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

UBS AG is offering $250,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc., maturing on January 6, 2028. The Notes pay a contingent coupon only if NIKE’s closing share price on an observation date is at or above a coupon barrier, illustrated as 70% of the initial level with a hypothetical 12.06% per annum rate. The Notes are automatically called if NIKE closes at or above the initial level on any observation date before maturity, returning principal plus the relevant coupon and ending further payments. If not called, investors receive full principal back at maturity only if the final NIKE level is at or above the downside threshold, also illustrated at 70% of the initial level; otherwise repayment is reduced in line with NIKE’s percentage decline, and all principal can be lost. The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.78 per Note. All payments depend on UBS’s credit and the Notes will not be listed on an exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on or about January 8, 2029. These are unsubordinated, unsecured debt obligations of UBS.

Investors receive a contingent coupon on each observation date only if the AMD share price is at or above a preset coupon barrier. The notes are automatically called early if AMD’s closing level on any observation date before maturity is at or above the initial level, in which case investors receive principal plus that period’s coupon and no further payments.

If the notes are not called and AMD is at or above a downside threshold at maturity, investors receive back the principal (and a final coupon if the barrier is met). If AMD is below the downside threshold, repayment is reduced in line with AMD’s percentage decline, and investors could lose all of their investment. The notes are not listed, carry UBS credit risk, have a minimum purchase of 100 notes at $10 each, and an estimated initial value between $9.38 and $9.63 per note.

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 are unsecured, unsubordinated debt obligations of UBS.

Investors may receive periodic contingent coupons, but only if Micron’s share price on each observation date is at or above a preset coupon barrier. The notes will be automatically called early if Micron’s share price on any observation date before the final valuation date is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and no further payments.

If the notes are not called and Micron’s final share price is at or above a downside threshold, investors receive full principal at maturity. If the final price is below that threshold, the repayment is reduced in line with Micron’s percentage decline, and investors can lose all of their initial investment. All payments depend on UBS’s creditworthiness. The estimated initial value per note on the trade date is expected to be between $9.37 and $9.62.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc., with an expected maturity on or about January 6, 2028. These unsecured debt notes pay a contingent coupon only when NIKE’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 NIKE’s share price on an observation date (before the final valuation date) is at or above the initial level. In that case, holders receive the $10 principal per Note plus any due contingent coupon on the call settlement date, and no further payments. If the notes are not called and NIKE’s final share price is at or above the downside threshold at maturity, investors receive back their principal, potentially with a final contingent coupon.

If the notes are not called and NIKE’s final share price is below the downside threshold, repayment is reduced in line with the share price decline, and holders can lose some or all of their initial investment. The estimated initial value is expected to be between $9.42 and $9.67 per $10 Note, and all payments depend on the creditworthiness of UBS.

UBS AG is offering $362,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation, maturing on January 6, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes ($1,000).

Investors receive contingent coupons 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 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 Notes terminate. If not called and the final share 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 share’s decline, and all principal can be lost. Payments depend on UBS’s credit, and the Notes are not listed or insured. The estimated initial value is $9.79 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation, maturing on or about January 6, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes (a $1,000 investment).

Investors receive a contingent coupon on scheduled coupon dates only if the Lam Research share price on the related observation date is at or above a specified coupon barrier. The Notes are automatically called if, on any observation date before maturity, the share price is at or above the initial level, in which case UBS repays principal plus the due coupon and makes no further payments.

If the Notes are not called and the final share price is at or above the downside threshold, UBS repays the $10 principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose some or all of their initial investment. Payments depend on the creditworthiness of UBS, the estimated initial value is expected between $9.42 and $9.67 per $10 Note, and the Notes will not be listed on any exchange.

UBS AG is offering $503,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on January 6, 2028. These unsecured debt securities may pay contingent coupons only when Broadcom’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 Broadcom’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the principal plus any due coupon and no further payments. If the notes are not called and Broadcom’s final share price is at or above the downside threshold, investors receive back the full principal at maturity. If the final price is below the downside threshold, repayment is reduced in line with Broadcom’s percentage decline, and investors can lose up to their entire investment.

The notes are issued in $10 denominations with a minimum investment of 100 notes and have an estimated initial value of $9.80 per $10 note. All payments depend on UBS’s credit; the notes are not bank deposits and are not insured by the FDIC or any government agency.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on or about January 6, 2028. These unsecured debt securities can pay a contingent coupon on each observation date only if Broadcom’s share price is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The Notes may be automatically called early if Broadcom’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive the principal plus any due coupon and no further payments. If the Notes are not called and Broadcom’s final level is at or above a downside threshold, principal is repaid at maturity. If the final level is below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and investors could lose their entire investment.

Payments depend entirely on the performance of Broadcom’s stock and the creditworthiness of UBS, and the Notes will not be listed on any exchange. The minimum initial investment is 100 Notes at $10 per Note, and the estimated initial value per Note is expected to be between $9.43 and $9.68.

