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 Amazon.com, Inc., maturing on or about January 2, 2029. These unsecured senior notes can pay contingent coupons only when Amazon’s closing share price on an observation date is at or above a preset coupon barrier; if the stock is below that level, no coupon is paid for that period.
The notes are automatically called early if Amazon’s share price on any observation date before the final valuation date is at or above the initial level, in which case investors receive the principal plus any due coupon and the product ends. If the notes are not called and Amazon’s final share price is at or above a downside threshold, investors receive full principal at maturity, with any final coupon depending on the coupon barrier. If the final share price is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose most or all of their investment. All payments depend on the creditworthiness of UBS.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The Notes are unsecured debt of UBS with a scheduled maturity on or about January 2, 2029.
Investors receive contingent coupons only if AMD’s closing share price on a monthly observation date is at or above a preset coupon barrier. The Notes are automatically called if, on any monthly observation date beginning after 6 months, AMD’s share price is at or above the initial level, in which case UBS repays the $10 principal per Note plus the applicable contingent coupon and makes no further payments.
If the Notes are not called and AMD’s final share price on December 28, 2028 is at or above a downside threshold, UBS repays the $10 principal per Note (and a final contingent coupon if the coupon barrier is also met). If the final level is below the downside threshold, repayment is reduced in line with AMD’s decline, and investors can lose all of their initial investment. Any payment depends on UBS’s credit; a default could result in a total loss. The minimum investment is 100 Notes at $10 each, and the estimated initial value per $10 Note is expected to be between $9.37 and $9.62. The Notes will not be listed on any exchange.
UBS AG, through its London Branch, is offering Conversion Yield Notes linked to a 20‑year U.S. Treasury Bond paying 7.15% per annum on a $1,000 principal amount per Note. The Notes run for roughly six months, from a trade date on December 29, 2025 to a scheduled maturity on July 2, 2026, with a single coupon paid at maturity.
At maturity, if the U.S. Treasury Bond’s clean price on the final valuation date is at or above its initial clean price, UBS repays the full $1,000 principal in cash plus the coupon. If the final clean price is lower, investors receive a specified amount of the underlying Treasury bond (or cash equivalent), whose value is expected to be less than principal and can be substantially lower. The Notes are unsecured obligations of UBS with an estimated initial value between $959 and $989 per $1,000, are not listed on an exchange, and can be redeemed early by UBS after certain adverse events affecting the underlying bond.
UBS AG London Branch is offering capped leveraged buffered basket-linked medium-term notes that pay no interest and return cash at maturity based on an unequally weighted basket of five equity indices: EURO STOXX 50® (38%), TOPIX (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%).
The initial basket level is set to 100, and investors get 230.00% of any positive basket return, but gains are capped by a maximum settlement amount expected between $1,168.13 and $1,197.80 per $1,000 face amount. A 12.50% buffer protects against moderate declines; below 87.50% of the initial basket level, losses accelerate at approximately 1.1429% of principal for each additional 1% drop and investors can lose their entire investment.
The notes have an expected term of 17–20 months, are unsecured obligations of UBS, are not listed on any exchange, pay no dividends or interest, and carry complex tax, liquidity and issuer credit risks.
UBS AG is issuing $1,253,000 of 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 December 29, 2027. Each Note has a $1,000 principal amount and pays a contingent coupon at a rate of 12.55% per annum ($10.4583 per month) only if, on a monthly observation date, both GDX and XLE close at or above their coupon barriers.
The Notes can be automatically called quarterly, beginning after six months, if both ETFs close at or above their call threshold levels, set at 100% of their initial levels ($90.27 for GDX and $44.50 for XLE). If called, investors receive principal plus the applicable contingent coupon and no further payments. If not called and at maturity both ETFs are at or above their downside thresholds (80% of initial levels: $72.22 for GDX and $35.60 for XLE), investors receive full principal back.
If the Notes are not called and the final level of either ETF is below its downside threshold, the maturity payment is reduced according to the loss on the worst-performing ETF beyond a 20% buffer, and investors can lose almost all of their investment. The Notes are unsecured, unsubordinated obligations of UBS, are not insured, will not be listed on any exchange, and have an estimated initial value of $979.40 per Note, below the $1,000 issue price.
UBS AG is offering $1,070,000 of Buffer Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing on December 31, 2030. The Notes pay a 6.70% per annum contingent coupon (about $5.5833 per $1,000 monthly) only if on an observation date both indices are at or above their coupon barriers, set at 85% of initial levels.
The Notes are automatically called after 12 months if on any later observation date both indices are at or above 100% of their initial levels, returning principal plus that period’s coupon. If not called and, at maturity, both indices are at or above their 85% downside thresholds, investors receive full principal back; if any index finishes below its downside threshold, repayment is reduced, tracking the decline of the worst index beyond the 15% buffer, and losses can approach the entire investment.
