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 Oracle Corporation, scheduled to mature on December 17, 2027. These unsubordinated, unsecured debt securities pay a contingent coupon only on observation dates when Oracle’s closing share price is at or above a preset coupon barrier; if the barrier is not met, no coupon is paid for that period. On quarterly observation dates before the final valuation date, the notes may be automatically called if Oracle’s closing level is at or above the initial level, in which case investors receive the principal plus the applicable coupon and the notes terminate early.

If the notes are not called and Oracle’s closing level on the December 15, 2027 final valuation date is at or above a downside threshold, investors receive the $10 principal per note. If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline and can fall to zero, resulting in a complete loss of principal. All payments depend on UBS’s creditworthiness. The notes are offered in minimum investments of 100 notes at $10 each and have an estimated initial value between $9.41 and $9.66 per $10 note. They are not listed on any securities exchange.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on December 17, 2027. Each Note has a $10 principal amount and the minimum investment is 100 Notes (a $1,000 investment).

Investors receive a contingent coupon only if Oracle’s closing level on an observation date, including the final valuation date on December 15, 2027, is at or above a preset coupon barrier. The Notes are automatically called early if Oracle’s closing level on any observation date before maturity is at or above the initial level, in which case UBS repays principal plus the applicable contingent coupon and makes no further payments.

If the Notes are not called and Oracle’s final level is at or above the downside threshold, UBS repays the $10 principal per Note, plus any 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 Oracle’s negative return, and investors can lose some or all of their investment. The estimated initial value is $9.77 per Note, and all payments depend on the creditworthiness of UBS. The Notes are not bank deposits, are not FDIC insured, and will not be listed on any exchange.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation, maturing on or about December 17, 2027. Each Note has a $10 principal amount and can pay periodic contingent coupons, but only if Oracle’s closing level on the relevant observation date is at or above a specified coupon barrier.

The Notes are automatically called early if, on any observation date before the final valuation date, Oracle’s closing level is at or above the initial level, in which case investors receive the $10 principal plus any due coupon and no further payments. If the Notes are not called and the final level is at or above the downside threshold, investors receive only the $10 principal (plus any final coupon). If the final level is below the downside threshold, repayment is reduced in line with the stock’s decline and investors can lose their entire investment. All payments depend on UBS’s credit; the Notes are not bank deposits or FDIC insured. The estimated initial value per $10 Note on the trade date is expected to be between $9.47 and $9.72.

UBS AG is offering unsecured Step Down Trigger Autocallable Notes linked to the Solactive U.S. Large Cap Volatility Navigator Index, with a term of about 10 years and a denomination of $1,000 per Note. The Notes can be automatically called quarterly if the index closes at or above a specified call threshold; if called, holders receive principal plus a call return that accrues at a 20.75% per annum rate, increasing the longer the Notes remain outstanding.

If the Notes are never called and the index’s final level is below the downside threshold, set at 60% of the initial level, the maturity payment is reduced dollar-for-dollar with the index loss, and all principal can be lost. The underlying index itself is complex: it uses leveraged, volatility-targeted exposure (up to 500%) to S&P 500 E-mini futures and is reduced by a 6.0% per annum daily decrement, which drags on performance. The Notes pay no coupons or dividends, are not listed, and all payments depend on UBS’s credit. The estimated initial value is expected between $884.60 and $914.60 per $1,000, with an underwriting discount of $50 per Note.

UBS AG is offering $12,629,000 of Trigger Autocallable Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing in December 2029. These unsecured debt securities can be automatically called each year if both indices close at or above their call threshold, set at 100% of their initial levels, paying a call price that reflects an 11.15% per annum call return rate (up to 44.60% if called at maturity). If the notes are not called and both indices finish at or above 70% of their initial levels, investors receive only their $1,000 principal per note. If either index ends below its downside threshold, repayment is reduced 1:1 with the loss on the worst-performing index, and all principal can be lost. The notes pay no interest or dividends, will not be listed on an exchange, carry significant liquidity and market risks, and all payments depend on UBS’s credit. The issue price is $1,000 per note, with estimated initial value of $976.30 and $20.00 per note in underwriting compensation.

UBS AG is offering $22,218,000 in Trigger Autocallable Notes linked to the Russell 2000® Index and the S&P 500® Index, maturing on December 17, 2029. Each Note has a $1,000 principal amount and pays no interest. Investors can receive an automatic early redemption if on any annual observation date, including the final valuation date, both indices close at or above their call threshold levels, set at 100% of their initial levels (2,551.457 for the Russell 2000 and 6,827.41 for the S&P 500). The call return rate is 13.15% per annum, with call prices rising from $1,131.50 in 2026 up to $1,526.00 in 2029.

If the Notes are not called and both indices finish at or above their downside thresholds (70% of initial levels), investors receive only the $1,000 principal. If at least one index finishes below its downside threshold, repayment is reduced in line with the percentage loss of the least performing index, and investors can lose up to all of their investment. All payments depend on the creditworthiness of UBS, and the Notes will not be listed, with limited or no secondary market liquidity expected.

