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 Trigger Autocallable Contingent Yield Notes linked to the common stock of DexCom, Inc. with an aggregate principal amount of $100,000. The Notes are unsecured debt of UBS, pay a contingent coupon only if DexCom’s share price on an observation date is at or above a preset coupon barrier, and can be automatically called early if the share price is at or above the initial level on any observation date before maturity.
If the Notes are not called and DexCom’s final share price on January 3, 2028 is at or above the downside threshold, investors receive back the principal at maturity; if it is below the downside threshold, repayment is reduced in line with DexCom’s percentage decline, and all principal can be lost. The example terms include a $10 denomination, a 16.82% per annum contingent coupon (about $0.4205 per quarter), and a downside threshold and coupon barrier at 70% of the initial level. The estimated initial value is $9.76 per Note, and all payments depend on UBS’s creditworthiness.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of DexCom, Inc., with a scheduled maturity on or about January 5, 2028. These unsecured debt securities pay a contingent coupon only when DexCom’s closing stock 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 if DexCom’s stock closes at or above the initial level on any observation date before the final valuation date, in which case holders receive the principal amount plus any due contingent coupon and no further payments. If the Notes are not called and DexCom’s final stock level is at or above the downside threshold, investors receive their principal back at maturity; if it is below that threshold, repayment is reduced in line with DexCom’s decline and can fall to zero.
All payments depend on UBS’s credit; a default by UBS could result in loss of the entire investment. The Notes will not be listed on any exchange, have a $10 denomination with a minimum investment of 100 Notes, and their estimated initial value on the trade date is expected to be between $9.46 and $9.71 per Note.
UBS AG is offering $514,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing January 5, 2028. These unsecured notes 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 can be 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 the notes terminate. If the notes are not called and Broadcom’s final share price is at or above a downside threshold, investors receive back the principal at maturity; if it is below that threshold, repayment is reduced in line with Broadcom’s decline, up to a total loss of principal.
The notes are issued in $10 denominations, with a minimum investment of 100 notes, and have an estimated initial value of $9.80 per note. They are higher risk than conventional debt, are not listed on an exchange, are not insured by the FDIC, and all payments depend on the creditworthiness of UBS.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on or about January 5, 2028. These are unsecured, unsubordinated debt obligations that pay a contingent coupon only when the stock closes at or above a preset coupon barrier on scheduled observation dates.
The Notes can 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 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 back principal (and a final coupon if the barrier is met). If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose all of their initial investment.
All payments depend on UBS’s creditworthiness, the Notes are not insured or exchange-listed, and the estimated initial value per $10 Note is expected to be between $9.43 and $9.68.
UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on January 5, 2028. The Notes pay a contingent coupon only when NVIDIA’s closing level on an observation date is at or above a coupon barrier set at 55% of the initial level; otherwise no coupon is paid. UBS may automatically call the Notes before maturity if NVIDIA’s closing level on any observation date (other than the final one) is at or above the initial level, returning principal plus the applicable coupon and ending future payments. If the Notes are not called and NVIDIA’s final level is at or above the downside threshold (also 55% of the initial level), investors receive the full $10 principal per Note at maturity, plus any final coupon. If the final level is below the downside threshold, repayment is reduced one-for-one with NVIDIA’s decline, and the entire principal can be lost. The estimated initial value is $9.82 per $10 Note, and all payments depend on UBS’s credit.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp., maturing on January 5, 2028. These unsecured debt notes pay a contingent coupon only for periods when the Vistra share price on the relevant observation date is at or above a preset coupon barrier; otherwise no coupon is paid.
The notes can be automatically called early if Vistra’s stock closes at or above the initial level on any observation date before maturity, in which case holders receive their principal plus the applicable contingent coupon and the product terminates. If the notes are not called and Vistra’s stock on the final valuation date is at or above a downside threshold, investors receive only their principal back. If the final stock level is below the downside threshold, repayment is reduced in line with the share price decline and can fall to zero, so investors may lose all of their investment.
Payments depend on UBS’s creditworthiness, the notes are not insured, will not be listed on an exchange, and the estimated initial value per $10 note is $9.77, reflecting UBS’s internal pricing and funding costs.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp., maturing on or about January 5, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes ($1,000). Investors receive a contingent coupon on a coupon payment date only if the Vistra share price on the related observation date is at or above a preset coupon barrier; otherwise no coupon is paid.
The Notes are automatically called early if, on any observation date before the final valuation date of January 3, 2028, the Vistra share price is at or above the initial level. In that case, UBS repays principal plus the due contingent coupon and no further payments are made. If the Notes are not called and the final Vistra price is below a downside threshold, repayment at maturity is reduced in proportion to the share’s decline, and investors can lose all of their initial investment. Payments depend on the creditworthiness of UBS, the Notes will not be listed on an exchange, and the estimated initial value per Note is expected to be between $9.47 and $9.72.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation. These are unsecured, unsubordinated debt obligations that pay a contingent coupon only if NVIDIA’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 NVIDIA’s closing level on an observation date meets or exceeds the initial level. In that case, investors receive the principal plus any due coupon, and the notes terminate early. If the notes are not called and NVIDIA’s final level is at or above a downside threshold, investors receive principal back at maturity; if it is below that threshold, repayment is reduced in line with the stock’s decline and can fall to zero.
