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

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on or about December 26, 2028. These unsecured debt notes pay a contingent coupon only if Micron’s closing share price on each observation date meets or exceeds a preset coupon barrier; otherwise, no coupon is paid for that period.

The notes can be automatically called before maturity if Micron’s share price on an observation date is at or above the initial level, in which case investors receive the principal plus any due coupon and the notes terminate. If not called, and Micron’s final share price on the December 21, 2028 valuation date is at or above a downside threshold, investors receive their principal back. If the final level is below the downside threshold, repayment is reduced in line with Micron’s decline and investors can lose all of their initial investment.

The notes are issued in $10 denominations with a minimum investment of 100 notes, and their estimated initial value on the trade date of December 19, 2025 is expected to be between $9.36 and $9.61 per note. All payments depend on the creditworthiness of UBS, and the notes will not be listed on any exchange.

UBS AG is offering $1,482,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on December 23, 2027. These unsecured, unsubordinated notes pay contingent coupons only if Broadcom’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 Broadcom’s closing level on any observation date before maturity is at or above the initial level, in which case investors receive the $10 principal per note plus any due coupon and no further payments. If the notes are not called and Broadcom’s final level is at or above a downside threshold, investors receive their principal at maturity; if it is below the threshold, repayment is reduced in line with the share’s percentage decline, up to a total loss of principal. Any payment depends on UBS’s credit, the notes are not listed on an exchange, the minimum investment is 100 notes at $10 each, and the estimated initial value is $9.81 per note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on December 26, 2028. Each Note has a principal amount of $10, with a minimum investment of 100 Notes (a $1,000 investment). The Notes pay a contingent coupon of 15.68% per annum (or $0.392 per period in the hypothetical examples) only if AMD’s share price on an observation date is at or above the coupon barrier of $60.00, which is 60% of the initial level.

The Notes are automatically called if AMD’s closing level on any observation date before maturity is at or above the initial level, in which case investors receive the principal plus the applicable contingent coupon and the Notes terminate early. If the Notes are not called and AMD’s final level on the valuation date is at or above the downside threshold of $60.00, investors receive their full principal back, plus any final contingent coupon if the barrier is met.

If the Notes are not called and AMD’s final level is below the downside threshold, repayment of principal is reduced one-for-one with AMD’s decline, so investors lose the same percentage as AMD’s drop and could lose their entire investment. All payments depend on UBS’s creditworthiness, and the estimated initial value is $9.68 per $10 Note, reflecting internal pricing and funding costs. The Notes will not be listed on any exchange and may be hard to sell before maturity.

UBS AG is offering $250,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of Marvell Technology, Inc., maturing on December 26, 2028. The Notes pay a contingent coupon at 16.22% per annum, or $0.1352 per $10 Note monthly, but only if Marvell’s share price on an observation date is at or above a coupon barrier set at 60% of the initial level.

The Notes are automatically called if, on any monthly observation date after three months, the stock closes at or above the initial level, in which case investors receive principal plus the applicable coupon and no further payments. If not called and the final stock level on December 21, 2028 is at or above the downside threshold of 60% of the initial level, investors receive their full principal; if it is below that threshold, repayment is reduced in line with the stock’s loss, up to a complete loss of principal.

The minimum investment is 100 Notes at $10 each. The estimated initial value is $9.71 per $10 Note, and all payments depend on the creditworthiness of UBS, with no deposit insurance or exchange listing.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on or about December 23, 2027. These unsecured, unsubordinated debt notes pay a contingent coupon only if Broadcom’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 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 the applicable contingent coupon and no further payments. If the notes are not called and Broadcom’s final level on the valuation date is at or above the downside threshold, investors receive full principal back; if it is below the downside threshold, repayment is reduced in line with the share price decline and can fall to zero.

The notes are issued in minimums of 100 notes at $10 per note. The estimated initial value per note on the trade date is expected to be between $9.43 and $9.68, based on UBS’s internal pricing models. All payments depend on the creditworthiness of UBS AG, and the notes will not be listed on any securities exchange.

UBS AG is offering $225,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc., maturing on December 23, 2027. These unsecured notes can pay periodic contingent coupons, but only when Palantir’s share price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period. The notes are automatically called early if Palantir’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive principal plus any due coupon and no further payments. If the notes are not called and Palantir’s final share price is at or above a downside threshold, principal is repaid at maturity, but if it falls below that threshold, repayment is reduced in line with the stock’s decline and all principal can be lost. All payments, including any return of principal, depend on the creditworthiness of UBS, and the estimated initial value per $10 note is $9.81.