UBS AG is offering $1,017,000 of Bearish Barrier Early Redeemable Market Linked Notes tied to the S&P 500® Index and maturing in March 2027.

The notes redeem early at par with no gain if on any trading day the index closes at least 20.00% below the initial level of 6,827.41, breaching the lower barrier of 5,461.93. If no barrier event occurs and the final index level is at or above the initial level, investors receive principal plus a fixed 3.50% digital return. If no barrier event occurs and the index finishes below the initial level but at or above the lower barrier, the payoff equals principal plus the absolute index decline, capped at 20.00%.

The notes pay no interest, pass through no dividends, are not listed, and depend entirely on UBS’s ability to pay. The estimated initial value is $993.00 per $1,000 note, reflecting structuring and hedging costs, and secondary market liquidity may be limited.

UBS AG is offering $9,986,800 of Trigger Autocallable Notes linked to the EURO STOXX 50® Index, maturing December 17, 2030. Each Note has a $10 principal amount and an 8.60% per annum call return rate. The Notes are automatically called, and pay the stated call price, if on any quarterly observation date the index closes at or above the call threshold, set at 100% of the initial level (5,720.71).

If the Notes are never called and the final index level is at or above the downside threshold of 75% of the initial level (4,290.53), investors receive only their $10 principal. If the final level is below the downside threshold, repayment is reduced dollar‑for‑dollar with the index loss and can fall to zero. The estimated initial value is $9.725 per Note, below the $10 issue price. The Notes pay no interest or dividends, will not be listed, and all payments depend on the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of Best Buy Co., Inc., maturing on or about January 4, 2029. Each Note has a $1,000 principal amount and pays a contingent quarterly coupon only if Best Buy’s share price is at or above a coupon barrier set at 55% of the initial level; missed coupons can be paid later under the memory feature.

The Notes may be automatically called on quarterly observation dates beginning after six months if Best Buy’s stock closes at or above the call threshold of 100% of the initial level, returning principal plus due and unpaid coupons, after which no further payments occur. If the Notes are not called and the final stock price is at or above the downside threshold (55% of the initial level), investors receive full principal back; if it is below, repayment is reduced in line with the stock’s percentage drop, and all principal can be lost.

The indicative contingent coupon rate ranges from 10.50% to 11.50% per annum. The estimated initial value per Note is between $931.00 and $961.00, below the $1,000 issue price, reflecting underwriting discounts, hedging and issuance costs and UBS’ internal funding rate. Payments depend entirely on UBS’ credit, the Notes will not be listed, and liquidity and secondary market prices may be limited and volatile.

UBS AG is offering Trigger Callable Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing on March 17, 2027. The Notes pay a fixed coupon of 7.90% per annum monthly, regardless of index performance, unless UBS calls them early.

UBS may call the Notes monthly beginning after three months, repaying principal plus the due coupon, after which no further payments are made. If the Notes are not called and, on the final valuation date, each index is at or above 70% of its initial level, investors receive full principal back plus the final coupon. If any index closes below its downside threshold, repayment is reduced in line with the percentage loss of the worst-performing index, and investors could lose all principal. Payments depend on UBS’s credit; a default could result in total loss.

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of Olin Corporation, maturing on or about January 4, 2029. Each Note has a $1,000 principal amount and offers a contingent coupon targeted in a range of 13.50% to 14.50% per annum, paid quarterly only if Olin’s share price on an observation date is at or above a coupon barrier set at 50% of the initial level.

The Notes can be automatically called on quarterly dates beginning about six months after issuance if Olin’s stock closes at or above a call threshold equal to 100% of the initial level. In that case, investors receive principal plus any due and unpaid contingent coupons and the Notes terminate early. If the Notes are not called and Olin’s final level is at or above the downside threshold (also 50% of the initial level), investors receive full principal back at maturity.

If the final level is below the downside threshold, repayment is reduced in line with Olin’s percentage decline, and investors can lose some or all of their principal. The estimated initial value is expected to be between $912.40 and $942.40 per $1,000 Note, and all payments depend on the creditworthiness of UBS as an unsecured issuer.

UBS AG is offering market-linked "Capped GEARS" Securities tied to the S&P 500® Index, maturing on or about March 2, 2027. Each Security has a $10 principal amount, provides 3.00x leveraged upside to any positive index return, but gains are capped by a maximum gain of 12.15% to 14.15%, resulting in a maximum payment at maturity of $11.215 to $11.415 per Security.

If the index return is positive, the payout equals $10 multiplied by 1 plus the lesser of the geared return or the maximum gain. If the index is unchanged, investors receive the $10 principal. If the index declines, the payout is $10 multiplied by 1 plus the index return, so losses mirror the index on the downside and can reach a 100% loss of principal.

