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

UBS AG is offering $1,225,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Hewlett Packard Enterprise Company, due April 22, 2027. These unsecured debt notes pay a contingent coupon only if the underlying stock closes at or above a preset coupon barrier on an observation date.

The notes may be called early if the underlying closes at or above its initial level on any observation date before the final valuation date. If called, holders receive the principal plus any coupon due on the call settlement date and no further payments. If not called, holders receive principal at maturity only if the final level is at or above the downside threshold; otherwise, repayment is reduced in line with the stock’s decline, and losses could be total.

All payments depend on UBS’s credit. The notes will not be listed. Key dates: trade October 20, 2025; settlement October 22, 2025; final valuation April 20, 2027; maturity April 22, 2027. The estimated initial value is $9.75 per $10 note. Minimum purchase is 100 notes at $10 each.

UBS AG filed a preliminary 424(b)(2) pricing supplement for Trigger Autocallable Contingent Yield Notes linked to Freeport‑McMoRan Inc. common stock, maturing on or about October 23, 2028. The Notes pay a contingent coupon only if the underlying closes at or above a coupon barrier on each observation date; otherwise no coupon is paid. The Notes are automatically called if the underlying closes at or above the initial level on any observation date before the final valuation date.

If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise repayment is reduced in line with the underlying’s decline, and total loss is possible. Key dates: trade date October 20, 2025; settlement October 22, 2025; final valuation October 19, 2028; maturity October 23, 2028. The offering price is $10 per Note with a minimum of 100 Notes. The estimated initial value per Note is expected to range between $9.47 and $9.72. Any payment is subject to the creditworthiness of UBS. The Notes will not be listed.

UBS AG is offering preliminary Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., due on or about October 22, 2027. These unsecured, unsubordinated notes pay a contingent coupon only if the underlying closes at or above a coupon barrier on scheduled observation dates, and they may be automatically called early if the underlying closes at or above the initial level on any observation date before maturity.

If not called, and the final level is at or above the downside threshold, principal is repaid at maturity; if below, repayment is reduced in line with the decline in the underlying, and you could lose all of your investment. Any payment depends on the creditworthiness of UBS.

The offering contemplates $10 denominations, a minimum purchase of 100 notes ($1,000), expected trade and settlement on October 20, 2025 and October 22, 2025, respectively, a final valuation date of October 20, 2027, and an estimated initial value per note between $9.53 and $9.78. The notes will not be listed on any exchange.

UBS AG is offering $800,000 of Trigger Autocallable Contingent Yield Notes linked to the KraneShares CSI China Internet ETF, maturing on October 22, 2026.

The Notes pay a contingent coupon only if the ETF’s closing level on an observation date is at or above a coupon barrier. The Notes are automatically called early if the ETF closes at or above the initial level on any observation date before the final valuation date; investors then receive principal plus the applicable coupon, and no further payments. If not called, and the ETF’s final level is at or above the downside threshold, principal is repaid at maturity. If the final level is below the downside threshold, repayment is reduced one-for-one with the ETF’s decline, and losses can be total.

Key terms include trade date October 20, 2025, settlement October 22, 2025, final valuation October 20, 2026, and maturity October 22, 2026. Minimum purchase is 100 Notes at $10 per Note. The estimated initial value is $9.66 per Note. The Notes will not be listed and all payments are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Hewlett Packard Enterprise Company. These unsubordinated, unsecured debt obligations may pay quarterly contingent coupons only when the underlying closes at or above a coupon barrier on the relevant observation date. The Notes may be automatically called on any observation date prior to the final valuation date if the underlying closes at or above the initial level, returning principal plus any due coupon.

If not called, at maturity on April 22, 2027 UBS repays the $10 principal per Note only if the final level is at or above the downside threshold; otherwise, repayment is reduced one-for-one with the underlying’s decline, and you could lose all principal. Any payment depends on UBS’s credit. The minimum investment is 100 Notes at $10 each. The estimated initial value per $10 Note is expected between $9.46 and $9.71. Trade date is expected October 20, 2025, with settlement on October 22, 2025. The Notes will not be listed, and initial settlement is T+2.

UBS AG filed a preliminary 424(b)(2) pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc., maturing on or about October 22, 2027. These unsecured debt notes pay a contingent coupon only if the underlying closes at or above a coupon barrier on each observation date, and may be automatically called early if the underlying is at or above the initial level on any observation date before the final valuation date.

If not called, return of principal at maturity is contingent: principal is repaid only if the final level is at or above the downside threshold; otherwise, repayment is reduced one-for-one with the underlying’s decline and could be zero. Any payment depends on the creditworthiness of UBS. Key dates include trade date October 20, 2025, settlement October 22, 2025, final valuation October 20, 2027, and maturity October 22, 2027. The notes are offered in $10 denominations with a minimum investment of 100 notes. The estimated initial value as of the trade date is expected between $9.54 and $9.79. The notes will not be listed; initial settlement is T+2 while secondary trades generally settle T+1.