UBS AG is offering $380,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on December 23, 2027. Each Note has a $10 principal amount and can pay a contingent coupon if NVIDIA’s closing stock price on an observation date is at or above a preset coupon barrier.

The Notes are automatically 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 the $10 principal per Note plus the due contingent coupon and no further payments. If the Notes are not called and the final stock level is at or above the downside threshold, investors receive their $10 principal back, plus any final contingent coupon.

If the Notes are not called and NVIDIA’s final stock level is below the downside threshold, repayment at maturity is reduced in line with the stock’s decline, and investors can lose some or 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 Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on or about December 26, 2028. Each Note has a principal amount of $10, with a minimum investment of 100 Notes, or $1,000.

These Notes pay a contingent coupon only if the AMD share price on a given observation date is at or above a preset coupon barrier. The Notes are automatically called if AMD’s closing level on any observation date before maturity is at or above the initial level, in which case investors receive principal plus any due coupon and no further payments.

If the Notes are not called and AMD’s final level on the valuation date is at or above a 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 AMD’s negative return and can fall to zero. Payments are unsecured and depend on UBS’s credit. The estimated initial value is expected to be between $9.38 and $9.63 per $10 Note, 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 GE Vernova Inc., with a scheduled maturity in late December 2026. These unsecured debt obligations can pay periodic contingent coupons, but only if the GE Vernova share price on each observation date is at or above a specified coupon barrier.

The Notes may be automatically called early if GE Vernova’s stock closes at or above the initial level on any observation date before the final one, in which case investors receive principal plus the applicable contingent coupon and the Notes terminate. If the Notes are not called and the final stock level is at or above a defined downside threshold, investors receive back principal at maturity, plus any final contingent coupon if the coupon barrier is met.

If the Notes are not called and the final stock level falls below the downside threshold, repayment is reduced in line with the stock’s negative return and investors can lose some or all of their initial investment. All payments depend on UBS’s credit, the Notes are not bank deposits and are not insured by any governmental agency.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Marvell Technology, Inc., maturing on or about December 26, 2028. These unsubordinated, unsecured notes pay a contingent coupon only if the stock closes at or above a preset coupon barrier on each monthly observation date, starting after three months.

The notes are automatically called early if the stock closes at or above the initial level on any observation date before the final valuation date; in that case, investors receive the principal plus any due coupon and no further payments. If the notes are not called and, at maturity, the stock is at or above the downside threshold, investors receive back the principal. If the final stock level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose their entire investment.

The minimum investment is 100 notes at $10 per note. The estimated initial value per note on the trade date is expected to be between $9.36 and $9.61, and all payments depend on the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc., with a scheduled maturity in late December 2027. These unsecured, unsubordinated notes can pay periodic contingent coupons, but only if Palantir’s share price on each observation date is at or above a preset coupon barrier.

The notes may be automatically called before maturity if Palantir’s share price on any observation date (other than the final one) is at or above the initial level. In that case, investors receive principal plus the applicable contingent coupon, and the notes terminate early. If the notes are not called and Palantir’s final share price 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 the entire investment can be lost.

Any payment, including contingent coupons and repayment of principal, depends on the creditworthiness of UBS AG. The notes are not bank deposits, are not insured, will not be listed on an exchange, and involve significant market and credit risk compared with conventional debt securities.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on December 23, 2027. Each Note has an issue price and principal amount of $10, with a minimum investment of 100 Notes ($1,000).

The Notes pay a contingent coupon only if Oracle’s closing share price on a quarterly observation date is at or above a coupon barrier; otherwise no coupon is paid for that quarter. The Notes are subject to an automatic call on any observation date (beginning after 6 months) if the stock closes at or above the initial level, in which case investors receive $10 per Note plus the applicable contingent coupon and the Notes terminate.

If the Notes are not called and the final stock level on the valuation date is at or above the downside threshold, investors receive their $10 principal back; if it is below, repayment is reduced in line with the stock’s percentage decline, and the entire investment can be lost. Any payment depends on the creditworthiness of UBS. The estimated initial value is $9.82 per $10 Note, reflecting UBS’ internal pricing models.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on or about December 23, 2027. These are unsecured, unsubordinated debt obligations of UBS with a principal amount of $10 per Note, offered in a minimum investment of 100 Notes (a $1,000 purchase).