The Securities pay no interest, do not provide dividends on index constituents, may have limited or no secondary market, and are subject to the credit risk of UBS as unsubordinated, unsecured debt. The estimated initial value is expected to be between $9.484 and $9.784 per $10 Security, reflecting fees, hedging and UBS’ internal funding rate.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer of the Russell 2000 Index and the S&P 500 Index, maturing on or about December 21, 2028. The Notes pay a quarterly contingent coupon at 8.30% per annum only if on each observation date both indices are at or above 70% of their initial levels. UBS may call the Notes in whole, starting after six months, paying principal plus any due coupon, after which no further payments are made.

If the Notes are not called and at maturity either index is below its 70% downside threshold, the repayment of principal is reduced one-for-one with the decline of the worst-performing index, and investors can lose all of their initial investment. The Notes are unsecured obligations of UBS, not listed on any exchange, with an estimated initial value between $945.90 and $975.90 per $1,000 issue price and an underwriting discount of $15.00 per Note.

UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc., maturing on December 14, 2028. Each $1,000 Note pays a contingent coupon at 9.00% per annum (quarterly $22.50) only if Netflix’s closing level on the observation date is at or above the coupon barrier of $47.05, which is 50% of the initial level of $94.09. The Notes are automatically called if Netflix’s closing level on any quarterly observation date beginning after 6 months is at or above the call threshold level of $94.09, in which case investors receive principal plus the applicable contingent coupon and the Notes terminate early.

If the Notes are not called and Netflix’s final level on the December 11, 2028 final valuation date is at or above the downside threshold of $47.05, investors receive full principal back (and a contingent coupon if the barrier is met). If the final level is below the downside threshold, investors receive 10.6281 Netflix shares per Note (plus cash for any fractional share), expected to be worth significantly less than principal, exposing them to a loss of a significant portion or all of their investment. All payments and deliveries depend on the creditworthiness of UBS, and the Notes are unsecured, unsubordinated obligations that will not be listed on any exchange.

UBS AG is offering $1,000,000 in Trigger Callable Contingent Yield Notes, each with a $1,000 principal amount, linked to the least performing of the Nasdaq‑100 Index, Russell 2000 Index and S&P 500 Index, maturing on December 15, 2028. The Notes pay a 13.05% per annum contingent coupon (about $10.875 per month per Note) only if, on each monthly observation date, all three indices are at or above their coupon barriers, set at 80% of initial levels.

UBS may call the Notes in whole on any observation date starting after three months, returning principal plus any due coupon, with no further payments. If not called and all indices finish at or above their downside thresholds (also 80% of initial levels), investors receive full principal back. If any index finishes below its downside threshold, repayment is reduced one‑for‑one with the loss on the worst‑performing index, up to a total loss of principal. The estimated initial value is $967.80 per Note, and all payments depend on UBS’s credit.

UBS AG is offering $700,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the S&P 500 Index and the Russell 2000 Index, maturing in December 2028. The notes pay a 7.00% per annum contingent coupon (about $17.50 per $1,000 quarterly) only when both indices close at or above their coupon barriers, set at 67.50% of initial level. UBS will automatically call the notes on quarterly observation dates starting after six months if both indices are at or above their initial levels, returning principal plus the applicable coupon. If the notes are not called and either index finishes below its downside threshold (also 67.50% of initial), repayment is reduced in line with the worst index’s loss, up to a total loss of principal. The notes are unsecured obligations of UBS, carry UBS credit risk, have an estimated initial value of $974.20 per $1,000, are sold at $1,000 with a $21.60 per-note underwriting discount, and are not exchange-listed, so liquidity may be limited.

UBS AG is offering unsecured Capped GEARS notes linked to the Russell 2000® Index, giving leveraged upside at maturity but full exposure to index losses. Each Security has a $10 principal amount, 3.00x upside gearing, and a capped return with a maximum gain between 18.90% and 20.90%, implying a maximum payment per Security between $11.89 and $12.09, all set on the trade date. If the index ends higher, your payout equals $10 plus the lesser of the geared index gain or the maximum gain; if it is unchanged, you receive $10; if it falls, you lose the same percentage as the index, up to a total loss of principal.

The notes pay no interest, provide no dividends or voting rights, and must be held to maturity for the stated payoff. They are not listed on an exchange and may have little or no secondary market. The estimated initial value is expected between $9.48 and $9.78 per Security versus the $10 issue price, reflecting dealer compensation, hedging and funding costs; underwriting discounts of $0.20 per Security leave $9.80 in proceeds to UBS. All payments depend on UBS’s creditworthiness, and the tax treatment is complex and uncertain.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, with a scheduled maturity on December 15, 2028. These unsubordinated, unsecured notes pay a contingent coupon only if NVIDIA’s closing stock price on an observation date is at or above a preset coupon barrier; otherwise no coupon is paid for that period. The notes are automatically called early if NVIDIA’s stock closes at or above the initial level on any observation date before maturity, in which case investors receive principal plus the applicable contingent coupon and no further payments.

