Every 424B that ETRACS Alerian MLP Index ETN Series B due July 18, 2042 (AMUB) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow AMUB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AMUB filings page.
UBS AG is offering $2,257,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on January 10, 2029. The notes pay a contingent coupon at a rate of 10.20% per annum (about $8.50 per $1,000 note per period) only if, on each monthly observation date, all three indices close at or above their coupon barriers, set at 70% of their initial levels, which are also the downside thresholds.
UBS may call the notes in whole on any observation date beginning after three months; if called, investors receive principal plus any due contingent coupon and no further payments. If the notes are not called and any index finishes below its downside threshold at final valuation, investors receive $1,000 times one plus the return of the worst-performing index, which can result in a substantial loss of principal, including a total loss. Payments depend entirely on the creditworthiness of UBS, and the notes will not be listed on any exchange. The estimated initial value is $968.20 per $1,000 note, lower than the issue price due to fees, hedging and internal funding rates.
UBS AG is offering Buffer Contingent Absolute Return GEARS, unsecured notes linked to the worst performer among the Nasdaq-100, Russell 2000 and S&P 500 over about two years. Each Security has a $1,000 principal amount, 1.05x upside gearing and a 20% downside buffer.
At maturity, if the least performing index is up, investors receive principal plus the index gain multiplied by 1.05. If that index is flat or down but not below 80% of its initial level, investors receive a positive “contingent absolute return” on losses up to 20%, capped at a 20% maximum return ($1,200). If any index finishes below its downside threshold, repayment is reduced in line with losses beyond the 20% buffer and investors can lose almost all principal. The notes pay no interest, are not listed, have limited or no secondary market, and all payments depend on the credit of UBS.
UBS AG is offering trigger callable contingent yield notes that are unsecured, unsubordinated debt linked to the least performing of the Nasdaq-100® Technology Sector Index℠, the S&P 500® Index and the Energy Select Sector SPDR® Fund. Each Note has a $1,000 principal amount, a term of about 23 months to December 14, 2027 and pays a 10.70% per annum contingent coupon (about $8.9167 per month) only if on an observation date the closing level of each underlying is at or above its coupon barrier, set at 70% of its initial level.
UBS may, at its discretion, call the Notes in whole (but not in part) on any monthly observation date beginning after three months; on a call, investors receive principal plus any due contingent coupon and no further payments. If the Notes are not called and at maturity every underlying is at or above its 70% downside threshold, investors receive back principal (and a final coupon if all are above barriers). If any underlying finishes below its downside threshold, the repayment is reduced dollar-for-dollar with the negative return of the worst performer, up to a complete loss of principal.
The estimated initial value is expected between $939.20 and $969.20 per $1,000 Note, reflecting fees and UBS’s internal funding rate. The Notes are not listed, may have limited or no secondary market, pay no dividends from the ETF or index constituents, and all payments are subject to the credit risk of UBS.
UBS AG is offering trigger callable contingent yield notes linked to the least performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each Note has a $1,000 principal amount and a term of about 23 months, maturing around December 16, 2027, with monthly observation dates and potential issuer calls after three months.
The Notes pay a contingent coupon at an annual rate of 11.25% (about $9.375 per month per Note) only if on an observation date each index closes 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) and then repays principal plus any due coupon.
If the Notes are not called and on the final valuation date any index is below its downside threshold (also 70% of its initial level), investors receive less than principal, based on the worst-performing index, and can lose their entire investment. The estimated initial value is between $955.90 and $985.90 per $1,000 Note, and all payments depend on UBS’s creditworthiness.
UBS AG is offering Phoenix Autocallable Buffer Notes with Memory Interest linked to Wells Fargo & Company common stock, maturing on or about January 27, 2027. Each Note has a $1,000 principal amount, with a minimum investment of 10 Notes. Investors may receive a fixed contingent interest payment of at least $31.80 per Note on quarterly interest payment dates if Wells Fargo’s closing price on the related observation date is at or above an interest barrier set at 85.00% of the initial price; missed coupons can be paid later under the “memory” feature.
The Notes can be called early if Wells Fargo’s stock closes at or above the initial price on any autocall observation date, in which case investors receive principal plus the due and previously unpaid contingent interest. If not called, and the final price on the valuation date is at or above the downside threshold (also 85.00% of the initial price), UBS repays principal plus any owed contingent interest. If the final price is below the downside threshold, investors receive a cash amount based on a share delivery formula that can be significantly less than principal, with losses increasing at approximately 1.1765% for each 1% the final price is below the downside threshold.