Investors may receive periodic contingent coupons, but only if Oracle’s closing share price on a given observation date is at or above a defined coupon barrier. The Notes can be automatically called on specified quarterly observation dates if Oracle’s price 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 Oracle’s final 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 Oracle’s percentage decline, and all principal can be lost. The estimated initial value is expected to be between $9.52 and $9.77 per $10 Note, and the Notes will not be listed on any securities exchange. All payments depend on UBS’s credit and are not insured by any government agency.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc., maturing on December 23, 2027. The notes pay a contingent coupon only if Micron’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 Micron’s share price on any observation date before maturity is at or above the initial level, in which case holders receive the principal plus the applicable contingent coupon, and no further payments. If the notes are not called and Micron’s final share price is at or above a downside threshold, investors receive back the principal at maturity. If the final price is below the downside threshold, repayment is reduced in line with Micron’s decline, and total loss of principal is possible.

The notes are subject to UBS credit risk, will not be listed on any exchange, are sold in $10 denominations with a minimum $1,000 investment, and have an estimated initial value of $9.82 per $10 note as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co, maturing on December 23, 2027. The Notes are unsecured debt of UBS, issued at $10 per Note, with a minimum investment of 100 Notes (a $1,000 investment).

Investors may receive contingent coupons only if Vertiv’s share price on each observation date is at or above a preset coupon barrier. The Notes are automatically called early if Vertiv’s share price on any bimonthly observation date, beginning after about six months, 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 Vertiv’s final share price is at or above a downside threshold, investors receive back principal (and a final coupon if the barrier is met). If the final price is below the downside threshold, repayment is reduced in line with Vertiv’s decline, and all principal can be lost. Any payment depends on UBS’s credit; the Notes are not insured, will not be listed on an exchange, and have an estimated initial value of $9.76 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Zscaler, Inc.. These are unsecured, unsubordinated debt obligations that can pay periodic contingent coupons only when Zscaler’s share price on an observation date is at or above a preset coupon barrier.

The notes may be called early if Zscaler’s stock closes at or above the initial level on any bimonthly observation date after six months. In that case, investors receive the principal plus any due contingent coupon, and the notes terminate. If the notes are not called and Zscaler’s final share price is at or above a downside threshold, investors receive full principal at maturity; if it is below the threshold, repayment is reduced in line with the stock’s decline and can fall to zero.

The minimum investment is 100 notes at $10 per note. The notes are not listed on any exchange, and their market value may differ from the issue price. The estimated initial value is $9.71 per note, and all payments depend on the creditworthiness of UBS, so a UBS default could result in a total loss.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Zscaler, Inc., maturing on or about December 23, 2027. Each Note has a $10 principal amount and pays a contingent coupon only if, on an observation date, the Zscaler share price is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The Notes may be automatically called on bimonthly observation dates, beginning about six months after the trade date, if the Zscaler share price is at or above the initial level. In that case, investors receive the $10 principal plus any due contingent coupon, and the Notes terminate early. If the Notes are not called and, on the final valuation date of December 21, 2027, Zscaler is at or above the downside threshold, investors receive back the $10 principal (plus any final coupon if the coupon barrier is met).

If the Notes are not called and the final Zscaler price is below the downside threshold, repayment is reduced one-for-one with the stock’s decline, and investors can lose all of their initial investment. Payments depend on the credit of UBS AG, the Notes will not be listed on an exchange, and the estimated initial value is expected to be between $9.41 and $9.66 per $10 Note.

UBS AG is offering approximately 3-year Trigger Autocallable Contingent Yield Notes linked to the common stock of Block, Inc. Each $10 Note pays a contingent coupon at a rate of 12.03% per annum (about $0.3008 per quarter) only when Block’s closing share price on an observation date is at or above the coupon barrier, set at 50% of the initial level. Coupons can be skipped entirely if the stock is below this barrier.

The Notes are automatically called quarterly, beginning after 6 months, if Block’s stock closes at or above the initial level, returning the $10 principal plus any due coupon, with no further payments. If not called, and at maturity Block is at or above the 50% downside threshold, investors receive their $10 principal back (plus a final coupon if the barrier is met). If Block finishes below the downside threshold, the payoff falls one‑for‑one with the stock’s loss, and the entire investment can be lost.

Payments depend on the creditworthiness of UBS, and the Notes will not be listed on any exchange. The minimum investment is 100 Notes ($1,000). The estimated initial value is $9.63 per $10 Note, based on UBS internal pricing models.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Block, Inc., maturing on or about December 26, 2028. These unsecured debt notes pay a contingent coupon only if Block’s closing share price on a quarterly observation date (including the final valuation 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 beginning about six months after issuance is at or above the initial level. In that case, investors receive the principal plus any due contingent coupon on the call settlement date and no further payments.

