can lose a significant portion or all of their principal. The notes are unsecured, unsubordinated UBS debt, not FDIC insured, not listed on any exchange, and have an estimated initial value between $937 and $967 per $1,000, reflecting fees, hedging costs and UBS’ internal funding rate.

UBS AG is offering unsecured Trigger Callable Contingent Yield Notes due on or about January 19, 2029, linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index. Each Note has a $1,000 principal amount and pays a contingent coupon at an annual rate of 11.25% (monthly coupons of $9.375) only if, on each monthly observation date, all three indexes close at or above their coupon barriers, set at 70.00% of their initial levels.

UBS may, at its discretion, call the Notes in whole on any observation date beginning after 3 months. If called, investors receive $1,000 per Note plus any due coupon, and no further payments. If not called and, at maturity, all three indexes are at or above their downside thresholds (also 70.00% of initial), investors receive full principal. If any index finishes below its downside threshold, the maturity payment is reduced based on the negative return of the least performing index, and investors could lose their entire investment.

The Notes are not listed on any exchange. The estimated initial value is expected between $956.10 and $986.10 per $1,000 Note, reflecting underwriting discount of $7.00 per Note and UBS’ internal funding. All payments depend on the creditworthiness of UBS; the Notes are not bank deposits and are not FDIC-insured.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to three sector ETFs: Energy Select Sector SPDR (XLE), Utilities Select Sector SPDR (XLU) and Health Care Select Sector SPDR (XLV), maturing around January 19, 2029. The Notes pay a contingent coupon at a rate of 9.05% per annum (about $7.5417 per $1,000 per month) only if, on each monthly observation date, the closing level of every underlying ETF is at or above its coupon barrier, initially expected to be 70% of its starting level. If any ETF is below its barrier on an observation date, no coupon is paid for that month.

The Notes can be called automatically after six months if, on any observation date before maturity, each ETF is at or above its call threshold level, initially set at 100% of its starting level. In that case, investors receive $1,000 per Note plus any due coupon and the Notes terminate. If the Notes are not called and, at maturity, each ETF is at or above its downside threshold (expected 70% of its initial level), investors receive full principal. If any ETF finishes below its downside threshold, the repayment is reduced one-for-one with the loss of the worst-performing ETF, and investors can lose all principal. All payments depend on UBS’s credit; the Notes are unsecured, unsubordinated obligations with an estimated initial value between $938.20 and $968.20 per $1,000 issue price.

UBS AG is offering trigger callable contingent yield notes linked to the least performing of the Nasdaq-100® Technology Sector Index, the Industrial Select Sector SPDR Fund and the Utilities Select Sector SPDR Fund, maturing around January 19, 2029. The notes pay an 11.55% per annum contingent coupon only if, on each monthly observation date, the closing level of every underlying is at or above 70% of its initial level (the coupon barrier). UBS may call the notes in whole, beginning after six months, paying back the $1,000 principal per note plus any due coupon, with no further payments. If the notes are not called and each underlying finishes at or above its 70% downside threshold, investors receive full principal at maturity; if any finishes below its threshold, repayment is reduced one-for-one with the worst performer’s decline and can fall to zero, causing total loss of principal. All payments depend on UBS’s credit and the notes will not be listed on an exchange.

UBS AG plans to issue Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index, maturing on or about January 21, 2027. Each $1,000 Note pays a 9.25% per annum contingent coupon only if, on a monthly observation date, all three indices close at or above 70% of their initial levels (the coupon barriers).

UBS may call the Notes in whole on any observation date beginning after three months, paying 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 their 70% downside thresholds, investors receive back the $1,000 principal per Note; otherwise, repayment is reduced one-for-one with the worst index’s loss, up to a complete loss of principal. The Notes are unsecured obligations of UBS, are not exchange-listed, and have an estimated initial value between $958.40 and $988.40 per $1,000.

UBS AG is offering Trigger Callable Contingent Yield Notes maturing around January 20, 2028, linked to the worst performer among three sector ETFs: the Energy Select Sector SPDR Fund (XLE), Real Estate Select Sector SPDR Fund (XLRE) and Utilities Select Sector SPDR Fund (XLU). The Notes pay a contingent coupon of 11.25% per annum, paid monthly only if on each observation date the closing level of every ETF is at or above 70% of its initial level (the coupon barrier). UBS may call the Notes in whole, starting after three months, on any monthly observation date and pay back the $1,000 principal per Note plus any due coupon, with no further payments.

