[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_159":160},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","bfsjb530nn7t4l62ss05fp76b","revision",3,"title","UBS AG发行挂钩Dell Technologies的结构性票据","originalTitle","UBS AG (0001114446) (Filer)","summary","UBS AG发行面值$10的结构性票据，挂钩DELL股票，初始水平$473.39，下行阈值$236.70。若股价未达障碍价，投资者可能损失全部本金。发行规模$610,000，票息率20.34%。产品涉及信用风险、估值风险、利益冲突及税务不确定性。","reason","UBS AG发行挂钩Dell Technologies股票的结构性票据，涉及显著信用与市场风险，投资者可能损失全部本金。","source",{"_12":150,"_151":152,"_9":153,"_154":42,"_155":156,"_157":158},"links",{"_147":148,"_135":149},"publishedAt","2026-10-15T20:29:28.000Z","discoveredAt","2026-10-15T22:19:17.337Z","timelineAt","category","ai-products","tags",[141,142,143,144,145,146],"stockSymbols",[140],"score",64,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":134,"_135":-5,"_136":137,"_138":139},"outline",[77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":15},"hasTranslation","bodyLanguage","zh","factId","f_RiHJl2DtcA",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","2604b99b-fed9-4dc2-8a48-77e4929e3f3d","UBS发行与戴尔科技挂钩的高风险票据",{"_73":74,"_16":75},{"_12":132,"_96":133,"_98":15},{"_12":130,"_96":131,"_98":99},{"_12":128,"_96":129,"_98":99},{"_12":126,"_96":127,"_98":99},{"_12":124,"_96":125,"_98":99},{"_12":122,"_96":123,"_98":15},{"_12":120,"_96":121,"_98":15},{"_12":118,"_96":119,"_98":99},{"_12":116,"_96":117,"_98":99},{"_12":114,"_96":115,"_98":99},{"_12":112,"_96":113,"_98":99},{"_12":110,"_96":111,"_98":99},{"_12":108,"_96":109,"_98":99},{"_12":106,"_96":107,"_98":99},{"_12":104,"_96":105,"_98":99},{"_12":102,"_96":103,"_98":99},{"_12":100,"_96":101,"_98":99},{"_12":95,"_96":97,"_98":99},"sec-18","text","Validity of the Notes","level",2,"sec-17","Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if","sec-16","What Are the Tax Consequences of the Notes?","sec-15","Information About the Underlying Asset","sec-14","假设的票据表现示例","sec-13","主要风险","sec-12","Observation Dates(1) and Coupon Payment Dates(1)(2)","sec-11","Investment Timeline","sec-10","最终条款","sec-9","投资者适合性","sec-8","关于UBS和票据的附加信息","sec-7","UBS投资银行","sec-6","UBS金融服务公司","sec-5","票据发行","sec-4","关键日期","sec-3","特点","sec-2","投资描述","sec-1","瑞银集团 610,000 美元触发自动赎回附条件收益票据","\n\n\n\n\n\n\n

\n\n

\n $\"Logo\"$

定价补充文件

2026年10月15日

根据规则424(b)(2)提交

注册声明编号333-283672

（与2025年2月6日的招股说明书和产品补充文件相关）

\n\n

瑞银集团 610,000 美元触发自动赎回附条件收益票据

与戴尔科技公司普通股相关，到期日为2028年10月19日

\n\n\n\n

投资描述

瑞银集团触发自动赎回附条件收益票据（“票据”）是由瑞银集团（“瑞银”或“发行人”）发行的无担保、无优先权的债务义务，与戴尔科技公司（“标的资产”）的普通股相关。如果在相关观察日（包括最终估值日）标的资产的收盘价等于或高于票息门槛，瑞银将在票息支付日支付附条件票息。否则，相关票息支付日将不支付附条件票息。如果在最终估值日之前的任何观察日标的资产的收盘价等于或高于初始水平，瑞银将提前自动赎回票据。如果票据被自动赎回，瑞银将在对应于该观察日的票息支付日（“赎回结算日”）按每张票据支付等于本金金额加上任何应计附条件票息的现金，此后票据不再有其他支付义务。如果票据未被自动赎回，且在最终估值日（“最终水平”）标的资产的收盘价等于或高于下行阈值，到期时，瑞银将按每张票据支付等于本金金额的现金。然而，如果票据未被自动赎回，且最终水平低于下行阈值，到期时，瑞银将按每张票据支付少于本金金额的现金，如果有的话，这将导致您初始投资的百分比损失等于标的资产从初始水平到最终水平的百分比跌幅（“标的资产回报”），在极端情况下，您可能会损失全部初始投资。投资票据涉及重大风险。您可能会损失大部分或全部初始投资，且在票据期限内可能不会收到任何附条件票息。一般来说，票据的附条件票息率越高，损失风险越大，且在票据期限内可能无法收到附条件票息的风险也越大。附条件本金偿还仅在到期时适用。票据的任何支付，包括任何本金偿还，均受瑞银信用状况的约束。如果瑞银未能履行其义务，您可能无法收到票据项下的任何应付金额，可能会损失全部初始投资。\n

\n\n\n\n

特点

\n\n\n\n\n\n\n\n\n\n

\n • \n	\n \n定期附条件票息的潜力 — 如果在观察日（包括最终估值日）标的资产的收盘价等于或高于票息门槛，瑞银将在相关票息支付日支付附条件票息。否则，如果在观察日标的资产的收盘价低于票息门槛，相关票息支付日将不支付附条件票息。 \n
\n • \n	\n \n自动呼叫功能 — 如果在最终估值日之前的任何观察日，标的资产的收盘价等于或高于初始水平，UBS 将自动呼叫票据，并向您支付票据的本金金额以及相关付息日应支付的附带票息。如果票据之前已处于自动呼叫状态，则票据项下不再向您支付任何进一步款项。如果票据未处于自动呼叫状态，您在到期时可能会面临下行市场风险。 \n
\n • \n	\n \n到期时可能全额下行市场风险的本金附带偿还 — 如果票据未处于自动呼叫状态，且最终水平等于或高于下行阈值，则在到期时，UBS 将按每张票据支付等于本金金额的现金。然而，如果票据未处于自动呼叫状态，且最终水平低于下行阈值，则在到期时，UBS 将按每张票据支付少于本金金额的现金，这可能导致您初始投资的百分比损失等于标的资产的回报，在极端情况下，您可能会损失全部初始投资。附带本金偿还仅在您持有票据至到期时适用。票据的任何付款，包括任何本金偿还，均受 UBS 的信用状况影响。\n \n

\n\n\n\n

关键日期

\n\n\n\n\n\n\n

\n 交易日* \n	\n 2026年10月15日 \n
\n 结算日* \n	\n 2026年10月19日 \n

\n\n\n\n

观察日**

每季度（见第4页）

\n\n\n\n\n\n\n

\n 最终估值日** \n	\n 2028年10月17日 \n
\n 到期日** \n	\n 2028年10月19日 \n

*我们预计将在交易日后第二个营业日交付票据并收取款项。根据《1934年证券交易法》（以下简称“证券交易法”）第15c6-1条的规定，二级市场中的交易通常要求在一天内结算（T+1），除非交易双方明确同意其他方式。因此，希望在票据交付前至少一天交易票据的购买者，由于每张票据最初将在两个营业日（T+2）内结算，必须指定替代结算安排，以防止二级市场交易结算失败。

**如发生市场中断事件，将可能推迟，具体见附带的产品补充文件。

\n致投资者的提示：票据比传统债务工具要风险高得多。发行人并不一定有义务在到期时偿还票据的本金金额，且票据可能具有与标的资产相同的下行市场风险。这种市场风险是在购买 UBS 债务义务时固有信用风险之外的额外风险。如果您不理解或不熟悉投资票据所涉及的重大风险，请不要购买票据。\n

\n您应仔细考虑随附产品补充文件中第5页开始的“关键风险”部分以及第PS-9页开始的“风险因素”部分中描述的风险。与这些风险或其它风险和不确定性相关的事件可能会对您的票据的市场价值和回报产生不利影响。您可能会损失初始投资的大部分或全部。这些票据不会在任何证券交易所或任何电子通讯网络上上市或展示。\n