Any payment depends entirely on the creditworthiness of UBS, and the notes are not insured or listed on an exchange. The estimated initial value per note is expected to be between $9.44 and $9.69 versus a $10 issue price, reflecting structuring and distribution costs.
UBS AG is offering $3,513,000 of autocallable notes linked to the Russell 2000® Index, scheduled to mature on January 5, 2029.
The notes pay no interest but may be automatically called on annual observation dates if the index closes at or above the call threshold level of 2,500.586, which is 100.00% of the initial level. If called, investors receive $1,000 principal plus a call return based on an 11.25% per annum rate, with call prices ranging from $1,112.50 in 2027 to $1,337.50 at maturity.
If the notes are never called and the final index level is below the initial level, the maturity payment equals $1,000 multiplied by 1 plus the underlying return, resulting in full downside market exposure and potential total loss of principal. The notes are unsecured, unsubordinated obligations of UBS AG, are not listed on any exchange, have an estimated initial value of $972.30 per $1,000, and provide UBS net proceeds of $977.50 per note after a $22.50 underwriting discount.
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 on or about January 10, 2030. Each Note has a $1,000 principal amount and pays a contingent coupon at a rate of 6.60% per annum (about $5.50 per month) only if, on the relevant observation date, the closing level of each index is at or above its coupon barrier, set at 65% of its initial level. If any index is below its barrier, no coupon is paid for that period.
UBS may, at its discretion, call the Notes in whole on any monthly observation date beginning after six months, paying back principal plus any due coupon, after which no further payments are made. If the Notes are not called and, at maturity, each index is at or above its downside threshold (also 65% of its initial level), investors receive full principal. If any index finishes below its downside threshold, repayment is reduced dollar-for-dollar with the negative return of the worst-performing index, and investors can lose all principal. The estimated initial value is expected to range from $929 to $959 per $1,000 Note, reflecting dealer compensation and structuring costs. All payments are subject to the credit risk of UBS, the Notes are not insured, and there may be little or no secondary market.
UBS AG is offering Digital S&P 500® Index-Linked Medium-Term Notes that pay no interest and return a cash amount at maturity based on S&P 500 performance over an expected 18–21 month term. For each $1,000 face amount, if the final index level is at or above a buffer level of 87.50% of the initial level, investors receive a capped payoff, the maximum settlement amount, expected to be between $1,111.00 and $1,130.50. This represents a limited upside relative to direct index ownership.
If the S&P 500 falls more than the 12.50% buffer, the notes incur amplified losses: investors lose approximately 1.1429% of face value for every 1% decline below the buffer and could lose their entire investment. The notes are unsecured obligations of UBS AG London Branch, are not FDIC insured, will not be listed on an exchange and may have little or no secondary market. The estimated initial value is expected to be between $967.50 and $997.50 per $1,000, reflecting internal pricing, costs and hedging. The filing highlights significant market, liquidity, credit and U.S. tax uncertainties, including potential Section 871(m) and FATCA implications.
UBS AG is offering Step Down Trigger Autocallable Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing around January 22, 2030. Each Note has a principal amount of $1,000 and pays no coupons; instead, investors may receive a call payment if, on any annual observation date, the closing level of each index is at or above its call threshold level.
The call return rate is 10.00% per annum, so the call price would be $1,100, $1,200, $1,300 or $1,400 per Note if the Notes are automatically called on successive observation dates or at maturity. If the Notes are never called and the final level of at least one index is below its downside threshold, set at 75.00% of its initial level for each index, investors lose principal equal to the negative return of the worst-performing index and could lose their entire investment.
The Notes are unsecured, unsubordinated obligations of UBS AG, not bank deposits and not insured by any government agency. The estimated initial value per Note is expected to be between $959.10 and $989.10, reflecting underwriting, hedging and issuance costs, and there may be little or no secondary market. All payments depend on UBS’s creditworthiness.
UBS AG is issuing $1,732,000 of unsubordinated, unsecured autocallable notes linked to the S&P 500 Index, due January 5, 2029. Each Note has a $1,000 principal amount and may be automatically called on annual observation dates if the index closing level is at or above the call threshold, set at 6,896.24, which is 100% of the initial level. If called, investors receive the call price, equal to principal plus a call return based on an 8.55% per annum call return rate, which increases the longer the Notes remain outstanding.
If the Notes are never called and the final index level is below the initial level, the maturity payment per Note equals $1,000 × (1 + underlying return), exposing investors to the full downside of the S&P 500 with potential total loss of principal. The estimated initial value is $971.50 per Note, below the $1,000 issue price, and all payments depend on the creditworthiness of UBS, with no listing, no interest, and no dividend participation.
UBS AG is offering $4,151,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq‑100, Russell 2000 and S&P 500 indexes, maturing January 5, 2029. Each $1,000 Note pays a 10.00% per annum contingent coupon (about $8.3333 monthly) only if, on a given observation date, all three indexes close at or above their coupon barriers, set at 75% of initial level for each index.