The Notes are unsubordinated, unsecured obligations of UBS AG London Branch, with all payments subject to UBS’s credit and potential Swiss resolution powers. The issue price is $1,000 per Note, with an estimated initial value of $955.70, reflecting UBS’s internal funding rate, fees and dealer compensation, including a $37.50 per Note underwriting discount. The Notes will not be listed, secondary liquidity may be limited, and the U.S. tax treatment, including for non-U.S. holders, is complex and uncertain.
UBS AG is offering $710,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average®, the Nasdaq-100® Technology Sector IndexSM and the Russell 2000® Index, maturing December 31, 2030. Each $1,000 Note pays a 10.65% per annum contingent coupon (about $8.875 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 6 months, paying principal plus any due coupon, after which no further payments are made.
If the Notes are not called and, at maturity, all indices are at or above their downside thresholds (60% of initial levels), investors receive full principal back (plus a final coupon if barriers are met). If any index closes below its downside threshold at maturity, repayment is reduced dollar-for-dollar with the worst index’s percentage loss, and investors can lose all principal. The estimated initial value is $962.00 per $1,000 Note, and all payments depend on the creditworthiness of UBS AG.
UBS AG is offering buffer autocallable contingent yield notes linked to the worst performer of the VanEck Gold Miners ETF (GDX) and the Energy Select Sector SPDR Fund (XLE), with a principal amount of $1,000 per Note and a term of about two years. The Notes pay a contingent coupon at a rate of 12.55% per annum, in equal monthly installments, but only if on each coupon observation date the closing level of both ETFs is at or above 80% of its initial level. Quarterly, starting after six months, the Notes can be automatically called if both ETFs are at or above 100% of their initial levels, in which case investors receive principal plus that period’s coupon and the Notes end early.
If the Notes are not called and, at maturity, both ETFs are at or above their downside thresholds (80% of initial), investors receive full principal back; if either ETF finishes below its downside threshold, repayment is reduced in line with the loss of the worst ETF beyond a 20% buffer and investors can lose almost all of their investment. The Notes carry UBS credit risk, pay no dividends, may offer little or no secondary market liquidity, and have an estimated initial value between $913.90 and $943.90 per $1,000 Note, reflecting fees, hedging and UBS’ internal funding rate.
UBS AG is offering $185,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on December 29, 2028. The Notes pay a contingent coupon only when Micron’s closing share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid.
The Notes are automatically called early if Micron’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the $10 principal per Note plus any due coupon, and the Notes terminate. If not called and Micron’s final level is at or above the downside threshold, investors receive principal back; if it is below, repayment is reduced in line with the stock’s percentage decline, and the entire investment can be lost. The offering size starts at a minimum investment of 100 Notes ($1,000), the contingent coupon rate in the hypothetical examples is 18.21% per year, and the estimated initial value per Note is $9.74, with all payments subject to UBS’s creditworthiness.
UBS AG is offering $150,000 of Trigger Autocallable Contingent Yield Notes linked to Fluor Corporation common stock, maturing December 29, 2028. The Notes pay a contingent coupon on each coupon payment date only if Fluor’s share price on the related observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period. The Notes are automatically called early if Fluor’s share price on any observation date before maturity is at or above the initial level, in which case holders receive the $10 principal per Note plus any due coupon and no further payments.
If the Notes are not called and Fluor’s share price on the final valuation date is at or above the downside threshold, investors receive back the $10 principal per Note, plus any contingent coupon for that date if the coupon barrier is also met. If the final share price is below the downside threshold, repayment is reduced in line with Fluor’s percentage decline, and investors can lose some or all of their initial investment. All payments depend on UBS’s credit; if UBS defaults, investors may recover nothing. The minimum investment is 100 Notes at $10 each, and the estimated initial value per Note is $9.66.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Block, Inc., with a total size of $100,000 and a minimum investment of $1,000 (100 Notes at $10 each). The Notes pay a contingent coupon only if Block’s share price on an observation date is at or above a coupon barrier set at $65.00, equal to 65.00% of the initial level, with a hypothetical contingent coupon rate of 13.67% per year in the examples. The Notes may be called early if the share price is at or above the initial level on any observation date, in which case investors receive principal plus the coupon then due and no further payments. If the Notes are not called and Block’s final share price on December 27, 2027 is below the downside threshold of $50.00, or 50.00% of the initial level, investors take a loss matching the share price decline and could lose their entire investment. All payments, including any return of principal, depend on UBS’s credit and the Notes are unsecured, unsubordinated obligations that are not insured by any government agency.