\n\n\n\n

票据发行

这些票据的最低投资金额为100张，每张10美元（代表1000美元的投资），超出部分为10美元的整数倍。

\n\n\n\n

\n标的资产\n

\n彭博代码\n

\n或有票面利率\n

\n初始水平\n

\n下行阈值\n

\n票面利率障碍\n

\n CUSIP\n

\nISIN\n

\n\n\n\n

戴尔科技公司普通股

DELL

每年20.34%

$473.39

$236.70，即初始水平的50.00%

90312Y653

US90312Y6538

\n\n\n\n

\n\n

根据交易日的估计初始价值为9.76美元。该估计初始价值是根据UBS内部定价模型确定的，包括内部资金利率，参考了相关市场在本文件发布之日的收盘价。有关二级市场发行和票据估计初始价值的更多信息，请参见第5页开始的“关键风险——估计价值考虑因素”和“流动性及二级市场价格考虑因素的风险”部分。

\n详见第ii页的“关于UBS和票据的附加信息”。这些票据将具有随附产品补充文件中规定的条款，该文件日期为2025年2月6日，随附的招股说明书日期为2025年2月6日，以及本文档。\n

\n证券交易委员会或任何其他监管机构均未批准或否决这些票据，也未对本文件、随附的产品补充文件或随附的招股说明书的充分性或准确性进行评估。与此相反的任何陈述均为刑事犯罪。\n

这些票据不是银行存款，也不受联邦存款保险公司或任何其他政府机构的保险。

\n\n\n\n\n\n\n

\n \n票据发行\n \n	\n \n公众发行价\n \n	\n \n承销折扣(1)\n \n	\n \nUBS AG的收益(1)\n \n
\n\n	\n \n总计\n \n	\n \n每张票据\n \n	\n \n总计\n \n	\n \n每张票据\n \n	\n \n总计\n \n	\n \n每张票据\n \n

\n\n\n\n

与戴尔科技公司普通股挂钩的票据

$610,000.00

$10.00

$9,150.00

$0.15

$600,850.00

$9.85

(1) 有关更多信息，请参见“补充分销计划（利益冲突）；二级市场（如有）”部分。

\n\n\n\n

UBS金融服务公司

UBS投资银行

\n\n\n\n

关于UBS和票据的附加信息

UBS已向证券交易委员会（“SEC”）提交了注册声明（包括招股说明书，以及针对票据的产品补充文件），以供与本文档相关的发行。您应阅读这些文件以及UBS向SEC提交的任何其他与票据相关的文件，以获取有关UBS和此次发行的更完整信息。您可以通过SEC网站sec.gov免费获取这些文件。我们在SEC网站上的中央索引键（CIK）是0001114446。

\n您可以通过SEC网站sec.gov访问这些文件，如下所示：\n

• 2025年2月6日的市场挂钩证券产品补充文件：

\nhttp://www.sec.gov/Archives/edgar/data/1114446/000183988225007685/ubs_424b2-03670.htm\n

• 2025年2月6日发布的招股说明书：

\nhttp://www.sec.gov/Archives/edgar/data/1114446/000119312525021845/d936490d424b3.htm\n

对“UBS”、“我们”、“我们的”和“我们”的引用仅指UBS AG，而非其合并附属公司。在本文中，“触发自动赎回可赎回收益凭证”或“凭证”指由此提供的凭证。此外，“附带产品补充文件”或“市场关联证券产品补充文件”的引用是指2025年2月6日发布的UBS产品补充文件，“附带招股说明书”的引用是指标题为“债务证券和认股权证”的UBS招股说明书，发布日期为2025年2月6日。

本文档以及上述列出的文件包含凭证的条款，并取代所有其他先前或同时期的口头陈述以及任何其他书面材料，包括所有其他先前的定价条款、通信、交易想法、实施方案、示例方案、宣传册或其他教育材料。您应仔细考虑本文中“关键风险”以及附带产品补充文件中的“风险因素”中提到的事项，因为凭证涉及与传统债务证券无关的风险。我们敦促您就投资凭证咨询您的投资、法律、税务、会计和其他顾问。

如果附带招股说明书、附带产品补充文件和本文档中描述的凭证条款之间存在任何不一致之处，以下优先顺序将适用：首先，本文档；其次，附带产品补充文件；最后，附带招股说明书。

UBS保留在我方发行凭证之前更改凭证条款或拒绝任何购买要约的权利。如果凭证条款有任何变更，UBS将通知您，并要求您在购买时接受这些变更。您也可以选择拒绝这些变更，这种情况下UBS可能会拒绝您的购买要约。

\n\n\n\n

投资者适合性

如果您符合以下条件，这些注释可能适合您：

\n\n\n\n

•

您完全了解投资这些注释所固有的风险，包括损失大部分或全部初始投资的风险。

\n\n\n\n

•

您能够承受大部分或全部初始投资的损失，并愿意进行一项可能具有与投资标的资产相同下行市场风险的投资。

\n\n\n\n

•

您愿意接受很少或没有或有票息，并且相信标的资产的收盘价在每个观察日都等于或高于票息障碍，并且最终价格等于或高于下行阈值。

\n\n\n\n

•

您了解并接受您将不会参与标的资产价格的任何上涨，并且您的潜在回报仅限于任何或有票息。

\n\n\n\n

•

您能够承受到期前注释价格的波动，这些波动可能与标的资产价格的下行波动相似或更大。

\n\n\n\n

•

您愿意根据此处封面中规定的或有票息率投资这些注释。

\n\n\n\n

•

您愿意根据此处封面中规定的下行阈值和票息障碍投资这些注释。

\n\n\n\n

•

您不会从投资中寻求保证的当前收入，并且愿意放弃基础资产支付的任何股息。

\n\n\n\n

•

您愿意投资可能面临自动赎回的票据，并且在其他情况下愿意持有此类票据至到期，并且接受此类票据可能几乎没有或没有二级市场。

\n\n\n\n

•

您了解并愿意承担与基础资产相关的风险。

\n\n\n\n

•

您愿意承担UBS的所有票据支付的信用风险，并且了解如果UBS未能履行其义务，您可能无法获得任何应得的付款，包括任何本金的偿还。

\n\n\n\n

•

您了解我们内部定价模型确定的票据估计初始价值低于发行价格，并且如果UBS Securities LLC或其任何关联公司为票据建立二级市场，价格（不包括其常规买卖价差）将暂时超过内部定价模型价格。

如果：

\n\n\n\n

•

您不完全了解投资票据所涉及的风险，包括损失大部分或全部初始投资的风险。

\n\n\n\n

•

您需要一种设计为在到期时全额返还本金的投资。

\n\n\n\n

•

您无法承受大部分或全部初始投资的损失，或者您不愿意进行可能具有与投资基础资产相同下行市场风险的投资。

\n\n\n\n

•

您不愿意在票据期限内收到少量或没有或有票息，或者您认为基础资产的收盘价在票据期限内可能会下降，并且可能低于每个观察日的票息门槛，或者最终价格可能低于下行阈值。

\n\n\n\n

•

您寻求一种能够参与基础资产价格升值或具有无限回报潜力的投资。

\n\n\n\n

•

您无法承受票据到期前价格波动的风险，这些波动可能与基础资产价格的下行波动相似或更严重。

\n\n\n\n

•

您不愿意根据此处封面中规定的或有票息率投资票据。

\n\n\n\n

•

您不愿意根据此处封面中规定的下行阈值或票息门槛投资票据。

\n\n\n\n

•

您寻求从投资中获得保证的当前收入，或更倾向于获得基础资产支付的任何股息。

\n\n\n\n

•

您无法或不愿意持有可能面临自动赎回的票据，或者在其他情况下无法或不愿意持有此类票据至到期，或者您寻求一种会有活跃二级市场的投资。

\n\n\n\n

•

您不理解或不愿意接受与基础资产相关的风险。

\n\n\n\n

•

您不愿意承担UBS对票据所有支付（包括任何本金偿还）的信用风险。

\n上述提到的适合性考虑因素并非详尽无遗。这些票据是否适合您，将取决于您的具体情况。我们敦促您咨询您的投资、法律、税务、会计及其他顾问，并根据您的具体情况仔细考虑投资这些票据的适合性。您应查阅“关于基础资产的信息”以获取有关基础资产的更多信息。您还应仔细查阅“主要风险”部分，以了解与投资票据相关的风险。\n