UBS can call the Notes in whole, starting after three months, on any observation date, paying back principal plus the applicable coupon; no further payments would be made. If the Notes are not called and each index finishes at or above its downside threshold (60% of initial level), investors receive full principal at maturity. If any index ends below its downside threshold, repayment is reduced one‑for‑one with the decline of the worst index, and investors can lose up to their entire investment.
The Notes are unsecured obligations of UBS, not bank deposits, and are not listed on any exchange. The estimated initial value is $966.40 per $1,000 Note, reflecting dealer compensation, hedging and issuance costs, and UBS’ internal funding rate. The product is positioned only for investors who understand equity‑index and issuer credit risk, can tolerate loss of principal and coupons, and accept limited upside capped at the contingent coupons.
UBS AG is offering Capped Leveraged S&P 500® Index-Linked Medium-Term Notes linked to the S&P 500® Index. The notes have a face amount of $1,000 each, a term expected to be between 13 and 15 months, and pay no interest.
At maturity, holders receive: full principal plus 150% of any positive index return, capped at a maximum settlement amount expected to be between $1,134.55 and $1,158.25 per $1,000; face amount if the index is unchanged; or a loss matching any negative index return, potentially losing the entire investment. The notes are unsecured obligations of UBS, not FDIC insured, with limited or no secondary market and complex U.S. tax treatment. The estimated initial value is expected between $954.90 and $984.90 per $1,000 face amount.
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 around January 11, 2029. The Notes pay a contingent coupon of 10.70% per annum (about $8.9167 per month per $1,000 Note) 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. If called, investors receive the principal plus any due contingent coupon and no further payments. If the Notes are not called and, on the final valuation date, each index is at or above its downside threshold (also 70% of its initial level), investors receive back principal, plus any final contingent coupon.
If the Notes are not called and any index finishes below its downside threshold, the maturity payment is reduced in line with the negative return of the worst-performing index, down to zero, so investors can lose all principal. The Notes are unsecured obligations of UBS, not insured, not listed on an exchange, and their estimated initial value is $961.40–$991.40 per $1,000 Note.
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 19, 2029. The Notes pay a quarterly contingent coupon at a 9.55% per annum rate only if on each observation date both indices close at or above their coupon barriers, set at 70.00% of their initial levels; otherwise no coupon is paid for that period.
UBS may call the Notes in whole on any quarterly observation date beginning after six months, paying back principal plus any due coupon, after which no further payments are made. If the Notes are not called and, at maturity, either index finishes below its downside threshold (also 70.00% of its initial level), investors receive $1,000 multiplied by 1 plus the return of the worst-performing index and can lose up to their entire investment. The estimated initial value per $1,000 Note is expected to be between $962.30 and $992.30, and all payments depend on UBS’s creditworthiness.
UBS AG is offering $2,281,000 of Capped Buffer Securities linked to the S&P 500 Index, maturing on January 6, 2027. Each $1,000 note offers exposure to any positive S&P 500 return up to a maximum gain of 11.21%, for a maximum payment of $1,112.10 per Security. A 15.00% buffer protects against moderate losses: if the index finishes at or above 85.00% of its initial level, investors receive back full principal. If the index falls below the downside threshold, repayment is reduced and losses accelerate beyond the 15% buffer, and investors could lose almost all of their initial investment. The Securities pay no interest, do not provide dividends, have limited or no secondary market, and all payments depend on the creditworthiness of UBS.
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 around 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 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 call the Notes in whole on any monthly observation date starting after three months; if called, investors receive $1,000 per Note plus any due coupon, and no further payments. If the Notes are not called and, on the final valuation date, each index is at or above its downside threshold (also 70.00% of its initial level), investors receive full principal. If any index finishes below its downside threshold, repayment is reduced in line with the worst-performing index, and investors could lose their entire investment.
The Notes are unsecured, unsubordinated obligations of UBS, not bank deposits, not insured, and will not be listed on an exchange. The estimated initial value is expected between $957.10 and $987.10 per $1,000 Note, reflecting fees, hedging and UBS’ internal funding rate. Extensive risk, liquidity, conflict-of-interest and tax disclosures emphasize the potential for no coupons, significant loss at maturity, and sensitivity to UBS’ creditworthiness.
UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer of the Nasdaq‑100, Russell 2000 and S&P 500, maturing around January 13, 2028. The notes pay a contingent coupon at a rate of 10.65% per annum ($8.875 per month per $1,000) only when all three indices close at or above 70% of their initial level on a monthly observation date.
UBS may call the notes in whole on any observation date starting after about three months, paying the $1,000 principal per note plus any due coupon, after which no further payments are made. If the notes are not called and, at maturity, each index is at or above its 70% downside threshold, investors receive full principal; if any index finishes below its downside threshold, repayment is reduced in line with the worst index’s loss, up to a complete loss of principal.
The notes are unsecured, unsubordinated obligations of UBS AG (London Branch), carry an estimated initial value of $959.60–$989.60 per $1,000, include a $6.50 per‑note underwriting discount, and will not be listed on any securities exchange, exposing holders to both market and UBS credit risk.