UBS AG is offering $3,104,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest, linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing January 5, 2029. Each $1,000 note pays a contingent coupon at 8.90% per annum (semiannual $44.50) only if on an observation date both indices close at or above their coupon barriers, set at 70% of initial levels.

The notes are automatically called early if on any semiannual observation date before maturity both indices are at or above their call thresholds, set at 100% of initial levels; in that case investors receive principal plus due and unpaid coupons, and the notes terminate. If not called, principal is repaid at maturity only if each index finishes at or above its downside threshold (also 70% of initial level).

If any index ends below its downside threshold, repayment is reduced one-for-one with the worst index’s decline, and investors can lose their entire investment. The notes are unsecured UBS debt, not principal protected, not listed, and carry UBS credit risk in addition to equity market risk.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector IndexSM and the S&P 500® Index, with a term of about three years from an expected trade date of January 30, 2026 to a maturity date of February 2, 2029.

Each $1,000 Note pays a 10.00% per annum contingent coupon (about $8.3333 monthly) only if, on the relevant monthly observation date, the closing level of each index is at or above its coupon barrier, set at 70.00% of its initial level; otherwise no coupon is paid for that month.

UBS may, at its discretion, call all Notes on any observation date beginning after six months, paying the $1,000 principal plus any due contingent coupon, after which no further payments are made. If the Notes are not called and at maturity both indices are at or above their respective downside thresholds (also 70.00% of initial), investors receive full principal; if any index finishes below its downside threshold, the repayment equals $1,000 multiplied by 1 plus the return of the least performing index, exposing investors to full downside and potential total loss. Payments depend on UBS’s credit, and the Notes will not be listed.

UBS AG is offering Buffer Autocallable GEARS, unsecured notes linked to the worst performer of the Nasdaq-100 Index and S&P 500 Index, maturing around February 3, 2028. Each Security has a $1,000 principal amount, a 9.50% per annum call return rate and 1.50x upside gearing if held to maturity and not called. A 20% buffer protects against moderate declines, with downside thresholds at 80% of each index’s initial level.

The notes may be automatically called after about one year if both indices are at or above their autocall barriers set at 100% of initial levels, paying a call price of $1,095 per Security. If not called and the least performing index ends above its initial level, investors receive leveraged upside; if it ends between 80% and 100%, principal is repaid only. If the least performer falls below its downside threshold, investors incur losses beyond the 20% buffer and can lose almost all principal.

The estimated initial value per Security is between $950.60 and $980.60, below the $1,000 issue price due to dealer compensation, hedging and funding costs. The Securities pay no interest, do not pay dividends, will not be listed on an exchange and expose holders to both market risk of the indices and the credit risk of UBS.

UBS AG is offering $8,146,000 of trigger autocallable notes tied to the least performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, maturing on January 3, 2031. Each note has a $1,000 principal amount and offers a call return based on a 9.50% per annum rate if automatically called.

The notes are automatically called, and pay the stated call price, if on any quarterly observation date the closing level of each index is at or above its call threshold level, set at 90% of its initial level. If never called and, at maturity, each index is at or above its downside threshold (75% of its initial level), investors receive only their $1,000 principal back.

If the notes are not called and any index finishes below its downside threshold, the payoff is reduced in line with the percentage loss of the worst-performing index, and investors can lose up to their entire investment. The notes pay no interest or dividends, are unsecured obligations of UBS, are not listed on an exchange, and their value and repayment depend entirely on UBS’s creditworthiness.

UBS AG is offering $20,046,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing January 5, 2029. The notes pay a 9.80% per annum contingent coupon (about $24.50 per $1,000 per quarter) only if on each observation date both indices stay at or above 70% of their initial levels, which also serve as downside thresholds.

UBS can call the notes in whole on any quarterly observation date after six months, returning principal plus any due coupon, with no further payments. If the notes are not called and either index finishes below its downside threshold, repayment is reduced 1:1 with the worst index’s loss, and investors can lose all principal. The notes are unsecured UBS debt, not listed, and have an estimated initial value of $979 per $1,000, below issue price.

UBS AG is offering $6,739,000 of Trigger Callable Contingent Yield Notes due January 5, 2029, linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The Notes pay an 8.20% per annum contingent coupon ($20.50 per $1,000) only when, on a quarterly observation date, both indices close at or above 70% of their initial levels.

UBS may call the Notes in whole on any quarterly observation date beginning after six months, returning principal plus any due coupon, with no further payments. If not called and either index finishes below its 70% downside threshold at maturity, investors lose principal in line with the worst index’s percentage decline, up to a total loss. The Notes are unsecured UBS debt, not FDIC insured, not listed on an exchange, have an estimated initial value of $962.30 per $1,000, and include a $15 per Note underwriting discount.