The Notes are unsecured, unsubordinated UBS obligations, exposed both to Wells Fargo’s share performance and UBS credit risk. They will not be listed, may have limited or no secondary liquidity, and their estimated initial value on the trade date is expected to be between $953.60 and $983.60 per $1,000 Note, reflecting underwriting discounts, hedging and other costs.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer among the SPDR S&P Regional Banking ETF, the Nasdaq-100 Technology Sector Index and the Energy Select Sector SPDR Fund. The Notes pay a contingent coupon at a rate of 11.60% per annum when, on a monthly observation date, each underlying is at or above 70% of its initial level; otherwise no coupon is paid. UBS can call the Notes in whole, starting after six months, paying back principal plus any due coupon, ending further payments. If the Notes are not called and any underlying finishes below 50% of its initial level at maturity in January 2029, repayment is reduced in line with the worst underlying’s loss, and investors could lose their entire principal. The issue price is $1,000 per Note, with an underwriting discount of $7 and an estimated initial value between $950.40 and $980.40, and all payments depend on the credit of UBS.
UBS AG is offering unsecured Trigger Autocallable Yield Notes linked to the shares of the iShares Silver Trust ETF. The notes pay a fixed coupon at a rate of 16.55% per annum, with coupons paid monthly as long as the notes remain outstanding and are not automatically called.
The notes may be called early if the ETF’s closing level on monthly observation dates (after three months) is at or above the call threshold, set at 100% of the initial level. If called, holders receive principal plus the applicable coupon and no further payments. If the notes are not called and the final level is at or above the downside threshold of 70% of the initial level, investors receive full principal at maturity; if it is below this threshold, repayment is reduced one-for-one with the ETF’s decline, and the entire investment can be lost.
All payments depend on the creditworthiness of UBS and the notes will not be listed on an exchange, so liquidity may be limited. UBS estimates the initial economic value of each $1,000 note to be between $956.60 and $986.60, reflecting embedded fees, funding costs and dealer compensation. The product involves complex and uncertain U.S. tax treatment and is intended only for investors who fully understand the substantial market, credit, liquidity and tax risks.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, maturing on or about December 14, 2027. Each Note has a $1,000 principal amount and pays a 9.75% per annum contingent coupon (monthly $8.125) only if on an observation date the closing level of each index is at or above its coupon barrier, set at 70% of its initial level.
UBS may call the Notes in whole on any monthly observation date beginning after six months; if called, investors receive principal plus any due contingent coupon, and the Notes terminate. If not called and at maturity all indices are at or above their downside thresholds (60% of initial levels), investors receive full principal. If any index finishes below its downside threshold, repayment is reduced 1:1 with the negative return of the worst-performing index, up to a complete loss of principal.
The Notes are unsecured, unsubordinated obligations of UBS, are not bank deposits, not FDIC insured, and depend entirely on UBS’s credit. The estimated initial value per Note is expected between $959.90 and $989.90, below the $1,000 issue price.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index. Each Note has a $1,000 principal amount and pays a 10.00% per annum contingent coupon only if, on a monthly observation date, all three indexes are at or above their coupon barriers, set at 65% of their initial levels.
UBS may call the Notes in whole after six months on any observation date, returning principal plus any due coupon, ending further payments. If the Notes are not called and any index finishes below its downside threshold (also 65% of its initial level), investors receive $1,000 multiplied by the return of the worst-performing index, which can mean a substantial or total loss of principal. All payments depend on UBS’s credit, and the estimated initial value per $1,000 Note is between $958.30 and $988.30.
UBS AG is offering preliminary 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, maturing on or about January 13, 2028. The Notes pay a contingent coupon at an annual rate of 11.50%, in equal monthly installments, but only if on each observation date all three indices close at or above 70% of their initial level (the coupon barrier); otherwise, no coupon is paid for that month.
UBS may call the Notes in whole, at its discretion, on any monthly observation date beginning after three months, paying back principal plus any due coupon, after which no further payments are made. If the Notes are not called and, at maturity, any index finishes below its downside threshold (also 70% of its initial level), investors receive $1,000 multiplied by 1 plus the worst index return, which can result in losing some or all of the initial investment. Payments depend entirely on UBS’s credit, and the estimated initial value is expected to range between $956.90 and $986.90 per $1,000 Note, reflecting dealer compensation and hedging costs.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, with a term of about 23 months to December 14, 2027. The Notes pay a monthly contingent coupon at a rate of 9.05% per annum (about $7.5417 per $1,000) only if, on each observation date, the closing level of every index stays at or above its coupon barrier, set at 70% of its initial level.
UBS can redeem the Notes in whole on any monthly observation date starting after three months, paying back the $1,000 principal plus any due coupon, after which no further payments are made. If the Notes are not called and on the final valuation date any index finishes below its downside threshold (also 70% of its initial level), the maturity payment is reduced in line with the negative return of the worst-performing index and can fall to zero, causing a full loss of principal. The Notes are unsecured obligations of UBS, not insured deposits, and all payments depend on UBS’s credit. The issue price is $1,000 per Note, with estimated initial value between $940.90 and $970.90 and underwriting compensation of up to $22.25 per Note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest and a Conditional Threshold Event, linked to the least performing of Amazon.com, Inc., Super Micro Computer, Inc. and Tesla, Inc. The Notes are unsubordinated, unsecured debt of UBS with a principal amount of $1,000 per Note and a term of approximately three years, maturing on January 11, 2029.