UBS AG filed a preliminary 424(b)(2) pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the KraneShares CSI China Internet ETF. These unsubordinated, unsecured debt notes can pay contingent coupons only when the ETF’s closing level on an observation date meets or exceeds a coupon barrier. The notes may be called early if the ETF closes at or above the initial level on any observation date before maturity.

If not called, investors receive par at maturity only if the final level is at or above the downside threshold; otherwise, repayment is reduced in line with the ETF’s decline, and losses could reach 100%. Any payment depends on the creditworthiness of UBS. Key expected dates include trade date October 20, 2025, settlement October 22, 2025, final valuation October 20, 2026, and maturity October 22, 2026. Denomination is $10 per note with a minimum of 100 notes. The estimated initial value is expected to be between $9.38 and $9.63.

UBS AG priced $2,964,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of the Russell 2000 Index (RTY) and S&P 500 Index (SPX), maturing October 20, 2028. The notes offer a 7.00% per annum contingent coupon when each index closes at or above its coupon barrier on observation dates. The notes may be called automatically if each index is at or above its call threshold (100% of its initial level) on any observation date before maturity.

Key terms include coupon barriers and downside thresholds at 70% of initial levels (RTY initial 2,452.173; SPX initial 6,664.01). If not called and any index finishes below its downside threshold at maturity, repayment is reduced by the worst index’s decline, up to total loss. Any payment depends on UBS’s credit. The notes are not exchange‑listed.

Economics: issue price $1,000 per note; underwriting compensation $15.00 per note; proceeds to UBS AG $985.00 per note; estimated initial value $958.10. Observation dates are semiannual from April 17, 2026; trade date October 17, 2025; settlement October 22, 2025.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport‑McMoRan Inc., due October 23, 2028. These unsecured notes pay a contingent coupon only if the underlying stock closes at or above a stated coupon barrier on each observation date. The notes are automatically called early if the underlying closes at or above the initial level on any observation date before the final valuation date.

If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise, repayment is reduced one‑for‑one with the stock’s decline, and you could lose all of your investment. All payments are subject to UBS’s credit; a default could result in loss of principal and coupons. The notes will not be listed.

Key dates include trade date October 20, 2025, settlement October 22, 2025, final valuation October 19, 2028, and maturity October 23, 2028. The minimum investment is 100 Notes at $10 per Note. The estimated initial value is $9.67 per Note as of the trade date.

UBS AG is offering $800,000 Trigger Autocallable Contingent Yield Notes linked to the ADRs of Pinduoduo Inc., due October 22, 2026.

The notes pay a contingent coupon only if the ADR closes on an observation date at or above the coupon barrier. They are automatically called if the ADR closes at or above the initial level on any observation date before the final valuation date; in that case, investors receive principal plus the applicable coupon and the notes end. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise, repayment is reduced in proportion to the ADR’s decline, and losses can be total.

Key dates include trade date October 20, 2025, settlement October 22, 2025, final valuation October 20, 2026, and maturity October 22, 2026. The estimated initial value is $9.79 per $10 note. The minimum investment is 100 Notes at $10 each. Payments depend on the creditworthiness of UBS, and the notes will not be listed.

UBS AG is offering $350,000 of Trigger Autocallable Contingent Yield Notes linked to Amazon.com, Inc. stock, maturing on October 22, 2027. These unsecured debt notes pay a contingent coupon only if the underlying stock closes at or above a coupon barrier on each observation date, and they may be called early if the stock is at or above the initial level on any observation date before maturity.

If not called and the final stock level is at or above the downside threshold, principal is repaid at maturity; if below, repayment is reduced in line with the stock’s decline, and investors could lose their entire investment. Payments depend on the creditworthiness of UBS.

The notes will not be listed. Minimum investment is 100 Notes at $10 per Note (total $1,000). The estimated initial value per Note is $9.79. Key dates: trade date October 20, 2025; settlement October 22, 2025; final valuation October 20, 2027.

UBS AG is offering $200,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc., due October 22, 2027.

The Notes pay a contingent coupon only if the underlying stock closes on or above a coupon barrier on an observation date. They are subject to an automatic call if the stock closes at or above the initial level on any observation date before the final valuation date; if called, investors receive principal plus any due coupon and no further payments. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise, repayment is reduced in line with the stock’s decline, and investors could lose all principal.

Any payment is subject to UBS’s creditworthiness. The Notes will not be listed. Key dates: trade date October 20, 2025, settlement October 22, 2025, final valuation October 20, 2027, maturity October 22, 2027. Minimum investment is 100 Notes at $10 per Note (i.e., $1,000). The estimated initial value is $9.78 per Note.

UBS AG announced a preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the American depositary receipts of Pinduoduo Inc. These unsecured notes pay a contingent coupon only if the ADR closing level on each observation date is at or above a defined coupon barrier. The notes are automatically called if the ADR closes at or above the initial level on any observation date before the final valuation date; if called, investors receive principal plus any due contingent coupon.

If not called, repayment of principal at maturity depends on a downside threshold: principal is returned only if the final level is at or above that threshold; otherwise, repayment is reduced one-for-one with the ADR’s decline, up to total loss. All payments are subject to UBS credit risk. Key dates: trade October 20, 2025, settlement October 22, 2025, final valuation October 20, 2026, and maturity October 22, 2026. The estimated initial value is expected between $9.51 and $9.76 per $10 note. Minimum purchase is 100 notes at $10 each. The notes will not be listed.

