[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_96":97},"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","l2ud318v3q5r1rwqlrj39fled","revision",2,"title","UBS发行挂钩Netflix、Amazon及Micron的结构性票据","originalTitle","UBS AG (0001114446) (Filer)","summary","UBS AG发行总面值100万美元的无担保附息票据，挂钩Netflix、Amazon和Micron科技股票，期限约5年。若表现最差的标的资产在到期日跌破下行阈值，投资者可能损失本金；若UBS违约，偿付将受影响。该票据不向欧洲经济区及英国零售投资者提供。","reason","该文件披露了挂钩Netflix、Amazon和Micron股票的结构性票据条款及风险，投资者需重点关注底层资产表现最差时的本金损失风险、UBS的信用风险以及税务处理的不确定性。","source",{"_12":87,"_88":89,"_9":90,"_91":42,"_92":93,"_94":95},"links",{"_84":85,"_78":86},"publishedAt","2026-10-21T13:50:44.000Z","discoveredAt","2026-10-21T14:10:54.470Z","timelineAt","category","ai-products","tags",[83],"stockSymbols",[],"score",60,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fq3JNn67ZLs0",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","4fbc7cd5-97fe-4ec8-bfb8-717202dd5c3c","UBS发行挂钩三只科技股的结构性票据",{"_73":74,"_16":75},"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n

定价补充

2026年10月20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 $1,000,000 触发自动赎回附条件收益票据，带有记忆利息

与奈飞公司、亚马逊公司和美光科技公司的普通股中表现最差的股票挂钩，到期日为2031年10月23日

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

投资描述

瑞银集团（UBS AG）“触发自动赎回带记忆收益票据”（以下简称“票据”）是由瑞银集团（“瑞银”或“发行人”）发行的未担保、无抵押债务工具，与奈飞公司（Netflix, Inc.）普通股、亚马逊公司（Amazon.com, Inc.）普通股和美光科技公司（Micron Technology, Inc.）普通股中表现最差的股票挂钩（每只股票为“底层资产”，合称为“底层资产”）。如果在相关观察日（包括最终估值日）每个底层资产的收盘价等于或高于其票息障碍水平，瑞银将在票息支付日支付票息，以及根据记忆利息功能针对任何先前观察日未支付的票息。否则，相关票息支付日将不支付任何票息。如果在最终估值日之前的任何观察日（每月一次，从6个月后开始）每个底层资产的收盘价等于或高于其赎回阈值水平（每个底层资产的赎回阈值水平为其初始水平的一定百分比，如下所示），瑞银将自动赎回票据。如果票据被自动赎回，瑞银将在对应该观察日的票息支付日（“赎回结算日”）向您支付每张票据的现金金额，该金额等于本金加上原本应支付的任何票息以及根据记忆利息功能针对任何先前观察日未支付的票息，且票据项下不再有其他付款义务。如果票据未被自动赎回，且在最终估值日（“最终水平”）每个底层资产的收盘价等于或高于其下行阈值，到期时，瑞银将向您支付每张票据的现金金额，该金额等于本金。然而，如果票据未被自动赎回，且任何底层资产的最终水平低于其下行阈值，到期时，瑞银将向您支付每张票据的现金金额，该金额可能少于本金，从而导致您初始投资的百分比损失，该损失等于票据期限内表现最差的底层资产（“表现最差的底层资产”）的收盘价从初始水平到最终水平的百分比下降，而在极端情况下，您可能会损失全部初始投资。投资于票据涉及重大风险。如果票据未被自动赎回且任何底层资产的最终水平低于其下行阈值，您可能会损失初始投资的大部分或全部。在票据期限内，您可能无法获得任何票息。您将在每个观察日（包括最终估值日）面临每个底层资产的市场风险，其中任何一个底层资产的水平下降可能会对您的回报产生负面影响，而不会被其他底层资产的较小下降或任何潜在上涨所抵消或缓解。通常，较高的票息率与更大的损失风险相关。只有在您持有票据至到期日时，才适用本金的票息偿还。票据的任何付款（包括本金的偿还）均受瑞银的信用状况影响。如果瑞银未能履行其义务，您可能无法获得票据项下的任何应付金额，且可能会损失全部初始投资。

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

\n	\n	\n
\n 特性 \n	\n \n	\n 关键日期 \n

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

\n	\n	\n	\n
\n • \n	\n 潜在的定期附条件票息 - 如果在观察日（包括最终估值日）每个基础资产的收盘价等于或高于其票息障碍，则UBS将在相关票息支付日支付附条件票息，以及根据记忆权益功能针对任何先前观察日未支付的附条件票息。否则，如果在观察日任何基础资产的收盘价低于其票息障碍，则不会为相关票息支付日支付附条件票息。 \n	\n \n	\n \n \n \n \n 行权日 \n \n 2026年10月20日 \n \n \n 交易日* \n \n 2026年10月20日 \n \n \n 结算日* \n \n 2026年10月23日 \n \n \n 观察日 \n \n 每月（6个月后可赎回）（见第4页） \n \n \n 最终估值日 \n \n 2031年10月20日 \n \n \n 到期日** \n \n 2031年10月23日 \n \n \n \n \n \n 我们预计将在交易日后第三个营业日根据付款交付票据。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，希望在票据交付前一日之前在二级市场交易票据的购买者，由于每张票据最初将在三个营业日（T+3）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。 \n \n *如发生市场中断事件，将根据随附的产品补充文件所述进行推迟。 \n \n \n
\n • \n	\n 自动赎回特征 - 如果在最终估值日之前任何观察日（每月，6个月后开始）每个基础资产的收盘价等于或高于其赎回阈值水平，UBS将自动赎回票据，并向您支付票据的本金金额，以及根据相关票息支付日应支付的附条件票息，以及根据记忆权益功能针对任何先前观察日未支付的附条件票息。如果票据之前已受到自动赎回，则您将不再获得票据下的任何进一步付款。如果票据未受到自动赎回，您在到期时可能面临下行市场风险。 \n	\n \n
\n • \n	\n 到期时潜在的本金附条件偿还及完全下行市场风险 - 如果票据未受到自动赎回，且每个基础资产的最终水平等于或高于其下行阈值，在到期时，UBS将向您支付每张票据的现金金额等于本金金额。然而，如果票据未受到自动赎回，且任何基础资产的最终水平低于其下行阈值，在到期时，UBS将向您支付每张票据的现金金额低于本金金额，如果有的话，这将导致您初始投资的百分比损失等于表现最差的基础资产的回报，在极端情况下，您可能会损失全部初始投资。只有在您持有票据至到期时，才适用本金的附条件偿还。票据的任何支付，包括任何本金偿还，均受UBS信用状况的约束。 \n	\n \n

致投资者的通知：这些票据比传统的债务工具要风险大得多。发行人不一定有义务在票据到期时偿还票据的本金金额，而且这些票据可能具有与表现最差的底层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。如果您不了解或不熟悉投资票据所涉及的重大风险，请不要购买这些票据。

您应仔细考虑随附的产品补充文件中“关键风险”部分（从第5页开始）以及“风险因素”部分（从第PS-9页开始）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 \n \n