UBS AG is offering $357,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on December 29, 2027.
The Notes pay a contingent coupon at a rate of 19.89% per annum (about $0.4973 per $10 Note per period) only when Micron’s closing price on an observation date is at or above the coupon barrier, set at $50.00, which is 50% of the initial level. If on any observation date before maturity Micron closes at or above the initial level, the Notes are automatically called and investors receive $10 principal plus the applicable coupon, with no further payments.
If the Notes are not called and Micron’s final level on the valuation date is at or above the downside threshold of $50.00, investors receive their $10 principal back (plus the final coupon if the barrier is met). If the final level is below the downside threshold, repayment is reduced dollar-for-dollar with Micron’s decline, and investors can lose their entire investment. All payments depend on UBS’s credit; the estimated initial value is $9.81 per $10 Note.
UBS AG is offering $350,000 of Trigger Autocallable Contingent Yield Notes linked to the American depositary receipts of Pinduoduo Inc., maturing December 30, 2026. These unsecured notes may pay a contingent coupon only when the Pinduoduo ADR closes at or above a preset coupon barrier on an observation date; otherwise no coupon is paid.
The notes are automatically called early if, on any observation date before maturity, the ADR closes at or above its initial level. In that case, investors receive the $10 principal per Note plus any due coupon, and the product terminates. If not called and the final ADR level is at or above the downside threshold at maturity, principal is repaid in full.
If the notes are not called and the final ADR level is below the downside threshold, repayment is reduced in line with the ADR’s percentage loss, and investors can lose all of their investment. An example illustration uses a 15.43% per annum contingent coupon rate. The minimum investment is 100 Notes ($1,000). The estimated initial value is $9.75 per $10 Note, and all payments depend on UBS’s credit; the notes are not listed and are not FDIC insured.
UBS AG is offering trigger autocallable contingent yield notes linked to the common stock of Micron Technology, Inc., maturing on or about December 29, 2028. These unsecured debt notes pay a contingent coupon only if Micron’s share price on each observation date, including the final valuation date on December 27, 2028, is at or above a specified coupon barrier; otherwise no coupon is paid for that period.
The notes can be called early if Micron’s share price is at or above the initial level on any observation date before maturity, in which case investors receive principal plus the applicable contingent coupon and the notes terminate. If the notes are not called and Micron’s final level 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 the stock’s decline and investors can lose all of their investment.
The minimum investment is 100 notes at $10 per note. UBS expects the estimated initial value per note on the trade date to be between $9.40 and $9.65, based on internal pricing models. All payments depend on UBS’s creditworthiness, and the notes will not be listed on any securities exchange.
UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Fluor Corporation, maturing on or about December 29, 2028. The Notes may pay a contingent coupon on each observation date only if Fluor’s share price 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 maturity, the Fluor share price is at or above the initial level, in which case holders receive the principal plus any due coupon and no further payments. If not called, and Fluor’s final share price is at or above the downside threshold, investors receive their principal at maturity; if it is below the downside threshold, repayment is reduced in line with the share’s decline and all principal can be lost.
The Notes are senior unsecured obligations of UBS, not deposits and not FDIC‑insured. Repayment of principal, any contingent coupons and any call payments all depend on UBS’s creditworthiness. The estimated initial value per $10 Note is expected to be between $9.33 and $9.58, and the minimum investment is 100 Notes at $10 each.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Block, Inc., with a scheduled maturity on or about December 29, 2027. These unsecured debt securities can pay periodic contingent coupons, but only if Block’s share price on the relevant 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 Block’s share price on any observation date before maturity is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and the notes terminate. If the notes are not called and Block’s final share price on the valuation date is at or above a downside threshold, investors receive only their principal back at maturity. If the final share price is below the downside threshold, repayment is reduced in line with Block’s decline, and investors can lose some or all of their initial investment. All payments depend on the creditworthiness of UBS AG.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on or about December 29, 2027. These unsecured debt securities pay a contingent coupon only if Micron’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 Micron’s closing level on any observation date (other than the final one) is at or above the initial level, in which case investors receive principal plus any due coupon and the notes terminate. If the notes are not called and Micron’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 Micron’s decline and the entire investment can be lost. All payments depend on the creditworthiness of UBS. The estimated initial value per $10 note is expected to be between $9.44 and $9.69.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the American depositary receipts of Pinduoduo Inc., maturing on or about December 30, 2026. Each Note has a principal amount of $10, with a minimum investment of 100 Notes. Investors may receive periodic contingent coupons if, on an observation date, the underlying ADR closes at or above a preset coupon barrier.