UBS AG is offering Step Down Trigger Autocallable Notes that are unsecured debt linked to the worst performer of the Russell 2000® Index and the S&P 500® Index. Each Note has a $1,000 principal amount and can be automatically called annually if, on an observation date, both indices close at or above their call threshold levels. The call threshold equals 100% of the initial index levels on earlier observation dates and 75% of those levels on the final valuation date, matching the downside thresholds.
If called, investors receive their $1,000 principal plus a call return based on an 8.30% per annum call return rate, with call prices rising the longer the Notes remain outstanding. If never called and at least one index finishes below its downside threshold at maturity in January 2030, repayment is reduced in line with the percentage loss of the worst-performing index, and investors can lose up to all of their investment. The estimated initial value per Note is expected between $936.90 and $966.90, and all payments depend on the creditworthiness of UBS.
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 around January 5, 2029. The notes pay a contingent coupon at a rate of 9.40% per annum (about $7.8333 per $1,000 monthly) only when each index closes at or above its coupon barrier, set at 70% of its initial level. UBS can call the notes in whole on any monthly observation date after three months, paying principal plus any due coupon.
If the notes are not called and each index finishes at or above its downside threshold (60% of its initial level), investors receive back the $1,000 principal per note. If any index ends below its downside threshold, the maturity payment is reduced dollar-for-dollar with the negative return of the worst-performing index, and investors could lose their entire investment. An estimated initial value between $961.70 and $991.70 per $1,000 reflects dealer discounts, hedging and UBS’ internal funding rate. All payments depend on UBS’ credit.
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 19, 2029. Each $1,000 Note pays a contingent coupon at a rate of 8.00% per annum only if, on the relevant quarterly observation date, the closing level of each index is at or above its coupon barrier, set at 70% of its initial level. If any index is below its barrier, 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; no further payments would be made. If the Notes are not called and, on the final valuation date, each index is at or above its downside threshold (also 70% of its initial level), investors receive back principal. If any index finishes below its downside threshold, the maturity payment is reduced dollar-for-dollar with the percentage loss of the worst-performing index, and investors can lose up to 100% of principal.
The Notes are unsecured debt of UBS, subject to its credit risk, will not be listed on any exchange, and have an estimated initial value between $946.80 and $976.80 per $1,000 Note, reflecting embedded fees and hedging costs. The product involves complex features, significant market risk and uncertain tax treatment, and is intended only for investors who can tolerate the potential loss of their entire investment.
UBS AG is offering $2,050,000 of Trigger Callable Contingent Yield Notes due January 4, 2028, each with a $1,000 principal amount. The notes pay a contingent coupon at an annual rate of 11.40% (monthly coupons of $9.50 per note) only when the Dow Jones Industrial Average®, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index all close at or above 70% of their initial levels on the relevant observation date.
UBS can call the notes in whole on any monthly observation date starting after three months, paying principal plus any due coupon, and ending all future payments. If the notes are not called and, at maturity, all three indices are at or above their 70% downside thresholds, investors receive full principal; if any index finishes below its threshold, repayment is reduced one-for-one with the worst-performing index, up to a total loss of principal. The notes are unsecured obligations of UBS, not listed on an exchange, and have an estimated initial value of $977.40 per $1,000 note.
UBS AG is offering $5,791,000 of Trigger Autocallable Yield Notes linked to the common stock of Oracle Corporation, maturing on January 3, 2028. Each $1,000 Note pays a fixed 11.80% per annum coupon in quarterly installments as long as the Notes remain outstanding.
The Notes are automatically called if Oracle’s closing price on any quarterly observation date after six months is at or above the call threshold of $195.38, returning $1,000 plus the coupon, with no further payments. If not called, and the final price is at or above the downside threshold of $107.46 (55% of the initial level), investors receive full principal back. If the final price is below the downside threshold, repayment is reduced in line with Oracle’s percentage decline, and investors can lose all principal.
Investors forgo Oracle dividends, face limited or no secondary market, and take on UBS credit risk. The issue price is $1,000 per Note, while the estimated initial value is $974.80, reflecting embedded fees, hedging costs and UBS’ internal funding rate.
UBS AG is offering $338,000 of Trigger Autocallable Contingent Yield Notes linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index, maturing January 3, 2031. Each $1,000 note pays an 18.50% per annum contingent coupon ($15.4167 per month) only when the index is at or above the coupon barrier of 206.06 (70% of the 294.37 initial level) on monthly observation dates.
The notes may be automatically called after six months if the index is at or above the call threshold of 294.37, returning principal plus the applicable coupon, with no further payments. If not called, and the final index level is at or above the downside threshold of 147.16 (50% of the initial level), investors receive principal back at maturity. If the final level is below the downside threshold, repayment is reduced in line with the index loss, and all principal can be lost.
These are unsecured, unsubordinated obligations of UBS AG London Branch, not deposits and not FDIC insured. The estimated initial value is $958.60 per $1,000 note, below the $1,000 issue price, reflecting dealer compensation, hedging and issuance costs. The notes will not be listed and may have limited or no secondary market liquidity.