票据发行

底层资产

彭博终端代码

附条件
票面利率

初始水平

行权阈值水平

下行
阈值

票面利率障碍

CUSIP

ISIN

奈飞公司普通股

NFLX

年化17.10%

$68.69

$68.69，即其初始水平的100.00%

$34.35，即其初始水平的50.00%

$41.21，即其初始水平的60.00%

90266F5P7

US90266F5P79

亚马逊公司普通股

AMZN

\n \n

$262.63

$262.63，即其初始水平的100.00%

$131.32，即其初始水平的50.00%

$157.58，即其初始水平的60.00%

\n \n

美光科技公司普通股

\n \n

$896.07

$896.07，即其初始水平的100.00%

$448.04，即其初始水平的50.00%

$537.64，即其初始水平的60.00%

\n \n

根据交易日的估计初始价值为$985.00。票据的估计初始价值是根据UBS内部定价模型，在考虑内部资金利率的情况下，参考相关市场在本文件发布之日收盘时的价值确定的。有关二级市场报价和票据估计初始价值的更多信息，请参见第6页开始的“关键风险——估值考虑因素”和“关于流动性和二级市场价格考虑因素的风险”。

请参见第ii页的“关于UBS和票据的附加信息”。票据将具有随附的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。

证券交易委员会或其他监管机构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都是刑事犯罪。

这些票据不是银行存款，也不受联邦存款保险公司或其他政府机构的保险。

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

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
\n 票据发行 \n	\n 公众发行价(1) \n	\n 承销佣金(1)(2) \n	\n UBS AG的收益(2) \n	\n
\n \n	\n 总计 \n	\n 每张票据 \n	\n 总计 \n	\n 每张票据 \n	\n 总计 \n	\n 每张票据 \n	\n
\n 与奈飞公司普通股、亚马逊公司普通股和美光科技公司普通股中表现最差的股票挂钩的票据 \n	\n $1,000,000.00 \n	\n $1,000.00 \n	\n $2,500.00 \n	\n $2.50 \n	\n $997,500.00 \n	\n $997.50 \n

(1) 尽管下面所述的来自UBS Securities LLC的承销折扣，某些与UBS无关的注册投资顾问或收费咨询账户可能已同意以每张凭证至少997.50美元的价格从第三方交易商处购买凭证，而该第三方交易商在上述销售中可能同意放弃部分或全部承销折扣。

(2) 我们的关联公司UBS Securities LLC将从本次发行中每张凭证的销售中获得2.50美元的承销折扣。UBS Securities LLC已同意将该折扣全额再分配给一个或多个第三方交易商，或以发行价直接向投资者出售凭证。其中一些第三方交易商可能以发行价向其他证券交易商出售凭证，但会扣除最高达其获得的承销折扣的金额。UBS AG还将定期向另一家与UBS无关的交易商支付每张凭证7.50美元的营销费用，以支持其营销活动。

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

\n	\n
\n UBS Securities LLC \n	\n UBS Investment Bank \n

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

关于UBS和凭证的附加信息

UBS已向证券交易委员会（“SEC”）提交了注册声明（包括一份招股说明书，以及一份针对凭证的产品补充文件），针对与本文件相关的发行。您应阅读这些文件以及UBS向SEC提交的任何其他与凭证相关的文件，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。

您可以通过SEC网站sec.gov访问这些文件，如下所示：

• 2025年2月6日发布的“市场挂钩证券”产品补充文件：

http://www.sec.gov/Archives/edgar/data/1114446/000183988225007685/ubs_424b2-03670.htm

• 2025年2月6日发布的招股说明书：

http://www.sec.gov/Archives/edgar/data/1114446/000119312525021845/d936490d424b3.htm

对“UBS”、“我们”、“我们的”和“我们”的引用仅指UBS AG，而不指其合并的子公司。在本文中，“带有记忆利息的触发自动赎回条件收益凭证”或“凭证”指的是本次发行的凭证。此外，“附带的产品补充文件”或“市场挂钩证券产品补充文件”指的是2025年2月6日发布的UBS产品补充文件，“附带的招股说明书”指的是标题为“债务证券和认股权证”的2025年2月6日发布的UBS招股说明书。

本文档以及上述列出的文件包含了凭证的条款，并取代了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、实施方案结构、示例结构、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”中所述事项，因为凭证涉及与传统债务证券无关的风险。我们建议您就投资凭证咨询您的投资、法律、税务、会计和其他顾问。

如果附带的招股说明书、附带的产品补充文件和本文档中所述的条款之间存在任何不一致之处，将按照以下优先顺序进行处理：首先，本文档；其次，附带的产品补充文件；最后，附带的招股说明书。

UBS 保留在发行前更改条款或拒绝任何购买要约的权利。如果对条款有任何更改，UBS 将通知您，并要求您在购买时接受这些更改。您也可以选择拒绝这些更改，此时 UBS 可能会拒绝您的购买要约。

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

投资者适合性

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

\n	\n	\n
\n 如果以下情况，这些票据可能适合您： \n	\n \n	\n 如果以下情况，这些票据可能不适合您： \n

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

\n \n \n \n

•

\n \n

您完全理解投资于这些票据所固有的风险，包括损失大部分或全部初始投资的风险。

\n \n \n

•

\n \n

您了解并接受，投资于这些票据与表现最差的底层资产的表现相关，而不是与一组底层资产相关，您将在每个观察日（包括最终估值日）面临每个底层资产的个别市场风险，并且如果任何底层资产的最终水平低于其下行阈值，您将损失大部分或全部初始投资。

\n \n \n

•

\n \n

您能够承受大部分或全部初始投资的损失，并愿意进行可能具有与投资于表现最差的底层资产相同下行市场风险的投资。

\n \n \n

•

\n \n

您愿意接受很少或没有或有票息，并且相信每个底层资产的收盘价在每个观察日都将等于或高于其票息障碍，并且每个底层资产的最终水平将等于或高于其下行阈值。

\n \n \n

•

\n \n

您了解并接受，您不会参与任何底层资产价格的增值，且您的潜在回报仅限于任何或有票息。

\n \n \n

•

\n \n

您能够承受到期前票据价格的波动，这些波动可能与或超过底层资产价格的下行波动。

\n \n \n

•

\n \n

您愿意根据此处封面所述的或有票息率进行投资。

\n \n \n

•

\n \n

您愿意根据此处封面所述的呼叫阈值、下行阈值和票息障碍进行投资。

\n \n \n

•

\n \n

您不寻求从投资中获得保证的当前收入，并愿意放弃底层资产支付的任何股息。

\n \n \n

•

\n \n

您愿意投资可能受到自动呼叫的票据，并且愿意将此类票据持有至到期，并接受这些票据可能几乎没有二级市场。

\n \n \n

•

\n \n

您了解并愿意接受与底层资产相关的风险。

\n \n \n

•

\n \n

您愿意承担 UBS 对票据所有付款的信用风险，并了解如果 UBS 违约，您可能无法收到任何应付给您的款项，包括任何本金偿还。

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•

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您理解，根据我们的内部定价模型确定的票据初始估值低于发行价格，且如果瑞士银行证券公司或其任何关联公司为票据创建二级市场，该价格（不包括其常规买卖价差）将暂时超过内部定价模型价格。

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\n \n

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•

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您并未完全了解投资票据所固有的风险，包括损失大部分或全部初始投资的风险。

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•

\n \n

您不理解或不愿意接受投资票据与表现最差的底层资产的表现相关，而非与底层资产组合相关，您将在每个观察日（包括最终估值日）面临每个底层资产的个别市场风险，或者如果任何底层资产的最终水平低于其下行阈值，您将损失大部分或全部初始投资。

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•

\n \n

您需要一种在到期时提供全额本金回报的投资。

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•

\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表现最差的底层资产相同下行市场风险的投资。

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•

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您不愿意在票据期限内收到少量或没有或有票息，或者您认为至少有一个底层资产的收盘价在票据期限内将下降，并且在每个观察日可能低于其票息障碍，或者任何底层资产的最终水平将低于其下行阈值。

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•

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您寻求一种能够参与底层资产价格升值或具有无限回报潜力的投资。

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•

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您无法承受票据到期前价格波动的风险，这种波动可能与底层资产价格的下行波动相似或更严重。