If the notes are not called and Block’s final share price is at or above the downside threshold, investors receive their principal at maturity; if it is below, repayment is reduced in line with Block’s percentage decline, and the entire investment can be lost. Payments depend on UBS’s credit, the notes will not be listed, the minimum investment is 100 notes at $10 each, and the estimated initial value is between $9.33 and $9.58 per note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Chipotle Mexican Grill, Inc., maturing on or about December 26, 2028. These are unsecured, unsubordinated debt obligations with a minimum investment of 100 Notes at $10 per Note, and all payments depend on UBS’s ability to meet its obligations.

The Notes pay a contingent coupon only if Chipotle’s share price on each observation date is at or above a preset coupon barrier. They may be called early on quarterly dates beginning after six months if the share price 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 Chipotle’s share price on the final valuation date 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 investors could lose all of their initial investment. The Notes will not be listed on any exchange, and their estimated initial value is expected to be between $9.35 and $9.60 per $10 Note.

UBS AG is offering $380,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Uber Technologies, Inc., due December 23, 2027. These unsecured notes can pay periodic contingent coupons, but only when Uber’s share price on a scheduled observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The notes may be automatically called after 12 months if Uber’s stock closes at or above its initial level on an observation date, in which case investors receive the $10 principal per note plus any due coupon, and the product terminates early. If the notes are never called and Uber’s final share price on the valuation date is at or above a downside threshold, investors receive back their principal at maturity; if it is below that threshold, repayment is reduced in line with Uber’s decline, up to a total loss of principal.

The notes are subject to UBS’s credit risk, are not insured, will not be listed on an exchange, and have an estimated initial value of $9.86 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 Uber Technologies, Inc., maturing on or about December 23, 2027. These unsecured debt notes can pay contingent coupons only when Uber’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 may be called early if Uber’s share price on any semi-annual observation date, starting about 12 months after issuance, is at or above the initial level, in which case investors receive principal plus the due coupon and the product terminates. If the notes are not called and Uber’s final share price 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.

The notes are issued in $10 denominations with a minimum investment of 100 notes. UBS estimates the initial value per $10 note will be between $9.49 and $9.74, reflecting internal pricing and funding costs. All payments depend on UBS’s credit; a default by UBS could result in loss of the entire investment.

UBS AG is offering $150,000 of Trigger Autocallable Contingent Yield Notes linked to the Solactive U.S. Large Cap Volatility Navigator Index, maturing in December 2030. Each $1,000 note pays a 13.00% per annum contingent coupon ($32.50 quarterly) only if the index is at or above the coupon barrier of 154.28 (60% of the 257.14 initial level) on the observation date.

The notes can be automatically called quarterly after 12 months if the index is at or above the call threshold of 257.14 (100% of the initial level), returning principal plus the coupon, with no further payments. If not called, investors receive full principal at maturity only if the final index level is at or above the downside threshold of 128.57 (50% of the initial level; otherwise they lose value one-for-one with the index decline and could lose their entire investment.

The notes are unsubordinated, unsecured UBS obligations, not FDIC insured, will not be listed on an exchange, and have an estimated initial value of $956.00 per $1,000, reflecting fees, hedging costs and UBS’ internal funding rate.

UBS AG is offering $13 million of Trigger Callable Contingent Yield Notes, each with a $1,000 principal amount, maturing on September 21, 2027. The notes are linked to the least performing of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Equal Weight Index.

Holders receive a contingent coupon of 11.65% per annum, paid quarterly as $29.125 per note, only if on each observation date all three indices close at or above their coupon barriers, set at 70% of initial levels. UBS may call the notes on any quarterly observation date (other than the final one) and repay principal plus any due coupon, ending future payments.

If the notes are not called and, at maturity, any index finishes below its downside threshold of 65% of its initial level, the repayment is reduced dollar-for-dollar with the worst index’s loss, and holders can lose up to 100% of principal. Payments depend on UBS’s credit and the notes are unsecured, unsubordinated and not insured or exchange-listed. The estimated initial value is $987 per $1,000 note, reflecting internal funding and hedging costs.