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最终条款

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发行人：

UBS AG，伦敦分行

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本金金额：

每张票据10美元

\n\n\n\n

期限：

约2年，除非被自动赎回。

\n\n\n\n

基础资产：

戴尔科技公司普通股。

\n\n\n\n

附条件票息和附条件票息率：

\n如果在任何观察日（包括最终估值日）基础资产的收盘价等于或高于票息障碍水平， UBS将在相关票息支付日向您支付适用于该观察日的附条件票息。

\n如果在任何观察日（包括最终估值日）基础资产的收盘价低于票息障碍水平，则适用于该观察日的附条件票息将不会累积或支付，且UBS在相关票息支付日不会向您支付任何款项。

附条件票息是基于按年率（“附条件票息率”）的等额定期分期付款的固定金额。下表列出了在上述条件满足的每个观察日适用于每张票据的附条件票息率和附条件票息。

\n\n\n\n

\n\n

\n附条件票息率\n

20.34%每年

\n\n\n\n

\n\n

\n附条件票息\n

$0.5085

\n\n\n\n

\n\n	\n \n票据上的附条件票息并非保证。如果基础资产的收盘价在任何观察日低于票息障碍水平，UBS不会向您支付该观察日的附条件票息。\n \n

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自动赎回功能：

如果在任何非最终估值日的观察日基础资产的收盘价等于或高于初始水平，UBS将自动赎回票据。

如果票据被自动赎回，UBS将在相应的票息支付日（“赎回结算日”）按每张票据支付等于您的本金金额加上任何应计附条件票息的现金金额（“赎回结算金额”）。自动赎回后，票据将不再支付任何进一步款项。

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到期时的支付（每张票据）：

\n如果票据未被自动赎回且最终水平等于或高于下行阈值，UBS将向您支付等于：

本金金额10美元

\n如果票据未被自动赎回且最终水平低于其下行阈值， UBS将向您支付少于本金金额的现金金额（如有）：

10美元 x (1+ 基础资产回报率)

\n在此情景中，您将遭受初始投资的百分比损失，等于基础资产回报率，在极端情况下，您可能会损失全部初始投资。\n

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基础资产回报率：

以下公式的商，以百分比表示：

\n $\"Formula\"$

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下行阈值：(1)

A specified level of the underlying asset that is less than the initial level, equal to a percentage of the initial level, as specified on the cover hereof.

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Coupon Barrier:(1)

A specified level of the underlying asset that is less than the initial level, equal to a percentage of the initial level, as specified on the cover hereof.

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Initial Level:(1)

The closing level of the underlying asset on the trade date, as specified on the cover hereof.

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Final Level:(1)

The closing level of the underlying asset on the final valuation date.

(1) As determined by the calculation agent and as may be adjusted in the case of certain adjustment events as described under “General Terms of the Securities — Antidilution Adjustments for Securities Linked to an Underlying Equity or Equity Basket Asset”, “Reorganization Events for Securities Linked to an Underlying Equity or Equity Basket Asset” and “Delisting of, Suspension of Trading in, or Change in Law Affecting, an Underlying Equity” in the accompanying product supplement.

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Investment Timeline

\n\n\n\n\n\n\n\n\n\n

\n\n

\n $\"Investment$

\n\n

The initial level of the underlying asset is observed and the final terms of the Notes are set.

If the closing level of the underlying asset is equal to or greater than the coupon barrier on any observation date (including the final valuation date), UBS will pay you a contingent coupon on the applicable coupon payment date.

The Notes will be subject to an automatic call if the closing level of the underlying asset on any observation date other than the final valuation date is equal to or greater than the initial level.

If the Notes are subject to an automatic call, UBS will pay you on the call settlement date a cash payment per Note equal to the principal amount plus any contingent coupon otherwise due. Following an automatic call, no further payments will be made on the Notes.

The final level is observed on the final valuation date and the underlying return is calculated.

\nIf the Notes are not subject to an automatic call and the final level is equal to or greater than the downside threshold, UBS will pay you a cash payment per Note equal to:

Principal Amount of $10

\nIf the Notes are not subject to an automatic call and the final level is less than its downside threshold, UBS will pay you a cash payment per Note that is less than the principal amount, if anything, equal to:

$10 x (1+ Underlying Return)

\nIn this scenario, you will suffer a percentage loss on your initial investment equal to the underlying return and, in extreme situations, you could lose all of your initial investment.\n

\nInvesting in the Notes involves significant risks. You may lose a significant portion or all of your initial investment. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default on its obligations, you may not receive any payments owed to you under the Notes and you could lose all of your initial investment.\n

\nYou will lose a significant portion or all of your initial investment if the Notes are not subject to an automatic call and the final level is less than the downside threshold. You may not receive any contingent coupons during the term of the Notes.\n

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Observation Dates(1) and Coupon Payment Dates(1)(2)

\n\n

\n\n\n\n

\nObservation Dates\n

\nCoupon Payment Dates\n

\n\n

\n\n\n\n

January 14, 2027

January 19, 2027

\n\n

\n\n\n\n

April 15, 2027

April 19, 2027

\n\n

\n\n\n\n

July 15, 2027

July 19, 2027

\n\n

\n\n\n\n

October 15, 2027

October 19, 2027

\n\n

\n\n\n\n

January 14, 2028

January 19, 2028

\n\n

\n\n\n\n

April 17, 2028

April 19, 2028

\n\n

\n\n\n\n

July 17, 2028

2028年7月19日

\n\n

\n\n\n\n

最终估值日

到期日

\n\n

\n\n\n\n\n\n\n

\n (1) \n	\n 受随附产品补充文件中规定的市场中断事件条款的约束。 \n
\n (2) \n	\n 每个观察日后的两个营业日，但最终估值日的票息支付日为到期日。如果您能够在观察日将票据在二级市场出售，那么票据的购买者将被视为有关记录日的记录持有人，因此您将无权获得与该观察日相关的任何付款。 \n

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主要风险

\n投资票据涉及重大风险。投资票据并不等同于对基础资产的假设投资。以下总结了一些适用于票据的主要风险，但我们敦促您阅读随附产品补充文件中“风险因素”部分中对票据风险的更详细说明。我们还建议您就投资票据咨询您的投资、法律、税务、会计及其他顾问。\n

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\n\n	\n \n与收益特征相关的风险\n \n

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\n到期时可能损失本金 - 票据与普通债务证券不同，因为瑞银（UBS）不一定在到期时进行定期票息支付或全额偿还票据的本金。如果票据未被自动赎回且最终水平低于下行阈值，您将损失相当于基础资产收益的本金比例，在极端情况下，您可能会损失全部初始投资。

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\n声明的发行人支付仅适用于您持有票据至到期日的情况 - 您应愿意持有票据至到期日。如果您能够在自动赎回或到期前在二级市场出售票据，即使此时基础资产的水平等于或高于下行阈值，您可能仍需以低于初始投资的价格出售票据。票据的所有支付均受瑞银信用状况的约束。

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\n您可能无法获得与您的票据相关的任何或有票息 - 瑞银不一定在票据上进行定期票息支付。如果在观察日基础资产的收盘价低于票息障碍，瑞银将不会向您支付该观察日适用的或有票息。如果在每个观察日基础资产的收盘价均低于票息障碍，瑞银将在票据期限内不会支付任何或有票息，您也不会从票据中获得正收益。通常，这种或有票息的不支付与票据本金损失风险更大的时期相吻合。

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\n您从票据中获得的回报仅限于任何或有票息，您不会参与基础资产的价值增长，也不会收到基础资产的股息支付，也不会享有与基础资产持有人相同的权利 - 票据的回报潜力仅限于事先规定的或有票息率，无论基础资产是否增值。此外，您的票据回报将根据在到期前或自动赎回前满足或有票息要求的观察日期数量而有所不同。由于票据可能在第一个潜在赎回结算日就面临自动赎回，因此票据的总回报可能低于票据持续到到期的回报。此外，如果票据面临自动赎回，您将不会收到任何或有票息或在赎回结算日之后的任何票息支付日的其他付款，您的票据回报可能低于票据持续到到期的回报。因此，投资票据的回报可能低于在基础资产上的假设投资回报。此外，作为票据的持有者，您在票据期限内不会收到或有权收到基础资产的任何股息或其他分配，且任何此类股息或分配都不会计入对您的票据付款的计算中。同样，您不会拥有基础资产持有人的投票权或其他任何权利。