If the Notes are not called and at maturity all ETFs are at or above 70% downside thresholds, investors receive full principal back (plus the final contingent coupon if the barrier is met). If any ETF finishes below its downside threshold, the maturity payment is reduced one-for-one with the decline of the worst-performing ETF, and investors can lose up to their entire investment. The Notes are unsecured, unsubordinated obligations of UBS, not FDIC insured, not listed on an exchange, and their estimated initial value is expected to be $949–$979 per $1,000 issue price due to fees, funding and hedging costs.

UBS AG is offering $776,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing on January 12, 2027. Investors can receive a 9.90% per annum contingent coupon (paid as $8.25 per $1,000 note monthly) only if, on each observation date, all three indices close at or above their coupon barriers set at 70% of initial levels. UBS may call the notes in whole, 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 any index finishes below its downside threshold (also 70% of its initial level) at maturity, repayment is reduced one-for-one with the negative return of the worst-performing index, and investors can lose some or all of their principal. The notes are unsecured, unsubordinated UBS debt, not deposits, not FDIC insured, and all payments depend on UBS’s credit. The estimated initial value is $982.60

UBS AG is offering $180,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on July 9, 2027. These structured notes can pay a contingent coupon on each observation date only if Oracle’s share price is at or above a preset coupon barrier.

The notes are automatically called early if Oracle’s closing level on any observation date before maturity is at or above the initial level, in which case investors receive the $10 principal per Note plus that period’s contingent coupon, with no further payments. If the notes are not called and Oracle’s final level is at or above the downside threshold, investors receive full principal at maturity; if it is below the downside threshold, repayment falls in line with the percentage loss in Oracle’s share price and principal can be fully lost.

The notes are unsecured, unsubordinated obligations of UBS, so all payments depend on UBS’s credit. The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.78 per Note, reflecting UBS’s internal pricing and funding assumptions.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Marvell Technology, Inc. The Notes are $10 denominations, unsecured and unsubordinated obligations of UBS, with a scheduled maturity on January 11, 2027 and a final valuation date of January 7, 2027.

Investors receive a contingent coupon only if the Marvell share price on an observation date is at or above a specified coupon barrier; otherwise no coupon is paid. The Notes are automatically called if the share price on any monthly observation date (starting after two months) is at or above the initial level, in which case UBS repays principal plus the applicable contingent coupon and the Notes terminate.

If the Notes are not called and the final share level is at or above the downside threshold, UBS repays principal at maturity, potentially with a final contingent coupon. If the final level is below the downside threshold, repayment is reduced in line with the share’s negative return, and investors can lose up to their entire investment. All payments depend on UBS’s credit, and the estimated initial value is $9.75 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on or about July 9, 2027. These unsecured debt notes pay a contingent coupon only if Oracle’s share price on each observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The notes can be automatically called early if Oracle’s stock closes at or above the initial level on any observation date before the final valuation date, in which case investors receive the $10 principal per Note plus any due coupon and the note terminates. If not called, investors receive full principal back at maturity only if the final Oracle price is at or above the downside threshold; below that level, repayment is reduced in line with the share price decline and can fall to zero.

The minimum investment is 100 Notes at $10 each. The estimated initial value on the trade date is expected to be between $9.44 and $9.69 per $10 Note. All payments depend on the creditworthiness of UBS AG, and the notes will not be listed on any exchange.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on January 10, 2028. These $10-denomination notes can pay periodic contingent coupons only when AMD’s share price on an observation date is at or above a preset coupon barrier.

The notes are automatically called early if AMD’s stock closes at or above the initial level on any observation date before maturity, in which case holders receive principal plus any due coupon and no further payments. If the notes are not called and AMD’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 AMD’s decline and can fall to zero.

All payments depend on UBS’s credit; a default by UBS could result in loss of the entire investment. The notes will not be listed on any exchange, have a minimum investment of $1,000, and an estimated initial value of $9.79 per $10 note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Marvell Technology, Inc., maturing on or about January 11, 2027. These unsecured debt obligations can pay periodic contingent coupons, but only when the stock closes at or above a preset coupon barrier on the relevant observation date.