UBS AG is offering $2,281,000 of Capped Buffer Securities linked to the S&P 500 Index, maturing January 6, 2027. Each Security has a $1,000 principal amount and provides exposure to the S&P 500 price return over roughly 12 months.
If the index return is positive, maturity payment equals $1,000 plus the index gain, capped at a 13.78% maximum gain, for a maximum payment of $1,137.80 per Security. If the index return is zero or negative but the final level stays at or above the downside threshold of 6,206.62 (90% of the 6,896.24 initial level), investors receive back the $1,000 principal.
If the final level is below the downside threshold, repayment is reduced according to the loss beyond the 10% buffer, and investors can lose almost all of their investment. The notes pay no interest, are not listed on an exchange, and all payments depend on UBS’s credit. The estimated initial value is $995.90 per Security, below the $1,000 issue price, reflecting underwriting, hedging and issuance costs.
UBS AG is offering $3,401,000 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. The notes pay a contingent coupon of 11.10% per annum (about $9.25 per $1,000 note 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 can call the notes in whole, starting after three months, paying back 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 downside thresholds set at 70% of initial levels, investors receive full principal at maturity, plus any final coupon if all barriers are met. If any index finishes below its downside threshold, repayment is reduced one-for-one with the worst index’s loss, and investors can lose their entire investment.
These unsecured debt obligations carry UBS credit risk, will not be listed on an exchange, and have an estimated initial value of $966.40 per $1,000 note, reflecting fees, hedging and UBS’s internal funding rate.
UBS AG is issuing $6,867,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indexes, maturing July 6, 2027. Investors receive a 10.45% per annum contingent coupon only when, on a monthly observation date, each index closes at or above 70% of its initial level (the coupon barrier). UBS can call the notes in whole, beginning after three months, paying back principal plus any due coupon, after which no further payments are made.
If the notes are not called and, at maturity, every index is at or above its 70% downside threshold, investors receive 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 all of their investment. The notes are unsecured UBS obligations, not listed on an exchange, have an estimated initial value of $975.90 per $1,000, and carry complex risk, liquidity and tax considerations.
UBS AG is offering $4.05 million of unsubordinated, unsecured Conversion Yield Notes linked to a 20-year U.S. Treasury bond maturing in 2045. Each $1,000 Note pays a fixed coupon at a rate of 7.15% per annum, with a single coupon payment of $35.75 at maturity, regardless of how the bond price moves.
At maturity in July 2026, if the Treasury bond’s clean price is at or above the initial clean price of 98.3906%, investors receive their $1,000 principal in cash plus the coupon. If the final clean price is lower, investors receive a “physical delivery amount” of the bond (about 10.1016 units per Note) instead of principal, which is expected to be worth less than $1,000 and can result in a substantial loss. The Notes are not listed, have limited or no secondary market, carry full credit risk of UBS, and have an estimated initial value of $989.00 per $1,000 Note due to fees, hedging costs, and UBS’s internal funding rate.
UBS AG is offering $4,000,000 of Contingent Income Auto-Callable Securities, issued in $1,000 denominations, linked to the worst performer among Broadcom, Alphabet Class A and Netflix shares. Investors can receive a $16.3334 contingent coupon per period (about 19.60% per year) for each determination date on which all three stocks close at or above 60% of their initial prices. If any stock is below its coupon barrier on a determination date, no coupon is paid.
Starting with the sixth determination date, if all three stocks close at or above 100% of their initial prices, the notes auto-call and pay back principal plus that period’s coupon. At maturity, if any stock has fallen below 50% of its initial price, repayment is reduced in line with the worst-performing stock and can fall to zero. The notes pay no dividends, do not participate in stock upside, are not listed, and are unsubordinated, unsecured UBS debt with an estimated initial value of $935 per $1,000 note.
UBS AG is offering $6,434,000 of Contingent Income Auto-Callable Securities due December 29, 2028 linked to Bank of America common stock. Each $1,000 security can pay a $25 contingent coupon (10.00% per annum) on each of 12 determination dates if BAC’s share price is at or above the $42.13 downside threshold, set at 75.00% of the $56.17 initial price. The notes auto-call at par plus the coupon if BAC closes at or above the $56.17 call threshold on any non-final determination date, ending the investment early.
If the notes are not called and BAC closes below the downside threshold at final observation, UBS will pay a cash amount equal to the exchange ratio times the final share price, exposing investors 1-for-1 to BAC’s decline and potentially resulting in a full loss of principal. Investors do not receive dividends or upside participation in BAC and bear unsecured credit risk of UBS. The estimated initial value is $970.30 per $1,000 security, below the issue price, reflecting fees, funding and hedging costs.
UBS AG, through its London Branch, is offering $3,182,000 of Contingent Income Auto-Callable Securities linked to the common stock of Valero Energy Corporation, maturing on December 29, 2028. Each $1,000 security can pay a contingent coupon of $26.375 (equivalent to 10.55% per annum) on scheduled dates if Valero’s closing price is at or above 60.00% of the $164.01 initial price, a downside threshold of $98.41.