The Notes pay a contingent coupon at a rate of 19.85% per annum (fixed at $49.625 per quarter per Note) if on an observation date the closing level of each stock is at or above its coupon barrier, set at 60.00% of its initial level. Missed coupons can be paid later under the memory interest feature if conditions are met on a future observation date. Starting after 12 months, the Notes are automatically called if each stock is at or above its call threshold level, equal to 100.00% of its initial level; investors then receive principal plus due and previously unpaid coupons.
If the Notes are not called, the payoff at maturity depends on whether a threshold event occurs. A threshold event occurs if the final level of each stock is below its upper barrier, equal to 100.00% of its initial level, and at least one stock finishes below its downside threshold, equal to 60.00% of its initial level. If no threshold event occurs, investors receive their $1,000 principal per Note (plus any due coupons). If a threshold event occurs, investors receive $1,000 multiplied by one plus the return of the worst-performing stock, which can result in a substantial loss and, in extreme cases, a loss of the entire investment.
The issue price is $1,000.00 per Note, including underwriting compensation of $2.50 per Note, with proceeds to UBS of $997.50 per Note. The estimated initial value is expected to be between $930.20 and $960.20 per Note, reflecting internal funding rates, hedging and issuance costs. The Notes will not be listed on any exchange, may have limited or no secondary market, pay no dividends from the underlying stocks and expose holders to both market risk of the least performing stock and the credit risk of UBS; if UBS defaults, investors could lose all amounts due.
UBS AG is offering 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 around January 11, 2029. Each Note has a $10 principal amount and is expected to pay quarterly contingent coupons at a rate between 8.50% and 9.10% per annum if, on an observation date, both ETFs close at or above their coupon barriers, set at 70% of their initial levels.
The Notes can be called early each quarter after six months if both ETFs are at or above their call thresholds (100% of initial levels). If called, holders receive $10 plus any due coupon and the product terminates. If not called, and at maturity either ETF is below its downside threshold (70% of its initial level), repayment is reduced in line with the loss on the worst-performing ETF, up to a total loss of principal. Payments depend on UBS’ credit, and the estimated initial value is expected between $9.303 and $9.603 per $10 Note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index, maturing around February 4, 2032. Each Note has a $1,000 principal amount and pays a 14.50% per annum contingent coupon (about $12.0833 per month) only when the index closes at or above a coupon barrier set at 70% of the initial level. Missed coupons can be paid later under the memory feature if conditions are met.
The Notes are automatically called after 12 months if the index closes at or above the call threshold of 100% of the initial level on an observation date, returning principal plus due and previously unpaid coupons. If not called, and at maturity the index is at or above a downside threshold of 50% of the initial level, investors receive full principal back; otherwise the payoff is reduced one-for-one with the index loss and can fall to zero.
The underlying index uses leverage up to 500%, targets 40% volatility and applies a 6.0% per annum daily decrement, which drags performance. The estimated initial value per Note is between $932.70 and $962.70. Payments depend entirely on UBS’s credit, and the Notes will not be listed on any exchange, with limited or no secondary market expected.
UBS AG is offering $102,500 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Moderna, Inc., maturing January 7, 2028. These unsecured debt securities can pay a high contingent coupon of 26.03% per annum, but only if Moderna’s share price on each observation date is at or above a preset coupon barrier, which is also the downside threshold set at 60% of the initial level ($60.00 in the hypothetical examples). If on any observation date before maturity the share price is at or above the initial level, the Notes are automatically called and investors receive the $10 principal per Note plus the applicable coupon, with no further payments.
If the Notes are not called and Moderna’s share price on the final valuation date is at or above the downside threshold, investors receive back the $10 principal per Note, plus any final contingent coupon if the coupon barrier is also met. If the final share price is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose most or all of their investment. The estimated initial value is $9.67 per $10 Note, reflecting UBS’s internal pricing. All payments depend on UBS’s credit; a default by UBS could result in a total loss regardless of Moderna’s share performance.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Moderna, Inc., expected to trade on January 5, 2026 and mature on or about January 7, 2028. These unsecured debt obligations can pay periodic contingent coupons, but only if the Moderna share price on each observation date is at or above a preset coupon barrier. The notes will be automatically called early if the share price on any observation date before final valuation is at or above the initial level, in which case investors receive principal plus any due coupon and no further payments.
If the notes are not called and, on the final valuation date, Moderna’s share price is at or above a downside threshold, investors receive their principal back (and a final coupon if the barrier is met). If the final share price is below the downside threshold, repayment is reduced in line with the share’s decline and investors can lose all of their investment. Payments depend on the credit of UBS; a UBS default could result in total loss. The notes are not listed, 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 $200,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc., maturing on January 7, 2027. The Notes can pay a contingent coupon, such as the illustrated 10.27% per annum (or $0.2568 per $10 Note per period), but only if the stock closes at or above a preset coupon barrier on each observation date. The Notes are automatically called early, returning principal plus the applicable contingent coupon, if the stock is at or above its initial level on any observation date before maturity. If the Notes are not called and the final stock level is at or above the downside threshold (illustrated as 65% of the initial level, or $65.00), investors receive only their principal, plus any final contingent coupon. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose their entire investment. The estimated initial value is $9.76 per $10 Note, the minimum investment is 100 Notes ($1,000), the Notes will not be listed, and all payments depend on UBS’s credit.
UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on January 7, 2028. These unsecured debt notes can pay a contingent coupon on each observation date only if Micron’s share price is at or above a preset coupon barrier; otherwise no coupon is paid.
The notes are automatically called early if Micron’s share price on any observation date before maturity is at or above the initial level, in which case holders receive principal plus the due coupon 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, repayment is reduced in line with Micron’s decline, up to a total loss of principal. Payments depend on UBS’s credit, the notes will not be listed, the minimum investment is 100 notes at $10 each, and the estimated initial value is $9.80 per note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Charter Communications, Inc., maturing on January 7, 2028. The Notes pay contingent coupons only if Charter’s stock closes at or above a preset coupon barrier on quarterly observation dates; otherwise no coupon is paid for that period.
The Notes are automatically called early if, on any observation date after 12 months and before maturity, the stock’s closing level is at or above the initial level. In that case, holders receive the principal plus any due coupon, and the Notes terminate. If not called, principal is repaid at maturity only if the final stock level is at or above a downside threshold; below that level, repayment is reduced in line with the stock’s decline, and the entire investment can be lost.
The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.68 per Note. All payments depend on the creditworthiness of UBS AG.
UBS AG is offering $350,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of United Airlines Holdings, Inc., maturing on January 8, 2029. Each Note has a $10 principal amount and pays a 13.41% per annum contingent coupon (about $0.3353 per period) only when the stock closes at or above the coupon barrier, set at 60% of the initial level. The Notes are automatically called if, on any observation date before maturity, the stock closes at or above its initial level; in that case, investors receive $10 plus the applicable coupon and the Notes terminate early.
If the Notes are not called and, on the final valuation date, the stock is at or above the downside threshold (also 60% of the initial level), UBS repays the $10 principal plus any final coupon. If the stock finishes below this threshold, repayment is reduced in line with the stock’s percentage decline, and investors can lose up to 100% of their principal. The estimated initial value is $9.73 per $10 Note, and all payments depend on the creditworthiness of UBS AG. The Notes are not listed on any exchange and are not insured by the FDIC.
UBS AG is offering $235,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Under Armour, Inc., maturing on January 7, 2027. Each Note has a $10 principal amount and can pay a contingent coupon only if, on the relevant observation date, the Under Armour share price is at or above a preset coupon barrier. 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 the applicable contingent coupon and no further payments.
If the notes are not called and the final Under Armour share price is at or above the downside threshold, investors receive only their principal back at maturity, plus any final contingent coupon. 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. An example in the document shows a 14.70% per annum contingent coupon rate and a downside threshold and coupon barrier set at 70% of the initial level. All payments depend on UBS’s credit, and the notes will not be listed on any exchange.
UBS AG is offering $580,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc., maturing on January 7, 2027. The Notes pay a contingent coupon only if Netflix’s closing share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period. UBS may automatically call the Notes early if Netflix’s share price is at or above the initial level on any observation date before maturity, in which case investors receive their principal plus any due coupon and the Notes terminate.
If the Notes are not called and Netflix’s final share price on the valuation date 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 the share price decline, and investors can lose most or all of their investment. The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.81 per $10 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 the common stock of NVIDIA Corporation, maturing on or about January 8, 2029. These unsecured debt notes can pay periodic contingent coupons, but only if NVIDIA’s closing level on each observation date is at or above a preset coupon barrier.
The notes may be automatically called before maturity if NVIDIA’s closing level on any observation date (except the final one) is at or above the initial level, in which case investors receive the principal plus any due coupon and no further payments. If the notes are not called and NVIDIA’s final level is at or above a downside threshold, investors receive full principal back; if it is below, repayment is reduced in line with the stock’s decline, and the entire investment can be lost.
The notes are subject to UBS’s credit risk, will not be listed on any exchange, and are offered in minimums of 100 notes at $10 per note. The estimated initial value per note on the trade date is expected to be between $9.36 and $9.61, which is below the issue price.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Snap Inc. The Notes pay a contingent coupon only when Snap’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 can be automatically called early if Snap’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the principal plus any due coupon and the product terminates. If the Notes are not called and Snap’s final share price is at or above the downside threshold, investors receive full principal at maturity; if it is below this threshold, repayment is reduced in line with Snap’s decline and can fall to zero.
The Notes are unsecured, unsubordinated debt of UBS AG, so all payments depend on UBS’s credit. They are offered in minimum denominations of 100 Notes at $10 per Note, will not be listed on an exchange, and have an expected term from January 7, 2026 to January 7, 2028.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Under Armour, Inc., maturing on or about January 7, 2027. These unsecured, unsubordinated debt obligations can pay periodic contingent coupons, but only if the Under Armour share price on each observation date is at or above a specified coupon barrier; otherwise no coupon is paid for that period.