The notes are subject to automatic call on monthly observation dates if the stock closes at or above its initial level, in which case holders receive the principal plus any due coupon and no further payments. If the notes are not called and the stock on the final valuation date is at or above a downside threshold, principal is repaid; if it is below that threshold, repayment is reduced in line with the stock’s decline and losses can reach 100% of the investment.

The minimum investment is 100 notes at $10 per note, and the estimated initial value is expected to be between $9.45 and $9.70 per note. All payments depend on the creditworthiness of UBS AG, and the notes will not be listed on any securities exchange.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to Moderna, Inc. common stock, maturing January 11, 2027. These unsecured debt securities pay a contingent coupon only when Moderna’s closing share price on a monthly observation date is at or above a coupon barrier. The notes can be automatically called after two months if the share price is at or above the initial level, returning principal plus any due coupon, with no further payments.

If the notes are not called and Moderna’s final share price is at or above a downside threshold on the final valuation date, investors receive back the $10 principal per note, 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 all of their investment. An example structure shows an 18.33% per annum contingent coupon and barriers set at 50% of the initial level. The minimum investment is 100 notes ($1,000), and the estimated initial value is $9.71 per $10 note. All payments depend on UBS’s credit.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on or about January 10, 2028. These unsecured debt notes pay a contingent coupon only if AMD’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 feature an automatic call: if AMD’s stock closes at or above the initial level on any observation date before maturity, investors receive the $10 principal per Note plus the contingent coupon for that period, and the notes terminate. If the notes are not called and AMD’s final share price is at or above a downside threshold, investors receive back the $10 principal per Note, potentially with a final coupon.

If the notes are not called and AMD’s final share price is below the downside threshold, repayment is reduced in line with AMD’s decline, and investors can lose some or all of their investment. All payments depend on UBS’s credit. The estimated initial value is expected to be between $9.49 and $9.74 per $10 Note.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc., maturing on January 11, 2027. These unsecured debt notes pay a contingent coupon only when the stock closes at or above a preset coupon barrier on the relevant observation date; otherwise no coupon is paid for that period. The notes can be called early if the stock closes at or above the initial level on any observation date before the final valuation date, in which case investors receive principal plus any due coupon and no further payments. If the notes are not called and the stock finishes at or above a downside threshold at maturity, investors receive their principal back, but if it finishes below that threshold they incur a loss matching the stock’s decline and could lose their entire investment. The minimum investment is 100 notes at $10 each, and the estimated initial value is $9.76 per $10 note, with all payments subject to UBS’s creditworthiness.

UBS AG is offering $355,000 of Trigger Autocallable Contingent Yield Notes linked to Oracle Corporation common stock, maturing on January 10, 2028. These unsecured notes pay a high contingent coupon of 17.54% per annum (about $0.4385 per $10 note per period) only if Oracle’s share price on an observation date is at or above a coupon barrier set at $60.00, which is 60.00% of the initial level. The notes are automatically called, returning principal plus the coupon, if Oracle closes at or above the initial level on any observation date before maturity.

If not called, and Oracle’s final share price is at or above the downside threshold of $60.00, investors receive back their $10 principal per note plus any final coupon. If the final price is below the downside threshold, repayment is reduced dollar‑for‑dollar with Oracle’s decline using the formula $10 × (1 + underlying return), and investors can lose their entire investment. The notes are subject to UBS credit risk, are not FDIC insured, are expected to price at $10 with an estimated initial value of $9.80, and will not be listed on any exchange.

UBS AG is offering trigger autocallable contingent yield notes linked to the common stock of Moderna, Inc., with a trade date of January 7, 2026 and maturity on or about January 11, 2027. These unsecured debt notes pay a contingent coupon only if Moderna’s closing share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The notes are automatically called early if, on any monthly observation date after two months, Moderna’s share price is at or above its initial level, in which case investors receive principal plus any due contingent coupon and no further payments. If the notes are not called and Moderna’s final level on the January 7, 2027 valuation date is at or above a downside threshold, investors receive their principal back; if it is below that threshold, repayment is reduced in line with the share price decline and can fall to zero.