If on any non-final determination date Valero’s price is at or above the 100.00% call threshold level of $164.01, the securities are automatically redeemed early for $1,000 plus the applicable contingent payment. If the notes are not called and the final price is at or above the downside threshold, investors receive $1,000 plus the final contingent payment.
If the final price is below the downside threshold, UBS will deliver a cash value equal to the exchange ratio times the final price, and investors will lose a significant portion or all of principal. Investors forgo dividends, do not participate in any stock upside, face limited or no liquidity, and are fully exposed to the unsecured credit risk of UBS AG. The estimated initial value is $965.50 per $1,000, below the issue price due to fees, hedging and UBS’ internal funding rate.
UBS AG is offering $190,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Fluor Corporation, maturing on January 2, 2029. These unsecured debt securities pay a contingent coupon only when Fluor’s stock closes at or above a preset coupon barrier on the relevant observation date; otherwise no coupon is paid.
The notes are automatically called early if, on any observation date before maturity, Fluor’s share price is at or above its initial level, in which case investors receive the $10 principal per note plus any due coupon and the product terminates. If the notes are not called and Fluor’s final stock level is at or above the downside threshold, investors receive their principal back at maturity, with any final coupon if the barrier is met. If the final level is below the downside threshold, repayment is reduced in line with Fluor’s decline, and investors can lose all of their investment.
The notes are subject to UBS’s credit risk, will not be listed on any exchange, and have an estimated initial value of $9.69 per $10 note, reflecting internal pricing and funding costs.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Fluor Corporation, maturing on or about January 2, 2029. These unsecured debt securities pay a contingent coupon only when the underlying stock closes at or above a preset coupon barrier on scheduled observation dates; otherwise no coupon is paid.
The notes can be automatically called early if the Fluor share price is at or above the initial level on any observation date before the final valuation date, in which case holders receive principal plus any due coupon and the product terminates. If the notes are not called and Fluor’s final level is at or above a downside threshold, investors receive full principal at maturity; if it is below that threshold, repayment is reduced in line with the stock’s decline and can fall to zero.
Any payment depends on the creditworthiness of UBS, and the notes are not insured or exchange-listed. The estimated initial value per $10 note on the trade date is expected to be between $9.34 and $9.59.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on or about January 3, 2028. These unsecured debt securities may pay contingent coupons only if the Broadcom share price on an observation date, including the final valuation date, is at or above a preset coupon barrier. 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 any due coupon and no further payments.
If the notes are not called and the final Broadcom level is at or above a downside threshold, investors receive full principal at maturity, with a contingent coupon if the coupon barrier is also met. If the final level is below the downside threshold, repayment is reduced in line with Broadcom’s percentage decline, and investors can lose all of their initial investment. Payments depend on UBS’s credit; a default could result in a total loss. The notes are not listed, have a minimum investment of 100 notes at $10 each, and their estimated initial value per $10 note is expected between $9.43 and $9.68.
UBS AG is offering $400,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of The Boeing Company, maturing on January 4, 2027. The Notes pay a contingent coupon only if Boeing’s closing share price on a semi-annual observation date, including the final valuation date, is at or above a specified coupon barrier; otherwise no coupon is paid for that period.
The Notes are automatically called early if Boeing’s price on any observation date (starting after 12 months) is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and the Notes terminate. If not called, and Boeing’s final share price is at or above a downside threshold, investors receive full principal at maturity; if it is below the downside threshold, repayment is reduced in line with Boeing’s negative return and can fall to zero.
The Notes are unsecured debt of UBS, issued at $10 per Note with a minimum investment of 100 Notes, and have an estimated initial value of $9.86 per Note based on UBS’ internal models. Payments depend both on Boeing’s share performance and the creditworthiness of UBS, and investors may lose a significant portion or all of their initial investment.
UBS AG is offering $650,000 of Trigger Autocallable Contingent Yield Notes linked to the iShares Silver Trust, maturing January 4, 2027. Each Note has a $10 principal amount and may pay periodic contingent coupons, but only if the ETF’s closing level on an observation date is at or above a preset coupon barrier.
The Notes are automatically called early if, on any observation date before maturity, the ETF closes at or above its initial level, in which case investors receive principal plus the applicable contingent coupon and the product terminates. If the Notes are not called and, on the final valuation date, the ETF is at or above the downside threshold, investors receive back principal (and any final contingent coupon if the barrier is met).
If the Notes are not called and the final ETF level is below the downside threshold, repayment is reduced one-for-one with the ETF’s decline, and investors can lose their entire investment. Payments depend on UBS’s credit; the estimated initial value is $9.77 per $10 Note, and the Notes will not be listed on any exchange.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the shares of the iShares Silver Trust ETF. These are unsecured, unsubordinated debt obligations that pay a contingent coupon only if the ETF’s closing level on each observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.
The Notes can be automatically called before maturity if the ETF’s level on any observation date (other than the final one) is at or above the initial level, in which case investors receive the principal amount plus any due coupon and the Notes terminate. If the Notes are not called and the ETF’s final level is at or above a downside threshold, investors receive the principal amount at maturity; if it is below that threshold, repayment is reduced in line with the ETF’s decline and investors can lose all of their initial investment.