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•

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您不愿意根据此处封面中规定的或有票息率投资票据。

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•

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您不愿意根据此处封面中规定的赎回阈值、下行阈值或票息障碍投资票据。

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•

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您寻求投资带来的保证当前收入，或者更倾向于收取底层资产支付的任何股息。

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•

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您无法或不愿意持有可能面临自动赎回的票据，或者您以其他方式无法或不愿意持有此类票据至到期，或者您寻求一种存在活跃二级市场的投资。

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•

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您不理解或不愿意接受与底层资产相关的风险。

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•

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您不愿意承担瑞士银行对票据所有付款（包括任何本金偿还）的信用风险。

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上述适宜性考虑因素并非详尽无遗。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、会计和其他顾问，并根据您的具体情况仔细考虑投资票据的适宜性。您应查阅本文中的“关于底层资产的信息”以获取有关底层资产的更多信息。您还应仔细查阅本文中的“主要风险”部分，以了解与投资票据相关的风险。

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最终条款

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发行人：

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瑞士银行集团伦敦分行

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本金金额：

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每张票据1000美元

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期限：

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大约5年，除非被自动赎回。

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标的资产：

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Netflix, Inc.的普通股，Amazon.com, Inc.的普通股和Micron Technology, Inc.的普通股。

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附条件票息和附条件票息率：

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如果在任何观察日（包括最终估值日）每个标的资产的收盘价等于或高于其票息障碍水平，UBS将在相关票息支付日支付给您适用于该观察日的附条件票息，以及根据记忆权益功能适用于任何先前观察日的任何未支付附条件票息。

如果在任何观察日（包括最终估值日）任何标的资产的收盘价低于其票息障碍水平，适用于该观察日的附条件票息将不会支付，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。

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附条件票息率每年17.10%

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附条件票息 14.25美元

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票据上的附条件票息不保证。如果在相关观察日任何标的资产的收盘价低于其票息障碍水平，UBS不会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。

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记忆权益功能：

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如果由于相关观察日任何标的资产的收盘价低于其票息障碍水平，在票息支付日（到期日除外）未支付附条件票息，则如果在相关观察日每个标的资产的收盘价等于或高于其票息障碍水平，该附条件票息将在 later 票息支付日支付。

为避免疑义，一旦在 later 票息支付日支付了之前未支付的附条件票息，该票息不会在任何后续票息支付日再次支付。

如果在每个观察日任何标的资产的收盘价低于其票息障碍水平，您在票据期限内将不会收到任何附条件票息，也不会在票据上获得正收益。

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自动赎回功能：

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如果在任何观察日（每月一次，从6个月后开始）除最终估值日外，每个标的资产的收盘价等于或高于其赎回阈值水平，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”）按每张票据支付现金，金额等于您的本金金额加上原本应支付的附条件票息以及根据记忆权益功能适用于任何先前观察日的任何未支付附条件票息（“赎回结算金额”）。自动赎回后，票据将不再支付任何款项。

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到期时的支付（每张票据）：

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如果票据未被自动赎回，并且每个标的资产的最终价格等于或高于其下行阈值，UBS将向您支付现金，金额为：

本金金额1000美元

如果这些票据不受自动赎回条款约束，并且任何基础资产的最终水平低于其下行阈值，UBS 将向您支付现金付款，该金额可能小于本金金额，计算方式为：

$1,000 x (1+ 最差表现基础资产的基础回报率)

在这种情况下，您将遭受初始投资的百分比损失，该损失等于最差表现基础资产的基础回报率，无论其他任何基础资产的基础回报率如何，在极端情况下，您可能会损失全部初始投资。

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基础回报率：

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对于每个基础资产，以下公式的商，以百分比表示：

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最差表现基础资产：

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与其他任何基础资产相比，基础回报率最低的基础资产。

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赎回阈值水平：(1)

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每个基础资产的指定水平，等于其初始水平的百分比，如本封面上所规定的。

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下行阈值：(1)

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每个基础资产的指定水平，低于其相应的初始水平，等于其初始水平的百分比，如本封面上所规定的。

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票息障碍水平：(1)

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每个基础资产的指定水平，低于其相应的初始水平，等于其初始水平的百分比，如本封面上所规定的。

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初始水平：(1)

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每个基础资产在敲定日期的收盘水平，如本封面上所规定的。

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最终水平：(1)

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每个基础资产在最终估值日的收盘水平。

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(1) 由计算代理方确定，并且在某些调整事件的情况下可能根据随附的产品补充文件中所述的“证券一般条款——与基础股票或股票组合资产挂钩证券的反稀释调整”、“— 与基础股票或股票组合资产挂钩证券的重组事件”以及“— 基础股票的退市、交易暂停或法律变更影响”进行调整。

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投资时间表

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每个基础资产的初始水平被观察，票据的最终条款被确定。

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如果在任何观察日（包括最终估值日）每个基础资产的收盘水平等于或高于其票息障碍水平，UBS 将在适用的票息支付日向您支付或有票息，加上根据记忆利息功能针对任何先前观察日未支付的或有票息。

如果在任何观察日（每月一次，从6个月后开始）除最终估值日外，每个基础资产的收盘水平等于或高于其赎回阈值水平，票据将被自动赎回。

如果票据受到自动赎回条款的约束，UBS 将在赎回结算日按每张票据支付现金付款，金额等于本金加上原本应支付的或有票息以及根据记忆利息功能针对任何先前观察日未支付的或有票息。自动赎回后，票据将不再支付任何进一步的款项。

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在最终估值日观察每个基础资产的最终水平，计算每个基础资产的基础回报率，并确定最差表现的基础资产。

如果这些票据不受自动赎回条款约束，且每个基础资产的最终水平等于或高于其下行阈值，UBS 将按每张票据支付您一笔现金付款，金额等于：

面值 1000 美元

如果这些票据不受自动赎回条款约束，且任何基础资产的最终水平低于其下行阈值，UBS 将按每张票据支付您一笔现金付款，金额小于面值，如果有的话，等于：

1000 美元 ×（1+ 最差表现基础资产的底层收益）

在这种情况下，您将遭受初始投资的百分比损失，该损失等于最差表现基础资产的底层收益，无论其他任何基础资产的底层收益如何，在极端情况下，您可能会损失全部初始投资。

投资于这些票据涉及重大风险。您可能会损失初始投资的大部分或全部。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。如果 UBS 未能履行其义务，您可能无法收到票据项下应得的任何付款，您可能会损失全部初始投资。

如果这些票据不受自动赎回条款约束，且任何基础资产的最终水平低于其下行阈值，您将损失初始投资的大部分或全部。在票据期限内，您可能无法收到任何或有票息。您将在每个观察日（包括最终估值日）面临每个基础资产的市场风险，且其中一个基础资产水平的下降可能会对您的回报产生负面影响，而不会被其他基础资产的较小下降或任何潜在上涨所抵消或缓解。

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观察日(1) 和票息支付日(1)(2)