If the notes are not called and NVIDIA’s final stock level on the December 13, 2028 final valuation date is at or above the downside threshold, investors receive back the full principal (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 the stock’s percentage decline, and investors can lose all of their investment. The notes are not listed on any exchange, are subject to UBS’s credit risk, require a minimum investment of 100 notes at $10 per note, and have an estimated initial value of $9.69 per note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation, maturing on or about December 15, 2027. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not insured by any government agency.

Investors receive a contingent coupon only if, on an observation date, Intel’s share price is at or above a coupon barrier; otherwise no coupon is paid for that period. The notes are automatically called early if Intel’s share price on any observation date (before the final valuation date) is at or above the initial level, in which case investors receive principal plus the applicable contingent coupon and no further payments.

If the notes are not called and Intel’s final level is at or above a downside threshold, investors receive only their principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with the negative underlying return, and investors can lose all of their initial investment. The minimum investment is 100 notes at $10 each, and the estimated initial value per note is expected to be between $9.45 and $9.70, subject to UBS credit risk and limited liquidity, as the notes will not be listed on an exchange.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, maturing on December 16, 2027. These unsecured, unsubordinated debt notes pay a contingent coupon only if the stock closes on or above a preset coupon barrier on each observation date; otherwise no coupon is paid for that period.

The notes are automatically called early if the stock closes at or above its 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 the notes are not called and, at maturity, the stock is at or above a downside threshold, investors receive full principal back; if it is below that threshold, repayment is reduced in line with the stock’s percentage decline, and the entire investment can be lost in severe declines.

Any payment depends on UBS’s creditworthiness, so a UBS default could result in full loss even if the stock performs favorably. The notes will not be listed on any exchange, the estimated initial value is $9.70 per $10 Note, and the minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc., maturing on or about December 18, 2028. These unsecured debt obligations pay a contingent coupon only if Palantir’s closing share price on an observation date is at or above a specified coupon barrier; otherwise, no coupon is paid for that period.

The notes are automatically called early if Palantir’s share price on any observation date before maturity is at or above the initial level, in which case investors receive principal plus any due coupon and no further payments. If the notes are not called and Palantir’s final level on the valuation date is at or above a downside threshold, investors receive their principal back (and a final coupon if the barrier is met). If the final level is below the downside threshold, repayment is reduced in line with the stock’s percentage decline, and investors could lose their entire investment.

The minimum investment is 100 notes at $10 per note, and the estimated initial value per note is expected to be between $9.38 and $9.63. All payments depend on UBS’s creditworthiness; a default by UBS could result in loss of all amounts due.

UBS AG is offering $125,000 of Trigger Autocallable Contingent Yield Notes linked to Intel common stock, maturing on December 16, 2027. These unsecured debt notes can pay a contingent quarterly coupon only when Intel’s share price is at or above a preset coupon barrier on the relevant observation date; otherwise no coupon is paid.

UBS will automatically call the notes early and return principal plus the due coupon if Intel’s stock closes at or above the initial level on any observation date before maturity. If the notes are not called and Intel’s final share price is at or above the downside threshold, investors receive full principal at maturity; if it is below that threshold, repayment is reduced in line with the stock’s percentage decline, and all principal can be lost.

Payments depend entirely on UBS’s credit and the notes will not be listed on any exchange. The minimum investment is 100 notes at $10 each, and the estimated initial value is $9.77 per note, reflecting UBS’s internal pricing and funding costs.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc. and scheduled to mature on or about December 16, 2026. These unsecured debt obligations can pay a contingent coupon on each observation date only if the CrowdStrike share price is at or above a specified coupon barrier; otherwise, no coupon is paid for that period.

The Notes are automatically called early if, on any observation date before maturity, the share price is at or above the initial level. In that case, investors receive the $10 principal per Note plus any due coupon, and the product terminates. If not called, and on the final valuation date the share price is at or above the downside threshold, investors receive the $10 principal back, potentially with a final coupon. If it is below the downside threshold, repayment is reduced in line with the stock’s decline and can fall to zero, resulting in a complete loss of principal.

The Notes are subject to UBS’s credit risk, will not be listed on an exchange, and are offered in minimum denominations of 100 Notes at $10 per Note. The estimated initial value per Note on the trade date is expected to be between $9.45 and $9.70, based on UBS’s internal pricing models.

UBS AG London Branch is offering capped leveraged buffered medium-term notes linked to 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 notes pay no interest and have a term expected to be 26–29 months.

At maturity, for each $1,000 face amount, investors get $1,000 plus 250% of any positive basket return, capped at a maximum settlement amount expected between $1,232.25 and $1,273.00. If the basket falls up to 17.5%, principal is repaid in full. Below this buffer, investors lose about 1.2121% of face amount for every 1% further decline and could lose their entire investment.

The estimated initial value is expected between $966.00 and $996.00 per $1,000, reflecting UBS’ internal pricing models and funding rate. The notes are unsecured obligations of UBS, will not be listed, may have limited or no secondary market, and involve non-U.S. equity, currency and complex U.S. tax risks.