UBS AG is offering Trigger In-Digital Securities linked to the S&P 500® Index, each with a $1,000 principal amount and a fixed 7.85% digital return if the index on the final valuation date is at or above a digital barrier. The initial level is 6,774.76, and the digital barrier and downside threshold are both 5,081.07, which is 75% of the initial level. If the index finishes below this threshold, investors are exposed one-for-one to the index loss and can lose all principal. The securities pay no interest, have a term of about 13 months, and all payments depend on UBS’s credit. The estimated initial value per security, based on UBS internal models, is between $963.70 and $993.70, versus a $1,000 issue price, reflecting dealer compensation, hedging and issuance costs.

UBS AG is offering capped leveraged buffered notes that pay no interest and return are based on an unequally weighted basket of five equity indices: EURO STOXX 50® (38.00%), TOPIX (26.00%), FTSE® 100 (17.00%), Swiss Market Index (11.00%) and S&P/ASX 200 (8.00%). The notes are expected to mature in 26–29 months, with the initial basket level set to 100.

At maturity, investors receive $1,000 plus 250.00% of any positive basket return, capped by a maximum settlement amount expected between $1,241.00 and $1,283.25 per $1,000 face amount. If the basket declines by up to 15.00%, principal is repaid in full. Below the 85.00% buffer level, losses accelerate at approximately 117.65% of the downside, so a sufficiently large drop can erase the entire investment.

The notes are unsecured obligations of UBS, are not FDIC insured, and may have limited or no secondary market. The estimated initial value is expected between $967.00 and $997.00 per $1,000, reflecting fees, hedging and UBS’ internal funding rate. The filing highlights complex U.S. tax considerations, including prepaid derivative treatment, potential Section 871(m) and FATCA implications.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index, maturing on or about January 4, 2028. The Notes pay a contingent coupon of 11.40% per annum (about $9.50 per $1,000 Note each month) only if, on an observation date, all three indexes close at or above their coupon barriers, set at 70% of their initial levels.

UBS can call the Notes in whole on any monthly observation date after three months, returning the $1,000 principal plus any due coupon, with no further payments. If the Notes are not called and all three final index levels stay at or above their downside thresholds (also 70% of initial levels), investors receive full principal at maturity. If any index finishes below its downside threshold, repayment is reduced in line with the negative return of the worst-performing index and can fall to zero, causing total loss of principal.

The issue price is $1,000 per Note, with an underwriting discount of $6.50 and proceeds to UBS of $993.50 per Note. The estimated initial value is expected between $957.30 and $987.30, reflecting internal pricing, funding and hedging costs. Payments depend on UBS’s credit; the Notes are unsecured, unsubordinated obligations and will not be listed on an exchange.

UBS AG is offering Trigger In-Digital Securities linked to nearby NYMEX WTI crude oil futures, maturing on January 22, 2027. These unsecured debt notes pay no interest and have a 13‑month term with a $1,000 principal amount per Security. The initial futures settlement price is $56.15, and the digital barrier and downside threshold are both $39.31, or 70.00% of the initial price.

If the final futures settlement price on the valuation date is at or above the barrier, investors receive $1,000 × (1 + 10.60%) = $1,106 per Security, regardless of how much WTI has risen. If the final price is below the downside threshold, the payoff falls in line with the underlying return, and investors can lose some or all of their principal, with a minimum payment of $0.00. The estimated initial value is between $963.20 and $993.20, reflecting underwriting, hedging and issuance costs.

The notes are not bank deposits, are not insured, will not be listed on an exchange, and all payments depend on the creditworthiness of UBS AG; a default or Swiss resolution measures could result in partial or total loss of invested capital.

UBS AG is offering approximately two-year Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. Each Note has a $1,000 principal amount and pays a monthly contingent coupon at a rate of 10.75% per annum only when all three indices close at or above their coupon barriers, set at 75% of their initial levels.

UBS can call the Notes in whole, beginning after six months, paying back principal plus any due coupon; once called, no further payments are made. If not called and each index finishes at or above its downside threshold of 70% of its initial level, investors receive full principal at maturity. If any index ends below its downside threshold, repayment is reduced one-for-one with the loss of the worst index, and investors can lose up to 100% of principal.

The Notes are unsecured, unsubordinated obligations of UBS, not FDIC insured, and will not be listed on an exchange. The estimated initial value is expected between $960.30 and $990.30 per Note versus a $1,000 issue price, reflecting fees and UBS’ internal funding rate. Underwriting discount is $6.50 per Note, with net proceeds to UBS of $993.50 per Note.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index®, Russell 2000® Index and EURO STOXX 50® Index, maturing around June 24, 2027. Each Note has a $1,000 principal amount and pays a 13.85% per annum contingent coupon (about $11.5417 per month) only if, on each monthly observation date, all three indices close at or above 65% of their initial levels (the coupon barriers.