UBS AG is offering $7,597,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of the Russell 2000 Index (RTY) and the S&P 500 Index (SPX), due October 20, 2028.

The Notes pay a contingent coupon of 8.70% per annum (semiannual $43.50 per $1,000) only if each index closes at or above its coupon barrier on an observation date; missed coupons may be paid later under the memory feature. The Notes are automatically called if each index is at or above its call threshold (100% of initial) on any semiannual observation date before maturity, returning principal plus due and previously unpaid coupons.

If not called, principal is repaid at maturity only if each index is at or above its downside threshold (70% of initial); otherwise, repayment is reduced by the loss of the least performing index, up to total loss. Initial levels: RTY 2,452.173; SPX 6,664.01. Barriers/thresholds are 70% of initial. The estimated initial value is $974.10 per $1,000. The Notes are unsecured obligations of UBS, will not be listed, and are not FDIC insured. A structuring fee of $6.00 per Note applies to $6,499,000 aggregate principal.

UBS AG is offering $2,015,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of Apple (AAPL), Blackstone (BX) and Micron (MU), due October 20, 2028. The notes pay a 12.75% per annum contingent coupon when each underlying is at or above its coupon barrier, set at 60.00% of its initial level.

The notes may be automatically called on quarterly observation dates beginning after 6 months if each underlying is at or above its call threshold level, set at 100.00% of its initial level. If not called, repayment at maturity depends on a threshold event: if each final level is below its upper barrier (100.00%) and any final level is below its downside threshold (60.00%), investors incur a loss equal to the least performer’s negative return; otherwise, principal is repaid. The issue price is $1,000 per Note; underwriting compensation is $15.00 per Note and proceeds to UBS are $985.00 per Note, with an estimated initial value of $940.20 per Note. Payments are subject to UBS credit risk, and the notes will not be listed.

UBS AG is offering $6,926,010 of Buffer Autocallable GEARS linked to the Russell 2000 Index, due October 19, 2028. The issue price is $10 per Security (minimum 100), with an underwriting discount of $0.25 and proceeds to UBS of $9.75 per Security.

The notes may be automatically called on October 22, 2026 if RTY closes at or above the autocall barrier (100.00% of the initial level 2,519.754), paying the call price $11.00 (10.00% per annum). If not called, maturity payment depends on index performance: upside participation at 1.41x; principal repaid if the final level is at or above the downside threshold 2,267.779 (90.00% of initial); losses beyond a 10.00% buffer if below. The Securities do not pay interest and all payments are subject to UBS credit. The estimated initial value is $9.725. Key dates: trade October 15, 2025; settlement October 20, 2025; final valuation October 16, 2028.

UBS AG filed a preliminary 424(b)(2) pricing supplement for Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. common stock. The Notes pay a contingent coupon only if the stock closes at or above a coupon barrier on observation dates, and they may be automatically called early if the stock is at or above the initial level on any observation date before maturity.

If not called, principal is repaid at maturity only if the final level is at or above a downside threshold; otherwise, repayment falls with the stock’s decline and can reach zero. Key dates include an expected trade date of October 15, 2025, settlement on October 17, 2025, final valuation on October 14, 2027, and maturity on October 18, 2027. The estimated initial value per $10 Note is expected to be between $9.52 and $9.77. The minimum investment is 100 Notes at $10 each. Payments are unsecured obligations of UBS and the Notes will not be listed on an exchange.

UBS AG is offering $500,000 Trigger Autocallable Contingent Yield Notes linked to Intel Corporation common stock, due October 19, 2026. These unsecured, unsubordinated notes pay a contingent coupon only when Intel’s closing level on an observation date is at or above the coupon barrier.

The contingent coupon rate is 18.72% per annum, equating to $0.468 per quarter per $10 note when payable. The notes auto-call if Intel’s level on an observation date (before the final valuation date) is at or above the initial level; if called, investors receive principal plus the applicable contingent coupon.

If not called, principal is repaid at maturity only if the final level is at or above the downside threshold. The coupon barrier and downside threshold are $22.29, which is 60.00% of the initial level. If the final level is below the downside threshold, repayment is reduced one-for-one with Intel’s decline, up to total loss. The estimated initial value is $9.79 per $10 note. The notes are not listed and are subject to UBS credit risk.

UBS AG plans to offer Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq‑100, and Russell 2000. The Notes pay a contingent coupon only if each index closes at or above its coupon barrier on the monthly observation date; otherwise no coupon is paid. UBS may call the Notes, in whole, on any observation date beginning after 3 months, returning principal plus any due coupon. If not called and each index finishes at or above its downside threshold at maturity, investors receive principal back.