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

\n	\n	\n	\n	\n	\n	\n	\n
\n 观察日 \n	\n 票息支付日 \n	\n \n	\n 观察日 \n	\n 票息支付日 \n	\n \n	\n 观察日 \n	\n 票息支付日 \n
\n 2026 年 11 月 20 日* \n	\n 2026 年 11 月 25 日* \n	\n \n	\n 2028 年 7 月 20 日 \n	\n 2028 年 7 月 25 日 \n	\n \n	\n 2030 年 3 月 20 日 \n	\n 2030 年 3 月 25 日 \n
\n 2026 年 12 月 21 日* \n	\n 2026 年 12 月 24 日* \n	\n \n	\n 2028 年 8 月 21 日 \n	\n 2028 年 8 月 24 日 \n	\n \n	\n 2030 年 4 月 22 日 \n	\n 2030 年 4 月 25 日 \n
\n 2027 年 1 月 20 日* \n	\n 2027 年 1 月 25 日* \n	\n \n	\n 2028 年 9 月 20 日 \n	\n 2028 年 9 月 25 日 \n	\n \n	\n 2030 年 5 月 20 日 \n	\n 2030 年 5 月 23 日 \n
\n 2027 年 2 月 22 日* \n	\n 2027 年 2 月 25 日* \n	\n \n	\n 2028 年 10 月 20 日 \n	\n 2028 年 10 月 25 日 \n	\n \n	\n 2030 年 6 月 20 日 \n	\n 2030 年 6 月 25 日 \n
\n 2027 年 3 月 22 日* \n	\n 2027 年 3 月 25 日* \n	\n \n	\n 2028 年 11 月 20 日 \n	\n 2028 年 11 月 24 日 \n	\n \n	\n 2030 年 7 月 22 日 \n	\n 2030 年 7 月 25 日 \n
\n 2027 年 4 月 20 日* \n	\n 2027 年 4 月 23 日 \n	\n \n	\n 2028 年 12 月 20 日 \n	\n 2028 年 12 月 26 日 \n	\n \n	\n 2030 年 8 月 20 日 \n	\n 2030 年 8 月 23 日 \n
\n 2027 年 5 月 20 日 \n	\n 2027 年 5 月 25 日 \n	\n \n	\n 2029 年 1 月 22 日 \n	\n 2029 年 1 月 25 日 \n	\n \n	\n 2030 年 9 月 20 日 \n	\n 2030 年 9 月 25 日 \n
\n 2027 年 6 月 21 日 \n	\n 2027 年 6 月 24 日 \n	\n \n	\n 2029 年 2 月 20 日 \n	\n 2029 年 2 月 23 日 \n	\n \n	\n 2030 年 10 月 21 日 \n	\n 2030 年 10 月 24 日 \n
\n 2027 年 7 月 20 日 \n	\n 2027 年 7 月 23 日 \n	\n \n	\n 2029 年 3 月 20 日 \n	\n 2029 年 3 月 23 日 \n	\n \n	\n 2030 年 11 月 20 日 \n	\n 2030 年 11 月 25 日 \n
\n 2027 年 8 月 20 日 \n	\n 2027 年 8 月 25 日 \n	\n \n	\n 2029 年 4 月 20 日 \n	\n 2029 年 4 月 25 日 \n	\n \n	\n 2030 年 12 月 20 日 \n	\n 2030 年 12 月 26 日 \n
\n 2027 年 9 月 20 日 \n	\n 2027 年 9 月 23 日 \n	\n \n	\n 2029 年 5 月 21 日 \n	\n 2029 年 5 月 24 日 \n	\n \n	\n 2031 年 1 月 21 日 \n	\n 2031 年 1 月 24 日 \n
\n 2027 年 10 月 20 日 \n	\n 2027 年 10 月 25 日 \n	\n \n	\n 2029 年 6 月 20 日 \n	\n 2029 年 6 月 25 日 \n	\n \n	\n 2031 年 2 月 20 日 \n	\n 2031 年 2 月 25 日 \n
\n 2027 年 11 月 22 日 \n	\n 2027 年 11 月 26 日 \n	\n \n	\n 2029 年 7 月 20 日 \n	\n 2029 年 7 月 25 日 \n	\n \n	\n 2031 年 3 月 20 日 \n	\n 2031 年 3 月 25 日 \n
\n 2027 年 12 月 20 日 \n	\n 2027 年 12 月 23 日 \n	\n \n	\n 2029 年 8 月 20 日 \n	\n 2029 年 8 月 23 日 \n	\n \n	\n 2031 年 4 月 21 日 \n	\n 2031 年 4 月 24 日 \n
\n 2028 年 1 月 20 日 \n	\n 2028 年 1 月 25 日 \n	\n \n	\n 2029 年 9 月 20 日 \n	\n 2029 年 9 月 25 日 \n	\n \n	\n 2031 年 5 月 20 日 \n	\n 2031 年 5 月 23 日 \n
\n 2028 年 2 月 22 日 \n	\n 2028 年 2 月 25 日 \n	\n \n	\n 2029 年 10 月 22 日 \n	\n 2029 年 10 月 25 日 \n	\n \n	\n 2031 年 6 月 20 日 \n	\n 2031 年 6 月 25 日 \n
\n 2028 年 3 月 20 日 \n	\n 2028 年 3 月 23 日 \n	\n \n	\n 2029 年 11 月 20 日 \n	\n 2029年11月26日 \n	\n \n	\n 2031年7月21日 \n	\n 2031年7月24日 \n
\n 2028年4月20日 \n	\n 2028年4月25日 \n	\n \n	\n 2029年12月20日 \n	\n 2029年12月26日 \n	\n \n	\n 2031年8月20日 \n	\n 2031年8月25日 \n
\n 2028年5月22日 \n	\n 2028年5月25日 \n	\n \n	\n 2030年1月22日 \n	\n 2030年1月25日 \n	\n \n	\n 2031年9月22日 \n	\n 2031年9月25日 \n
\n 2028年6月20日 \n	\n 2028年6月23日 \n	\n \n	\n 2030年2月20日 \n	\n 2030年2月25日 \n	\n \n	\n 最终估值日 \n	\n 到期日 \n

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\n	\n
\n * \n	\n 在第一个可能的赎回结算日期（即2027年4月23日）之前，这些票据不可赎回。 \n

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\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 每个观察日之后的三个营业日，但最终估值日的票息支付日为到期日。 \n

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主要风险

投资这些票据涉及重大风险。投资这些票据并不等同于对表现最差的标的资产进行假设性投资。以下总结了一些适用于这些票据的主要风险，但我们敦促您阅读随附产品补充文件中关于这些票据风险的更详细解释。我们还建议您就投资这些票据咨询您的投资、法律、税务、会计及其他顾问。