UBS can call the Notes in whole on any monthly observation date beginning after 6 months, repaying principal plus any due coupon, with no further payments. A daily “knock-in” trigger occurs if any index ever closes below 70% of its initial level during the observation period. If the Notes are not called, a trigger has occurred and the final level of any index is below its initial level, investors are repaid based on the negative return of the worst-performing index, and can lose some or all of their principal. The Notes are unsecured UBS debt, not listed, and their estimated initial value is between $951.40 and $981.40 per $1,000 issue price.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of the SPDR S&P Regional Banking ETF (KRE), the Nasdaq-100 Index (NDX) and the S&P 500 Index (SPX), maturing on or about December 27, 2030.

Each Note has a $1,000 principal amount and pays a contingent coupon only if, on a monthly observation date, the level of each underlying is at or above its coupon barrier, set at 70% of its initial level. The indicative contingent coupon rate is 8.40% per annum100% of its initial level, returning principal plus any due coupon.

If the Notes are not called and any underlying finishes below its downside threshold (70% of its initial level), investors receive $1,000 × (1 + return of the worst performer), which can mean a substantial loss, up to losing the entire investment. All payments depend on UBS’s credit, and the Notes will not be listed on an exchange.

UBS AG is offering $1,375,000 of Trigger Callable Contingent Yield Notes due December 20, 2028, linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100® Technology Sector IndexSM and Russell 2000® Index. Each $1,000 Note pays a 12.25% per annum contingent coupon on quarterly dates only if all three indices close at or above their coupon barriers, set at 75% of their initial levels.

UBS may call the Notes on any quarterly observation date (except the final one), returning principal plus any due coupon; after a call, no further payments are made. If the Notes are not called and all final index levels are at or above their downside thresholds (70% of initial levels), investors receive only principal back at maturity. If any index finishes below its downside threshold, repayment is reduced in line with the worst index’s percentage decline, and investors could lose their entire investment. The Notes are unsecured UBS obligations with an estimated initial value of $970.30 per $1,000 and are not listed, so liquidity may be limited.

UBS AG is offering $4,270,000 of Airbag In-Digital Securities linked to the S&P 500® Index, each with a $1,000 principal amount and a term of approximately 15 months, maturing on March 22, 2027.

If, on the final valuation date, the index is at or above the digital barrier and downside threshold of 5,713.22 (85.00% of the 6,721.43 initial level), investors receive $1,000 plus a fixed 9.65% digital return, regardless of how much the index has risen. If the index finishes below the downside threshold, repayment drops on a leveraged basis: investors lose about 1.1765% of principal for each 1% index decline beyond the 15.00% threshold, up to a complete loss of principal.

The notes pay no interest, do not provide full principal protection, and will not be listed on any exchange. Any payment depends on UBS’s ability to meet its obligations. The issue price is $1,000 per Security, including a $2.50 underwriting discount, while the estimated initial value is $994.90, reflecting internal funding and hedging costs.

UBS AG is offering $918,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on December 22, 2028. Each Note has a $10 principal amount with a minimum investment of 100 Notes.

Investors may receive quarterly contingent coupons only if Broadcom’s closing level on an observation date is at or above a coupon barrier, illustrated at 60% of the initial level. The Notes are automatically called, returning principal plus the applicable coupon, if Broadcom is at or above its initial level on any observation date after six months.

If not called, and Broadcom’s final level is at or above the downside threshold (also illustrated at 60% of the initial level), investors receive principal back, plus any final coupon. If the final level is below the downside threshold, repayment is reduced in line with Broadcom’s negative return and can fall to zero, causing a total loss. All payments depend on UBS’s credit; the estimated initial value per $10 Note is $9.73.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing around December 22, 2028. Each Note has a $10 principal amount, with a minimum investment of 100 Notes ($1,000). UBS will pay a contingent coupon only if Broadcom’s share price on a quarterly observation date is at or above a preset coupon barrier; otherwise no coupon is paid.

The Notes are automatically called early if Broadcom’s share price on an observation date is at or above the initial level, in which case investors receive $10 per Note plus any 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 their $10 principal at maturity; if it is below the threshold, repayment is reduced in line with Broadcom’s decline, and all principal can be lost. Payments depend on UBS’s credit, and the Notes will not be listed. The estimated initial value is expected to range from $9.35 to $9.60 per $10 Note.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, with a scheduled maturity on December 22, 2027. The Notes pay a contingent coupon only if NVIDIA’s closing level on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period. If, on any observation date before the final one, the stock closes at or above the initial level, the Notes are automatically called and investors receive the principal plus the applicable contingent coupon, with no further payments.