If any index finishes below its downside threshold at maturity, the repayment is reduced by that index’s percentage decline, up to total loss of principal. Key terms include a contingent coupon rate of 10.75% per annum, coupon barriers and downside thresholds at 70.00% of initial levels, monthly observations, expected trade date October 24, 2025, and maturity on or about October 28, 2027. 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 $961.50 and $991.50, and payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Moderna, Inc., due October 14, 2026. The notes pay a contingent coupon only if the underlying closes on each observation date at or above a coupon barrier; otherwise no coupon is paid. The notes will be automatically called if the underlying closes at or above the initial level on any observation date before the final valuation date, returning principal plus any due coupon.

If not called, and the final level is at or above the downside threshold, investors receive principal at maturity; if below, repayment is reduced one-for-one with the underlying’s decline, and investors could lose all principal. Payments are subject to UBS credit risk. Key dates: trade date October 9, 2025, settlement October 14, 2025, final valuation October 12, 2026, maturity October 14, 2026. The notes are offered at $10 per Note (minimum 100 Notes) and have an estimated initial value of $9.81. The notes will not be listed.

UBS AG is offering $1,985,000 of Trigger Autocallable Contingent Yield Notes linked to Meta Platforms common stock, maturing on October 19, 2028. The notes pay a 13.15% per annum contingent coupon only when META’s closing level on a quarterly observation date is at or above the coupon barrier of $496.06 (70% of the initial level).

The notes are automatically called if META is at or above the call threshold of $708.65 (100% of the initial level) on any observation date before final maturity, returning principal plus the applicable coupon. If not called, and META’s final level is at or above $496.06, holders receive principal at maturity. If the final level is below $496.06, the maturity payment is reduced one-for-one with META’s decline, and investors could lose all principal.

Issue price is $1,000 per note; estimated initial value is $973.00. Underwriting discount is $20.00 per note, for proceeds to UBS of $980.00 per note. Payments depend on UBS’s credit. The notes will not be listed.

UBS AG is offering $5,424,000 of Trigger Jump Securities with an auto‑call feature tied to the worst‑performing of the S&P 500 (initial level 6,552.51) and Russell 2000 (initial level 2,394.595), maturing on October 16, 2031.

The notes pay no interest. On any determination date before maturity, if both indices close at or above their initial levels, the notes are automatically redeemed at $1,000 plus a premium that steps up based on ~8.30% per annum. If held to maturity and both indices finish at or above initial, investors receive $1,498.00 per $1,000. If any index finishes below initial but both remain at or above 80% of initial (5,242.01 for the S&P 500; 1,915.676 for the Russell 2000), investors receive $1,000. If any index finishes below its 80% downside threshold, repayment is reduced one‑for‑one with the worst performer and can be zero.

Issue price is $1,000 per note; total fees are 3.50% (3.00% sales, 0.50% structuring), with proceeds to UBS of 96.50%. The estimated initial value is $950.10. The notes are unsecured obligations of UBS AG, will not be listed, and are subject to UBS credit risk.

UBS AG filed a preliminary pricing supplement for Trigger Callable Contingent Yield Notes linked to Constellation Energy Corporation (CEG), maturing on or about October 19, 2028. The Notes pay a 14.60% per annum contingent coupon when the stock closes at or above the coupon barrier on quarterly observation dates and are callable after 6 months at UBS’s discretion.

Both the coupon barrier and downside threshold are set at 52.50% of the initial level. If not called and the final level is below the downside threshold, the maturity payment will reflect the full negative return of the underlying, up to total loss of principal. The estimated initial value is expected between $938.80 and $968.80 per $1,000 Note. Per-Note economics include a $1,000 issue price, $23.50 underwriting discount and $976.50 proceeds to UBS.

The Notes are unsecured obligations of UBS and will not be listed. Any payment depends on UBS’s credit. Quarterly observation and coupon dates run from January 2026 through the final valuation date on October 16, 2028.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index, the S&P 500 Index, the iShares 20+ Year Treasury Bond ETF (TLT) and the Utilities Select Sector SPDR Fund (XLU), maturing on or about October 17, 2030. The notes pay a 10.00% per annum contingent coupon on monthly observation dates only if each underlying is at or above its coupon barrier. UBS may call the notes, in whole, on any observation date beginning after 3 months; if called, holders receive principal plus any due coupon.

If not called and each final level is at or above its downside threshold, investors receive principal at maturity; otherwise, repayment is reduced by the negative return of the least performing underlying, potentially to zero. Barriers are set at 70% of initial level and downside thresholds at 60% of initial level. Issue price is $1,000 per note, with a $6.00 underwriting discount and $994.00 proceeds to UBS. The estimated initial value is expected between $930.50 and $960.50. The notes are unsecured obligations of UBS, will not be listed, and are subject to UBS credit risk.

UBS AG amended its preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of Moderna, Inc., due on or about October 14, 2026. The Notes pay contingent coupons only if the underlying closes at or above a coupon barrier on each observation date, and may be called early if the underlying closes at or above the initial level before the final valuation date.

If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise, repayment is reduced in line with the underlying’s decline and could be zero. All payments are subject to UBS’s creditworthiness. The Notes will not be listed on any exchange.

