UBS ETRACS Alerian MLP ETN Series B SEC Filings

UBS AG is offering Phoenix Autocallable Buffer Notes with Memory Interest linked to Wells Fargo & Company common stock, maturing on or about January 27, 2027. Each Note has a $1,000 principal amount, with a minimum investment of 10 Notes. Investors may receive a fixed contingent interest payment of at least $31.80 per Note on quarterly interest payment dates if Wells Fargo’s closing price on the related observation date is at or above an interest barrier set at 85.00% of the initial price; missed coupons can be paid later under the “memory” feature.

The Notes can be called early if Wells Fargo’s stock closes at or above the initial price on any autocall observation date, in which case investors receive principal plus the due and previously unpaid contingent interest. If not called, and the final price on the valuation date is at or above the downside threshold (also 85.00% of the initial price), UBS repays principal plus any owed contingent interest. If the final price is below the downside threshold, investors receive a cash amount based on a share delivery formula that can be significantly less than principal, with losses increasing at approximately 1.1765% for each 1% the final price is below the downside threshold.

The Notes are unsecured, unsubordinated UBS obligations, exposed both to Wells Fargo’s share performance and UBS credit risk. They will not be listed, may have limited or no secondary liquidity, and their estimated initial value on the trade date is expected to be between $953.60 and $983.60 per $1,000 Note, reflecting underwriting discounts, hedging and other costs.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer among the SPDR S&P Regional Banking ETF, the Nasdaq-100 Technology Sector Index and the Energy Select Sector SPDR Fund. The Notes pay a contingent coupon at a rate of 11.60% per annum when, on a monthly observation date, each underlying is at or above 70% of its initial level; otherwise no coupon is paid. UBS can call the Notes in whole, starting after six months, paying back principal plus any due coupon, ending further payments. If the Notes are not called and any underlying finishes below 50% of its initial level at maturity in January 2029, repayment is reduced in line with the worst underlying’s loss, and investors could lose their entire principal. The issue price is $1,000 per Note, with an underwriting discount of $7 and an estimated initial value between $950.40 and $980.40, and all payments depend on the credit of UBS.

UBS AG is offering unsecured Trigger Autocallable Yield Notes linked to the shares of the iShares Silver Trust ETF. The notes pay a fixed coupon at a rate of 16.55% per annum, with coupons paid monthly as long as the notes remain outstanding and are not automatically called.

The notes may be called early if the ETF’s closing level on monthly observation dates (after three months) is at or above the call threshold, set at 100% of the initial level. If called, holders receive principal plus the applicable coupon and no further payments. If the notes are not called and the final level is at or above the downside threshold of 70% of the initial level, investors receive full principal at maturity; if it is below this threshold, repayment is reduced one-for-one with the ETF’s decline, and the entire investment can be lost.

All payments depend on the creditworthiness of UBS and the notes will not be listed on an exchange, so liquidity may be limited. UBS estimates the initial economic value of each $1,000 note to be between $956.60 and $986.60, reflecting embedded fees, funding costs and dealer compensation. The product involves complex and uncertain U.S. tax treatment and is intended only for investors who fully understand the substantial market, credit, liquidity and tax risks.

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 on or about December 14, 2027. Each Note has a $1,000 principal amount and pays a 9.75% per annum contingent coupon (monthly $8.125) only if on an observation date the closing level of each index is at or above its coupon barrier, set at 70% of its initial level.

UBS may call the Notes in whole on any monthly observation date beginning after six months; if called, investors receive principal plus any due contingent coupon, and the Notes terminate. If not called and at maturity all indices are at or above their downside thresholds (60% of initial levels), investors receive full principal. If any index finishes below its downside threshold, repayment is reduced 1:1 with the negative return of the worst-performing index, up to a complete loss of principal.

The Notes are unsecured, unsubordinated obligations of UBS, are not bank deposits, not FDIC insured, and depend entirely on UBS’s credit. The estimated initial value per Note is expected between $959.90 and $989.90, below the $1,000 issue price.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Technology Sector Index and Russell 2000 Index. Each Note has a $1,000 principal amount and pays a 10.00% per annum contingent coupon only if, on a monthly observation date, all three indexes are at or above their coupon barriers, set at 65% of their initial levels.

UBS may call the Notes in whole after six months on any observation date, returning principal plus any due coupon, ending further payments. If the Notes are not called and any index finishes below its downside threshold (also 65% of its initial level), investors receive $1,000 multiplied by the return of the worst-performing index, which can mean a substantial or total loss of principal. All payments depend on UBS’s credit, and the estimated initial value per $1,000 Note is between $958.30 and $988.30.