The Notes have a principal amount of $10 per Note, a trade date of December 30, 2025, settlement on January 2, 2026, a final valuation date of December 30, 2026 and a maturity date of January 4, 2027. UBS expects the estimated initial value per $10 Note on the trade date to be between $9.45 and $9.70. The Notes will not be listed on any exchange, are not bank deposits and are subject to the credit risk of UBS AG.
UBS AG is offering Trigger Autocallable Yield Notes linked to the common stock of Oracle Corporation, each with a $1,000 principal amount and scheduled maturity on January 3, 2028. The Notes pay a fixed coupon at 11.80% per annum, in quarterly installments, regardless of Oracle’s share price, unless the Notes are automatically called.
Beginning about six months after issuance, the Notes are automatically called on any quarterly observation date if Oracle’s closing price is at or above the initial level of $195.38. In that case, investors receive $1,000 plus the coupon for that period and the Notes terminate. If the Notes are not called and the final Oracle price is at or above the downside threshold of $107.46 (55% of the initial level), investors receive full principal back at maturity. If the final price is below the downside threshold, repayment is reduced one-for-one with Oracle’s loss, and investors can lose all of their investment.
The Notes are unsubordinated, unsecured obligations of UBS, are not listed on any exchange, and their value and payments depend on UBS’s credit. The estimated initial value per Note is between $944.80 and $974.80, below the issue price, reflecting an underwriting discount of $18.50 per Note and UBS’s internal funding and hedging costs.
UBS AG is offering unsecured, unsubordinated Step Down Trigger Autocallable Notes linked to the Solactive U.S. Large Cap Volatility Navigator Index, scheduled to mature around January 18, 2036. Each Note has a $1,000 principal amount and may be automatically called quarterly, beginning after 12 months, if the index closes at or above a call threshold that steps down over time and equals the downside threshold on the final valuation date.
If called, holders receive the call price, which equals principal plus a call return based on a 20.65% per annum call return rate; the longer the Notes remain outstanding, the higher the call return, up to a scheduled 206.5000% call return (total call price $3,065 per Note) at maturity. If the Notes are never called and the final index level is below the downside threshold of 60.00% of the initial level, the maturity payment is $1,000 × (1 + underlying return), exposing investors to full downside in the index and potentially a total loss of principal.
The underlying index is a leveraged, rules-based, excess return index on S&P 500 E‑mini futures with a 35% target volatility and a 6.0% per annum daily decrement, which detracts from performance. The estimated initial value per Note on the trade date is expected to range from $892.60 to $922.60, below the $1,000 issue price, reflecting underwriting discounts, hedging and issuer funding costs. All payments depend on the creditworthiness of UBS AG.
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 on or about January 13, 2028. The Notes pay a contingent coupon at a rate of 9.30% per annum (about $7.75 per $1,000 per 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.
UBS may call the Notes in whole on any monthly observation date beginning after 3 months, paying the $1,000 principal plus any due coupon, after which no further payments are made. If the Notes are not called and, at maturity, each index is at or above its downside threshold of 60% of its initial level, investors receive full principal; otherwise the payoff is $1,000 times 1 plus the return of the worst-performing index, and investors can lose all of their investment.
The Notes are unsecured, unsubordinated obligations of UBS, are not insured or listed on any exchange, and all payments depend on UBS’s credit. The issue price is $1,000 per Note, including a $6.50 underwriting discount, with estimated initial value between $960.50 and $990.50 per Note.
UBS AG is offering $292,000 of Step Down Trigger Autocallable Notes linked to the Solactive U.S. Large Cap Volatility Navigator Index, maturing on January 4, 2036. Each $1,000 Note can be automatically called quarterly starting after 12 months if the index is at or above a call threshold; investors then receive principal plus a call return based on a 20.75% per annum rate, with higher payouts the longer the Notes remain outstanding.
If the Notes are never called and the index’s final level is below the downside threshold of 165.21 (60% of the 275.35 initial level), the maturity payment is $1,000 × (1 + index return), exposing holders to full downside and potential total loss of principal. The Notes are unsecured obligations of UBS, have an estimated initial value of $914.60 per $1,000, will not be listed on an exchange, and their performance depends on a complex, leveraged index with a 6.0% per annum decrement and futures-based volatility targeting.
UBS AG is offering $6,209,000 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 3, 2028. Each $1,000 Note pays a 10.75% per annum contingent coupon (about $8.9583 monthly) only if, on a monthly observation date, all three indexes close at or above their coupon barriers set at 75% of initial levels. UBS may call the Notes in whole on any observation date beginning after six months, returning principal plus any due coupon.
If the Notes are not called and all three indexes finish at or above their downside thresholds set at 70% of initial levels, 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 negative return, and principal loss can reach 100%. The Notes are unsecured, unsubordinated obligations of UBS AG London Branch, with an estimated initial value of $970.50 per $1,000 Note, and will not be listed on any exchange.
UBS AG is offering unsecured Trigger Autocallable Notes linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing on January 3, 2031.