Key dates include a trade date of October 9, 2025, settlement on October 14, 2025, a final valuation date of October 12, 2026, and maturity on October 14, 2026. The minimum investment is 100 Notes at $10 per Note. The estimated initial value per $10 Note is expected to be between $9.57 and $9.82. Initial delivery is T+2, which differs from typical T+1 secondary settlement.

UBS AG is offering $2,799,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index, due October 19, 2028.

The Notes pay a 10.00% per annum contingent coupon on monthly observation dates only if each index closes at or above its coupon barrier (70% of its initial level). UBS may call the Notes, in whole, on any observation date beginning after 3 months, paying principal plus any contingent coupon then due.

If not called, and each index finishes at or above its downside threshold (60% of its initial level) on the final valuation date, investors receive the $1,000 principal per Note. If any index finishes below its downside threshold, repayment is reduced one-for-one with the worst performer and could be zero. The Notes are unsecured obligations of UBS and payments depend on its credit. They will not be listed, and liquidity may be limited.

The issue price is $1,000 per Note; the estimated initial value is $981.80 per Note.

UBS AG plans a primary offering of Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, the Nasdaq‑100 Technology Sector Index, and the Russell 2000 Index, maturing on or about October 26, 2028. The Notes pay a contingent coupon only if each index closes at or above its coupon barrier on monthly observation dates; otherwise no coupon is paid. UBS may, at its discretion, call the Notes in whole on any observation date beginning after 6 months; if called, investors receive the $1,000 principal per Note plus any due coupon, and the Notes terminate.

At maturity, if not called and each index finishes at or above its downside threshold, investors receive the $1,000 principal. If any index finishes below its downside threshold, the repayment is reduced by the negative return of the worst index, and investors could lose all principal. The indicative terms include a 9.90% per annum contingent coupon rate, coupon barriers at 70.00% of initial levels, and downside thresholds at 55.00% of initial levels. The issue price is $1,000 per Note, with an underwriting discount of $6.00 and proceeds to UBS of $994.00 per Note. The estimated initial value is expected between $959.00 and $989.00. Payments are subject to UBS credit; the Notes are not listed.

UBS AG plans to offer 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 on October 19, 2028. The Notes pay a contingent coupon of 8.50% per annum on monthly coupon dates only if each index closes at or above its coupon barrier set at 70% of its initial level. UBS may call the Notes in whole on any monthly observation date after six months; if called, holders receive principal plus any due coupon.

If the Notes are not called, and on the final valuation date each index is at or above its downside threshold (also 70% of initial), investors receive the $1,000 principal. If any index finishes below its downside threshold, the maturity payment equals $1,000 × (1 + return of the least performing index), which can result in significant loss, up to total loss. These unsecured obligations depend on UBS’s credit. The estimated initial value is expected between $917.10 and $947.10 per Note; underwriting discount is up to $29.00 per Note with per‑Note proceeds to UBS of at least $971.00. The Notes will not be listed; secondary market liquidity may be limited.

UBS AG filed a preliminary 424B3 for Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index, and the Utilities Select Sector SPDR Fund, maturing on or about October 17, 2030. The Notes pay a 12.00% per annum contingent coupon only if each underlying is at or above its coupon barrier on the monthly observation date; barriers and downside thresholds are each set at 70% of the initial level.

UBS may call the Notes, in whole, on any monthly observation date beginning after 3 months. If called, investors receive principal plus any due coupon; otherwise, at maturity investors receive principal only if every underlying finishes at or above its downside threshold. If any underlying finishes below its threshold, repayment is reduced one-for-one with the least performing underlying’s decline, up to total loss. Any payment depends on the credit of UBS.

Per-Note economics: issue price $1,000, underwriting discount $7.50, and proceeds to UBS of $992.50. The estimated initial value is expected between $943.70 and $973.70.

UBS AG launched an amended preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of Moderna, Inc., maturing on or about October 13, 2026. These unsecured, unsubordinated notes pay a contingent coupon only if the underlying closes at or above a coupon barrier on an observation date. The notes are automatically called if the underlying closes at or above the initial level on any observation date before final valuation; in that case, investors receive principal plus the applicable coupon and the notes terminate.

If not called, and the final level is at or above the downside threshold, investors receive principal at maturity (and the final coupon if the barrier is met). If the final level is below the downside threshold, repayment is reduced one-for-one with the underlying’s decline, and investors could lose their entire investment. All payments are subject to the creditworthiness of UBS.

Key terms: trade date October 8, 2025; settlement October 10, 2025; final valuation October 9, 2026; maturity October 13, 2026. Minimum investment is 100 Notes at $10 per Note. The estimated initial value per Note is expected between $9.57 and $9.82. The notes will not be listed on an exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Moderna, Inc., maturing on October 13, 2026. These unsecured, unsubordinated notes pay a contingent coupon only when the underlying stock closes at or above a preset coupon barrier on an observation date. The notes may be called early if the stock closes at or above the initial level on any observation date before the final valuation date, returning principal plus the due coupon for that period.

If not called, and the stock is at or above the downside threshold on the final valuation date, investors receive principal back; if it is below the downside threshold, repayment is reduced one-for-one with the stock’s decline, and total loss is possible. Any payment is subject to UBS’s credit.