The notes may be automatically called early if the stock closes at or above the initial level on any observation date before the final valuation date, in which case holders receive the principal plus any due contingent coupon and no further payments. If the notes are not called and the final stock level is at or above a downside threshold, investors receive only their 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 some or all of their initial investment.
The notes are issued in denominations of $10 per Note, with a minimum investment of 100 Notes (a $1,000 investment). The estimated initial value per Note on the trade date is expected to be between $9.19 and $9.44, based on UBS internal pricing models. Payments depend on both Under Armour’s share performance and the creditworthiness of UBS, and the notes will not be listed on any securities exchange.
UBS AG is offering $335,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, scheduled to mature on January 7, 2027. These unsecured debt notes can pay periodic contingent coupons, but only when 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 early if Oracle’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the principal plus any due coupon and the product terminates. If the notes are not called and Oracle’s share price on the final valuation date is at or above a downside threshold, investors receive back their principal at maturity, with any final coupon if conditions are met. If the final price is below the downside threshold, repayment is reduced in line with Oracle’s percentage decline from the initial level, and investors can lose some or all of their investment. All payments depend on the creditworthiness of UBS, and the notes will not be listed on an exchange.
UBS AG is offering $184,000 of Trigger Autocallable Contingent Yield Notes linked to Micron Technology, Inc. common stock, maturing on January 8, 2029. The notes pay contingent coupons only if Micron’s share price on each observation date is at or above a preset coupon barrier, and may be automatically called early if the share price is at or above the initial level, returning principal plus any due coupon.
If the notes are not called and Micron’s final share price is at or above a downside threshold, investors receive their principal at maturity; if it is below that threshold, repayment is reduced in line with the share’s decline, up to a total loss of principal. The notes are unsecured debt obligations of UBS, not insured or exchange‑listed, sold in minimums of 100 notes at $10 each, with an estimated initial value of $9.74 per note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on or about January 7, 2027. These unsecured debt securities pay contingent coupons only when Oracle’s closing share price on specified observation dates 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 share price on any observation date before maturity is at or above the 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 Oracle’s final share price on the valuation date is at or above a downside threshold, investors receive only their principal back at maturity.
If the Notes are not called and Oracle’s final share price is below the downside threshold, repayment is reduced in line with the stock’s percentage loss, and investors can lose all of their initial investment. All payments depend on the creditworthiness of UBS AG. 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 $9.44 and $9.69.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on or about January 8, 2029. These unsecured, unsubordinated debt securities can pay a periodic contingent coupon, but only if Micron’s share price on each observation date is at or above a preset coupon barrier.
The Notes are automatically called early if Micron’s share price on any observation date before maturity is at or above the initial level. In that case, investors receive their principal back plus the applicable contingent coupon, and the Notes terminate. If the Notes are not called and Micron’s final share price is at or above the downside threshold, investors receive their full principal at maturity, potentially with a final contingent coupon.
If the Notes are not called and Micron’s final share price is below the downside threshold, repayment is reduced in line with Micron’s decline, and investors can lose some or all of their principal. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on any exchange, which may limit liquidity. The document includes hypothetical examples illustrating how returns can vary under different market scenarios.
UBS AG is offering 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 in January 2031. The Notes pay a contingent coupon at a rate of 12.50% per annum (monthly installments of $10.4167 per $1,000) only if, on a coupon observation date, each underlying is at or above 70% of its initial level. Missed coupons can be recovered later if this condition is met under the memory feature.
The Notes are automatically called quarterly after 12 months if each underlying is at or above 100% of its initial level, returning principal plus due and unpaid coupons. If not called, and at maturity all underlyings are at or above 60% of initial levels, investors receive full principal back; if any is below 60%, repayment is reduced one-for-one with the worst performer, up to total loss. The Notes are unsecured UBS debt, not listed on an exchange, with estimated initial value between $901.70 and $931.70 per $1,000 and underwriting discounts up to $41.25 per Note.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq‑100 Index, Russell 2000 Index and S&P 500 Index, with a term of about 12 months and an issuer call feature after 3 months.
The Notes pay a 9.90% per annum contingent coupon (about $8.25 per $1,000 per month) only if on an observation date each index closes at or above its coupon barrier, set at 70% of its initial level; otherwise no coupon is paid.
If UBS does not call the Notes and each index finishes at or above its 70% downside threshold, investors receive the $1,000 principal back at maturity; if any index finishes below its downside threshold, repayment is reduced one‑for‑one with the negative return of the worst index, and all principal can be lost.
The Notes are unsecured, unsubordinated obligations of UBS, not FDIC‑insured, not listed on an exchange, sold at $1,000 per Note with a $6.50 underwriting discount and estimated initial value between $952.10 and $982.10.
UBS AG is offering $3,650,000 of Trigger In‑Digital Securities linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing on February 5, 2027. These are unsecured debt obligations of UBS AG London Branch.