The Notes are automatically called if, on any observation date before the final valuation date, the underlying closes at or above its initial level. In that case, investors receive the $10 principal plus the applicable contingent coupon, and no further payments are made. If the Notes are not called and the final level is at or above the downside threshold, principal is repaid at maturity; if it is below the downside threshold, repayment is reduced in line with the underlying’s decline, and all principal can be lost.
The Notes are unsecured, unsubordinated debt of UBS AG and are subject to UBS’s credit risk. They will not be listed on any securities exchange. The estimated initial value per Note on the trade date is expected to be between $9.39 and $9.64, based on UBS internal pricing models.
UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of United Airlines Holdings, Inc., maturing on December 30, 2026. The Notes pay a contingent coupon only when the stock closes at or above a specified coupon barrier on each observation date; otherwise no coupon is paid.
The Notes may be automatically called early if the stock closes at or above its initial level on any observation date before maturity, in which case holders receive the $10 principal per Note plus any due contingent coupon and no further payments. If the Notes are not called and the final stock level is at or above the downside threshold, principal is repaid at maturity.
If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and holders can lose up to their entire investment. The example terms show a 22.59% per annum contingent coupon and an estimated initial value of $9.80 per $10 Note. All payments depend on the creditworthiness of UBS.
UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Delta Air Lines, Inc., maturing on December 30, 2026. The Notes have a minimum investment of 100 Notes at $10 per Note and pay contingent coupons only if Delta’s share price on each observation date is at or above a preset coupon barrier.
The Notes are automatically called early if Delta’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive the $10 principal per Note plus any due contingent 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 at maturity, plus any final contingent coupon if the coupon barrier is met.
If the Notes are not called and the final stock level is below the downside threshold, the redemption amount per Note is $10 multiplied by 1 plus the underlying return, exposing investors to the full downside of Delta’s stock and potentially resulting in a total loss of principal. All payments depend on the creditworthiness of UBS. The estimated initial value is $9.78 per $10 Note.
UBS AG plans to issue Trigger Autocallable Contingent Yield Notes linked to the common stock of United Airlines Holdings, Inc., maturing on or about December 30, 2026. These are unsecured, unsubordinated debt obligations of UBS.
Investors may receive periodic contingent coupons, but only if the stock closes at or above a specified coupon barrier on each observation date; otherwise no coupon is paid for that period. The notes can be automatically called early if the stock closes at or above the initial level on an observation date, in which case investors receive principal plus any due coupon, and the notes terminate. If the notes are not called and the final stock level is at or above a downside threshold, principal is repaid at maturity; if it is below that threshold, repayment is reduced in line with the stock’s decline, and investors could lose their entire investment.
Any payment depends on the creditworthiness of UBS. The notes are not bank deposits, are not insured, will not be listed on an exchange, and are offered in minimums of 100 notes at $10 per note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Delta Air Lines, Inc., scheduled to mature on or about December 30, 2026. These unsecured senior notes pay a contingent coupon only when Delta’s closing share price on an observation date is at or above a preset coupon barrier.
The notes are automatically called early if Delta’s share price on any observation date before the final valuation date is at or above the initial level, in which case investors receive the principal plus any due contingent coupon and no further payments. If the notes are not called and Delta’s final share price is at or above the downside threshold, investors receive full principal at maturity; if it is below the downside threshold, repayment is reduced in line with Delta’s percentage decline, and investors can lose their entire investment.
The notes are subject to UBS’s credit risk, are not bank deposits, are not FDIC insured, and will not be listed on any exchange. The minimum investment is 100 notes at $10 per note (a $1,000 investment). The estimated initial value per note on the trade date is expected to be between $9.42 and $9.67, based on UBS internal pricing models.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc., maturing on December 30, 2027. These unsecured debt notes pay a contingent coupon only if 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 are automatically called early if NIKE’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the principal plus any due coupon and the product terminates. If the notes are not called and NIKE’s final level is at or above a downside threshold at maturity, investors receive full principal; if it is below the downside threshold, repayment is reduced in line with NIKE’s decline and total loss of principal is possible.
The minimum investment is 100 notes at $10 each. The estimated initial value is $9.76 per note, reflecting UBS’s internal pricing and funding. Payments depend on UBS’s credit; a default by UBS could result in loss of all amounts due, 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 NIKE, Inc., maturing on or about December 30, 2027. Each Note has a principal amount of $10 and can pay periodic contingent coupons only if NIKE’s share price on an observation date is at or above a preset coupon barrier.
The Notes are automatically called early if NIKE’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 NIKE’s final share price is at or above a downside threshold, investors receive the $10 principal at maturity; if it is below that threshold, repayment is reduced in line with NIKE’s percentage decline, and investors could lose their entire investment.