UBS AG is offering $1,806,000 in Trigger Autocallable Notes linked to the least performing of the Dow Jones Industrial Average®, Russell 2000® Index and S&P 500® Index, maturing January 3, 2031. The notes can be automatically called quarterly (after 12 months) if each index is at or above its call threshold level, set at 90.00% of its initial level, paying principal plus a call return based on a 7.50% per annum call return rate.

If the notes are never called and each index finishes on the final valuation date at or above its downside threshold, set at 75.00% of its initial level, investors receive only the $1,000 principal per note. If at least one index finishes below its downside threshold, the payoff is reduced by the full percentage decline of the worst-performing index, up to a total loss of principal. The estimated initial value is $970.00 per $1,000 note, and all payments depend on the creditworthiness of UBS; the notes will not be listed and may have limited secondary market liquidity.

UBS AG, through its London branch, is offering $2,097,000 of trigger autocallable notes linked to the least performing of the Nasdaq‑100, Russell 2000 and S&P 500 indexes, maturing on January 3, 2031.

The notes may be called automatically on annual observation dates if each index closes at or above its call threshold, set at 100% of its initial level, paying principal plus a call return based on a 13.45% per annum rate. If never called and each index finishes at or above its downside threshold of 70% of its initial level, investors receive principal at maturity; if any index finishes below its downside threshold, repayment is reduced in line with the worst index’s loss, up to a total loss of principal. The notes pay no interest or dividends, are unsecured obligations of UBS, and have an estimated initial value of $991.80 per $1,000 note.

UBS AG is offering $2,986,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of the Russell 2000 Index and the S&P 500 Index. The Notes pay a contingent coupon at a rate of 7.40% per annum, with semiannual payments only if the closing level of each index on an observation date is at or above its coupon barrier, set at 70% of its initial level. The same 70% level also serves as the downside threshold, while the automatic call can occur on any observation date if both indices are at or above 100% of their initial levels.

If the Notes are not called and either index finishes below its downside threshold at maturity on January 5, 2029, investors receive less than the $1,000 principal per Note, in proportion to the worst index’s decline, and could lose their entire investment. The Notes are unsecured, unsubordinated obligations of UBS AG, are not FDIC insured, will not be listed on an exchange, and have an estimated initial value of $979.40 per $1,000 issue price, reflecting fees, hedging costs and UBS’s internal funding rate.

UBS AG is offering $4,462,000 of Trigger Callable Contingent Yield Notes linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the VanEck Semiconductor ETF, maturing January 6, 2031. The Notes pay a high contingent coupon of 15.15% per annum (monthly $12.625 per $1,000) only if, on each observation date, all three underlying assets are at or above their respective coupon barriers set at 75% of initial levels. UBS can call the Notes quarterly after six months, repaying principal plus any due coupon, which introduces reinvestment risk if called when coupons are attractive.

If the Notes are not called and, at maturity, any underlying finishes below its downside threshold of 60% of its initial level, investors lose principal in line with the percentage decline of the worst-performing underlying and could lose their entire investment. The estimated initial value is $986.40 per $1,000, below issue price, reflecting dealer compensation and hedging costs. Payments depend on UBS’s credit; the Notes are unsecured, not FDIC insured, and may have little or no secondary market liquidity.

UBS AG is offering $129,000 of Trigger Callable Yield Notes linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing on January 6, 2027. Investors receive a fixed coupon at a rate of 8.10% per annum, paid monthly, regardless of index performance unless UBS calls the notes early. UBS may call the notes monthly after six months, repaying the $1,000 principal per note plus the applicable coupon, with no further payments.

If the notes are not called and the final level of each index is at or above 70.00% of its initial level (the downside threshold), investors receive full principal back at maturity plus the final coupon. If the final level of any index is below its downside threshold, the maturity payment is reduced in line with the percentage loss of the worst-performing index, and investors can lose some or all of their initial investment.

The notes are unsubordinated, unsecured obligations of UBS, are not insured or listed on any exchange, and all payments depend on UBS’s credit. The estimated initial value is $978.20 per $1,000 note, reflecting underwriting discounts, hedging and issuance costs.

UBS AG is offering Buffer Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing around November 1, 2028. Each Note has a $1,000 principal amount and pays a 7.00% per annum contingent coupon (about $5.8333 monthly) only if, on an observation date, both indices close at or above their coupon barriers, set at 85.00% of their initial levels.

UBS may call the Notes in whole on any monthly observation date beginning after 6 months, returning principal plus any due coupon, after which no further payments are made. If the Notes are not called and the final level of each index is at or above its 85.00% downside threshold, investors receive full principal back at maturity. If the final level of any index is below its downside threshold, repayment is reduced according to the loss of the worst-performing index beyond the 15.00% buffer, and investors could lose almost all of their investment.

The Notes are unsecured, unsubordinated obligations of UBS, subject to its credit risk, will not be listed on any exchange, and may have limited or no secondary market. The estimated initial value is expected to be between $928.90 and $958.90 per $1,000 issue price, reflecting underwriting compensation, hedging and other costs.