UBS AG is offering $250,000 of Buffer Callable Contingent Yield Notes linked to the Russell 2000® Index and the S&P 500® Index. These three-year Notes pay a quarterly contingent coupon at a rate of 9.15% per annum ($22.875 per $1,000 Note) only if, on each observation date, the closing level of both indices is at or above their coupon barriers, set at 80.00% of the initial levels.

UBS can call the Notes in whole, beginning after 6 months, on any observation date; if called, investors receive $1,000 per Note plus any due coupon, and no further payments. If the Notes are not called and both indices finish at or above their downside thresholds (also 80.00% of initial levels), investors receive full principal at maturity. If any index finishes below its downside threshold, repayment is reduced according to the decline of the least performing index beyond the 20.00% buffer, and investors can lose almost all of their investment.

Payments depend on UBS’ creditworthiness, the Notes are not insured, may have little or no secondary market, and the estimated initial value is $991.00 per $1,000 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc. The Notes have a $1,000 principal amount, a term of about three years to December 14, 2028, and pay a 9.00% per annum contingent coupon ($22.50 per quarter) only when Netflix’s closing price is at or above the coupon barrier.

The initial Netflix level is $94.09. The call threshold is 100% of this level, and the coupon barrier and downside threshold are each 50% ($47.05). Starting after six months, the Notes are automatically called on any observation date if Netflix closes at or above the call threshold, returning principal plus the applicable coupon.

If the Notes are not called and Netflix’s final level is at or above the downside threshold, investors receive full principal at maturity. If the final level is below the downside threshold, investors receive 10.6281 Netflix shares per Note (plus cash for any fraction), which may be worth far less than $1,000, causing a substantial or total loss. The Notes are unsecured obligations of UBS, are not listed on an exchange, and carry UBS credit risk.

UBS AG is offering $2,637,000 of Trigger Autocallable Contingent Yield Notes linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index, maturing on December 16, 2030. These unsecured debt notes pay a 15.00% per annum contingent coupon (about $12.50 per month per $1,000) only when the index is at or above a coupon barrier set at 60% of the initial level. The notes can be automatically called after six months if the index closes at or above the initial level, returning principal plus the applicable coupon, with no further payments. If not called, investors receive full principal at maturity only if the index stays at or above a downside threshold at 50% of the initial level; otherwise repayment is reduced one‑for‑one with the index loss and can fall to zero. The estimated initial value is $958.10 per $1,000, the notes will not be listed, and all payments depend on UBS’s credit.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, maturing around November 22, 2027. The Notes pay a monthly contingent coupon of 11.40% per annum (about $9.50 per $1,000) only if, on each observation date, all three indices close at or above their coupon barriers, set at 70% of their initial levels.

UBS may call the Notes in whole, beginning after three months, paying back principal plus any due coupon; after a call, no further payments are made. If the Notes are not called and, at maturity, each index is at or above its downside threshold (also 70% of initial), investors receive full principal. If any index finishes below its downside threshold, repayment is reduced one-for-one with the worst index’s decline, potentially to zero.

The Notes are unsecured obligations of UBS, are not FDIC insured, will not be listed on an exchange and involve significant market, liquidity and credit risk. The estimated initial value is expected between $957.80 and $987.80 per $1,000 Note, reflecting embedded costs and dealer compensation of up to $7.25 per Note.

UBS AG is offering $350,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, maturing on December 15, 2027.

The Notes pay a contingent coupon on a coupon payment date only if the stock’s closing level on the related observation date (including the final valuation date of December 13, 2027) is at or above a defined coupon barrier; otherwise no coupon is paid. If on any observation date before the final valuation date the stock closes at or above its initial level, the Notes are automatically called and holders receive the $10 principal per Note plus any contingent coupon due, with no further payments.

If the Notes are not called and the final stock level is at or above the downside threshold, UBS repays only the principal at maturity. If the final level is below the downside threshold, repayment is reduced in line with the underlying return, using $10 × (1 + underlying return) per Note, and all principal can be lost. The Notes are unsubordinated, unsecured obligations of UBS, subject to its credit risk, offered in a minimum of 100 Notes at $10 each, with an estimated initial value of $9.76 per Note, are not FDIC-insured and will not be listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lyft, Inc., maturing on or about December 15, 2026. These are unsubordinated, unsecured debt obligations of UBS.

UBS will pay a contingent coupon on a coupon payment date only if Lyft’s closing share price on the related observation date is at or above a specified coupon barrier. The notes will be automatically called early if Lyft’s share price on any observation date before the final valuation date is at or above the initial level; in that case, investors receive the principal plus the applicable contingent coupon, and the notes terminate.

If the notes are not called and Lyft’s final share price is at or above the downside threshold, investors receive only the principal at maturity. If Lyft’s final share price is below the downside threshold, the payoff is reduced in line with the underlying decline and can result in a total loss of principal. The notes are issued in $10 denominations, with a minimum of 100 notes, have an estimated initial value between $9.35 and $9.60 per $10 note, will not be listed on an exchange, and all payments are subject to UBS’s creditworthiness and are not FDIC insured.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co, due on or about December 15, 2026. Each $10 Note can pay periodic contingent coupons, but only if the Vertiv share price on the relevant observation date is at or above a coupon barrier; otherwise no coupon is paid.