The Notes are unsecured, unsubordinated obligations of UBS, are not bank deposits, are not insured, will not be listed on an exchange, and all payments depend on UBS’s credit. The estimated initial value is expected to be between $9.46 and $9.71 per $10 Note, based on UBS internal pricing models.
UBS AG is offering $250,000 of Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. common stock, maturing December 30, 2026. The Notes pay a contingent coupon only if Broadcom’s share price on each observation date is at or above a set coupon barrier; otherwise no coupon is paid for that period. UBS will automatically call the Notes early and repay principal plus any due coupon if Broadcom’s price on an observation date (before the final one) is at or above the initial level.
If the Notes are not called and Broadcom’s final level is at or above the downside threshold, investors receive the $10 principal per Note at maturity, with any final coupon if the coupon barrier is met. If the final level is below the downside threshold, repayment is reduced in line with Broadcom’s decline and can fall to zero, meaning total loss of principal. The Notes are unsecured obligations of UBS, have an estimated initial value of $9.79 per $10 Note, a minimum investment of 100 Notes ($1,000), and will not be listed on any exchange.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on or about December 30, 2026. These unsecured debt notes can pay contingent coupons on scheduled dates, but only when the Broadcom share price on the relevant observation date is at or above a specified coupon barrier. If on any observation date before maturity the share price is at or above the initial level, the notes are automatically called and investors receive the $10 principal per note plus any due coupon, with no further payments afterward.
If the notes are not called and Broadcom’s final share level on the December 28, 2026 valuation date is at or above a downside threshold, investors receive back the $10 principal per note at maturity, plus any final contingent coupon if the barrier is met. If the final level is below the downside threshold, repayment is reduced in line with Broadcom’s decline and can fall to zero, meaning loss of the entire investment. The notes are sold in minimums of 100 notes at $10 each, and the estimated initial value is expected to be between $9.44 and $9.69 per note. All payments depend on the creditworthiness of UBS, 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 Constellation Energy Corporation, maturing on December 30, 2026. These unsecured debt notes pay a contingent coupon only when the stock closes at or above a preset coupon barrier on an observation date.
The notes are automatically called early if the stock closes at or above the initial level on any observation date before maturity, paying back principal plus any due coupon, with no further payments. If not called and the final stock level is at or above the downside threshold, investors receive only principal at maturity, plus any 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 percentage loss and can fall to zero.
The minimum investment is 100 Notes at $10 each, and the estimated initial value per Note is $9.83. All payments depend on UBS’s credit, and the notes are not listed on any exchange.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, maturing on or about December 30, 2026. Each Note has a principal amount of $10, with a minimum investment of 100 Notes. UBS expects the estimated initial value per Note on the trade date to be between $9.51 and $9.76, based on its internal pricing models.
The Notes may pay periodic contingent coupons only if the underlying stock closes at or above a specified coupon barrier on each observation date; otherwise no coupon is paid for that period. The Notes are automatically called if the underlying closes at or above its initial level on any observation date before the final valuation date, in which case investors receive principal plus any due coupon and no further payments. If the Notes are not called, 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 all of their initial investment. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on any exchange.
UBS AG is offering $823,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on December 30, 2027. These unsecured debt notes pay a contingent coupon only if AMD’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 AMD’s stock is at or above the initial level on an observation date, in which case investors receive the principal plus any due coupon and the notes terminate. If not called, and AMD’s final share level is at or above a downside threshold, investors receive their principal at maturity, plus any final coupon. If the final level is below the downside threshold, repayment is reduced in line with AMD’s percentage decline and can fall to zero.
The minimum investment is 100 notes at $10 per note$9.83 per note, and all payments depend on UBS’s credit; a default by UBS could result in a total loss.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on or about December 30, 2027. These unsecured debt notes pay a contingent coupon only if AMD’s closing share price on each observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.
The notes are automatically called early if AMD’s 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 AMD’s final level is at or above a downside threshold, investors receive principal back at maturity. If the final level is below the downside threshold, repayment is reduced in line with AMD’s decline and investors can lose all of their investment. UBS discloses that the estimated initial value per $10 note is expected to be between $9.45 and $9.70, and all payments depend on UBS’s credit.
UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on or about January 2, 2029. These notes pay a contingent coupon only if NVIDIA’s closing level on an observation date is at or above a specified coupon barrier; otherwise, no coupon is paid for that period.
The notes can be called early if NVIDIA’s closing level on any observation date before the final valuation date is at or above the initial level. In that case, UBS repays the principal plus the applicable contingent coupon, and no further payments are made. If the notes are not called and NVIDIA’s final level is at or above the downside threshold, investors receive only the principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with the percentage decline in NVIDIA’s share price, and all principal can be lost.