The notes are issued in $10 denominations with a minimum investment of 100 notes, are not bank deposits, are not FDIC insured, and all payments depend on the creditworthiness of UBS. The estimated initial value per note is expected to be between $9.41 and $9.66, reflecting UBS’s internal pricing models.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation, maturing on January 10, 2028. These unsecured debt notes can pay contingent coupons on scheduled dates, but only if Lam Research’s share price on the relevant observation date is at or above a preset coupon barrier; otherwise, no coupon is paid.

The notes may be automatically called early if the share price on any observation date before maturity is at or above the initial level, in which case investors receive principal plus any due coupon and the product terminates. If not called, and the final share price on the valuation date is at or above a downside threshold, principal is repaid; if it is below that threshold, repayment is reduced in line with the share’s decline and investors can lose all of their investment. The minimum investment is $1,000, and the estimated initial value is $9.77 per $10 note, with all payments subject to UBS’s credit risk.

UBS AG is offering preliminary terms for Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc., maturing on or about January 11, 2027. These unsecured debt notes pay a contingent coupon only if the stock closes at or above a coupon barrier on each observation date; otherwise no coupon is paid.

The notes are automatically called if the stock closes at or above the initial level on any observation date before the final valuation date, returning principal plus the applicable coupon and ending the investment early. If not called, investors receive full principal at maturity only if the final stock level is at or above a downside threshold. Below that threshold, repayment is reduced in line with the stock’s decline, and investors can lose their entire investment.

The minimum investment is 100 notes at $10 each. The estimated initial value per note on the trade date is expected to range between $9.46 and $9.71, based on UBS internal models. All payments depend on the creditworthiness of UBS, and the notes are not bank deposits or FDIC insured and will not be listed on an exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on or about January 10, 2028. These unsecured debt securities pay a contingent coupon only if Oracle’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 are automatically called before maturity if Oracle’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 applicable contingent coupon and no further payments.

If the Notes are not called and Oracle’s final share price on the final valuation date is at or above the downside threshold, investors receive their full principal back at maturity (plus any final contingent coupon if the barrier is met). If the final price is below the downside threshold, repayment is reduced in line with Oracle’s negative return, and investors can lose some or all of their principal. The minimum investment is 100 Notes at $10 per Note, and the estimated initial value per $10 Note is expected to be between $9.44 and $9.69. 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 Lam Research Corporation, maturing around January 10, 2028. These are unsecured, unsubordinated debt obligations of UBS with payments dependent on Lam Research’s share performance and UBS’s credit.

Holders receive a contingent coupon on each observation date only if the Lam Research share price 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 principal plus the applicable coupon and the product terminates.

If the notes are not called and the final share price is at or above a downside threshold, UBS repays 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 denomination is $10 per note with a minimum of 100 notes, and the estimated initial value is expected to range from $9.47 to $9.72 per $10 note. The notes will not be listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Fluor Corporation, maturing on January 10, 2028. These $10-denomination notes can pay contingent coupons only when Fluor’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 are automatically called early if Fluor’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive principal plus any due coupon and no further payments.

If the notes are not called and Fluor’s stock is at or above the downside threshold on the final valuation date, UBS repays principal (and a final coupon if the coupon barrier is met). If the final share price is below the downside threshold, repayment is reduced in line with the share’s percentage decline, and investors can lose all of their investment. The notes are unsecured obligations of UBS, not listed on an exchange, have an estimated initial value of $9.74 per $10 note, and require a minimum purchase of 100 notes.

UBS AG is offering $250,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Target Corporation, maturing on July 9, 2027. These unsecured debt notes can pay bimonthly contingent coupons only when Target’s share price is at or above a preset coupon barrier on the relevant observation date.

The notes may be automatically called after roughly six months if Target’s share price is at or above the initial level on an observation date, in which case holders receive the $10 principal per note plus the due coupon, and the product terminates early. If not called, and Target’s final share price is at or above the downside threshold at maturity, investors receive full principal back.

If the notes are not called and Target’s final share price is below the downside threshold, repayment is reduced one-for-one with Target’s percentage decline, and the entire principal can be lost. Any payment, including coupons and principal, depends on UBS’s credit; a UBS default could result in a total loss. The estimated initial value per note is $9.78 versus the $10 issue price.