UBS AG is offering preliminary Trigger Callable Contingent Yield Notes linked to the worst performer of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, maturing on or about January 13, 2028. The Notes pay a contingent coupon at an annual rate of 11.50%, in equal monthly installments, but only if on each observation date all three indices close at or above 70% of their initial level (the coupon barrier); otherwise, no coupon is paid for that month.

UBS may call the Notes in whole, at its discretion, on any monthly observation date beginning after three months, paying back principal plus any due coupon, after which no further payments are made. If the Notes are not called and, at maturity, any index finishes below its downside threshold (also 70% of its initial level), investors receive $1,000 multiplied by 1 plus the worst index return, which can result in losing some or all of the initial investment. Payments depend entirely on UBS’s credit, and the estimated initial value is expected to range between $956.90 and $986.90 per $1,000 Note, reflecting dealer compensation and hedging costs.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer among the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, with a term of about 23 months to December 14, 2027. The Notes pay a monthly contingent coupon at a rate of 9.05% per annum (about $7.5417 per $1,000) only if, on each observation date, the closing level of every index stays at or above its coupon barrier, set at 70% of its initial level.

UBS can redeem the Notes in whole on any monthly observation date starting after three months, paying back the $1,000 principal plus any due coupon, after which no further payments are made. If the Notes are not called and on the final valuation date any index finishes below its downside threshold (also 70% of its initial level), the maturity payment is reduced in line with the negative return of the worst-performing index and can fall to zero, causing a full loss of principal. The Notes are unsecured obligations of UBS, not insured deposits, and all payments depend on UBS’s credit. The issue price is $1,000 per Note, with estimated initial value between $940.90 and $970.90 and underwriting compensation of up to $22.25 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest and a Conditional Threshold Event, linked to the least performing of Amazon.com, Inc., Super Micro Computer, Inc. and Tesla, Inc. The Notes are unsubordinated, unsecured debt of UBS with a principal amount of $1,000 per Note and a term of approximately three years, maturing on January 11, 2029.

The Notes pay a contingent coupon at a rate of 19.85% per annum (fixed at $49.625 per quarter per Note) if on an observation date the closing level of each stock is at or above its coupon barrier, set at 60.00% of its initial level. Missed coupons can be paid later under the memory interest feature if conditions are met on a future observation date. Starting after 12 months, the Notes are automatically called if each stock is at or above its call threshold level, equal to 100.00% of its initial level; investors then receive principal plus due and previously unpaid coupons.

If the Notes are not called, the payoff at maturity depends on whether a threshold event occurs. A threshold event occurs if the final level of each stock is below its upper barrier, equal to 100.00% of its initial level, and at least one stock finishes below its downside threshold, equal to 60.00% of its initial level. If no threshold event occurs, investors receive their $1,000 principal per Note (plus any due coupons). If a threshold event occurs, investors receive $1,000 multiplied by one plus the return of the worst-performing stock, which can result in a substantial loss and, in extreme cases, a loss of the entire investment.

The issue price is $1,000.00 per Note, including underwriting compensation of $2.50 per Note, with proceeds to UBS of $997.50 per Note. The estimated initial value is expected to be between $930.20 and $960.20 per Note, reflecting internal funding rates, hedging and issuance costs. The Notes will not be listed on any exchange, may have limited or no secondary market, pay no dividends from the underlying stocks and expose holders to both market risk of the least performing stock and the credit risk of UBS; if UBS defaults, investors could lose all amounts due.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the worst performer of the SPDR® S&P 500® ETF Trust (SPY) and the Energy Select Sector SPDR® Fund (XLE), maturing around January 11, 2029. Each Note has a $10 principal amount and is expected to pay quarterly contingent coupons at a rate between 8.50% and 9.10% per annum if, on an observation date, both ETFs close at or above their coupon barriers, set at 70% of their initial levels.

The Notes can be called early each quarter after six months if both ETFs are at or above their call thresholds (100% of initial levels). If called, holders receive $10 plus any due coupon and the product terminates. If not called, and at maturity either ETF is below its downside threshold (70% of its initial level), repayment is reduced in line with the loss on the worst-performing ETF, up to a total loss of principal. Payments depend on UBS’ credit, and the estimated initial value is expected between $9.303 and $9.603 per $10 Note.