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\n更高的或有票息率或更低的下行阈值或票息障碍可能反映出基础资产的更大预期波动性，而更大的预期波动性通常表明到期时损失的风险增加 - 票据的经济条款，包括或有票息率、票息障碍和下行阈值，部分基于票据条款设定时基础资产的预期波动性。\"波动性\"指的是基础资产水平变化的频率和幅度。在交易日时，基础资产的预期波动性越大，当天就越有可能预期基础资产的收盘价在观察日低于票息障碍，最终价格低于下行阈值，从而分别表明无法获得或有票息的风险增加和损失风险增加。在其他条件相同的情况下，这种更大的预期波动性通常会反映在比我们常规债务证券在相似期限下或在其他方面可比证券的收益率更高的或有票息率，以及/或比其他可比证券的下行阈值和/或票息障碍更低。因此，相对较高的或有票息率可能表明损失风险增加。此外，相对较低的下行阈值和/或票息障碍可能并不一定表明票据在到期时更有可能返还本金和/或支付或有票息。您应愿意承担基础资产的下行市场风险以及可能损失大部分或全部初始投资的潜在风险。

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\n再投资风险 - 根据本文“观察日和票息支付日”部分所述，在最终估值日之前某些观察日，如果标的资产的收盘价等于或高于初始水平，该票据将面临自动赎回。由于该票据可能早在第一个潜在赎回结算日就面临自动赎回，因此您投资的期限可能会受到限制。如果该票据面临自动赎回，不能保证您能够以类似收益率和/或类似风险水平的条件再投资所得资金。此外，如果您能够将这些所得资金投资于与该票据类似的投资，您可能会产生交易成本，例如新证券价格中包含的交易商折扣和对冲成本。然而，通常而言，该票据存续时间越长，由于标的资产水平下降以及标的资产水平恢复的时间越短，该票据面临自动赎回的可能性就越小。这种时期通常与您的票据面临更大本金损失风险的时期一致。

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\n\n	\n \\n与标的资产特性相关的风险\\n \n

\n\n\n\n

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\\n单一股票风险 - 该票据的收益（可能为负）直接与标的资产的表现相关。由于与标的资产及其发行人（“标的资产发行人”）相关的特定因素，如股票或商品价格波动、收益、财务状况、公司、行业和监管发展、管理层变动和决策以及其他事件，以及一般市场因素，如股票和商品市场波动性和水平、利率以及经济、政治和其他状况，标的资产的水平可能大幅上升或下降。作为该票据的投资者，您应自行调查该票据的标的资产发行人和标的资产。有关标的资产和标的资产发行人的更多信息，请参见本文中的“关于标的资产的信息”以及该部分中提到的标的资产发行人向美国证券交易委员会（SEC）提交的文件。我们敦促您查阅标的资产发行人定期向SEC提交的财务和其他信息。\\n

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\\n无法保证票据中隐含的投资观点会成功 - 无法预测标的资产的水平会上涨或下跌的程度。无法保证标的资产的收盘价在任何观察日等于或高于票息门槛，或者如果该票据未被自动赎回，则最终水平等于或高于下行阈值。标的资产的水平将受到影响标的资产发行人的复杂且相互关联的政治、经济、金融和其他因素的影响。您应愿意接受一般股票和特别是标的资产的下行风险，以及损失大部分或全部初始投资的风险。

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\n底层资产发行人与瑞银之间没有任何关联，瑞银不对该发行人的任何披露负责- 我们与底层资产发行人没有关联。我们及我们的关联方可能目前或在将来不时与底层资产发行人开展业务。然而，我们与底层资产发行人没有关联，也不对发行人任何公开披露的信息负责，无论该信息是否包含在证券交易委员会（SEC）的文件中。作为本票据的投资者，您应自行对底层资产及其发行人进行调查。本公告中提供的票据的底层资产发行人以任何方式参与该票据的发行，且没有任何义务出于任何原因（包括在可能影响您票据的市场价值和回报的任何公司行为中）考虑您的利益。

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\n\n	\n \n预估价值考虑因素\n \n

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\n您为票据支付的发行价格高于其预估初始价值 - 由于发行价格中包含了承销折扣、对冲成本、发行及其他成本和预期利润，您为票据支付的发行价格在交易日高于其预估初始价值。在交易日相关市场的收盘时，我们根据内部定价模型确定了票据的预估初始价值，并在本定价补充文件中列示。用于确定票据预估初始价值的定价模型包括某些变量，包括底层资产的水平和波动性、底层资产的预期股息、现行利率、票据期限以及我们的内部资金成本。我们的内部资金成本通常低于我们为发行类似期限的传统固定或浮动利率债务证券所支付的利率。承销折扣、对冲成本、发行及其他成本、预期利润以及利率差异将降低票据对您的经济价值。由于这些因素，交易日的票据预估初始价值低于您为票据支付的发行价格。

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\n预估初始价值是一个理论价格；您在交易日后任何时间可能在任何二级市场（如有）以实际价格出售票据的价格可能与预估初始价值不同 - 您票据的价值在任何时候都会根据许多因素而变化，包括上述因素以及“与底层资产特性相关的风险——单一股票风险”中所述的因素，且无法预测。此外，我们使用的定价模型是专有的，部分基于对未来事件的某些假设，这些假设可能不正确。因此，在交易日后，如果您尝试在二级市场出售票据，您实际获得的价值可能与我们内部定价模型确定的票据预估初始价值不同，可能差异较大。票据的预估初始价值并不代表我们在任何时间或任何二级市场愿意购买您的票据的最低或最高价格。

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\n我们实际的利润可能大于或小于交易日当天票据的估计初始价值与发行价之间的差额- 我们可能在交易日之前至少部分地确定票据的经济条款，并对我们的义务进行对冲。此外，我们可能需要持续承担维护和/或调整任何对冲的成本，而这样的对冲通常并不完美。因此，在交易日当天无法确定我们发行票据的实际利润（或可能的损失），并且交易日当天估计初始价值与发行价之间的任何差额并不能反映我们的实际利润。最终，我们实际的利润只有在票据到期时才能确定。

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\n\n	\n \n与流动性及二级市场价格考虑因素相关的风险\n \n

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\n票据可能几乎没有或没有二级市场 - 票据不会在任何证券交易所或任何电子通讯网络上上市或展示。无法保证票据的二级市场会发展起来。UBS Securities LLC及其关联公司有意但没有义务在票据上做市，且可能随时停止做市。如果您能够在到期前出售您的票据，可能不得不以重大损失出售。票据的估计初始价值并不代表我们在任何时间或任何二级市场上愿意购买您的票据的最低或最高价格。

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瑞银证券有限责任公司及其关联公司可能在二级市场（如有）以高于当时瑞银对票据的估值、高于任何其他独立交易商提供的二级市场价格（如有）以及根据您的经纪商情况，高于您的客户账户声明上提供的估值的价格购买票据 - 在票据发行后的有限时间内，瑞银证券有限责任公司或其关联公司可能以高于（i）我们基于内部定价模型在该时点对票据的估值、（ii）任何其他独立交易商（如有）提供的二级市场价格以及（iii）根据您的经纪商情况，客户账户声明上提供的估值的价格买卖此类票据。在票据发行后，瑞银证券有限责任公司最初可能以高于我们内部定价模型所指示的估值的价格购买此类票据，这是由于在有限时间内包含了承销折扣、对冲成本、发行成本和理论预期交易利润的总价值。这部分金额在不超过“补充分销计划（利益冲突）；二级市场（如有）”下指定日期的期间内，将以直线方式减少至零。此后，如果瑞银证券有限责任公司或其关联公司进行票据的二级市场交易，其价格将反映我们根据当时内部定价模型确定的估计价值。相对于我们内部定价模型的临时正向差异，源于瑞银证券有限责任公司与结构化债务证券（如票据）的销售代理之间的请求和安排。如上所述，瑞银证券有限责任公司及其关联公司有意但并非必须为票据做市，且可能随时停止做市。瑞银证券有限责任公司或其关联公司在任何时间（如适用）进行二级市场交易的价格也将反映其当时对类似规模的结构化债务证券的买卖价差。瑞银金融服务公司和瑞银证券有限责任公司在其客户声明中反映这一临时正向差异。投资者应询问独立交易商提供的客户账户声明上的估值。