Each $1,000 Security pays no interest and offers a fixed digital return of 7.65% if, on the final valuation date, the least performing index is at or above its digital barrier/downside threshold, set at 65% of its initial level (1,630.345 for the Russell 2000; 4,458.01 for the S&P 500). In that case, holders receive $1,076.50 at maturity.
If the least performing index finishes below its downside threshold, the payoff falls dollar‑for‑dollar with that index’s loss, so investors bear full downside exposure and can lose all of their principal. The Securities are not listed, may have limited or no secondary market, and all payments depend on UBS’s credit. The issue price is $1,000 per Security, with an estimated initial value of $991.10 and an underwriting discount of $2.50 per Security.
UBS AG is offering $8,378,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index, maturing on December 3, 2027. The Notes pay a contingent coupon at an annual rate of 11.35% (about $9.4583 per month per $1,000) only if, on each monthly observation date, every index closes at or above its coupon barrier, set at 70% of its initial level, which is also the downside threshold.
UBS may, at its discretion, call the Notes in whole on any observation date beginning after three months, paying back the $1,000 principal per Note plus any due coupon, after which no further payments are made. If the Notes are not called and any index finishes below its downside threshold at final valuation, investors receive $1,000 multiplied by 1 plus the return of the worst-performing index, which can result in a substantial loss, up to a complete loss of principal.
The Notes are unsecured debt of UBS AG London Branch, are not insured or listed on an exchange, and their value and payment depend entirely on UBS’s credit. The estimated initial value is $977.60 per $1,000, reflecting dealer compensation, hedging and funding costs, and secondary market liquidity may be limited.
UBS AG is offering Capped Buffer Securities, which are unsecured debt linked to the S&P 500® Index with a principal amount of $1,000 per Security and a term of approximately 12 months, from a trade date expected on January 30, 2026 to a maturity date expected on February 4, 2027. At maturity, if the index has risen, holders receive $1,000 plus the index gain up to a maximum gain of at least 10.20%, for a maximum payment at maturity of at least $1,102.00 per Security. If the index is flat or down but not below the downside threshold of 85.00% of the initial level, holders receive their $1,000 principal.
If the final index level is below the downside threshold, repayment is reduced according to the index loss beyond the 15.00% buffer, and holders can lose almost all of their investment. The Securities pay no interest, do not provide dividends on S&P 500® stocks, and are subject to the credit risk of UBS. They are not listed, and secondary liquidity may be limited. The estimated initial value is expected to be between $961.80 and $991.80 per Security, reflecting underwriting and hedging costs, including a $5.00 per Security underwriting discount.
UBS AG is offering $750,000 of Trigger Callable Contingent Yield Notes linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500, maturing January 7, 2031. The unsecured notes pay a 10.30% per annum contingent coupon (about $25.75 per quarter per $1,000) only if on each quarterly observation date all three indices close at or above their coupon barriers, set at 70% of their initial levels.
UBS can call the notes in whole on any observation date after six months, repaying principal plus any due coupon, after which no further payments are made. If the notes are not called and all indices finish at or above their 70% downside thresholds, investors receive their $1,000 principal back at maturity. If any index finishes below its downside threshold, repayment is reduced in line with the worst index’s percentage loss, and principal can be entirely lost.
The notes are not listed, are subject to UBS credit risk, and have an estimated initial value of $968.40 per $1,000, reflecting fees, hedging costs and UBS’ internal funding rate.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of Amazon.com common stock, Berkshire Hathaway Class B common stock, and the iShares MSCI EAFE ETF. The Notes have a term of approximately five years, pay a 10.35% per annum contingent coupon only when all three underlying assets are at or above specified coupon barriers on monthly observation dates, and can be automatically called after 12 months if all are at or above their call thresholds.
If the Notes are not called and, at maturity, each underlying is at or above its downside threshold, holders receive the $1,000 principal per Note. If any underlying finishes below its downside threshold, the repayment is reduced in line with the negative return of the worst-performing asset, with the possibility of a total loss of principal. Payments depend entirely on the creditworthiness of UBS, and the Notes are unsecured, unsubordinated obligations that will not be listed on any exchange.
UBS AG, through its London Branch, is offering approximately 3-year 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. The Notes pay a 10.75% per annum contingent coupon (about $8.9583 per $1,000 monthly) only if, on each monthly 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 in whole on any observation date starting after three months, returning the $1,000 principal per Note plus any due coupon, with no further payments. If the Notes are not called and, at maturity, every index is at or above its downside threshold (also 70% of initial), investors receive principal back. If any index finishes below its downside threshold, the repayment is reduced one-for-one with the worst index’s loss, up to a total loss of principal.
The estimated initial value is expected between $935.70 and $965.70 per $1,000, reflecting dealer compensation, hedging and UBS’ internal funding rate. The Notes are unsecured, unsubordinated obligations of UBS, not listed on any exchange, may have limited or no secondary market, and are subject to UBS credit risk and potential Swiss resolution measures. U.S. tax treatment is uncertain; UBS intends to treat the Notes as prepaid derivatives with contingent coupons taxed as ordinary income.