Key terms include trade date October 8, 2025, settlement October 10, 2025, final valuation date October 9, 2026, and minimum investment of 100 notes at $10 per note. The estimated initial value is $9.76 per note. The notes will not be listed on any exchange.

UBS AG is offering $1,215,000 of Trigger Autocallable Contingent Yield Notes linked to Microsoft common stock, due October 19, 2028.

The Notes pay a 9.85% per annum contingent coupon ($24.625 per quarter per $1,000) only if MSFT’s closing level on an observation date is at or above the coupon barrier $410.86 (80% of the initial level). The Notes are automatically called if MSFT closes at or above the call threshold $513.57 (100% of the initial level) on any observation date before maturity, returning principal plus the applicable coupon.

If not called, and the final level is at or above $410.86, principal is repaid at maturity. If the final level is below the downside threshold, repayment equals $1,000 × (1 + underlying return), exposing investors to losses up to total principal. Payments are subject to the creditworthiness of UBS; the Notes will not be listed.

Issue price is $1,000 per Note; the estimated initial value is $973.20 per Note. Underwriting discount is $20 per Note; proceeds to UBS total $1,190,700. Observation dates are quarterly through maturity.

UBS AG filed a 424B2 for $3,873,000 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, due July 18, 2030. The Notes pay a 9.25% per annum contingent coupon only if each index closes at or above its coupon barrier on monthly observation dates; otherwise no coupon is paid. UBS may call the Notes in whole on any observation date beginning after 6 months, returning principal plus any due coupon.

If not called, principal is repaid at maturity only if each index’s final level is at or above its downside threshold; if any index finishes below its threshold, repayment is reduced one-for-one with the loss of the worst index, up to total loss of principal. Initial levels/barriers/thresholds: INDU 46,270.46 / 70% / 60%; NDXT 12,574.97 / 70% / 60%; RTY 2,495.499 / 70% / 60%. The estimated initial value is $978.60 per $1,000 note. Key dates: trade Oct 14, 2025, settlement Oct 17, 2025, final valuation July 15, 2030. The Notes are unsecured obligations of UBS, will not be listed, and payments depend on UBS’s credit.

UBS AG is offering $15,041,000 of Capped Market‑Linked Notes tied to the least performing of the Dow Jones Industrial Average and the S&P 500 Index, due April 15, 2027.

At maturity, if the least performing index shows a positive return, the payout equals principal plus that return capped at a maximum gain of 11.20% (maximum payment $1,112 per $1,000 note). If the least performing return is zero or negative, repayment is principal only. The Notes pay no interest and are subject to UBS credit risk.

Key terms include an estimated initial value of $997.10 per note, an issue price of $1,000, and an underwriting discount of $1.50 per note (proceeds to UBS $998.50 per note). Trade date is October 10, 2025; final valuation April 12, 2027. The Notes will not be listed on any exchange.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, the Nasdaq‑100 Technology Sector Index, and the Russell 2000, maturing on or about October 19, 2028. The notes pay a 10.00% per annum contingent coupon only if each index closes at or above its coupon barrier on the applicable monthly observation date.

UBS may call the notes, in whole, on any observation date beginning after 3 months. If called, investors receive the $1,000 principal per note plus any due contingent coupon; no further payments are made. If not called and at least one index finishes below its downside threshold at final valuation, the maturity payment is reduced by the negative return of the least performing index, and investors could lose all principal. Payments depend on the creditworthiness of UBS.

Key terms include coupon barriers set at 70.00% of initial levels and downside thresholds at 60.00%. The estimated initial value is expected between $939.20 and $969.20 per $1,000 note. Underwriting compensation is up to $9.00 per note; proceeds to UBS are at least $991.00 per note. The notes will not be listed.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index, expected to mature on November 4, 2030. The Notes pay a 13.00% per annum contingent coupon only if the Index closes at or above the coupon barrier on each monthly observation date.

The Notes are callable after 12 months if the Index is at or above 100% of the initial level. Key levels are set at Call Threshold: 100% of the initial level, Coupon Barrier: 50%, and Downside Threshold: 50%. If not called and the final level is below the downside threshold, repayment is reduced one-for-one with the Index decline, and investors could lose all principal. Issue price is $1,000 per Note, with a $10 underwriting discount and $990 to UBS. The estimated initial value is expected between $933.80 and $963.80, reflecting internal pricing and funding assumptions. All payments depend on UBS’s credit.

UBS AG filed an amended preliminary 424B3 for Trigger Callable Contingent Yield Notes linked to the iShares MSCI Brazil ETF (EWZ), maturing on or about October 15, 2027. The notes pay a 12.30% per annum contingent coupon on quarterly observation dates if EWZ closes at or above a coupon barrier set at 70.00% of the initial level. UBS may call the notes in whole on any observation date beginning after six months; if called, holders receive principal plus any due coupon.

If not called and the final level is at or above the downside threshold (70% of initial), holders receive the $1,000 principal. If below the threshold, holders receive a share delivery amount equal to $1,000 divided by the initial level, which could be worth significantly less than principal. The notes are unsecured obligations of UBS AG, not listed on an exchange, and subject to UBS credit risk.