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影响票据发行前条款和市场价格的经济和市场因素 - 由于结构化票据（包括票据）可以被视为具有债务部分和衍生部分，影响债务工具和期权及其他衍生品价值的因素也将影响票据的发行条款和特征以及票据到期前的市场价格。这些因素包括基础资产的水平；基础资产的波动性；基础资产的预期股息；票据到期剩余时间；市场利率；地缘政治状况和经济、金融、政治、不可抗力及监管或司法事件；瑞银的信用状况；票据当时的买卖价差以及下文“对冲活动和利益冲突相关风险——潜在利益冲突”中讨论的因素。这些及其他因素是不可预测且相互关联的，可能会相互抵消或放大。

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\n费用以及使用内部融资利率而非二级市场信用利差对二级市场价格的影响 - 在其他条件相同的情况下，如上文“— 估值考虑因素”中所述的内部融资利率的使用，以及在发行价格中包含承销折扣、对冲成本、发行和其他成本以及任何预期利润，考虑到瑞银证券有限责任公司及其关联公司的做市溢价的临时缓解效应，预计会降低您在任何二级市场出售票据的价格。\n

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\n\n	\n \n与对冲活动和利益冲突相关的风险\n \n

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•

\n潜在的利益冲突 - 瑞银及其关联公司可能与基础资产发行人进行业务往来，这可能在瑞银的利益与您作为票据持有人的利益之间产生冲突。您与计算代理机构之间也存在潜在的利益冲突，该计算代理机构将是瑞银的关联公司。计算代理机构将根据基础资产观察到的收盘水平来决定在任何应付息日是否向您支付或有息票、票据是否受自动赎回条款约束以及到期时的付款（如有）。如果在交易日、任何观察日或最终估值日发生或持续存在市场中断事件，计算代理机构可以推迟确定票据的条款。由于瑞银确定票据的经济条款，包括或有息票率、下行阈值和息票门槛，且此类条款包括承销折扣、对冲成本、发行和其他成本以及预期利润，因此票据代表了一揽子经济条款。此外，如果投资者能够与第三方进行场内交易和/或场外衍生品或其他工具，假设这些工具可用且投资者具备组装和进入这些工具的能力，投资者可能会获得更好的经济条款，这也存在其他潜在的利益冲突。

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在某些事件发生后，计算代理可能会对基础资产和凭证的条款进行调整，这可能会对凭证的市场价格和回报产生不利影响-在影响基础资产的某些事件发生后，计算代理可能会根据适用情况对初始水平、票息障碍、下行阈值和/或最终水平以及凭证的任何其他条款进行调整，并且在某些情况下，可能会替换该基础资产。然而，计算代理不会对每一个可能影响基础资产的事件都进行调整。如果发生不需要计算代理进行调整的事件，凭证的市场价格和回报可能会受到重大不利影响。此外，有关此类调整的所有决定和计算都将由计算代理做出。您应了解，计算代理可能会以与随附的产品补充文件或本文中讨论的方式不同的方式做出任何此类调整、决定或计算，它认为这可能是适当的，以尽可能抵消您作为凭证持有人因任何此类事件导致的经济地位的任何变化，以实现公平的结果。在与基础资产发行人相关的某些事件发生后，例如重组事件或退市或交易暂停，关于在任何票息支付日是否向您支付或有票息、凭证是否受自动赎回约束或您在到期时收到的金额，可能基于该基础资产发行人的继任者的权益证券，结合任何现金或任何其他分配给该基础资产持有人的资产（如适用），或另一家公司的普通股。此类事件的发生和随之而来的调整可能会对凭证的价值和回报产生重大不利影响。有关更多信息，请参见随附的产品补充文件中的“证券一般条款——与基础权益或权益篮子资产挂钩的证券的反稀释调整”、“—与基础权益或权益篮子资产挂钩的证券的重组事件”以及“—基础权益的退市、交易暂停或影响的法律变更”部分。

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UBS对价格的潜在影响 - UBS或其关联方在基础资产、上市和/或场外期权、期货、交易所交易基金或其他与基础资产表现挂钩的工具中的交易或交易，可能会影响基础资产的水平，从而影响凭证的市场价格和回报。

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\n经销商激励 - UBS及其关联公司就票据（Notes）以多种方式行事。我们及我们的关联公司可能作为交易商、代理人或经纪人在票据的销售中行事。这些关联公司，包括销售代表，将从票据的分销中获得报酬，而这种报酬可能成为促使他们销售这些票据而非其他投资的激励。我们将按照此处封面所列的每张票据的承销折扣金额，向任何作为代理人或交易商参与票据分销的关联公司支付总承销报酬。鉴于UBS Securities LLC及其关联公司暂时维持做市溢价，这可能会产生抑制UBS Securities LLC及其关联公司推荐在二级市场出售您的票据的效果。

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\nUBS可能发布的不一致的研究、意见或建议 - UBS及其关联公司会不定期发布有关金融市场和其他事项的研究，这些研究可能会影响票据的价值和回报，或表达与购买或持有票据不一致的意见或提供建议。UBS或其关联公司发布的任何研究、意见或建议可能彼此不一致，并可能在未通知的情况下随时修改。投资者应自行独立调查投资票据及其底层资产的优劣。

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\n\n	\n \n与一般信用特征相关的风险\n \n

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\nUBS的信用风险 - 票据是UBS的无担保、无优先级债务义务，无论是直接还是间接，都不是任何第三方的义务。任何应支付给票据的款项，包括任何本金的偿还，都取决于UBS履行其到期义务的能力。因此，UBS的实际和感知信用状况可能会影响票据的市场价值。如果UBS未能履行其义务，您可能无法按照票据条款获得任何应付的款项，您可能会损失全部初始投资。

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\n票据不是银行存款 - 投资票据所承担的风险与在UBS或其关联公司处存入的银行存款的风险非常不同。票据具有不同的收益率和/或回报率、流动性和风险特征，且不会受益于为存款提供的任何保护。

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\n如果瑞银集团遭遇严重的财务困难，FINMA 有权针对瑞银集团启动重组或清算程序，并/或对其采取保护性措施，此类程序或措施可能对凭证的条款和市场价值以及瑞银集团支付凭证的能力产生重大不利影响- 1934 年 11 月 8 日颁布的《瑞士银行与储蓄银行联邦法》（以下简称“瑞士银行法”）经修订后，赋予瑞士金融市场监管局（“FINMA”）广泛的权力，可在其认为有正当理由担心瑞银集团过度负债或存在严重流动性问题，或在截止期限届满后瑞银集团未能满足适用的资本充足率要求（无论是在单独还是合并基础上）时，针对瑞银集团采取措施和行动。如果满足上述任何前提条件，FINMA 有权针对瑞银集团启动重组程序或清算（破产）程序，并/或对其采取保护性措施。根据瑞士银行法，FINMA 在上述程序和措施方面拥有很大的自由裁量权。特别是，FINMA 可以施加各种各样的保护性措施，包括银行暂停支付或到期日延期，这些措施可以单独实施，也可以与重组或清算程序一并实施。