UBS AG is offering Capped Leveraged Buffered Basket-Linked Medium-Term Notes tied to an unequally weighted basket of five equity indices, with an aggregate face amount of $4,203,000. The notes pay no interest and mature on June 4, 2027, with return based on the basket’s performance between December 30, 2025 and June 2, 2027.

For each $1,000 note, investors receive 230% of any positive basket return, capped at a maximum settlement amount of $1,188.83 once the basket reaches 108.21% of its initial level. A 12.5% downside buffer protects principal for modest declines, but below 87.5% of the initial basket level, losses accelerate at approximately 1.1429% for every 1% further drop, and investors could lose their entire investment.

The basket allocates 38% to the EURO STOXX 50® Index, 26% to TOPIX, 17% to the FTSE® 100 Index, 11% to the Swiss Market Index and 8% to the S&P/ASX 200 Index. The notes are unsecured obligations of UBS, are not listed on an exchange, have an estimated initial value of $996 per $1,000 face amount, and carry liquidity, market and tax risks described in detail in the disclosure.

UBS AG is offering Trigger In-Digital Securities that are unsecured debt linked to the worst performer of the Russell 2000 Index and the S&P 500 Index over roughly 13 months, maturing around February 5, 2027.

Each $1,000 Security pays no interest and at maturity either returns principal plus a fixed 7.65% digital return if the worst-performing index finishes at or above 65% of its initial level, or delivers full downside exposure to that worst index if it finishes below the 65% downside threshold. In the downside case, repayment is reduced in line with the index loss and can fall to zero, meaning a complete loss of principal.

The Securities are not listed, may have limited or no secondary market, and their value is expected to initially range between $962.60 and $992.60 due to fees and UBS’ internal funding rate. All payments depend on UBS’ credit; a default or Swiss regulatory action could result in partial or no repayment. The U.S. tax treatment is uncertain, and UBS intends to treat the notes as prepaid derivative contracts for tax purposes.

UBS AG is offering $3.414 million of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to Tesla, Inc. common stock, maturing July 6, 2027. Each $1,000 Note pays a contingent coupon at a 19.20% per annum rate (monthly $16) only if Tesla’s closing price on a coupon observation date is at or above the $314.80 coupon barrier, which is 70% of the $449.72 initial level.

The Notes can be automatically called quarterly if Tesla closes at or above the $449.72 call threshold (100% of the initial level), in which case investors receive principal plus due and unpaid coupons and the Notes terminate early. If not called and Tesla’s final level on June 30, 2027 is at or above the $314.80 downside threshold, investors receive full principal back.

If the Notes are not called and Tesla’s final level is below the downside threshold, investors receive 2.2236 Tesla shares per Note (plus cash for any fractional share), expected to be worth significantly less than $1,000, exposing them to a substantial or total loss. Payments depend entirely on UBS’s creditworthiness, and the Notes are not listed on any exchange.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector IndexSM and the Russell 2000® Index, maturing on or about January 11, 2029. The Notes pay a monthly contingent coupon at a rate of 8.30% per annum (about $6.9167 per $1,000 Note) only if on each observation date both indices close at or above their coupon barriers, set at 70% of their initial levels. UBS may call the Notes in whole, beginning after 6 months, paying principal plus any due coupon.

If the Notes are not called and, at maturity, either index finishes below its downside threshold (also 70% of its initial level), the repayment is reduced in line with the negative return of the worst-performing index, and holders can lose up to 100% of principal. Any payment depends on UBS’s creditworthiness. The issue price is $1,000 per Note, with an underwriting discount of up to $29.50 and minimum proceeds to UBS of at least $970.50 per Note. The estimated initial value is expected between $931.90 and $961.90, and the Notes will not be listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the worst performer among three ETFs: the VanEck Gold Miners ETF, the VanEck Semiconductor ETF and the Energy Select Sector SPDR Fund. The Notes have a principal amount of $1,000 each, a term of about five years to January 2031, and offer a contingent coupon at an annual rate of 11.85% if on a monthly observation date the closing level of each ETF is at or above its coupon barrier.

The call threshold for each ETF is set at 100% of its initial level, the coupon barrier at 70% of its initial level and the downside threshold at 60% of its initial level. The Notes may be automatically called after 12 months if each ETF is at or above its call threshold, in which case investors receive principal plus any due and unpaid contingent coupons. If the Notes are not called and, at maturity, each ETF is at or above its downside threshold, investors receive full principal back, potentially with memory coupons.

If the Notes are not called and any ETF finishes below its downside threshold, repayment is reduced based on the negative return of the worst-performing ETF, and investors can lose some or all of their principal. Coupons are not guaranteed and may never be paid. All payments depend on the creditworthiness of UBS, and the estimated initial value per Note is expected to be between $904.20 and $934.20, below the $1,000 issue price.

UBS AG is offering $1,000 Capped Buffer Contingent Absolute Return Securities linked to the least performing of the Dow Jones Industrial Average and the S&P 500 Index, maturing around July 30, 2027 after an approximately 18‑month term.