The Notes may be automatically called before maturity if Vertiv’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, principal is repaid at maturity only if the final share price is at or above a downside threshold; below that level, repayment is reduced one-for-one with Vertiv’s decline, and investors could lose their entire investment.

The Notes are unsubordinated, unsecured obligations of UBS, are not insured or listed on any exchange, and are subject to UBS’s credit risk. The minimum investment is 100 Notes at $10 each, and the estimated initial value per $10 Note on the trade date is expected to be between $9.43 and $9.68.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co, with maturity around December 15, 2026. These unsecured senior notes can pay contingent coupons only if Vertiv’s closing share price on an observation date is at or above a preset coupon barrier, and they may be automatically called early if the share price is at or above the initial level.

If the notes are not called, investors receive full principal at maturity only when the final share price is at or above a downside threshold; if it is lower, repayment per note decreases in line with Vertiv’s decline and can fall to zero, so all principal can be lost. The minimum investment is 100 notes at $10 each, and the estimated initial value per $10 note is expected to be between $9.47 and $9.72 based on UBS’s internal pricing models. The notes will not be listed, and all payments, including any coupons and principal, depend on the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of PVH Corp. with a scheduled maturity around December 15, 2026. The notes pay contingent coupons only if PVH’s closing price on specified observation dates, including the final valuation date, is at or above a preset coupon barrier; otherwise no coupon is paid.

If PVH closes at or above the initial level on any observation date before the final valuation date, the notes are automatically called and repay the $10 principal per note plus any due coupon, and the investment ends. If not called, holders receive full principal at maturity only if PVH’s final level is at or above a downside threshold; if it is below that threshold, repayment is reduced in line with PVH’s decline and can fall to zero.

All payments depend on the credit of UBS AG, and the notes are unsubordinated, unsecured debt, not bank deposits, not FDIC insured, and will not be listed on any securities exchange. The estimated initial value is expected to be between $9.32 and $9.57 per $10 note, and the minimum investment is 100 notes at $10 each.

UBS AG is offering $10,410,500 of Trigger Callable Yield Notes linked to the least performing of the Nasdaq-100 Index and Russell 2000 Index, maturing in March 2027. The notes pay a fixed 8.50% per annum coupon in monthly installments regardless of index performance, unless UBS calls them early. UBS can redeem the notes in whole, monthly beginning after three months, paying back the $10 principal per note plus the applicable coupon, with no further payments.

If the notes are not called and on the final valuation date both indices are at or above 70% of their initial levels, investors receive their full $10 principal per note plus the last coupon. If either index closes below its downside threshold, the maturity payment is reduced in line with the worst-performing index’s loss, and the entire principal can be lost. The notes are unsecured, unsubordinated UBS obligations, have an estimated initial value of $9.784 per $10 note, will not be listed on an exchange, and may be difficult to sell before maturity.

UBS AG is offering $1,000,000 in Buffer Securities, each with a $1,000 principal amount, linked to the least performing of the Nasdaq-100 Index and S&P 500 Index, maturing on March 11, 2027. At maturity, if the least performing index has risen, investors receive principal plus 0.90 times that index’s gain. If its return is zero or negative but its final level stays at or above 85% of its initial level (a 15% buffer), investors receive principal back. If it finishes below this downside threshold, repayment is reduced dollar-for-dollar beyond the 15% buffer and losses can approach the full investment.

The notes pay no interest, provide no dividends, and are exposed to the market risk of both indices, with any single index breach driving losses. All payments depend on UBS’s credit; a default could result in losing all invested principal. The estimated initial value is $993.90 per Security versus the $1,000 issue price, reflecting fees, hedging costs and UBS’s internal funding rate.

UBS AG is offering Capped Leveraged Buffered Basket-Linked Medium-Term Notes maturing on February 11, 2028. These notes pay no interest and repay at maturity an amount tied to 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 100.

If the basket rises, investors receive principal plus 240% of the basket gain, but the payout is capped at a maximum settlement amount of $1,266.40 per $1,000 face amount, corresponding to a cap level of 111.10% of the initial basket level. If the basket falls by up to 17.50% (down to a buffer level of 82.50), principal is protected. Below the buffer, losses accelerate at approximately 1.2121% of principal for each additional 1% decline, and investors could lose their entire investment.

The notes are unsecured obligations of UBS AG London Branch, subject to UBS credit risk, are not insured by the FDIC, and will not be listed on an exchange, so liquidity may be limited. The estimated initial value is $996.50 per $1,000, reflecting internal funding and hedging costs.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the worst performer of CoreWeave and Microsoft stock, maturing around December 22, 2027. Each $1,000 Note can pay a high contingent coupon at a 28.85% per annum rate, but only if both stocks stay at or above 50% of their initial levels on monthly observation dates. The Notes can be called early after six months if both stocks are at or above 100% of their initial levels, in which case investors receive principal plus any due coupon and the Notes terminate.