If the Notes are not called and the final stock level on the valuation date is at or above the downside threshold, investors receive their principal 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 decline, and investors can lose all of their initial investment. All payments depend on UBS’s credit. The Notes are offered at $10 per Note with an estimated initial value of $9.75, and a hypothetical example illustrates a 12.06% per annum contingent coupon with a 60% downside threshold and coupon barrier.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The Notes pay a contingent coupon only if AMD’s closing stock price on an observation date, including the final valuation date, is at or above a preset coupon barrier; otherwise no coupon is paid for that period. The Notes can be automatically called early if AMD’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive the principal plus any due coupon and no further payments.

If the Notes are not called and AMD’s closing price on the final valuation date is at or above the downside threshold, investors receive only the principal at maturity. If the final level is below the downside threshold, the repayment is reduced in line with AMD’s negative return, and investors can lose some or all of their initial investment. The Notes are scheduled to settle on December 22, 2025 and mature on December 22, 2027, with a minimum investment of 100 Notes at $10 each. The estimated initial value is $9.74 per Note, and all payments are subject to the credit risk of UBS.

UBS AG is offering $150,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Humana Inc., maturing on December 22, 2027. These unsecured debt notes can pay periodic contingent coupons, but only when Humana’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 may be automatically called early if Humana’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 not called, and Humana’s final share price is at or above the downside threshold, principal is repaid at maturity; if it is below that threshold, repayment is reduced in line with Humana’s percentage decline, up to a total loss of the investment. All payments depend on the creditworthiness of UBS, and the notes are not listed on any exchange.

UBS AG is offering $335,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on December 22, 2027. Each Note has a $10 principal amount, with a minimum investment of 100 Notes. Investors receive a contingent coupon only if Broadcom’s share price on an observation date is at or above a set coupon barrier; otherwise no coupon is paid.

The Notes may be automatically called before maturity if Broadcom’s stock closes at or above the initial level on any observation date, in which case investors receive principal plus any due contingent coupon and the Notes terminate. If the Notes are not called and Broadcom’s final stock level is at or above the downside threshold, investors receive their principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with Broadcom’s decline, and investors can lose their entire investment.

All payments depend on the creditworthiness of UBS. The estimated initial value is $9.80 per $10 Note, 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 NVIDIA Corporation, maturing on or about December 22, 2027. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC insured.

Investors may receive periodic contingent coupons, but only if NVIDIA’s closing share price on each observation date, including the final valuation date, is at or above a specified coupon barrier. The notes are subject to an automatic call if NVIDIA’s share price on any observation date before maturity is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and no further payments.

If the notes are not called and NVIDIA’s final 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 final level is below the downside threshold, repayment is reduced dollar-for-dollar with NVIDIA’s decline, and investors can lose most or all of their initial investment. All payments depend on UBS’s credit, and the notes will not be listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on or about December 22, 2027. Each $10 Note can pay a contingent coupon on scheduled dates only if AMD’s closing 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 AMD’s closing price on any observation date before maturity is at or above the initial level, in which case investors receive $10 per Note plus any due coupon and the Notes terminate. If the Notes are not called and AMD’s final price is at or above a downside threshold, investors receive back the $10 principal per Note at maturity. If the final price is below the downside threshold, repayment is reduced one-for-one with AMD’s decline from the initial level, and investors can lose their entire investment.

The minimum investment is 100 Notes, or $1,000. UBS estimates the initial value of each $10 Note on the trade date to be between $9.44 and $9.69, based on internal pricing models. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on any securities exchange.

UBS AG is offering $395,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Starbucks Corporation, maturing on June 22, 2027. The Notes pay a contingent coupon only if Starbucks’ closing share price on a given observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period.

The Notes are automatically called early if Starbucks’ stock is at or above the initial level on specified quarterly observation dates, in which case holders receive the $10 principal per Note plus any due coupon, and the Notes terminate. If not called and the final stock level is at or above the downside threshold at maturity, investors receive full principal; if it is below the downside threshold, repayment is reduced in line with the stock’s decline and can fall to zero. The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.81 per Note. All payments depend on the creditworthiness of UBS.

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

The Notes can be automatically called early if Humana’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive their principal plus the applicable contingent coupon and the Notes terminate. If the Notes are not called and Humana’s final share level is at or above a downside threshold, investors receive only their principal back at maturity. If the final level is below the downside threshold, repayment is reduced in line with Humana’s percentage decline, and investors can lose their entire investment.