在重组程序中，FINMA作为解决机构，有权批准重组计划。该重组计划可能包括以下内容：(a) 将瑞银集团的所有或部分资产、债务、其他负债和合同（可能包括也可能不包括瑞银与票据持有人之间的合同关系）转让给另一实体；(b) 对瑞银作为一方的合同的终止进行暂停（最多两个营业日），以及/或行使（w）终止权利、（x）净额结算权利、（y）执行或处置担保物的权利或（z）根据瑞银作为一方的合同转让债权、债务或担保物的权利；(c) 将瑞银的债务和/或其它义务（包括其在票据下的义务）部分或全部转换为股权（“债转股”），以及/或(d) 部分或全部核销瑞银的债务（“核销”），包括其在票据下的债务。在任何针对票据的债转股或核销之前，必须将瑞银发行的、符合附加一级资本或二级资本的现有股权和债务工具按适用情况转换或减记并注销。瑞士银行法规定了债转股或核销债务工具（不包括符合附加一级资本或二级资本的债务工具）的顺序：首先，所有不符合监管资本的次级义务；其次，根据2012年6月1日《关于银行和证券交易商资本充足率和风险分散的瑞士条例》（经修订）规定的破产措施中的损失吸收债务工具（Schuldinstrumente zur Verlusttragung im Falle von Insolvenzmassnahmen）；第三，所有未被法律排除在债转股或核销之外的其他义务（不包括存款），如票据；第四，超过法律规定的优先金额的存款。然而，鉴于FINMA被授予的广泛裁量权，FINMA在与瑞银重组程序相关的重组计划中批准的任何计划都可能规定，与票据相关的或与票据有关的债权将被全部或部分转换为股权或核销，同时保留与瑞银在票据下的义务具有pari passu地位的其他义务。因此，FINMA行使任何法定解决权力或提出任何此类行使的建议，可能会对票据持有人的权利、其在票据中的投资价格或价值以及瑞银履行其在票据下的义务的能力产生重大不利影响，并可能导致持有人损失其在票据中的全部或部分投资。

一旦FINMA针对瑞银集团启动重组程序，它在决定是否行使任何法定清算权力时，可能会考虑诸如经营成果、财务状况（特别是债务水平、潜在未来损失和/或重组成本）、流动性状况和监管资本充足性，以及瑞银集团及其子公司的其他任何因素，包括如果选择行使此类权力要求进行债务转股权交换和/或核销，是否全部或部分执行。FINMA在行使任何法定清算权力时可能考虑的标准为其提供了相当大的自由裁量权。因此，票据持有人可能无法参考公开可获得的标准来预测任何此类权力的可能行使及其对票据和/或瑞银集团的潜在影响。

如果瑞银集团被启动重组程序，受重组计划影响的债权人将无权对重组计划进行投票、拒绝或要求暂停重组计划。此外，如果FINMA已批准针对瑞银集团的重组计划，债权人挑战该重组计划或要求通过司法或行政程序对该计划进行审查的权力（例如，基于该计划可能不当损害票据持有人的权利或违反瑞士银行法）将非常有限。即使瑞银集团的任何债权人成功在法院挑战该重组计划，法院也只能要求相关债权人事后获得补偿，而目前尚无关于此类补偿将基于何种基础以及如何筹集的指导。任何此类挑战（即使成功）也不会暂停或导致暂停重组计划的实施。

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\n\n	\n 与美国联邦所得税相关的风险 \n

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不确定的税务处理 - 票据税务处理的某些方面尚不确定。您应咨询您的税务顾问以了解您的税务情况。详见本文中的“票据的税务后果”以及“重大美国联邦所得税后果”，包括“被视为预付衍生品或预付远期的证券”部分，见附带的产品补充文件。

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假设的票据表现示例

以下示例基于假设条款。实际条款见本页封面所示。

以下示例说明了在自动赎回或到期时，针对票据假设发行的10美元票据的支付情况，假设如下（金额可能为便于参考而四舍五入）：

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\n 本金金额： \n	\n $10 \n
\n 期限： \n	\n 约2年 \n
\n 附带票息率： \n	\n 年化20.34% \n
\n 附带票息： \n	\n $0.5085 \n

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观察日期：

每季度

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初始水平：

$100.00

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\n 下行阈值： \n	\n 50.00美元（即初始水平的50.00%） \n
\n 票息障碍： \n	\n 50.00美元（即初始水平的50.00%） \n

示例1 — 在对应于第一个潜在赎回结算日的观察日，标的资产的收盘价等于或高于初始水平。

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日期

收盘价

\n\n

每张票据的支付额

\n\n\n\n

第一次观察日

105.00美元（等于或高于初始水平和票息障碍）

\n\n

$10.5085（行权结算金额）

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\n\n

总支付额：

\n\n

$10.5085（总回报率为5.085%）

由于票据在第一个可能的行权结算日（大约在交易日后3个月）受自动行权条款约束，UBS将在行权结算日向您支付每张票据总计$10.5085，这反映了您的本金加上适用的或有票息，票据的总回报率为5.085%。您将不会收到票据的任何进一步支付。

\n示例2 — 票据不受到自动行权约束，且标的资产的最终水平等于或高于下行阈值和票息障碍。\n

\n\n\n\n

\n日期\n

\n收盘价\n

\n\n

\n支付金额（每张票据）\n

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第一次观察日期

$73.50（等于或高于票息障碍；低于初始水平）

\n\n

$0.5085（或有票息）

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第二次至第七次观察日期

各种数值（全部低于初始水平和票息障碍）

\n\n

$0.00

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最终估值日期

$55.00（等于或高于票息障碍和下行阈值）

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$10.5085（到期支付）

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\n\n

总支付额：

\n\n

$11.017（总回报率为10.17%）

由于票据不受到自动行权约束，且标的资产的最终水平等于或高于下行阈值，UBS将在到期时按每张票据支付等于本金金额的现金支付。由于标的资产的最终水平也等于或高于票息障碍，将就最终估值日期支付或有票息。到期时，UBS将向您支付每张票据总计$10.5085（反映了您的本金加上适用的或有票息）。加上之前观察日期所收到的或有票息$0.5085，UBS将向您支付总计$11.017每张票据，票据的总回报率为10.17%。

\n示例3 — 票据不受到自动行权约束，且标的资产的最终水平低于下行阈值和票息障碍。\n

\n\n\n\n

\n日期\n

\n收盘价\n

\n\n

\n支付金额（每张票据）\n

\n\n\n\n

第一次观察日期

$73.50（等于或高于票息障碍；低于初始水平）

\n\n

$0.5085（或有票息）

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第二次至第七次观察日期

各种数值（全部低于初始水平和票息障碍）

\n\n

$0.00

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最终估值日期

$30.00（低于票息障碍和下行阈值）

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$10.00 x（1 + 标的资产回报率） =

$10.00 x [1 + (-70% )] =

$10.00 x 0.3 =

$3.00（到期支付）

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\n\n

总支付额：

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$3.5085（亏损64.915%）

由于票据不受到自动行权约束，且最终水平低于下行阈值，到期时您将面临标的资产的负回报，UBS将向您支付每张票据$3.00。加上之前观察日期所收到的或有票息$0.5085，UBS将向您支付总计$3.5085每张票据，票据的亏损率为64.915%。

投资于票据涉及重大风险。票据不同于普通债务证券，因为瑞银（UBS）不一定有义务偿还您初始投资的全部金额。如果票据不适用自动赎回，则您可能会损失大部分或全部的初始投资。具体而言，如果票据不适用自动赎回且标的资产的最终水平低于其下行阈值，您将损失相当于标的资产回报率的本金比例，在极端情况下，您可能会损失全部初始投资。

\nAny payment on the Notes, including any payments in respect of an automatic call, contingent coupon or any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default on its obligations, you may not receive any payments owed to you under the Notes and you could lose all of your initial investment.\n

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Information About the Underlying Asset

\n\n\n\n

All disclosures contained in this document regarding the underlying asset are derived from publicly available information. UBS has not conducted any independent review or due diligence of any publicly available information with respect to the underlying asset. You should make your own investigation into the underlying asset.

Included below is a brief description of the underlying asset. This information has been obtained from publicly available sources. Set forth below is a graph that illustrates the past performance for the underlying asset. The information given below is for the period indicated. We obtained the past performance information set forth below from Bloomberg Professional® service (“Bloomberg”) without independent verification. You should not take the historical levels of the underlying asset as an indication of future performance.

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The underlying asset is registered under the Securities Act of 1933, the Securities Exchange Act of 1934 and/or the Investment Company Act of 1940, each as amended. Companies with securities registered with the SEC are required to file financial and other information specified by the SEC periodically. Information filed by the underlying asset issuer with the SEC can be reviewed electronically through a website maintained by the SEC. The address of the SEC’s website is www.sec.gov. Information filed with the SEC by the underlying asset issuer can be located by reference to its SEC file number provided below.