The notes are subject to UBS’s credit risk, will not be listed on an exchange, have a minimum investment of 100 notes at $10 per note, and have an estimated initial value expected to be between $9.37 and $9.62 per note.
UBS AG is offering $180,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on January 2, 2029. These unsecured debt notes pay a contingent coupon only if NVIDIA’s share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.
The notes can be called early if NVIDIA’s stock closes at or above the initial level on any observation date before the final valuation date, in which case investors receive principal plus the applicable coupon and no further payments. If the notes are not called and NVIDIA’s final share level is at or above the downside threshold, principal is repaid at maturity; if it is below the threshold, repayment is reduced in line with NVIDIA’s percentage decline, and investors could lose their entire investment.
Any payment depends on UBS’s creditworthiness. The notes are not listed, require a minimum purchase of 100 notes at $10 each, and have an estimated initial value of $9.71 per note as of the trade date.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on or about January 2, 2029. These unsecured debt instruments 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 are automatically called early if NVIDIA’s share price on any observation date (before the final one) is at or above the initial level, in which case investors receive principal plus the applicable coupon and no further payments. If the Notes are not called and the final stock price is at or above the downside threshold, investors receive full principal at maturity, with any final coupon if the barrier is met. If the final price is below the downside threshold, repayment is reduced in line with the stock’s loss and investors can lose all of their principal.
The Notes are issued in minimums of 100 Notes at $10 each, and the estimated initial value per Note on the trade date is expected to be between $9.37 and $9.62. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on any securities exchange.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Snowflake Inc., maturing on January 2, 2029. These unsecured UBS debt obligations can pay quarterly contingent coupons only when Snowflake’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 subject to an automatic call if Snowflake’s share price on any observation date (starting after about six months) is at or above the initial level, in which case investors receive principal plus any due coupon and the product ends early. If the notes are not called and Snowflake’s final share price is at or above a downside threshold, investors receive their principal back at maturity; if it is below that threshold, repayment is reduced in line with Snowflake’s decline, up to a total loss of principal.
The offering size is at least $100,000 (minimum 100 notes at $10 each). The estimated initial value per note is $9.66, based on UBS internal pricing models, which is lower than the issue price. All payments depend on UBS’s credit; a UBS default could result in loss of all invested capital.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Snowflake Inc., with a scheduled maturity on or about January 2, 2029. These unsecured, unsubordinated debt notes can pay quarterly contingent coupons only when Snowflake’s closing share price on an observation date is at or above a specified coupon barrier.
The notes may be automatically called early if Snowflake’s stock closes at or above the initial level on an observation date, in which case investors receive principal plus any due coupon and the notes terminate. If the notes are not called and the final stock level is at or above a downside threshold, investors receive full principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with Snowflake’s decline and investors can lose all of their investment.
Any payment depends on UBS’s credit; a default could result in a total loss. The notes are not bank deposits, are not FDIC insured, will not be listed on an exchange, and have an estimated initial value between $9.36 and $9.61 per $10 note.
UBS AG is offering $585,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Chipotle Mexican Grill, Inc., maturing on June 30, 2027. These unsecured debt notes pay a contingent coupon only when Chipotle’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 Chipotle’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive the $10 principal per Note plus any due coupon and no further payments. If not called, investors receive full principal at maturity only if the final stock level is at or above a downside threshold; if it is below, repayment is reduced in line with the stock’s decline and can fall to zero.
Any payment depends on UBS’s creditworthiness, and the notes are not insured or exchange-listed. The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.80 per Note, based on UBS’s internal pricing models.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Chipotle Mexican Grill, Inc., maturing on or about June 30, 2027. Each Note has a $10 principal amount, with a minimum investment of 100 Notes, and may pay periodic contingent coupons only if Chipotle’s share price on an observation date is at or above a preset coupon barrier.
The Notes may be called early 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 any due coupon and the Notes terminate. If the Notes are not called and the final stock level is at or above the downside threshold, investors receive only their principal back at maturity; if it is below that threshold, repayment is reduced in line with the stock’s loss, and investors could lose their entire investment. The estimated initial value is expected to range between $9.43 and $9.68 per $10 Note, and all payments are subject to the creditworthiness of UBS.
UBS AG is offering $350,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on December 30, 2027. Each Note has a $10 principal amount, with a minimum investment of 100 Notes.
The Notes pay a contingent coupon only if Micron’s share price on an observation date is at or above the coupon barrier; otherwise, no coupon is paid. UBS will automatically call the Notes early if Micron’s share price on any observation date before maturity is at or above the initial level, returning principal plus the applicable coupon and ending further payments.