Per-note economics include a $1,000 issue price, an underwriting discount of $18.50, and proceeds to UBS of $981.50. The estimated initial value is expected between $939.00 and $969.00. Key dates: expected trade date October 9, 2025; settlement October 15, 2025; final valuation October 12, 2027; maturity October 15, 2027.

UBS AG filed a preliminary 424(b)(2) pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation. The Notes are unsecured debt of UBS and may pay contingent quarterly coupons only when the underlying closes at or above a coupon barrier on the relevant observation date. The Notes can be automatically called if the underlying closes at or above the initial level on any observation date before maturity; in that case, investors receive principal plus any applicable contingent coupon and the Notes terminate.

If not called, at maturity on or about October 15, 2027, investors receive principal back only if the final level is at or above the downside threshold; otherwise, repayment is reduced in line with the underlying’s decline and could be zero. Payments are subject to UBS credit risk. Key dates include an expected trade date of October 13, 2025, settlement on October 15, 2025, and final valuation on October 13, 2027. The estimated initial value is expected to be between $9.54 and $9.79 per $10 Note. The Notes will not be listed, and the minimum investment is 100 Notes at $10 each.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Snowflake Inc., with expected key dates from an October 13, 2025 trade date to an October 15, 2026 maturity. The notes pay a contingent coupon only if the underlying closes on or above a coupon barrier on each observation date, and may be called early if the underlying closes on or above its initial level on any observation date before the final valuation date.

If not called, principal is repaid at maturity only if the final level is on or above the downside threshold; otherwise repayment is reduced in line with the underlying’s decline, and losses can be total. Payments are subject to the creditworthiness of UBS. The notes will not be listed. The minimum investment is 100 notes at $10 each. The estimated initial value per note is expected to be between $9.54 and $9.79.

UBS AG is offering $3,027,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector Index and the Russell 2000 Index, maturing on October 16, 2030.

The notes pay a 10.55% per annum contingent coupon (monthly installments of $8.7917 per $1,000 note) only if each index is at or above its coupon barrier (75% of initial) on the observation date. UBS may call the notes, in whole, on any monthly observation date beginning after 6 months, paying principal plus any due coupon.

If not called, principal is repaid at maturity only if each index finishes at or above its downside threshold (60% of initial). Otherwise, repayment is reduced by the decline of the least performing index, up to a total loss. Issue price is $1,000 per note; underwriting discount $7.50; proceeds to UBS $992.50 per note (total $3,004,297.50). The estimated initial value is $984.00 per note. The notes are unsecured obligations of UBS and will not be listed.

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, due on or about October 26, 2028. The Notes pay a contingent coupon only if, on each monthly observation date, the closing level of each index is at or above its coupon barrier, set at 70% of its initial level. UBS may call the Notes in whole on any observation date beginning after 6 months; if called, holders receive principal plus any due coupon.

If not called, principal is repaid at maturity only if each index finishes at or above its downside threshold, set at 60% of its initial level. Otherwise, repayment is reduced by the negative return of the least performing index, up to a total loss of principal. The contingent coupon rate is 10.00% per annum, observed monthly. The Notes are unsecured obligations of UBS; all payments depend on UBS’s credit.

Issue price is $1,000 per Note, with an underwriting discount of $5.00 and proceeds to UBS of $995.00 per Note. The estimated initial value is expected between $940.70 and $970.70. The Notes will not be listed. Trade date is expected October 21, 2025; maturity is expected October 26, 2028.

UBS AG filed a preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to Alphabet Inc., maturing on or about October 15, 2026. These unsecured notes pay a contingent coupon only when the underlying closes at or above a coupon barrier on an observation date; otherwise no coupon is paid.

The notes are automatically called if the underlying closes at or above its initial level on any observation date before the final valuation date, returning principal plus the due coupon. If not called, repayment of principal at maturity depends on the final level versus a downside threshold; if the final level is below that threshold, repayment is reduced in line with the underlying’s decline and could be zero. All payments depend on UBS’s credit.

The notes are expected to trade date October 13, 2025 and settle October 15, 2025. Minimum investment is 100 Notes at $10 per Note. The estimated initial value is expected between $9.53 and $9.78. The notes will not be listed on any exchange.

UBS AG filed a preliminary 424B2 for Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq‑100 Technology Sector Index, and Russell 2000. The notes offer a 12.00% per annum contingent coupon, paid only if each index closes at or above its coupon barrier (75% of initial level) on the observation date. UBS may call the notes, in whole, on any monthly observation date beginning after 6 months, returning principal plus any due coupon.

If not called, at maturity on September 22, 2027 investors receive principal only if each index finishes at or above its downside threshold (70% of initial level). If any index is below its threshold, repayment is reduced by the decline of the least performing index, and investors could lose all principal. The notes are unsecured obligations of UBS and will not be listed. The issue price is $1,000 per note, with underwriting compensation of up to $7.25 and at least $992.75 in proceeds to UBS per note. The estimated initial value is expected between $958.40 and $988.40.