If the least performing index rises, investors receive principal plus a positive return up to an 11.00% maximum upside gain, capped at a $1,110.00 payment per Security. If the least performing index is flat or down but ends at or above 85.00% of its initial level, investors receive a contingent absolute return, turning the loss (up to 15%) into a gain, with a maximum total return of 15.00% and a $1,150.00 payment.

If any index closes below its downside threshold, repayment is reduced according to the decline beyond the 15.00% buffer, and investors can lose almost all of their principal. The notes pay no interest, do not provide dividends, will not be listed, and depend entirely on UBS’s credit. The estimated initial value per $1,000 Security is expected to be between $941.00 and $971.00, reflecting fees, hedging costs and UBS’s internal funding rate.

UBS AG is offering Buffer Autocallable Contingent Yield Notes linked to the least performing of the VanEck Gold Miners ETF (GDX) and the Energy Select Sector SPDR Fund (XLE), maturing on or about February 1, 2028. Each Note has a $1,000 principal amount.

The Notes pay a contingent coupon of 12.30% per annum, or $10.25 per month per $1,000, but only if on a monthly observation date the closing level of each ETF is at or above its coupon barrier, set at 80% of its initial level. UBS will automatically call the Notes quarterly, starting after six months, if both ETFs are at or above their call threshold of 100% of initial level, returning principal plus the applicable coupon.

If the Notes are not called and at maturity both ETFs are at or above their 80% downside thresholds, investors receive full principal back. If any ETF finishes below its downside threshold, repayment is reduced based on the loss of the worst ETF beyond the 20% buffer, and investors can lose almost all principal. The Notes are unsecured obligations of UBS; all payments depend on UBS’s credit. The estimated initial value is $931.40–$961.40 per $1,000 issue price, and underwriting compensation is $25 per Note, leaving $975 in proceeds to UBS.

UBS AG is offering $2,000,000 of Trigger Callable Contingent Yield Notes due January 5, 2028, issued in $1,000 denominations. The notes are linked to the least performing of three underlying assets: the SPDR S&P Regional Banking ETF (KRE), the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY).

Investors may receive a 10.85% per annum contingent coupon, paid monthly, but only when the closing level of each underlying is at or above 70% of its initial level on the relevant observation date. UBS can call the notes in whole on any monthly observation date starting after six months, paying principal plus any due coupon, after which no further payments are made.

If the notes are not called and, at maturity, every underlying is at or above 60% of its initial level, investors receive full principal back. If any underlying finishes below its downside threshold, repayment is reduced one-for-one with the worst performer, up to a total loss of principal. The notes are unsecured obligations of UBS, carry UBS credit risk, are not listed, and have an estimated initial value of $981.10 per note, below the $1,000 issue price.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing on or about January 12, 2029. Each Note has a $1,000 principal amount and can pay monthly contingent coupons at a rate of 9.45% per annum if, on an observation date, both indices close at or above their coupon barriers, set at 70% of their initial levels.

UBS may, at its discretion, call the Notes in whole (but not in part) on any observation date beginning after six months; if called, investors receive principal plus any due coupon, and no further payments. If the Notes are not called and each index finishes at or above its downside threshold (also 70% of initial level), investors receive full principal at maturity. If any index finishes below its downside threshold, repayment is reduced one-for-one with the negative return of the worst-performing index, and investors could lose all of their investment.

Payments depend on UBS’s credit. The estimated initial value per Note is between $960.10 and $990.10, below the $1,000 issue price, reflecting fees, hedging and UBS’s internal funding rate.

UBS AG is offering $2,633,000 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 July 2, 2027. The notes pay a contingent coupon at a rate of 11.45% per annum (about $9.5417 per month per $1,000) only when, on a monthly observation date, each index closes at or above its coupon barrier, set at 70% of its initial level, which is also the downside threshold.

UBS may call the notes in whole on any observation date starting after three months, returning principal plus any due coupon, with no further payments. If the notes are not called and, at maturity, every index is at or above its downside threshold, investors receive back the $1,000 principal per note. If any index finishes below its downside threshold, the maturity payment is reduced in line with the negative return of the worst-performing index, and investors can lose some or all of their principal.

These unsecured debt obligations expose holders to the market risk of all three indices and to UBS credit risk. The notes are not bank deposits, are not insured and will not be listed on an exchange.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq‑100, Russell 2000 and S&P 500 indexes, maturing on or about February 2, 2029. The Notes pay a contingent coupon at a 9.70% per annum rate (about $8.0833 per $1,000 monthly) only when, on an observation date, each index closes at or above 75% of its initial level.

UBS may call the Notes in whole on any monthly observation date beginning after 3 months, returning principal plus any due coupon, after which no further payments are made. If not called and each index finishes at or above 60% of its initial level at maturity, investors receive full principal back; if any index finishes below 60%, repayment is reduced one‑for‑one with the worst index’s loss, and all principal can be lost. The estimated initial value is between $954.30 and $984.30 per $1,000, and all payments depend on UBS’s creditworthiness.