UBS AG is offering $1,096,000 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 5, 2029. Investors receive a monthly contingent coupon at a rate of 9.40% per annum ($7.8333 per $1,000 note) only if on each observation date all three indices are at or above their coupon barriers, set at 70.00% of their initial levels. UBS may call the notes in whole, beginning after three months, paying back principal plus any due coupon, ending future payments.
If the notes are not called and at maturity any index is below its downside threshold, set at 60.00% of its initial level, repayment is reduced dollar-for-dollar with the negative return of the worst-performing index, and investors could lose their entire principal. The notes are unsecured obligations of UBS, have an estimated initial value of $969.70 per $1,000, will not be listed, and expose holders both to equity market risk and UBS credit risk.
UBS AG is offering capped buffer securities linked to the S&P 500® Index, with a principal amount of $1,000 per Security and a term of approximately 12 months, maturing on February 4, 2027. At maturity, if the index has risen, investors receive the principal plus the positive index return, capped at a maximum gain of at least 12.55%, for a maximum payment of at least $1,125.50 per Security.
If the index return is zero or negative but the final level stays at or above a downside threshold set at 90.00% of the initial level (a 10.00% buffer), investors receive only their principal back. If the final level falls below this threshold, repayment is reduced dollar-for-dollar beyond the buffer, and investors can lose some or almost all of their investment. The Securities pay no interest or dividends, may have limited or no secondary market, and all payments depend on the creditworthiness of UBS. The estimated initial value is expected to be between $961.80 and $991.80, below the $1,000 issue price, reflecting fees, hedging and funding costs.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000, maturing on or about January 12, 2029. The Notes pay a 9.50% per annum contingent coupon (about $7.9167 per $1,000 monthly) only if, on each observation date, all three indices close at or above their coupon barriers, set at 70% of the initial level for each index. UBS may call the Notes in whole on any monthly observation date beginning after 12 months, paying principal plus any due coupon; no further payments are made after a call.
If the Notes are not called and, at maturity, any index finishes below its downside threshold (also 70% of initial), investors suffer a loss matching the negative return of the worst-performing index and could lose their entire principal. The Notes are unsecured obligations of UBS, are not bank deposits or FDIC insured, and all payments depend on UBS’s credit. The issue price is $1,000 per Note, with an estimated initial value between $961.80 and $991.80 and an underwriting discount of $7.00, leaving $993.00 in proceeds to UBS per Note.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, with a term of about three years and monthly observation dates. The Notes pay a contingent coupon only when all three indices close at or above their coupon barriers; if any index is below its barrier on an observation date, no coupon is paid for that period.
UBS may call the Notes in whole, beginning after six months, on any observation date other than the final one, paying principal plus any due coupon, after which no further payments occur. If the Notes are not called and each index finishes at or above its downside threshold, investors receive full principal at maturity; if any index finishes below its downside threshold, repayment is reduced one-for-one with the worst index’s decline, and the entire investment can be lost. All payments depend on UBS’s credit, and the Notes are unsecured, unsubordinated obligations that will not be listed on an exchange.
UBS AG is offering Trigger Callable Contingent Yield Notes, which are unsecured debt linked to the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. The notes pay a 9.15% per annum contingent coupon (about $7.625 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 70% of its initial level.
The notes are callable by UBS on any monthly observation date beginning after three months. If called, investors receive the $1,000 principal plus any due coupon, and the investment ends early. If not called and at maturity all three indexes are at or above their downside thresholds (also 70% of initial levels), investors receive full principal back, plus any final coupon.
If the notes are not called and at maturity any one index finishes below its downside threshold, repayment is reduced in line with the percentage loss of the worst-performing index, and investors can lose some or all of their principal. Payments depend on the creditworthiness of UBS, and the estimated initial value is indicated between $941.20 and $971.20 per $1,000 note, reflecting structuring and hedging costs.
UBS AG is offering $3,604,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of the S&P 500 Index, the Russell 2000 Index and the Nasdaq-100 Technology Sector Index, maturing January 7, 2030. The notes pay a 9.30% per annum contingent coupon only when all three indices close at or above their coupon barriers, generally 80% of initial levels, with missed coupons potentially paid later if conditions are met.
The notes can be called early monthly after 12 months if each index is at or above its initial level, returning principal plus due and previously unpaid coupons. If not called and any index finishes below its 60% downside threshold at maturity, investors receive less than principal in proportion to the worst index’s decline and can lose their entire investment. The issue price is $1,000 per note, the estimated initial value is $973.60, and any payment depends on UBS’s creditworthiness.
UBS AG is issuing $3,000,000 of Buffer Callable Contingent Yield Notes, each with a $1,000 principal amount, maturing on January 7, 2027. The notes pay a 14.70% per annum contingent coupon (about $12.25 per month per $1,000) only if, on each monthly observation date, the Nasdaq‑100, Russell 2000 and S&P 500 are all at or above 90% of their initial levels. UBS can call the notes in whole, beginning after three months, paying back principal plus any due coupon.