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\n \n	\n 与收益特征相关的风险 \n

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\n • \n	\n 到期时可能损失 - 这些票据不同于普通债务证券，因为UBS不一定在到期时进行定期票息支付或全额偿还这些票据的本金。如果这些票据未被自动赎回，且任何标的资产的最终水平低于其下行阈值，您将损失相当于表现最差的标的资产的标的回报率的本金比例，在极端情况下，您可能会损失全部初始投资。 \n
\n • \n	\n 发行人规定的支付仅在您持有票据至到期时适用 - 您应愿意持有票据至到期。如果您能够在自动赎回或到期前在二级市场出售您的票据，即使在该时间点每个标的资产的水平等于或高于其下行阈值，您可能仍需以低于初始投资的价格出售这些票据。票据上的所有支付均受UBS信用状况的约束。 \n
\n • \n	\n 您可能不会收到与您的票据相关的任何或有优惠券 - 瑞银不会必然对票据进行定期优惠券支付。如果任何标的资产的收盘价在观察日低于其相应的优惠券障碍水平，瑞银将在相关优惠券支付日不会向您支付适用于该观察日的或有优惠券。即使其他任何标的资产的收盘价在该观察日等于或高于其相应的优惠券障碍水平，也会如此。然而，如果由于任何标的资产在相关观察日的收盘价低于其优惠券障碍水平，导致在优惠券支付日（到期日除外）未支付或有优惠券，根据记忆权益功能，如果在相关观察日每个标的资产的收盘价等于或高于其优惠券障碍水平，则该或有优惠券将在 later 的优惠券支付日支付。如果在每个观察日任何标的资产的收盘价都低于其优惠券障碍水平，瑞银将在票据期限内不会向您支付任何或有优惠券，您也不会在票据上获得正回报。通常，这种或有优惠券的未支付情况会与票据本金损失风险更大的时期相吻合。 \n
\n • \n	\n 您票据的潜在回报仅限于任何或有优惠券，您不会参与任何标的资产的增值，也不会收到任何标的资产的股息支付，也不会拥有任何标的资产持有者的同等权利 - 票据的回报潜力仅限于事先规定的或有优惠券利率，无论标的资产是否增值。此外，您的票据回报将根据在到期前或自动呼叫前满足或有优惠券要求的观察日数量而有所不同。由于票据可能早在第一个潜在的呼叫结算日就面临自动呼叫，票据的总回报可能低于如果票据一直持有至到期的情况。此外，如果票据面临自动呼叫，您将不会在呼叫结算日之后的任何优惠券支付日收到任何或有优惠券或其他付款，您的票据回报可能低于如果票据一直持有至到期的情况。如果票据不面临自动呼叫，您可能会受到表现最差的标的资产下跌的影响，尽管您无法参与任何标的资产水平的增值。因此，投资于票据的回报可能低于假设投资于任何或全部标的资产的回报。此外，作为票据的持有人，您在票据期限内不会收到或有权收到任何标的资产的股息或其他分配，此类股息或分配也不会计入您票据任何付款的计算中。同样，您不会拥有任何标的资产持有者的投票权或其他权利。 \n
\n • \n	\n 更高的或有票面利率或更低的下行阈值或票面障碍可能反映出基础资产预期波动性的增加，而预期波动性通常表明到期时损失风险增加 - 本票据的经济条款，包括或有票面利率、票面障碍和下行阈值，部分基于票据条款设定时每个基础资产的预期波动性。\"波动性\"指的是每个基础资产水平变化的频率和幅度。在敲定日期，每个基础资产的预期波动性越大，该日期的预期就越有可能是：在观察日期，某个基础资产的收盘水平可能低于其相应的票面障碍，且该基础资产的最终水平可能低于其相应的下行阈值，从而分别表明无法获得或有票面利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为比我们具有相似期限的传统债务证券或类似可比证券的收益率更高的或有票面利率，以及/或比其他可比证券的条款更低的下行阈值和/或票面障碍。因此，相对较高的或有票面利率可能表明损失风险增加。此外，相对较低的下行阈值和/或票面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/或支付或有票面利息。您应愿意承担表现最差的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风险。 \n
\n • \n	\n 再投资风险 - 根据本文所述的“观察日期和票面利息支付日期”，如果在最终估值日期之前的某些观察日期，每个基础资产的收盘水平等于或高于其回售阈值水平，本票据将面临自动回售。由于本票据可能在第一个潜在的回售结算日期就面临自动回售，您的投资期限可能会受到限制。如果本票据面临自动回售，在这种情况下，无法保证您能够以可比较的回报率和/或具有可比较的或有票面利率的类似风险水平进行再投资。此外，如果您能够将这些资金再投资于与本票据类似的资产，您可能会产生交易成本，例如新证券价格中包含的经销商折扣和对冲成本。然而，通常情况下，本票据存续时间越长，由于一个或多个基础资产水平的下降，本票据面临自动回售的可能性就越小，且每个此类基础资产水平恢复的时间也越短。这些时期通常与您的本票据面临更大本金损失风险的时期相吻合。 \n
\n \n	\n 与基础资产特性相关的风险 \n
\n • \n	\n 您会面临每种基础资产的市场风险 - 您的票据收益并不与由基础资产组成的组合挂钩。相反，它将取决于每种单独基础资产的表现。与一种收益与资产组合挂钩的工具不同，在那种工具中，风险会在组合的所有组成部分之间得到缓解和分散，您将同等程度地面临与每种基础资产相关的风险。在票据期限内，任何一种基础资产表现不佳都会对您的收益产生负面影响，而其他任何基础资产的积极表现也无法抵消或缓解这种负面影响。例如，如果票据未被自动赎回，且一种基础资产的最终水平低于其下行阈值，即使其他每种基础资产的收益都是正的或下降幅度没有那么大，您将获得等于表现最差的基础资产收益的负收益。因此，您的投资会面临每种基础资产的市场风险。 \n
\n • \n	\n 由于票据与表现最差的基础资产挂钩，与如果票据与单一基础资产或更少基础资产挂钩相比，您面临无法获得附带票息以及到期时损失大部分或全部初始投资的更大风险 - 与投资于仅与单一基础资产或更少基础资产表现挂钩的类似证券相比，您投资于票据时，无法获得任何附带票息并损失票据中大部分或全部初始投资的风险更大。随着基础资产数量的增加，在任何观察日，某种基础资产的收盘价低于其票息障碍的可能性，或在到期时某种基础资产的最终水平低于其下行阈值的可能性，会比票据与单一基础资产或更少基础资产挂钩时更大。此外，如果一对基础资产之间的相关性较低，那么在任何观察日，其中一种基础资产的收盘价低于其票息障碍的可能性，或某种基础资产的最终水平低于其下行阈值的可能性会更大。尽管基础资产表现的相关性可能在票据期限内发生变化，但票据的经济条款，包括附带票息率、下行阈值和票息障碍，部分是根据我们在票据条款最终确定时使用内部模型计算的基础资产表现的相关性确定的。在其他条件相同的情况下，相关性越高... \n

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\n	\n 或有票面利率和较低的下行阈值和票面障碍通常与基础资产的相关性较低有关。因此，如果一对基础资产的表现彼此不相关或负相关，那么你可能无法获得任何或有票面利息，或者任何基础资产的最终水平可能低于其下行阈值的风险会更大，尽管它们的票面障碍和下行阈值分别较低。对于三个基础资产而言，其中一对基础资产的表现不相关或负相关的可能性更大。因此，你可能无法获得任何或有票面利息，任何基础资产的最终水平可能低于其下行阈值，且在到期时你可能会损失大部分或全部初始投资。 \n
\n • \n	\n 单一股权风险 - 本票据的回报（可能是负数）直接与基础资产的表现相关。基础资产的水平可能由于每个基础资产及其发行人（各自称为“基础资产发行人”）特有的因素而大幅上涨或下跌，例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，如整体股票和商品市场波动和水平、利率以及经济、政治和其他状况。作为票据的投资者，你应该自行调查票据的基础资产发行人和基础资产。有关基础资产和基础资产发行人的更多信息，请参见本文中的“关于基础资产的信息”以及该部分中提到的基础资产发行人的美国证券交易委员会（SEC）文件。我们建议您查阅基础资产发行人定期向SEC提交的财务和其他信息。 \n