UBS AG is offering Buffer Callable Contingent Yield Notes linked to the worst performer of the Russell 2000 Index and the S&P 500 Index, with a term of about 33 months. The notes pay a monthly contingent coupon at a rate of 10.45% per annum only when both indices close at or above 85% of their initial levels on each observation date. UBS can call the notes in whole, but not in part, on any monthly observation date starting after six months, repaying principal plus any due coupon.

If the notes are not called and, at maturity, either index finishes below its 85% downside threshold, investors lose principal in proportion to the decline beyond a 15% buffer, based on the weaker index, and could lose almost all of their investment. The notes are unsecured debt of UBS, are not insured or listed, and all payments depend on UBS’s credit. The estimated initial value per $1,000 note is expected between $960.20 and $990.20.

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. Each Note has a $1,000 principal amount, a term of approximately 18 months and pays an 8.00% per annum contingent coupon (about $6.6667 per month) only if on an observation date the closing level of each index is at or above its coupon barrier, set at 70.00% of its initial level.

UBS may, at its discretion, call the Notes in whole on any monthly observation date beginning after three months, paying back principal plus any due contingent coupon, after which no further payments are made. If the Notes are not called and at maturity in July 2027 all three indices are at or above their downside thresholds (also 70.00% of initial levels), investors receive full principal back, plus any final contingent coupon.

If the Notes are not called and any index finishes below its downside threshold, the repayment is reduced dollar-for-dollar with the negative return of the worst-performing index, and investors can lose some or all of their investment. Payments depend on the creditworthiness of UBS, and the Notes are unsecured, unsubordinated obligations with an estimated initial value between $941.70 and $971.70 per $1,000.

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 principal amount of $1,000 per Note and an expected 18‑month term to around August 4, 2027. The Notes pay a monthly contingent coupon at a rate of 10.15% per annum only if, on the relevant observation date, each index is at or above its coupon barrier, set at 70% of its initial level; otherwise no coupon is paid. UBS may, at its discretion, call the Notes in whole on any monthly observation date beginning after three months, returning principal plus any due coupon, after which no further payments are made. If the Notes are not called and, at maturity, any index finishes below its downside threshold (also 70% of its initial level), investors receive $1,000 times 1 plus the return of the worst-performing index and can lose some or all of their initial investment. All payments depend on the creditworthiness of UBS, the Notes will not be listed on an exchange, and the estimated initial value is expected to be between $957.00 and $987.00 per $1,000 issue price.

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 $1,000 note pays a 14.50% per annum contingent coupon when the index closes at or above a coupon barrier set at 70% of the initial level, with unpaid coupons potentially paid later via a memory feature. The notes can be automatically called after 12 months if the index is at or above the call threshold (100% of the initial level), returning principal plus due and unpaid coupons.

If not called, and the final index level is at or above a downside threshold set at 50% of the initial level, investors receive their $1,000 principal. If the final level is below that threshold, repayment is reduced one-for-one with the index loss, and all principal can be lost. The underlying index uses leverage up to 500%, targets 40% volatility and applies a 6.0% per annum daily decrement, which drags on performance. Estimated initial value per $1,000 note is expected between $932.70 and $962.70, and all payments depend on UBS’s creditworthiness.

UBS AG is offering $3.975 million of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to Paramount Skydance Corporation common stock. The Notes pay a contingent coupon at a rate of 14.59% per annum (or $36.475 per quarter on each $1,000 Note) only if PSKY’s closing level on an observation date is at or above the coupon barrier of $8.71, which is 65% of the initial level of $13.40. Missed coupons can be paid later if the barrier is met, via the memory feature.

The Notes are automatically called if PSKY closes at or above the call threshold of $13.40 (100% of the initial level) on any observation date before maturity, returning principal plus due and unpaid coupons. If not called, investors receive full principal at maturity only if the final level is at or above the downside threshold of $8.71. Below that level, repayment is reduced 1:1 with PSKY’s decline, and all principal can be lost.

The Notes mature on July 6, 2027, have a denomination of $1,000 and an estimated initial value of $943.70 per Note. They are unsecured obligations of UBS, are not listed, and expose holders both to PSKY market risk and to UBS credit risk.

UBS AG is offering $3,911,000 of Trigger Callable Contingent Yield Notes due January 6, 2031, linked to the least performing of the Dow Jones Industrial Average®, the Nasdaq‑100® Technology Sector IndexSM and the Russell 2000® Index. The Notes pay a contingent coupon at an annual rate of 11.10% (about $9.25 per $1,000 per month) only if, on each monthly observation date, all three indices close at or above their coupon barriers set at 75% of initial levels. UBS may call the Notes in whole, beginning after six months, paying back principal plus any due coupon, ending future payments.