If the Notes are not called and either stock finishes below its 50% downside threshold, investors receive shares of the worst-performing stock instead of cash, likely worth far less than principal, creating the possibility of a near‑total loss. The Notes are unsecured obligations of UBS, are not insured, will not be listed on an exchange, and their initial estimated value (between $902 and $932 per $1,000) is below the issue price.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing around December 22, 2027. Each Note has a $1,000 principal amount, a term of about two years and pays a 7.80% per annum contingent coupon (about $19.50 per quarter) only if, on each observation date, both indices close at or above their coupon barriers, set at 60% of their initial levels.

UBS may, at its discretion, call the Notes in whole on any quarterly observation date after six months, paying back principal plus any due coupon, with no further payments. If the Notes are not called and both indices finish at or above their 60% downside thresholds, investors receive full principal at maturity. If any index finishes below its downside threshold, the payoff is reduced dollar-for-dollar with the loss on the worst index, and up to 100% of principal can be lost. All payments depend on the creditworthiness of UBS, and the Notes will not be listed on an exchange. The estimated initial value is between $960.60 and $990.60 per $1,000 Note, reflecting underwriting discounts and internal funding costs.

UBS AG is offering $387,000 of Trigger Autocallable Contingent Yield Notes linked to Palantir Technologies Inc. common stock, due December 10, 2027. These unsubordinated, unsecured notes pay a contingent coupon only on dates when Palantir’s closing share price is at or above a preset coupon barrier; if it is below, no coupon is paid for that period.

The notes are automatically called before maturity if Palantir’s stock closes at or above the initial level on an observation date, in which case holders receive the $10 principal per note plus any due coupon and the product terminates. If not called, investors receive full principal at maturity only if the final share price is at or above a downside threshold; otherwise, repayment is reduced in line with the share price decline and can fall to zero. The minimum investment is 100 notes ($1,000), the notes will not be listed on an exchange, and the estimated initial value is $9.83 per $10 note, with all payments subject to UBS’s credit risk.

UBS AG is offering unsecured Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc., scheduled to mature on December 13, 2027. Holders receive a contingent coupon on each payment date only if NIKE’s closing level on the related observation date is at or above a specified coupon barrier; if it is below that level, no coupon is paid for that period.

The notes are automatically called if NIKE’s closing level on any observation date before the final valuation date is at or above the initial level, in which case investors receive the $10 principal per Note plus any due contingent coupon and the notes terminate. If they are not called, principal is repaid at maturity only if the final level is at or above a downside threshold; below that threshold, repayment is reduced in line with NIKE’s decline and investors can lose all of their principal. The notes are offered in minimums of 100 Notes at $10 each, with an estimated initial value of $9.72 per Note, and all payments depend on the creditworthiness of UBS.

UBS AG is offering $350,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of MercadoLibre, Inc., maturing on June 12, 2028. These unsubordinated, unsecured debt obligations can pay contingent coupons only if MercadoLibre’s share price is at or above a preset coupon barrier on semi-annual observation dates; if the share price is below the barrier, no coupon is paid for that period.

The notes are automatically called early if the stock is at or above the initial level on any observation date after 12 months, in which case investors receive the principal plus any due coupon and no further payments. If not called, principal is repaid at maturity only if the final stock level is at or above a downside threshold; otherwise repayment is reduced in line with the stock’s decline, and investors could 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 an exchange. The minimum investment is 100 Notes at $10 each, and the estimated initial value is $9.75 per Note as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of UnitedHealth Group, scheduled to mature on December 13, 2027.

The unsecured Notes pay a contingent coupon only if, on each observation date, the closing level of the underlying stock is at or above a coupon barrier; if it is below, no coupon is paid for that period. The Notes are automatically called early if the closing level on any observation date before the final valuation date is at or above the initial level, in which case investors receive the $10 principal per Note plus any contingent coupon due on the related coupon payment date and no further payments.

If the Notes are not called and the final level is at or above the downside threshold, holders receive their principal back at maturity, and a final contingent coupon if the coupon barrier is also met. If the final level is below the downside threshold, repayment is reduced to $10 times 1 plus the underlying return, exposing investors to the full downside of the stock and potentially a complete loss of principal. The minimum investment is 100 Notes at $10 each, the Notes will not be listed on any securities exchange, and all payments are subject to the creditworthiness of UBS; the estimated initial value is $9.73 per $10 Note as of the trade date.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on December 13, 2027. These are unsubordinated, unsecured debt obligations of UBS.

The notes pay a contingent coupon only on observation dates when Broadcom’s closing share price is at or above a preset coupon barrier. They are automatically called early if the 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 coupon and the product terminates.

If the notes are not called and Broadcom’s final share price on the valuation date is at or above a downside threshold, UBS repays the $10 principal per note (and a final coupon if the barrier is met). If the final level is below the downside threshold, repayment is reduced in line with the share-price decline, and investors can lose their entire investment. The minimum investment is 100 notes at $10 each, the estimated initial value is $9.78 per note, the notes will not be listed on an exchange, and all payments depend on UBS’s credit and are not FDIC-insured.