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\n • \n	\n 无法保证票据中隐含的投资观点会成功 - 无法预测基础资产的水平会上涨或下跌的程度。无法保证每个基础资产的收盘价在每个观察日均等于或高于其票面障碍，或者如果票据不受自动赎回条款约束，则无法保证每个基础资产的最终水平等于或高于其下行阈值。每个基础资产的水平将受到影响基础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。你应该愿意承担一般情况下拥有股票的下行风险以及特别是基础资产的风险，并承担损失大部分或全部初始投资的风险。 \n
\n • \n	\n UBS 与基础资产发行人之间没有任何关联，UBS 不对这些发行人任何披露负责 - 我们与基础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基础资产发行人开展业务。然而，我们与基础资产发行人没有关联，也不对这些发行人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）的文件中或其他方式。作为票据的投资者，您应自行调查基础资产和基础资产发行人。在此提供的票据中，基础资产发行人以任何方式参与，且没有义务出于任何原因（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。 \n
\n \n	\n 估值考虑因素 \n
\n • \n	\n 您为票据支付的发行价高于其估计初始价值 - 由于发行价中包含了承销补偿、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高于其在交易日的估计初始价值。在交易日相关市场的收盘时，我们通过参考内部定价模型确定了票据的估计初始价值，并在本定价补充文件中列示。用于确定票据估计初始价值的定价模型包括某些变量，包括基础资产的水平和波动性、基础资产的预期股息、基础资产的相关性、现行利率、票据的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。承销补偿、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，交易日的票据估计初始价值低于您为票据支付的发行价。 \n
\n • \n	\n 估计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估计初始价值不同 - 在任何时间，您的票据价值将根据许多因素而变化，包括上述因素和“与基础资产特性相关的风险 - 单一股票风险”中所述因素，且无法预测。此外，我们使用的定价模型是专有的，并在一定程度上基于对未来事件的某些假设，这些假设可能被证明是错误的。因此，在交易日后，如果您尝试在二级市场出售票据，您实际收到的价值可能与我们内部定价模型确定的估计初始价值不同，可能差异很大。票据的估计初始价值并不代表我们在任何时间在任何二级市场或我们任何关联方愿意购买您的票据的最低或最高价格。 \n
\n • \n	\n 我们的实际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，并对冲我们的义务。此外，我们可能需要持续承担维持和/或调整任何对冲的成本，而此类对冲通常并不完美。因此，我们在发行票据的实际利润（或可能的损失）在交易日无法确定，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代表我们的实际利润。最终，我们实际利润只有在票据到期时才能确定。 \n
\n \n	\n 与流动性及二级市场价格考虑相关的风险 \n
\n • \n	\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，并可能随时停止做市。如果您能够在到期前出售您的票据，您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。 \n
\n • \n	\n UBS Securities LLC及其关联公司可能在二级市场（如有）以高于UBS当时对票据估值的价格购买票据，高于任何其他独立交易商提供的二级市场价格（如有），并且根据您的经纪商，可能高于您的客户账户声明上提供的估值 - 在票据发行后的有限时间内，UBS Securities LLC或其关联公司可能以超过（i）我们基于内部定价模型在当时对票据的估值，（ii）任何其他独立交易商提供的二级市场价格（如有）以及（iii）根据您的经纪商，客户账户声明上提供的估值的价格买卖此类票据。在发行后，UBS Securities LLC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的总价值、对冲成本、发行成本和理论预期交易利润。此类金额中包含在我们价格中的部分将在截至“补充分销计划（利益冲突）；二级市场（如有）”下指定日期的期限内以直线方式下降至零。此后，如果UBS Securities LLC或其关联公司进行票据的二级市场交易，它将以反映我们当时基于内部定价模型确定的估计价值的价格进行。与我们内部定价模型相比的临时正差价是由于UBS Securities LLC与结构性债务证券（如票据）的销售代理之间的请求和安排产生的。如上所述，UBS Securities LLC及其关联公司有意但并非必须为票据做市，并可能随时停止做市。UBS Securities LLC或其关联公司在任何时间（如果有的话）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性债务证券的买卖价差。UBS Securities LLC在其客户声明中反映了这一临时正差价。投资者应询问独立交易商提供的客户账户声明上的估值。 \n
\n • \n	\n 影响票据条款和到期前市场价格的经济和市场因素 - 由于结构性票据（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条款和特征以及到期前的市场价格。这些因素包括基础资产的水平；基础资产的波动性；对基础资产的预期股息；基础资产的相关性；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；UBS的信用状况；票据当时的买卖价差以及“与风险相关的条款”中讨论的因素。 \n

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\n	\n 关于对冲活动和利益冲突 - 请参见下面的“潜在的利益冲突”。这些和其他因素是不可预测的且相互关联的，可能会相互抵消或放大。 \n
\n • \n	\n 费用的影响以及使用内部资金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，使用上述“— 估值考虑因素”中所述的内部资金利率，以及在发行价格中包含承销补偿、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商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
\n \n	\n 与对冲活动和利益冲突相关的风险 \n
\n • \n	\n 潜在的利益冲突 - 瑞银及其关联公司可能与任何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，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的观察收盘水平决定在任何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）。如果在敲定日期、任何观察日期或最终估值日期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、赎回阈值水平、下行阈值和息票障碍，且此类条款包括承销补偿、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，投资者可能会获得更好的经济条款（假设这些工具可用且投资者有能力组装和进行此类工具交易），这也存在其他潜在的利益冲突。此外，瑞银及其关联公司以多种身份参与票据，包括在票据销售中作为交易商、代理人或经销商。此类关联公司以及任何其他第三方交易商将从票据的分销中获得报酬，此类报酬可能成为推销这些票据而非其他投资的激励。此外，鉴于瑞银证券有限责任公司及其关联公司暂时维持做市商溢价，这可能会产生抑制瑞银证券有限责任公司及其关联公司推荐您在二级市场出售票据的效果。 \n
\n • \n	\n 在某些事件发生后，计算代理可能会对基础资产和票据的条款进行调整，这可能对票据的市场价值和回报产生不利影响 - 在某些影响基础资产的事件发生后，计算代理可能会根据适用情况对其初始水平、敲入水平、票息障碍水平、下行阈值和/或最终水平进行调整，以及票据的任何其他条款，且在某些情况下，可能会替换该基础资产。然而，计算代理不会对每种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，票据的市场价值和回报可能会受到重大不利影响。此外，有关任何此类调整的所有决定和计算都将由计算代理作出。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作出任何此类调整、决定或计算，只要其认为适当，以尽可能抵消您作为票据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，例如重组事件或基础资产发行人退市或暂停交易，票据的回报可能基于该基础资产发行人的继任者的股权证券，结合任何向该基础资产持有人分配的现金或任何其他资产（如适用），或基于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票据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——与基础股权或股权篮子资产挂钩证券的反稀释调整”、“—与基础股权或股权篮子资产挂钩证券的重组事件”以及“—基础股权的退市、交易暂停或影响基础股权的法律变更”章节。 \n
\n • \n	\n UBS 对价格的潜在影响 - UBS 或其关联方在任何基础资产、上市和/或场外期权、期货、交易所交易基金或其他与任何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，从而对票据的市场价值和回报产生不利影响。 \n
\n • \n	\n Potentially inconsistent research, opinions or recommendations by UBS - UBS and its affiliates publish research from time to time on financial markets and other matters that may influence the value of, and return on, the Notes, or express opinions or provide recommendations that are inconsistent with purchasing or holding the Notes. Any research, opinions or recommendations expressed by UBS or its affiliates may not be consistent with each other and may be modified from time to time without notice. Investors should make their own independent investigation of the merits of investing in the Notes and the underlying assets. \n
\n \n	\n Risks Relating to General Credit Characteristics \n
\n • \n	\n Credit risk of UBS - The Notes are unsubordinated, unsecured debt obligations of UBS and are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Notes, including any repayment of principal, depends on the ability of UBS to satisfy its obligations as they come due. As a result, UBS' actual and perceived creditworthiness may affect the market value of the Notes. If UBS were to default on its obligations, you may not receive any payments owed to you under the terms of the Notes and you could lose all of your initial investment. \n
\n • \n	\n The Notes are not bank deposits - An investment in the Notes carries risks which are very different from the risk profile of a bank deposit placed with UBS or its affiliates. The Notes have different yield and/or return, liquidity and risk profiles and would not benefit from any protection provided to deposits. \n
\n • \n	\n If UBS experiences severe financial difficulties, FINMA has the power to open restructuring or liquidation proceedings in respect of, and/or impose protective measures in relation to, UBS, which proceedings or measures may have a material adverse effect on the terms and market value of the Notes and/or the ability of UBS to make payments thereunder - The Swiss Federal Act on Banks and Savings Banks of November 8, 1934, as amended (the “Swiss Banking Act”) grants the Swiss Financial Market Supervisory Authority (“FINMA”) broad powers to take measures and actions in relation to UBS if it concludes that there is justified concern that UBS is over-indebted or has serious liquidity problems or, after expiry of a deadline, UBS fails to fulfill the applicable capital adequacy requirements (whether on a standalone or consolidated basis). If one of these pre-requisites is met, FINMA is authorized to open restructuring proceedings or liquidation (bankruptcy) proceedings in respect of, and/or impose protective measures in relation to, UBS. The Swiss Banking Act grants significant discretion to FINMA in connection with the aforementioned proceedings and measures. In particular, a broad variety of protective measures may be imposed by FINMA, including a bank moratorium or a maturity postponement, which measures may be ordered by FINMA either on a stand-alone basis or in connection with restructuring or liquidation proceedings. \n In restructuring proceedings, FINMA, as resolution authority, is competent to approve the restructuring plan. The restructuring plan may, among other things, provide for (a) the transfer of all or a portion of UBS’ assets, debts, other liabilities and contracts (which may or may not include the contractual relationship between UBS and the holders of Notes) to another entity, (b) a stay (for a maximum of two business days) on the termination of contracts to which UBS is a party, and/or the exercise of (w) rights to terminate, (x) netting rights, (y) rights to enforce or dispose of collateral or (z) rights to transfer claims, liabilities or collateral under contracts to which UBS is a party, (c) the partial or full conversion of UBS’ debt and/or other obligations, including its obligations under the Notes, into equity (a “debt-to-equity swap”), and/or (d) the partial or full write-off of obligations owed by UBS (a “write-off”), including its obligations under the Notes. Prior to any debt-to-equity swap or write-off with respect to any Notes, outstanding equity and debt instruments issued by UBS qualifying as additional tier 1 capital or tier 2 capital must be converted or written-down, as applicable, and cancelled. The Swiss Banking Act addresses the order in which a debt-to-equity swap or a write-off of debt instruments (other than debt instruments qualifying as additional tier 1 capital or tier 2 capital) should occur: first, all subordinated obligations not qualifying as regulatory capital; second, debt instruments for loss absorbency in the course of insolvency measures (Schuldinstrumente zur Verlusttragung im Falle von Insolvenzmassnahmen) under the Swiss Ordinance concerning Capital Adequacy and Risk Diversification for Banks and Securities Dealers of June 1, 2012, as amended; third, all other obligations not excluded by law from a debt-to-equity swap or write-off (other than deposits), such as the Notes; and fourth, deposits to the extent in excess of the amount privileged by law. However, given the broad discretion granted to FINMA, any restructuring plan approved by FINMA in connection with restructuring proceedings with respect to UBS could provide that the claims under or in connection with the Notes will be fully or partially converted into equity or written-off, while preserving other obligations of UBS that rank pari passu with UBS’ obligations under the Notes. Consequently, the exercise by FINMA of any of its statutory resolution powers or any suggestion of any such exercise could materially adversely affect the rights of holders of the Notes, the price or value of their \n