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\n Dell Technologies Inc.\n

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According to publicly available information, Dell Technologies Inc. (\"Dell\") provides information technology products and services. Information filed by Dell with the SEC can be located by reference to its SEC file number: 001-37867, or its CIK Code: 0001571996. Dell's common stock is listed on the New York Stock Exchange under the ticker symbol \"DELL\".

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Information from outside sources is not incorporated by reference in, and should not be considered part of, this document or any document incorporated herein by reference. UBS has not conducted any independent review or due diligence of any publicly available information with respect to the underlying asset.

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\nHistorical Information\n

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The graph below illustrates the performance of Dell's common stock for the period indicated, based on the daily closing levels as reported by Bloomberg, without independent verification. UBS has not conducted any independent review or due diligence of any publicly available information obtained from Bloomberg. The solid line represents its coupon barrier and downside threshold of $236.70, which is equal to 50.00% of the closing level on October 15, 2026. Past performance of the underlying asset is not indicative of the future performance of the underlying asset during the term of the Notes.\n

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What Are the Tax Consequences of the Notes?

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\nThe U.S. federal income tax consequences of your investment in the Notes are uncertain. There are no statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the Notes. Some of these tax consequences are summarized below, but we urge you to read the more detailed discussion in “Material U.S. Federal Income Tax Consequences”, including the section “Securities Treated as Prepaid Derivatives or Prepaid Forwards with Associated Contingent Coupons”, in the accompanying product supplement and to discuss the tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the “Code”), final, temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as to the U.S. federal income tax consequences of your investment in the Notes, and the following discussion is not binding on the IRS.\n

\n\n\n\n

\nU.S. Tax Treatment. Pursuant to the terms of the Notes, UBS and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize the Notes as prepaid derivative contracts with respect to the underlying asset. If your Notes are so treated, any contingent coupon that is paid by UBS (including on the maturity date or call settlement date) should be included in your income as ordinary income in accordance with your regular method of accounting for U.S. federal income tax purposes. In determining our information reporting obligations, if any, we intend to treat the contingent coupons as ordinary income.

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In addition, excluding amounts or proceeds attributable to any contingent coupon, you should generally recognize gain or loss upon the taxable disposition of your Notes in an amount equal to the difference between the amount you receive at such time (other than amounts or proceeds attributable to a contingent coupon or any amount attributable to any accrued but unpaid contingent coupon) and the amount you paid for your Notes. Such gain or loss should generally be long-term capital gain or loss if you have held your Notes for more than one year (otherwise such gain or loss should be short-term capital gain or loss if held for one year or less). The deductibility of capital losses is subject to limitations. Although uncertain, it is possible that proceeds received from the taxable disposition of your Notes prior to a coupon payment date, but that could be attributed to an expected contingent coupon, could be treated as ordinary income. You should consult your tax advisor regarding this risk.

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We will not attempt to ascertain whether the underlying asset issuer would be treated as a “passive foreign investment company” (a “PFIC”) within the meaning of Section 1297 of the Code or as a “United States real property holding corporation” (a “USRPHC”) within the meaning of Section 897 of the Code. If any such entity were so treated, certain adverse U.S. federal income tax consequences might apply, to a U.S. holder in the case of a PFIC and to a non-U.S. holder in the case of a USRPHC, upon the taxable disposition of a Note. Both U.S. holders and non-U.S. holders should refer to information filed with the SEC or the equivalent governmental authority by any such entity and consult their tax advisors regarding the possible consequences to them in the event that any such entity is or becomes a PFIC or USRPHC.

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\nBased on certain factual representations received from us, our special U.S. tax counsel, Hogan Lovells Cadwalader US LLP, is of the opinion that it would be reasonable to treat your Notes in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the Notes, it is possible that your Notes could alternatively be treated for tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and character of your income from the Notes could differ materially and adversely from the treatment described above, as described further under “Material U.S. Federal Income Tax Consequences”, including the section “Securities Treated as Prepaid Derivatives or Prepaid Forwards with Associated Contingent Coupons” in the accompanying product supplement. \n

\n\n

Except to the extent otherwise required by law, UBS intends to treat your Notes for U.S. federal income tax purposes in accordance with the treatment described above and under “Material U.S. Federal Income Tax Consequences — Securities Treated as Prepaid Derivatives or Prepaid Forwards with Associated Contingent Coupons” in the accompanying product supplement unless and until such time as the IRS and the Treasury determine that some other treatment is more appropriate.

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\nNotice 2008-2. In 2007, the IRS released a notice that may affect the taxation of holders of the Notes. According to Notice 2008-2, the IRS and the Treasury are actively considering whether the holder of an instrument such as the Notes should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the Notes will ultimately be required to accrue income currently in excess of any receipt of contingent coupons and this could be applied on a retroactive basis. The IRS and the Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital, whether non-U.S. holders of such instruments should be subject to withholding tax on any deemed income accruals, and whether the special “constructive ownership rules” of Section 1260 of the Code should be applied to such instruments. Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the significance, and potential impact, of the above considerations.\n

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\nMedicare Tax on Net Investment Income. U.S. holders that are individuals, estates or certain trusts are subject to an additional 3.8% tax on all or a portion of their “net investment income”, which may include any income or gain realized with respect to the Notes, to the extent of their net investment income that when added to their other modified adjusted gross income, exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse), $125,000 for a married individual filing a separate return or the dollar amount at which the highest tax bracket begins for an estate or trust. The 3.8% Medicare tax is determined in a different manner than the income tax. U.S. holders should consult their tax advisors as to the consequences of the 3.8% Medicare tax.

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\nSpecified Foreign Financial Assets. U.S. holders may be subject to reporting obligations with respect to their Notes if they do not hold their Notes in an account maintained by a financial institution and the aggregate value of their Notes and certain other “specified foreign financial assets” (applying certain attribution rules) exceeds an applicable threshold. Significant penalties can apply if a U.S. holder is required to disclose its Notes and fails to do so.

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\nNon-U.S. Holders. The U.S. federal income tax treatment of the contingent coupons is unclear. Subject to the discussions below with respect to Section 871(m) of the Code and FATCA (as defined below), our special U.S. tax counsel is of the opinion that contingent coupons paid to a non-U.S. holder that provides us (and/or the applicable withholding agent) with a fully completed and validly executed applicable IRS Form W-8 should not be subject to U.S. withholding tax and we do not intend to withhold any tax on contingent coupons. However, it is possible that the IRS could assert that such payments are subject to U.S. withholding tax, or that another withholding agent may otherwise determine that withholding is required, in which case the other withholding agent may withhold up to 30% on such payments (subject to reduction or elimination of such withholding tax pursuant to an applicable income tax treaty). We will not pay any additional amounts in respect of such withholding. Subject to Section 897 of the Code, discussed above, and Section 871(m) of the Code, discussed below, gain realized from the taxable disposition or maturity of the Notes generally should not be subject to U.S. tax unless (i) such gain is effectively connected with a trade or business conducted by the non-U.S. holder in the U.S., (ii) the non-U.S. holder is a non-resident alien individual and is present in the U.S. for 183 days or more during the taxable year of such taxable disposition and certain other conditions are satisfied or (iii) the non-U.S. holder has certain other present or former connections with the U.S.

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\nSection 871(m). A 30% withholding tax (which may be reduced by an applicable income tax treaty) is imposed under Section 871(m) of the Code on certain “dividend equivalents” paid or deemed paid to a non-U.S. holder with respect to a “specified equity-linked instrument” that references one or more dividend-paying U.S. equity securities or indices containing U.S. equity securities. The withholding tax can apply even if the instrument does not provide for payments that reference dividends. Treasury regulations provide that the withholding tax applies to all dividend equivalents paid or deemed paid on specified equity-linked instruments that have a delta of one (“delta one specified equity-linked instruments”) issued after 2016 and to all dividend equivalents paid or deemed paid on all other specified equity-linked instruments issued after 2017. However, the IRS has issued guidance that states that the Treasury and the IRS intend to amend the effective dates of the Treasury regulations to provide that withholding on dividend equivalents paid or deemed paid will not apply to specified equity-linked instruments that are not delta one specified equity-linked instruments and are issued before January 1, 2029.