If the Notes are not called and, on the final valuation date, all indices are at or above their downside thresholds set at 60% of initial levels, investors receive full principal back (plus any final coupon if all are above the coupon barriers). If any index finishes below its downside threshold, repayment is reduced one‑for‑one with that index’s loss, and investors can lose up to all of their principal. The estimated initial value is $966.90 per $1,000 Note, the Notes will not be listed, coupons are not guaranteed, and all payments depend on the creditworthiness of UBS.

UBS AG is offering $8,321,000 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 a rate of 11.35% per annum (about $9.4583 per $1,000 per month) only if, on each monthly observation date, all three indices close at or above their coupon barriers, set at 70% of their initial levels, which are also the downside thresholds.

UBS may call the Notes in whole, beginning after three months, paying back principal plus any due coupon; no further payments would be made. If the Notes are not called and any index finishes below its downside threshold at maturity, investors receive $1,000 multiplied by one plus the return of the least performing index, potentially losing all principal. The Notes are unsecured obligations of UBS, not insured deposits, will not be listed on any exchange, and have an estimated initial value of $977.60 per $1,000 issue price.

UBS AG is offering trigger callable contingent yield notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes. Each note has a $1,000 principal amount, a contingent coupon rate of 8.45% per annum (about $7.0417 per month), and matures on or about February 1, 2029.

Coupons are paid only if all three indexes are at or above 75% of their initial levels on the observation date, and principal is protected at maturity only if all are at or above 70% of initial levels. Otherwise, investors are exposed to the full downside of the worst-performing index and can lose all principal. UBS may call the notes after six months at par plus any due coupon. The estimated initial value is $934.70–$964.70 per note, below the $1,000 issue price, reflecting fees, hedging and UBS’ internal funding rate.

UBS AG is offering Buffer Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of the VanEck® Gold Miners ETF (GDX) and the iShares® Silver Trust (SLV), maturing on or about January 30, 2031. Each Note has a $1,000 principal amount and pays a contingent coupon of 11.00% per annum (about $9.1667 monthly) if on a coupon observation date both ETFs close at or above their coupon barriers, set at 80.00% of their initial levels.

The Notes can be called automatically quarterly, beginning after 6 months, if both ETFs are at or above their call threshold levels of 100.00% of their initial levels, returning principal plus any due and unpaid coupons. If not called, and at maturity both ETFs are at or above their downside thresholds of 85.00% of initial levels, investors receive full principal back. If any ETF finishes below its downside threshold, repayment is reduced according to the loss of the worst performer beyond the 15.00% buffer, and investors could lose almost all of their investment.

The Notes are unsecured, unsubordinated obligations of UBS and all payments depend on UBS’s creditworthiness. They will not be listed, and secondary liquidity may be limited. The issue price is $1,000.00 per Note, including an underwriting discount of $37.50, with proceeds to UBS of $962.50 per Note. The estimated initial value is expected to be between $916.00 and $946.00, reflecting internal funding and hedging costs.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq‑100® Technology Sector IndexSM, the Russell 2000® Index and the S&P 500® Index, maturing on or about January 4, 2028. The Notes pay a monthly contingent coupon at a rate of 11.85% per annum (about $9.875 per $1,000 each month) only if, on the relevant 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, beginning after three months, on any observation date other than the final one, paying back principal plus any due coupon, with no further payments. If the Notes are not called and, at maturity, each index is at or above its downside threshold (also 70% of initial level), investors receive full principal back, plus any final coupon. If any index finishes below its downside threshold, the maturity payment is reduced in line with the negative return of the worst‑performing index, and all principal can be lost.

The Notes are unsecured, unsubordinated debt of UBS, are not bank deposits or FDIC‑insured, will not be listed on an exchange, and involve significant market, liquidity, credit and structural risks. The estimated initial value is expected to be between $957.50 and $987.50 per $1,000 Note, reflecting dealer compensation, hedging and issuance costs.

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, maturing in early 2029. The notes pay a 10.85% per annum contingent coupon only when all three indexes close at or above their coupon barriers, set at 75% of their initial levels, on monthly observation dates. If UBS calls the notes after three months, holders receive principal plus any due coupon and the product terminates early.

If the notes are not called and each index finishes at or above its 70% downside threshold at maturity, investors receive full principal back (plus any final coupon if barriers are met). If any index ends below its downside threshold, repayment is reduced one-for-one with the worst index’s loss, and all principal can be lost. The notes are unsecured obligations of UBS, with an estimated initial value between $954.10 and $984.10 per $1,000 issue price, and will not be listed on any exchange.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer of the Nasdaq-100 Technology Sector Index, Russell 2000 Index and S&P 500 Index, maturing around December 30, 2027. The Notes pay a contingent coupon at a rate of 8.55% per annum (about $7.125 per $1,000 per month) only when all three indexes close at or above their coupon barriers, set at 70% of initial levels.