If the notes are not called and any index finishes below its 90% downside threshold, principal is reduced in line with the worst index performance beyond a 10% buffer, and investors could lose almost all of their investment. The notes are unsecured obligations of UBS, not insured deposits, have no stock upside or dividends, and may have limited or no secondary market. The estimated initial value is $985.60 per $1,000, reflecting fees and UBS’s internal funding rate.
UBS AG is offering $985,000 of Trigger Callable Contingent Yield Notes, each with a $1,000 principal amount, linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index, maturing January 5, 2029.
The Notes pay a 10.00% per annum contingent coupon (monthly $8.3333 per Note) only when all three indices close at or above their coupon barriers, set at 70.00% of initial levels, on each observation date. UBS may call the Notes in whole, beginning after 6 months, paying principal plus any due coupon, after which no further payments are made.
If the Notes are not called and each index finishes at or above its downside threshold (also 70.00% of initial level), investors receive full principal at maturity. If any index finishes below its downside threshold, repayment is reduced in line with the worst index’s percentage loss, and the entire investment can be lost. The Notes are unsecured obligations of UBS, not insured, not listed on an exchange, and have an estimated initial value of $968.10 per $1,000 Note, below the issue price.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the S&P 500® Index, maturing on or about January 9, 2031. The Notes pay a 7.15% per annum contingent coupon (about $5.9583 per month per $1,000) only when the index closes at or above a coupon barrier set at 70% of the initial level on the relevant observation date.
UBS may call the Notes in whole on any monthly observation date beginning after 12 months, returning the $1,000 principal plus any due coupon, after which no further payments are made. If the Notes are not called and the S&P 500 final level is at or above the 70% downside threshold, investors receive full principal back at maturity, plus the final contingent coupon if the barrier is met. If the final level is below the downside threshold, the payoff is $1,000 × (1 + underlying return), exposing investors to the full index decline and potentially a complete loss of principal.
The issue price is $1,000 per Note, with underwriting compensation of $2.50 and proceeds to UBS of $997.50 per Note. The estimated initial value is expected between $959.70 and $989.70. Payments depend entirely on UBS’s creditworthiness, the Notes are not insured, may have limited or no secondary market, and differ significantly from conventional debt and direct investments in the S&P 500.
UBS AG London Branch is offering Capped Performance Leveraged Upside Securities (Capped PLUS), a six‑month structured note linked to an unequally weighted basket of two equity indices and five ETFs with an aggregate principal amount of $11,542,000. Each note has a $1,000 stated principal amount, pays no interest, and is not listed on any exchange.
At maturity, investors receive $1,000 plus 2x the positive basket return, capped at a maximum gain of 6.20% (maximum payment $1,062 per note). If the basket is flat, holders receive only principal. If the basket declines, repayment is reduced one‑for‑one with the basket return and investors can lose all of their investment.
The notes are unsecured, unsubordinated UBS debt, fully exposed to UBS credit risk, and the estimated initial value of $984.50 per note is below the $1,000 issue price, reflecting fees, hedging and funding costs. Liquidity is not assured and any secondary market sales may occur at a substantial discount.
UBS AG London Branch is offering $9,210,000 of Trigger Jump Securities with Auto-Callable Feature linked to the worst performer of the Russell 2000 and S&P 500. Each note has a $1,000 principal amount and can be automatically redeemed on scheduled determination dates if both indices are at or above their initial levels, paying back principal plus a growing premium based on an approximate 8.65% per annum rate. If held to maturity and both indices finish at or above their initial levels, investors receive $1,519 per note; if both stay at or above 80% of their initial levels, they only receive principal back. If either index finishes below 80% of its initial level, repayment is reduced in line with the worst index’s loss, and the entire investment can be lost. The notes pay no interest, do not participate in index upside, are unsecured obligations of UBS and will not be listed on an exchange; their estimated initial value is $949.70 per $1,000.
UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of PayPal Holdings, Inc., maturing January 6, 2027. These unsecured debt notes pay a contingent coupon only if PayPal’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 before maturity if PayPal’s stock closes at or above the initial level on any observation date, in which case investors receive the principal plus any due coupon and the product terminates early. If not called, and the final stock level is at or above a downside threshold, principal is repaid 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. UBS discloses an estimated initial value of $9.80 per note, below the $10 issue price, and emphasizes that all payments depend on UBS’s creditworthiness and the notes will not be listed on an exchange.
UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of PayPal Holdings, Inc., with a scheduled maturity on or about January 6, 2027. The notes pay a contingent coupon only if PayPal’s share price on a given observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.
The notes are automatically called early if PayPal’s share price on any observation date before maturity is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and no further payments. If the notes are not called and PayPal’s final share price is at or above a downside threshold, investors receive principal at maturity; if it is below that threshold, repayment is reduced in line with PayPal’s decline, and all principal can be lost. All payments depend on the creditworthiness of UBS.