UBS AG is offering $3,274,000 of Phoenix Autocallable Buffer Notes with Memory Interest linked to UnitedHealth Group (UNH), maturing on October 28, 2026.

The Notes pay $37.125 per Note on each quarterly interest payment date if UNH’s closing price on the related observation date is at or above the $283.60 interest barrier (80.00% of the $354.50 initial price). The Notes are automatically called if UNH closes at or above the initial price on an autocall observation date, returning principal plus any due and previously unpaid contingent interest.

If not called, and UNH is at or above the $283.60 downside threshold on the valuation date, principal is repaid (plus any due/previously unpaid contingent interest). If below the threshold, the maturity payout is a cash equivalent that declines 1.25% for each 1% UNH falls below the threshold, risking loss of some or all principal. Minimum investment is $10,000. Underwriting discount is $10 per $1,000 Note (proceeds to UBS $990 per Note). The estimated initial value is $984.70. All payments are subject to UBS credit risk.

UBS AG is offering $2,643,000 of Phoenix Autocallable Buffer Notes with Memory Interest linked to QUALCOMM (QCOM), due October 28, 2026. The notes pay a $40.625 contingent interest per note on each quarterly observation if QCOM’s closing price is at or above the interest barrier of $130.55 (85.00% of the $153.59 initial price). UBS will automatically call the notes if QCOM is at or above the initial price on any autocall observation date, returning principal plus any due and previously unpaid contingent interest.

If not called, and QCOM is at or above the downside threshold of $130.55 at valuation, UBS repays principal plus any due and previously unpaid contingent interest. If below the threshold, maturity pays a cash amount equal to the share delivery amount (per note, $1,000 divided by the downside threshold) multiplied by the final price, resulting in loss of principal; the cash equivalent declines by approximately 1.1765% for each 1% QCOM is below the threshold.

The estimated initial value is $983.80 per $1,000 note. Minimum investment is $10,000. Underwriting discount is $10 per note; proceeds to UBS are $990 per note. Payments depend on UBS’s credit. The notes are not listed.

UBS AG is offering $2,453,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index, due October 13, 2028.

The Notes pay an 8.65% per annum contingent coupon ($7.2083 monthly per $1,000) only if each index closes at or above its coupon barrier (80% of its initial level) on an observation date. The Notes are automatically callable after 6 months if all three indices are at or above their call thresholds (100% of initial). If not called, principal is repaid at maturity only if each index is at or above its downside threshold (70% of initial); otherwise, repayment is reduced by the decline of the least performing index, up to total loss.

Initial levels: INDU 45,479.60; NDXT 12,280.54; RTY 2,394.595. Estimated initial value: $963.70 per Note. Proceeds to UBS total $2,391,675 (per Note $975) with $61,325 underwriting compensation and a $4.50 per‑Note structuring fee. The Notes are unsecured obligations of UBS, unlisted, and subject to UBS credit risk.

UBS AG filed a preliminary 424(b)(2) pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of Spotify Technology S.A. The Notes pay a contingent coupon only if the underlying closes at or above a set coupon barrier on each observation date; they auto-call if the underlying is at or above the initial level before maturity.

If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise, repayment is reduced in line with the underlying’s decline, and losses can reach 100%. Any payments depend on the creditworthiness of UBS. The estimated initial value is expected between $9.54 and $9.79 per $10 Note. Minimum investment is 100 Notes at $10 each. Key dates include trade date October 13, 2025 and maturity on or about October 15, 2026. The Notes will not be listed.

UBS AG announced preliminary terms for Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq‑100 Technology Sector Index, and Russell 2000, maturing on or about September 22, 2027.

The Notes offer a contingent coupon of 11.75% per annum, paid only if each index closes on or above its coupon barrier on monthly observation dates; both the coupon barrier and the downside threshold are set at 70% of the initial level for each index. UBS may call the Notes, in whole, on any observation date beginning after 3 months; if called, investors receive principal plus any due coupon, and the Notes terminate.

If not called, and any index finishes below its downside threshold at maturity, repayment is reduced 1‑for‑1 with the negative return of the least performing index, which can result in loss of all principal. The issue price is $1,000 per Note, underwriting compensation is up to $7.25 per Note, and proceeds to UBS are at least $992.75 per Note. The estimated initial value is expected between $956.30 and $986.30. Payments depend on UBS’s credit; the Notes will not be listed.

UBS AG is offering $881,000 of Buffer Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, due October 13, 2028. The notes pay a 9.20% per annum contingent coupon only when both indices close at or above their coupon barriers on observation dates.

UBS may call the notes quarterly after 12 months; if called, holders receive principal plus any due coupon on the call settlement date. If not called, principal is repaid at maturity only if each index finishes at or above its downside threshold, set at 85% of the initial level (a 15% buffer). If any index finishes below its threshold, repayment is reduced by the decline beyond the buffer, based on the worst performer, and losses could be substantial.

Economics per note: issue price $1,000, underwriting discount $5, proceeds to UBS $995, and estimated initial value $974. Key dates include a trade date of October 10, 2025, monthly coupon observations, quarterly call dates (after 12 months), and maturity on October 13, 2028. Payments depend on UBS’s credit.