Based on our determination that the Notes are not “delta-one” with respect to the underlying asset, our special U.S. tax counsel is of the opinion that the Notes should not be delta one specified equity-linked instruments and thus should not be subject to withholding on dividend equivalents. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Furthermore, the application of Section 871(m) of the Code will depend on our determinations on the date the terms of the Notes are set. If withholding is required, we will not make payments of any additional amounts.

Nevertheless, after the date the terms are set, it is possible that your Notes could be deemed to be reissued for tax purposes upon the occurrence of certain events affecting the underlying asset or your Notes, and following such occurrence your Notes could be treated as delta one specified equity-linked instruments that are subject to withholding on dividend equivalents. It is also possible that withholding tax or other tax under Section 871(m) of the Code could apply to the Notes under these rules if a non-U.S. holder enters, or has entered, into certain other transactions in respect of the underlying asset or the Notes. A non-U.S. holder that enters, or has entered, into other transactions in respect of the underlying asset or the Notes should consult its tax advisor regarding the application of Section 871(m) of the Code to its Notes in the context of its other transactions.

\nBecause of the uncertainty regarding the application of the 30% withholding tax on dividend equivalents to the Notes, you are urged to consult your tax advisor regarding the potential application of Section 871(m) of the Code and the 30% withholding tax to an investment in the Notes.\n

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\nForeign Account Tax Compliance Act. The Foreign Account Tax Compliance Act (“FATCA”) was enacted on March 18, 2010, and imposes a 30% U.S. withholding tax on “withholdable payments” (i.e., certain U.S.-source payments, including interest (and original issue discount), dividends, other fixed or determinable annual or periodical gain, profits, and income, and on the gross proceeds from a disposition of property of a type which can produce U.S.-source interest or dividends) and “passthru payments” (i.e., certain payments attributable to withholdable payments) made to certain foreign financial institutions (and certain of their affiliates) unless the payee foreign financial institution agrees (or is required), among other things, to disclose the identity of any U.S. individual with an account of the institution (or the relevant affiliate) and to annually report certain information about such account. FATCA also requires withholding agents making withholdable payments to certain foreign entities that do not disclose the name, address, and taxpayer identification number of any substantial U.S. owners (or do not certify that they do not have any substantial U.S. owners) to withhold tax at a rate of 30%. Under certain circumstances, a holder may be eligible for refunds or credits of such taxes.

Pursuant to final and temporary Treasury regulations and other IRS guidance, the withholding and reporting requirements under FATCA will generally apply to certain “withholdable payments”, will not apply to gross proceeds on a sale or disposition, and will apply to certain foreign passthru payments only to the extent that such payments are made after the date that is two years after final regulations defining the term “foreign passthru payment” are published. If withholding is required, we (or the applicable paying agent) will not be required to pay additional amounts with respect to the amounts so withheld. Foreign financial institutions and non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject to different rules.

Investors should consult their tax advisors about the application of FATCA, in particular if they may be classified as financial institutions (or if they hold their Notes through a foreign entity) under the FATCA rules.

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\nProposed Legislation. In 2007, legislation was introduced in Congress that, if it had been enacted, would have required holders of Notes purchased after the bill was enacted to accrue interest income over the term of the Notes despite the fact that there may be no interest payments over the term of the Notes.

Furthermore, in 2013, the House Ways and Means Committee released in draft form certain proposed legislation relating to financial instruments. If it had been enacted, the effect of this legislation generally would have been to require instruments such as the Notes to be marked to market on an annual basis with all gains and losses to be treated as ordinary, subject to certain exceptions.

It is not possible to predict whether any similar or identical bills will be enacted in the future, or whether any such bill would affect the tax treatment of your Notes. You are urged to consult your tax advisor regarding the possible changes in law and their possible impact on the tax treatment of your Notes.

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\nBoth U.S. and non-U.S. holders are urged to consult their tax advisors concerning the application of U.S. federal income tax laws to their particular situations, as well as any tax consequences of the purchase, beneficial ownership and disposition of the Notes, arising under the laws of any state, local, non-U.S. or other taxing jurisdiction.\n

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Supplemental Plan of Distribution (Conflicts of Interest); Secondary Markets (if any)

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We have agreed to sell to UBS Securities LLC and UBS Securities LLC has agreed to purchase, all of the Notes at the issue price to the public less the underwriting discount indicated on the cover hereof. UBS Securities LLC has agreed to resell all of the Notes to UBS Financial Services Inc. at a discount from the issue price to the public equal to the underwriting discount indicated on the cover hereof. Additionally, we or one of our affiliates will also pay a fee to LFT Securities, LLC, an entity in which an affiliate of UBS Financial Services Inc. and UBS Securities LLC has an ownership interest, for providing certain electronic platform services with respect to this offering.

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\nConflicts of Interest — Each of UBS Securities LLC and UBS Financial Services Inc. is an affiliate of UBS and, as such, has a “conflict of interest” in this offering within the meaning of Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 5121. In addition, UBS will receive the net proceeds (excluding the underwriting discount) from the initial public offering of the Notes, thus creating an additional conflict of interest within the meaning of FINRA Rule 5121. Consequently, the offering is being conducted in compliance with the provisions of FINRA Rule 5121. Neither UBS Securities LLC nor UBS Financial Services Inc. is permitted to sell Notes in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

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\nUBS Securities LLC and its affiliates may offer to buy or sell the Notes in the secondary market (if any) at prices greater than UBS’ internal valuation — The value of the Notes at any time will vary based on many factors that cannot be predicted. However, the price (not including UBS Securities LLC’s or any affiliates' customary bid-ask spreads) at which UBS Securities LLC or any affiliate would offer to buy or sell the Notes immediately after the trade date in the secondary market is expected to exceed the estimated initial value of the Notes as determined by reference to our internal pricing models. The amount of the excess will decline to zero on a straight line basis over a period ending no later than 6 months after the trade date, provided that UBS Securities LLC may shorten the period based on various factors, including the magnitude of purchases and other negotiated provisions with selling agents. Notwithstanding the foregoing, UBS Securities LLC and its affiliates intend, but are not required to make a market for the Notes and may stop making a market at any time. For more information about secondary market offers and the estimated initial value of the Notes, see “Key Risks — Estimated Value Considerations” and “—Risks Relating to Liquidity and Secondary Market Price Considerations” herein.

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\nProhibition on Sales to EEA Retail Investors — The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the “EEA”). For these purposes, a retail investor means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended. Consequently no key information document required by Regulation (EU) No 1286/2014 (the “EU PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPs Regulation.

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\nProhibition on Sales to UK Retail Investors — The Notes are not intended to be offered, sold, distributed or otherwise made available to and should not be offered, sold, distributed or otherwise made available to any retail investor in the United Kingdom (the “UK”). For these purposes, a retail investor means a person who is either one (or both) of the following: (i) not a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”) or (ii) not a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently no disclosure document required by the UK Financial Conduct Authority (the “FCA”) Product Disclosure Sourcebook (“DISC”) for offering, selling or distributing the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering, selling or distributing the Notes or otherwise making them available to any retail investor in the UK may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulation 2024.

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Validity of the Notes

In the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP, as special counsel to the issuer, when the Notes offered by this pricing supplement have been executed and issued by the issuer and authenticated by the trustee pursuant to the indenture and delivered, paid for and sold as contemplated herein, the Notes will be valid and binding obligations of the issuer, enforceable against the issuer in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or other laws relating to or affecting creditors' rights generally, and to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by Swiss law, Fried, Frank, Harris, Shriver & Jacobson LLP has assumed, without independent inquiry or investigation, the validity of the matters opined on by Homburger AG, Swiss legal counsel for the issuer, in its opinion dated July 9, 2026 filed on that date with the Securities and Exchange Commission as an exhibit to a Current Report on Form 6-K and incorporated by reference into the issuer's registration statement on Form F-3 (the \"Registration Statement\"). In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and, with respect to the Notes, authentication of the Notes and the genuineness of signatures and certain factual matters, all as stated in the opinion of Fried, Frank, Harris, Shriver & Jacobson LLP dated December 6, 2024 filed with the Securities and Exchange Commission as Exhibit 5.4 to the Registration Statement.

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