If the Notes are not called and Micron’s final share price is at or above the downside threshold, investors receive principal back at maturity. If it is below the downside threshold, repayment is reduced in line with the stock’s negative return, and investors could lose their entire investment. The Notes bear issuer credit risk, and the estimated initial value is $9.81 per $10 Note, reflecting UBS’ internal pricing.
UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on or about December 30, 2027. These notes pay a contingent coupon only for observation dates when Micron’s closing share price is at or above a specified coupon barrier; if the share price is below that level, no coupon is paid for that period.
The notes are automatically called early if Micron’s stock closes at or above the initial level on any observation date before the final valuation date, in which case investors receive the principal plus any due 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 back at maturity; if it is below that threshold, repayment is reduced in line with the stock’s decline and losses can reach 100% of principal. Payments depend on UBS’s creditworthiness, the notes will not be listed on an exchange, the minimum investment is 100 notes at $10 each, and the estimated initial value is expected to range from $9.45 to $9.70 per note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation, maturing on December 30, 2027. The Notes pay a contingent coupon only if the stock closes at or above a specified coupon barrier on each observation date; if the stock is below that level, no coupon is paid for that period.
The Notes are automatically called early if, on any observation date before maturity, the stock closes at or above its initial level. In that case, investors receive the $10 principal per Note 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, principal is repaid at maturity; if it is below the threshold, repayment is reduced in line with the stock’s percentage decline, and investors can lose their entire investment.
The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.78 per Note, based on UBS internal models. All payments depend on the creditworthiness of UBS, and the Notes are unsecured, unsubordinated obligations that are not bank deposits, not FDIC insured and will not be listed on an exchange.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation, maturing on or about December 30, 2027. These unsecured, unsubordinated debt obligations pay a contingent coupon only when the stock closes at or above a preset coupon barrier on scheduled observation dates. The notes can be called early if the stock closes at or above the initial level on any observation date before maturity, in which case investors receive principal plus any due coupon and no further payments.
If the notes are not called and the final stock level is at or above the downside threshold, investors receive the $10 principal amount per note at maturity, potentially plus a final contingent coupon. If the final level is below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and the entire investment can be lost. The preliminary examples use a $10 denomination, a 12.99% per annum contingent coupon and a downside threshold and coupon barrier set at $55, or 55% of the initial level. The notes are not listed, are not deposits, are not FDIC insured, and all payments depend on the creditworthiness of UBS.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. stock, maturing December 30, 2027. These $10-denomination notes can pay a high contingent coupon, such as a 13.59% per annum rate in the examples, but only when Broadcom’s share price on an observation date is at or above a preset coupon barrier.
The notes are automatically called early if Broadcom’s price on an observation date (before maturity) is at or above the initial level. In that case, investors receive the $10 principal plus the due coupon and no further payments. If the notes are not called and Broadcom’s final level is at or above the downside threshold, investors receive back the $10 principal, plus the final coupon if the coupon barrier is met.
If the notes are not called and Broadcom’s final level falls below the downside threshold (illustrated at 55.00% of the initial level), investors are fully exposed to the stock’s loss, with repayment reduced dollar-for-dollar with the underlying decline and the possibility of losing their entire investment. All payments depend on UBS’s credit, and the estimated initial value is $9.78 per $10 note.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on or about December 30, 2027. Each Note has a principal amount of $10, with a minimum investment of 100 Notes (a $1,000 investment). UBS will pay a contingent coupon only if the underlying stock closes at or above a specified coupon barrier on an observation date; otherwise no coupon is paid for that period.
The Notes may be automatically called early if the stock closes at or above the initial level on any observation date before the final valuation date, in which case investors receive principal plus the 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 principal back at maturity; if it is below the downside threshold, repayment is reduced in line with the stock’s decline and investors could lose all of their initial investment. All payments depend on the creditworthiness of UBS. The estimated initial value per Note on the trade date is expected to be between $9.43 and $9.68.
UBS AG is offering $535,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, maturing on January 2, 2029. The Notes pay a contingent coupon only if, on an observation date, Constellation’s share price is at or above a preset coupon barrier; otherwise no coupon is paid.
The Notes can be automatically called on quarterly observation dates starting about six months after issuance if the share price is at or above the initial level. In that case, holders receive the $10 principal per Note plus any coupon due, and no further payments. If not called and the final share price on the December 28, 2028 valuation date is at or above the downside threshold, investors receive their principal back; if it is below, repayment is reduced one-for-one with the stock’s decline, potentially to zero.
Any payment depends on UBS’s creditworthiness. The minimum investment is 100 Notes at $10 each, and the estimated initial value per Note is $9.72, reflecting UBS’s internal pricing and funding.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, maturing on or about January 2, 2029. These unsecured, unsubordinated debt notes pay a contingent coupon only if the stock closes at or above a specified coupon barrier on quarterly observation dates; otherwise no coupon is paid for that period.