UBS can call the Notes in whole on any monthly observation date after three months, returning principal plus any due coupon, ending future payments. If not called and each index finishes at or above its downside threshold (also 70% of its initial level), investors receive full principal at maturity. If any index finishes below its downside threshold, repayment is reduced one-for-one with the loss of the worst-performing index, and the entire investment can be lost.

The Notes are unsecured obligations of UBS, not insured deposits, will not be listed on an exchange, and have an estimated initial value between $934.80 and $964.80 per $1,000, reflecting underwriting discounts of up to $22.25 per Note and structuring and hedging costs.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of lululemon athletica inc., maturing on January 5, 2028. Each Note has a principal amount of $10 and can pay periodic contingent coupons only if lululemon’s closing share price on an observation date is at or above a preset coupon barrier. If the share price on any observation date before maturity is at or above the initial level, the Notes are automatically called and investors receive the principal plus the applicable contingent coupon, with no further payments.

If the Notes are not called and the final share price on the valuation date is at or above the downside threshold, investors receive back the principal per Note, potentially with a final contingent coupon. If the final share price is below the downside threshold, repayment is reduced in line with the stock’s negative return and investors can lose all of their investment. All payments depend on the creditworthiness of UBS, the Notes are not insured or exchange‑listed, and the estimated initial value is $9.80 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes, which are unsecured debt linked to the common stock of lululemon athletica inc. The Notes are scheduled to settle on January 5, 2026 and to mature on or about January 5, 2028. They pay a contingent coupon only if the stock closes at or above a preset coupon barrier on each observation date; otherwise no coupon is paid.

The Notes are automatically called early if the stock closes at or above the initial level on any observation date before maturity. In that case, investors receive the $10 principal per Note plus the applicable contingent coupon, and the product terminates. If the Notes are not called and the final stock level is at or above the downside threshold, UBS repays principal at maturity; if it is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose their entire investment.

The preliminary terms include a minimum investment of 100 Notes at $10 each and an illustrative contingent coupon rate of 16.35% per annum (about $0.4088 per quarter on a $10 Note). The estimated initial value is expected to be between $9.50 and $9.75 per $10 Note. Payments depend on both stock performance and 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 Corning Incorporated, maturing on January 5, 2028. These unsecured debt notes pay a contingent coupon only if Corning’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 are automatically called early if the share price on any observation date (before the final one) is at or above the initial level, in which case investors receive the $10 principal per Note plus the contingent coupon and no further payments.

If the notes are not called and Corning’s final share price is at or above the downside threshold, investors receive their principal back at maturity, plus any final contingent coupon if the coupon barrier is met. If the final share price is below the downside threshold, the maturity payment is reduced in line with the stock’s decline, and investors can lose all of their investment. An example uses a 16.61% per annum contingent coupon rate and a downside threshold at 70% of the initial level. The notes are offered at $10 per Note with a minimum investment of 100 Notes, and the estimated initial value is $9.76 per Note, reflecting UBS’s internal pricing.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Corning Incorporated, maturing on or about January 5, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes (a $1,000 investment). Investors may receive periodic contingent coupons only if Corning’s stock closes at or above a specified coupon barrier on the relevant observation dates.

The Notes are automatically called if, on any observation date before maturity, the stock’s closing level 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 stock level is at or above the downside threshold, investors receive only the principal at maturity, plus any final coupon if the coupon barrier is also met.

If the Notes are not called and the final stock level is below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and investors can lose some or all of their initial investment. All payments depend on the creditworthiness of UBS. The Notes are unsecured, unsubordinated debt, will not be listed on any exchange, and are described as significantly riskier than conventional debt instruments.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to Constellation Energy common stock, maturing on January 5, 2028. Each $10 Note can 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 may be automatically called early if the stock is at or above its initial level on an observation date, returning principal plus the applicable coupon, with no further payments.

If the Notes are not called and the final stock level is at or above the downside threshold, investors receive the $10 principal per Note (plus any final coupon). If the final level is below the downside threshold, repayment is reduced one-for-one with the stock’s decline, and investors can lose their entire investment. The hypothetical examples use a 19.59% per annum contingent coupon and a $70 downside threshold and coupon barrier, each set at 70% of the initial level. The estimated initial value is $9.78 per $10 Note, and all payments depend on UBS’s creditworthiness. The Notes are not listed on any exchange and have a $1,000 minimum investment.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, maturing on or about January 5, 2028. The Notes can pay contingent coupons only when the stock closes at or above a specified coupon barrier on scheduled observation dates; otherwise no coupon is paid.

The Notes are subject to automatic call if, on any observation date before maturity, the stock closes at or above its initial level, in which case investors receive their principal plus the applicable contingent coupon and the Notes terminate early. If the Notes are 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 investors can lose their entire investment.

Payments on the Notes depend on the creditworthiness of UBS, are not bank deposits and are not insured. The Notes are not expected to be listed, have a minimum investment of 100 Notes at $10 per Note, and their estimated initial value as of the trade date is expected to be between $9.49 and $9.74 per Note.