The Notes are issued in $10 denominations with a minimum investment of 100 Notes and an expected estimated initial value between $9.42 and $9.67 per Note. All payments depend on UBS’s credit; the Notes are not bank deposits, are 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 Broadcom Inc., maturing on or about December 22, 2027. Each Note has a principal amount of $10 and an expected term of approximately two years.

The Notes pay a contingent coupon only if Broadcom’s share price on an observation date is at or above the coupon barrier, illustrated at $55.00, equal to 55.00% of the initial level, with a sample contingent coupon rate of 12.19% per annum. The Notes are automatically called if Broadcom’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 Broadcom’s final level is at or above the downside threshold (also illustrated at $55.00), investors receive full principal back (plus any due coupon). If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose most or all of their initial investment. All payments depend on the creditworthiness of UBS AG, and the Notes will not be listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Starbucks Corporation, maturing on or about June 22, 2027. These unsecured debt notes can pay quarterly contingent coupons, but only if Starbucks’ share price on each observation date is at or above a preset coupon barrier.

The notes may be called early if Starbucks’ stock closes at or above the initial level on any observation date after an initial period; in that case, holders receive principal plus the applicable contingent coupon and the notes terminate. If the notes are not called and Starbucks’ final share price is at or above a downside threshold at maturity, investors receive full principal back; if it is below that threshold, repayment is reduced in line with the stock’s decline and total loss of principal is possible. All payments depend on UBS’s credit. The preliminary supplement cites an estimated initial value per $10 note between $9.44 and $9.69.

UBS AG is offering $300,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of PayPal Holdings, Inc., maturing on December 22, 2027. These unsecured debt notes can pay periodic contingent coupons, but only if PayPal’s share price on each observation date is at or above a preset coupon barrier.

The notes are automatically called early if PayPal’s share price on any observation date before maturity is at or above the initial level, in which case investors receive the $10 principal per note plus any due contingent coupon, and the investment ends. If the notes are not called and PayPal’s final share price is at or above the downside threshold, investors receive back principal at maturity; if it is below the downside threshold, repayment is reduced in line with the share price decline and losses can reach 100% of the investment.

The notes are not listed on any exchange, carry UBS credit risk, and are offered in minimums of 100 notes at $10 each. The estimated initial value is $9.82 per $10 note, reflecting UBS’ internal pricing models and funding rate.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of PayPal Holdings, Inc., maturing on or about December 22, 2027. These are unsecured, unsubordinated debt obligations that pay a contingent coupon only if PayPal’s share price on a given observation date is at or above a preset coupon barrier. If on any observation date before maturity PayPal’s share price is at or above the initial level, the notes are automatically called and investors receive their principal plus the applicable contingent coupon, with no further payments.

If the notes are not called and PayPal’s final share price on the valuation date is at or above a specified downside threshold, investors receive their full principal at maturity. If the final level is below the downside threshold, the repayment is reduced in line with PayPal’s decline, and investors can lose all of their initial investment. The notes are sold in minimum denominations of 100 notes at $10 per note, will not be listed on any exchange, and all payments depend on the creditworthiness of UBS. The estimated initial value per $10 note is expected to be between $9.46 and $9.71.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of QUALCOMM Incorporated, maturing on December 22, 2027. These unsecured debt notes pay a contingent coupon only when Qualcomm’s stock closes at or above a preset coupon barrier on each observation date.

The notes are automatically called early if, on any observation date before maturity, the stock closes at or above its initial level. In that case, investors receive the principal plus any due contingent 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 their principal at maturity; if it is below the downside threshold, repayment is reduced in line with the stock’s decline and losses can reach 100% of principal.

The minimum investment is 100 notes at $10 per note, and the estimated initial value is $9.71 per note. Payments depend on Qualcomm’s share performance and on the creditworthiness of UBS, and the notes are not listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc., each with a $10 principal amount and a minimum investment of 100 Notes. Investors receive a contingent coupon only if Meta’s share price on an observation date is at or above the coupon barrier; otherwise no coupon is paid for that period. The Notes can be called early if Meta’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 coupon and the Notes terminate.

If the Notes are not called and Meta’s final share price is at or above the downside threshold, investors get back their principal, plus any final coupon if the coupon barrier is met. If the final price is below the downside threshold, repayment is reduced in line with Meta’s negative return, and investors can lose some or all of their investment. The estimated initial value is $9.74 per $10 Note, and all payments depend on UBS’s creditworthiness.