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

\n	\n
\n	\n investment in the Notes and/or the ability of UBS to satisfy its obligations under the Notes and could lead to holders losing some or all of their investment in the Notes. \n Once FINMA has opened restructuring proceedings with respect to UBS, it may consider factors such as the results of operations, financial condition (in particular, the level of indebtedness, potential future losses and/or restructuring costs), liquidity profile and regulatory capital adequacy of UBS and its subsidiaries, or any other factors of its choosing, when determining whether to exercise any of its statutory resolution powers with respect to UBS, including, if it chooses to exercise such powers to order a debt-to- equity swap and/or a write-off, whether to do so in full or in part. The criteria that FINMA may consider in exercising any statutory resolution power provide it with considerable discretion. Therefore, holders of the Notes may not be able to refer to publicly available criteria in order to anticipate a potential exercise of any such power and, consequently, its potential effects on the Notes and/or UBS. \n If UBS were to be subject to restructuring proceedings, the creditors whose claims are affected by the restructuring plan would not have a right to vote on, reject, or seek the suspension of the restructuring plan. In addition, if a restructuring plan with respect to UBS has been approved by FINMA, the rights of a creditor to challenge the restructuring plan or have the restructuring plan reviewed by a judicial or administrative process or otherwise (e.g., on the grounds that the plan would unduly prejudice the rights of holders of Notes or otherwise be in violation of the Swiss Banking Act) are very limited. Even if any of UBS’ creditors were to successfully challenge the restructuring plan in court, the court could only require the relevant creditors to be compensated ex post and there is currently no guidance as to on what basis such compensation would be calculated and how it would be funded. Any such challenge (even if successful) would not suspend, or result in the suspension of, the implementation of the restructuring plan. \n
\n \n	\n Risks Relating to U.S. Federal Income Taxation \n
\n • \n	\n Uncertain tax treatment - Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor about your tax situation. See “What Are the Tax Consequences of the Notes?” herein and “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 \n \n \n \n \n

Hypothetical Examples of How the Notes Might Perform

The below examples are based on hypothetical terms. The actual terms are indicated on the cover hereof.

The examples below illustrate the payment upon an automatic call or at maturity for a $1,000 Note on a hypothetical offering of the Notes, with the following assumptions (amounts may have been rounded for ease of reference):

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

\n	\n
\n Principal Amount: \n	\n $1,000 \n
\n Term: \n	\n Approximately 5 years \n
\n Contingent Coupon Rate: \n	\n 17.10% per annum \n
\n Contingent Coupon: \n	\n $14.25 \n
\n Observation Dates: \n	\n Monthly (callable after 6 months) \n
\n Initial Level: \n	\n \n

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

\n	\n	\n
\n \n	\n Underlying Asset A: \n	\n $100.00 \n
\n \n	\n Underlying Asset B: \n	\n $100.00 \n

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

\n	\n	\n
\n \n	\n Underlying Asset C: \n	\n $100.00 \n

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

\n	\n
\n Call Threshold Level: \n	\n \n

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

\n	\n	\n
\n \n	\n Underlying Asset A: \n	\n $100.00 (which is 100.00% of the Initial Level) \n
\n \n	\n Underlying Asset B: \n	\n $100.00 (which is 100.00% of the Initial Level) \n

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

\n	\n	\n
\n \n	\n Underlying Asset C: \n	\n $100.00 (which is 100.00% of the Initial Level) \n

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

\n	\n
\n Downside Threshold: \n	\n \n

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

\n	\n	\n
\n \n	\n Underlying Asset A: \n	\n $50.00 (which is 50.00% of the initial level) \n
\n \n	\n Underlying Asset B: \n	\n $50.00 (which is 50.00% of the initial level) \n

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

\n	\n	\n
\n \n	\n Underlying Asset C: \n	\n $50.00 (which is 50.00% of the initial level) \n

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

\n	\n
\n Coupon Barrier: \n	\n \n

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

\n	\n	\n
\n \n	\n Underlying Asset A: \n	\n $60.00 (which is 60.00% of the initial level) \n
\n \n	\n Underlying Asset B: \n	\n $60.00 (which is 60.00% of the initial level) \n

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

\n	\n	\n
\n \n	\n Underlying Asset C: \n	\n $60.00 (which is 60.00% of the initial level) \n

Example 1 — The Closing Level of each Underlying Asset is equal to or greater than its Call Threshold Level on the Observation Date corresponding to the first potential Call Settlement Date.