UBS AG is offering $283,000 of Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. common stock, maturing December 13, 2027. These unsecured notes pay a contingent coupon only if Broadcom’s closing share price on the relevant observation date is at or above a preset coupon barrier; otherwise no coupon is paid.

The notes can be called early if Broadcom closes at or above the initial level on any observation date before maturity, in which case holders receive the $10 principal per note plus any due coupon on the call settlement date and no further payments. If the notes are not called and Broadcom’s final level is at or above a downside threshold, investors receive principal back at maturity; if it is below that threshold, repayment is reduced in line with the stock’s decline and can fall to zero. The minimum investment is 100 notes ($1,000), the estimated initial value is $9.79 per $10 note, and all payments depend on UBS’s creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Stanley Black & Decker, Inc., maturing on December 13, 2027. These are unsubordinated, unsecured debt obligations of UBS.

Investors receive a contingent coupon only on dates when the underlying stock closes at or above a preset coupon barrier. If on any observation date before maturity the stock closes at or above the initial level, the notes are automatically called and pay back the $10 principal per note plus the applicable coupon, and then terminate.

If the notes are not called and on the final valuation date the stock is at or above the downside threshold, principal is repaid (and a final coupon may be paid if the barrier is also met). If the final level is below the downside threshold, repayment is reduced in line with the stock’s loss, and investors can lose their entire investment. The minimum investment is 100 notes at $10 each, and the estimated initial value is $9.60 per note. The notes are not listed on any exchange, and all payments depend on UBS’s creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of lululemon athletica inc., maturing on December 13, 2027. Each Note has a $10 principal amount, sold in a minimum of 100 Notes (a $1,000 investment), and pays contingent coupons only if lululemon’s share price on each observation date is at or above a preset coupon barrier.

The Notes are automatically called before maturity if the stock closes at or above the initial level on any observation date, returning principal plus any due coupon and ending further payments. If not called, holders receive full principal at maturity only if the final stock level is at or above a downside threshold; otherwise repayment is reduced in line with the stock’s decline and can fall to zero. UBS discloses an estimated initial value of $9.74 per $10 Note, and stresses that all payments depend on UBS’s credit, with no FDIC insurance and no exchange listing.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of American Airlines Group Inc., maturing on or about December 11, 2026. These unsubordinated, unsecured debt obligations pay a contingent coupon only on observation dates when the stock closes at or above a preset coupon barrier; no coupon is paid otherwise. The notes are automatically called early, and repay principal plus any due coupon, if on any observation date before the final one the stock closes at or above its initial level.

If the notes are not called and, on the final valuation date of December 9, 2026, the stock is at or above a specified downside threshold, investors receive the $10 principal per note; if it is below that threshold, repayment is reduced in line with the stock’s decline, and all principal can be lost. Any payment depends on UBS’s credit. The notes are not bank deposits, are not FDIC insured, will not be listed on an exchange, and are sold in minimums of 100 notes at $10 each, with an estimated initial value expected between $9.45 and $9.70 per note.

UBS AG is issuing $16,180,000 of capped market-linked notes maturing on June 10, 2027, linked to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index.

Each $1,000 unsubordinated, unsecured note pays no interest and returns the $1,000 principal at maturity if held to maturity and UBS meets its obligations, even if one or both indices decline. If the worst-performing index shows a positive return over the term, holders receive principal plus that positive return, capped at an 11.55% maximum gain, for a maximum payment of $1,115.50 per note.

Investors give up dividends on the indices’ constituents, accept limited or no secondary market liquidity, and are exposed to UBS credit and potential resolution risks. The estimated initial value is $997.10 per note, below the $1,000 issue price, reflecting underwriting discounts, hedging costs, issuance expenses and UBS’s internal funding rate.

UBS AG is offering unsubordinated, unsecured Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of AbbVie, Quest Diagnostics and Altria common stock. Each Note has a $1,000 principal amount and a term of approximately 5 years, maturing on or about December 27, 2030.

The Notes pay a contingent coupon at a rate of at least 8.60% per annum, but only if on a monthly observation date the closing level of each stock is at or above its coupon barrier, set at 50.00% of its initial level, with missed coupons potentially paid later under the memory interest feature. Quarterly after 6 months, the Notes are automatically called if each stock is at or above its call threshold level of 100.00% of its initial level, in which case investors receive principal plus due and unpaid coupons and the Notes terminate early.

If the Notes are not called and at maturity the final level of each stock is at or above its downside threshold (50.00% of its initial level), investors receive full principal. If any stock finishes below its downside threshold, repayment is reduced in line with the negative return of the worst-performing stock, and investors can lose most or all of their initial investment. The estimated initial value is expected between $925.70 and $955.70 per $1,000 Note, and all payments are subject to the credit risk of UBS, with no exchange listing and potentially limited liquidity.