The notes can be called early if the stock closes at or above its initial level on any observation date beginning after six months, in which case holders receive the principal plus any due coupon and no further payments. If the notes are not called and the final stock level is at or above the downside threshold, principal is repaid at maturity; if it is below the threshold, repayment is reduced in line with the stock’s loss and can fall to zero.
The notes are offered in minimums of 100 notes at $10 each, are not listed on an exchange, are not FDIC insured, and all payments depend on the creditworthiness of UBS. The estimated initial value per note on the trade date is expected to be between $9.35 and $9.60.
UBS AG is offering $331,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. The Notes are unsecured debt of UBS, scheduled to trade on December 26, 2025, settle on December 30, 2025, and mature on January 2, 2029, subject to possible early automatic call.
Investors may receive quarterly contingent coupons only when Palantir’s closing share price on an observation date is at or above a coupon barrier set at 60% of the initial level. The hypothetical examples use a contingent coupon rate of 20.23% per annum, or $0.5058 per $10 Note per quarter. UBS may automatically call the Notes, beginning after six months, if the share price is at or above the initial level, paying back principal plus any due coupon.
If the Notes are not called and Palantir’s final share price is at or above the downside threshold (also 60% of the initial level), investors receive only their $10 principal per Note plus any final coupon. If it is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose some or all of their investment. All payments depend on UBS’s credit; the estimated initial value is $9.72 per $10 Note. The minimum investment is 100 Notes, or $1,000.
UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc., maturing on or about January 2, 2029. Each Note has a $10 principal amount, with a minimum investment of 100 Notes. These unsecured debt obligations pay contingent quarterly coupons only when Palantir’s share price on an observation date is at or above a specified coupon barrier.
The Notes can be automatically called early if, on certain observation dates, Palantir’s share price is at or above the initial level. In that case, investors receive the principal plus any due coupon, and the Notes terminate. If the Notes are not called and, on the final valuation date, Palantir’s share price is at or above the downside threshold, investors receive only the principal back.
If the Notes are not called and the final share price is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose all of their initial investment. The Notes are not listed on any exchange, are subject to UBS’s credit risk, and have an estimated initial value between $9.35 and $9.60 per $10 Note, based on UBS internal pricing models.
UBS AG is offering $3,333,000 of trigger callable contingent yield notes linked to the least performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, maturing on December 29, 2027.
The notes pay a contingent coupon at a rate of 9.30% per annum ($7.75 per month per $1,000 note) only if, on each monthly observation date, every index closes at or above its coupon barrier, set at 70% of its initial level for each index. UBS may call the notes in whole on any observation date beginning after six months; if called, investors receive the $1,000 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 its initial level), investors receive full principal back at maturity. If any index finishes below its downside threshold, repayment is reduced one-for-one with the negative return of the worst-performing index, and investors can lose up to 100% of principal. Payments depend on UBS’s credit; the notes are unsecured, not FDIC insured, and are expected to have limited or no secondary market. The estimated initial value is $977.20 per $1,000 note, below the issue price.
UBS AG is offering $2,545,000 of Trigger Callable Contingent Yield Notes linked to the Dow Jones Industrial Average®, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index, maturing June 27, 2030. These unsecured debt notes pay a 9.35% per annum contingent coupon only if, on each monthly observation date, all three indices close at or above their coupon barriers, set at 70% of their initial levels. UBS can call the notes in whole on any observation date after six months, 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 (60% of its initial level), investors receive $1,000 multiplied by one plus the return of the worst-performing index, which can result in a substantial or total loss of principal. The notes do not participate in any index upside beyond coupons, pay no dividends, are not listed on an exchange, and all payments depend on UBS’s credit. The estimated initial value is $961.70 per $1,000 note, reflecting internal pricing, costs and fees.
UBS AG is offering $880,000 of Capped Buffer GEARS notes linked to the Russell 2000® Index, maturing on June 28, 2027. Each $1,000 Security provides 1.50x leveraged exposure to any positive index return, but gains are capped at a maximum 19.15%, for a maximum payment of $1,191.50 per Security.
If the index return is zero or negative and the final level is at or above 85% of the initial level (a 15% buffer), investors receive back the $1,000 principal. If the final level falls below this downside threshold, repayment is reduced, with losses matching the index decline beyond the 15% buffer, and investors could lose almost all of their investment.
The notes pay no interest, do not provide dividends on the index constituents, and may have limited or no secondary market. Any payment depends entirely on the creditworthiness of UBS. The estimated initial value is $990.30 per Security, below the $1,000 issue price due to underwriting, hedging and issuance costs.