The Notes may be automatically called on annual observation dates if each index is at or above its call threshold, set at 100% of its initial level. If called, investors receive $1,000 per Note plus a call return based on a 13.45% per annum call return rate, with call prices ranging from $1,134.50 to $1,672.50 depending on when the call occurs.
If never called and each index finishes at or above its downside threshold of 70% of its initial level, investors receive only their $1,000 principal. If any index finishes below its downside threshold, repayment is reduced in line with the worst-performing index and investors can lose up to their entire investment. The issue price is $1,000 per Note, with an underwriting discount of $2 and estimated initial value between $961.80 and $991.80. The Notes pay no interest, are not listed, and all payments depend on UBS’s credit.
UBS AG is offering $3,458,000 of Trigger Autocallable GEARS notes linked to the Bloomberg Commodity Index 3 Month Forward, maturing on January 2, 2031. Each Security has a $10 principal amount and does not pay interest. UBS may automatically call the notes on January 5, 2027 if the index closes at or above the autocall barrier, set at 100% of the initial level of 316.3387. If called, investors receive the call price, equal to principal plus a return based on a 14.25% per annum call return rate, and the notes terminate.
If the notes are not called, at maturity investors get enhanced upside through 1.40x upside gearing on any positive index return. If the index is flat or down but at or above the downside threshold of 237.2540 (75% of the initial level), investors receive only their $10 principal. If the final index level is below the downside threshold, repayment is reduced one-for-one with the negative index return and can fall to zero, causing a total loss of principal.
The notes are unsecured, unsubordinated debt of UBS AG London Branch, fully exposed to UBS’ credit risk. The estimated initial value is $9.476 per Security, below the $10 issue price, reflecting underwriting discounts, hedging and issuance costs. The Securities will not be listed, and secondary market liquidity may be limited.
UBS AG is issuing $6,732,100 of Capped GEARS, unsecured notes linked to the S&P 500® Index, maturing on March 2, 2027. Each Security has a $10 principal amount and pays no interest.
At maturity, if the index gain is positive, holders receive $10 plus the lesser of the index return times the 3.00x upside gearing or the maximum gain of 12.65%, capping the payout at $11.265 per Security. If the index is unchanged, investors receive $10. If the index has fallen, repayment is reduced dollar-for-dollar with the index loss, and investors can lose their entire investment.
The Securities are subject to UBS credit risk and are not bank deposits or FDIC insured. The estimated initial value on the trade date is $9.784 per Security, below the $10 issue price, reflecting underwriting discount and UBS’ internal funding rate. The notes will not be listed, and any secondary market is expected to be limited, with potential sales at a substantial discount to issue price.
UBS AG is offering unsecured Trigger Autocallable Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing around January 22, 2030. Each Note has a $1,000 principal amount and may be automatically called on annual observation dates if both indices are at or above their call threshold levels, paying the principal plus a call return based on a 10.25% per annum call return rate. If never called and both final index levels are at or above their respective downside thresholds (70% of initial levels), investors receive only the principal at maturity.
If at least one index finishes below its downside threshold, investors receive $1,000 multiplied by 1 plus the return of the least performing index, which can result in a significant or total loss of principal. The Notes pay no interest or dividends, carry full downside market exposure to the least performing index, and all payments depend on the creditworthiness of UBS. The issue price is $1,000 per Note, with an underwriting discount of $28.50 and proceeds to UBS of $971.50 per Note; the estimated initial value is expected between $937.40 and $967.40.
UBS AG is offering $250,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on December 30, 2027. These unsecured debt notes may pay a 13.59% per annum contingent coupon, but only if Broadcom’s share price on each observation date is at or above the coupon barrier, set at 55% of the initial level. The same level also serves as the downside threshold.
UBS will automatically call the notes if Broadcom’s stock closes at or above the initial level on any observation date before maturity, returning the $10 principal per note plus the applicable coupon, after which no further payments are made. If the notes are not called and Broadcom’s final level is at or above the downside threshold, investors receive their principal back, plus any final coupon. If the final level is below the downside threshold, repayment is reduced in line with the share price decline and can fall to zero, causing a total loss of principal.
The notes will not be listed on an exchange, and any payment depends on UBS’s credit. The estimated initial value is $9.78 per $10 note, reflecting internal pricing and funding considerations.
UBS AG is offering Trigger Autocallable Yield Notes linked to the common stock of Oracle Corporation, maturing on January 4, 2028. The Notes pay an 11.80% per annum fixed coupon quarterly as long as they remain outstanding, but can be automatically called as early as about six months if Oracle’s stock closes at or above the call threshold level of $195.38, which is 100% of the initial level. If called, investors receive the $1,000 principal per Note plus the coupon for that period and no further payments.
If the Notes are not called and Oracle’s final stock price on the valuation date is at or above the downside threshold of $107.46 (55% of the initial level), investors receive full principal at maturity plus the last coupon. If the final level is below this threshold, repayment is reduced dollar-for-dollar with the stock’s decline, and investors can lose most or all of their principal. The Notes are unsecured obligations of UBS, are not FDIC insured, and their value and payments depend on UBS’s creditworthiness.