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

\n	\n	\n	\n
\n Date \n	\n Closing Level \n	\n \n	\n Payment (per Note) \n
\n First Observation Date through Fifth Observation Date \n	\n Underlying Asset A: Various (all equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n $71.25 (Aggregate Contingent Coupons - Not Callable) \n
\n \n	\n Underlying Asset B: Various (all equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: Various (all equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n Sixth Observation Date \n	\n Underlying Asset A: $105.00 (equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n $1,014.25 (Call Settlement Amount) \n
\n \n	\n Underlying Asset B: $107.00 (equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: $106.00 (equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n \n	\n Total Payment: \n	\n \n	\n $1,085.50 (8.55% total return) \n

Because the Notes are subject to an automatic call on the first potential call settlement date (which is approximately 6 months after the trade date), UBS will pay you on the call settlement date a total of $1,014.25 per Note, reflecting your principal amount plus the applicable contingent coupon. When added to the contingent coupon(s) of $71.25 received in respect of the prior observation date(s), UBS will have paid you a total of $1,085.50 per Note, for a total return of 8.55% on the Notes. You will not receive any further payments on the Notes.

Example 2 — The Notes are NOT subject to an Automatic Call and the Final Level of each Underlying Asset is equal to or greater than its Downside Threshold and Coupon Barrier.

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

\n	\n	\n	\n
\n Date \n	\n Closing Level \n	\n \n	\n Payment (per Note) \n
\n First Observation Date \n	\n Underlying Asset A: $78.40 (equal to or greater than Coupon Barrier; less than Call Threshold Level) \n	\n \n	\n $14.25 (Contingent Coupon) \n
\n \n	\n Underlying Asset B: $78.80 (equal to or greater than Coupon Barrier; less than Call Threshold Level) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: $79.60 (equal to or greater than Coupon Barrier; less than Call Threshold Level) \n	\n \n	\n \n
\n Second through Fifty-ninth Observation Date \n	\n Underlying Asset A: Various (all less than Call Threshold Level and Coupon Barrier) \n	\n \n	\n $0.00 \n

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

\n	\n	\n	\n
\n \n	\n Underlying Asset B: Various (all equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: Various (all equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n Final Valuation Date \n	\n Underlying Asset A: $66.00 (equal to or greater than Coupon Barrier and Downside Threshold) \n	\n \n	\n $1,840.75 (Payment at Maturity, which includes the Contingent Coupon with respect to the Final Valuation Date and the previously unpaid Contingent Coupons in respect of the prior Observation Dates) \n
\n \n	\n Underlying Asset B: $75.00 (equal to or greater than Coupon Barrier and Downside Threshold) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: $72.00 (equal to or greater than Coupon Barrier and Downside Threshold) \n	\n \n	\n \n
\n \n	\n Total Payment: \n	\n \n	\n $1,855.00 (85.50% total return) \n

Because the Notes are not subject to an automatic call and the final level of each underlying asset is equal to or greater than its downside threshold, UBS will pay you a cash payment per Note at maturity equal to the principal amount. Because the final level of each underlying asset was also equal to or greater than its coupon barrier, a contingent coupon will be paid with respect to the final valuation date, plus any previously unpaid contingent coupons in respect of the prior observation dates pursuant to the memory interest feature. At maturity, UBS will pay you a total of $1,840.75 per Note (reflecting your principal amount plus the contingent coupon applicable to the final valuation date and the previously unpaid contingent coupons in respect of the prior observation dates). When added to the contingent coupon(s) of $14.25 received in respect of the prior observation date(s), UBS will have paid you a total of $1,855.00 per Note, for a total return of 85.50% on the Notes.

Example 3 — The Notes are NOT subject to an Automatic Call and the Final Level of each Underlying Asset is equal to or greater than its Downside Threshold and the Final Level of any Underlying Asset is less than its Coupon Barrier.

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

\n	\n	\n	\n
\n Date \n	\n Closing Level \n	\n \n	\n Payment (per Note) \n
\n First Observation Date \n	\n Underlying Asset A: $78.40 (equal to or greater than Coupon Barrier; less than Call Threshold Level) \n	\n \n	\n $14.25 (Contingent Coupon) \n
\n \n	\n Underlying Asset B: $78.80 (equal to or greater than Coupon Barrier; less than Call Threshold Level) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: $79.28 (equal to or greater than Coupon Barrier; less than Call Threshold Level) \n	\n \n	\n \n
\n Second through Fifty-ninth Observation Date \n	\n Underlying Asset A: Various (all less than Call Threshold Level and Coupon Barrier) \n	\n \n	\n $0.00 \n
\n \n	\n Underlying Asset B: Various (all equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: Various (all equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n Final Valuation Date \n	\n Underlying Asset A: $50.50 (less than Coupon Barrier; equal to or greater than Downside Threshold) \n	\n \n	\n $1,000.00 (Payment at Maturity) \n
\n \n	\n Underlying Asset B: $102.50 (equal to or greater than Coupon Barrier and Downside Threshold) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: $103.30 (equal to or greater than Coupon Barrier and Downside Threshold) \n	\n \n	\n \n
\n \n	\n Total Payment: \n	\n \n	\n $1,014.25 (1.425% total return) \n

Example 4 — The Notes are NOT subject to an Automatic Call and the Final Level of any Underlying Asset is less than its Downside Threshold and Coupon Barrier.

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

\n	\n	\n	\n
\n Date \n	\n Closing Level \n	\n \n	\n Payment (per Note) \n
\n First Observation Date \n	\n Underlying Asset A: $78.40 (equal to or greater than Coupon Barrier; less than Call Threshold Level) \n	\n \n	\n $14.25 (Contingent Coupon) \n
\n \n	\n Underlying Asset B: $78.80 (equal to or greater than Coupon Barrier; less than Call Threshold Level) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: $78.48 (equal to or greater than Coupon Barrier; less than Call Threshold Level) \n	\n \n	\n \n
\n Second through Fifty-ninth Observation Date \n	\n Underlying Asset A: Various (all less than Call Threshold Level and Coupon Barrier) \n	\n \n	\n $0.00 \n

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

\n	\n	\n	\n
\n \n	\n Underlying Asset B: Various (all equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: Various (all equal to or greater than Call Threshold Level and Coupon Barrier) \n	\n \n	\n \n
\n Final Valuation Date \n	\n Underlying Asset A: $30.00 (less than Coupon Barrier and Downside Threshold) \n	\n \n	\n $1,000.00 x (1 + Underlying Return of the Least Performing Underlying Asset) = \n $1,000.00 x [1 + (-70% )] = \n $1,000.00 x 0.3 = \n $300.00 (Payment at Maturity) \n
\n \n	\n Underlying Asset B: $101.70 (equal to or greater than Coupon Barrier and Downside Threshold) \n	\n \n	\n \n
\n \n	\n Underlying Asset C: $109.00 (equal to or greater than Coupon Barrier and Downside Threshold) \n	\n \n	\n \n
\n \n	\n Total Payment: \n	\n \n	\n $314.25 (68.575% loss) \n

Because the Notes are not subject to an automatic call and the final level of Underlying Asset A is less than its downside threshold, at maturity you will be exposed to the negative return of the least performing underlying asset and UBS will pay you $300.00 per Note. When added to the contingent coupon(s) of $14.25 received in respect of the prior observation date(s), UBS will have paid you $314.25 per Note, for a loss on the Notes of 68.575%.

We make no representation or warranty as to which of the underlying assets will be the least performing underlying asset for the purposes of calculating your actual payment at maturity.

Investing in the Notes involves significant risks. The Notes differ from ordinary debt securities in that UBS is not necessarily obligated to repay the full amount of your initial investment. If the Notes are not subject to an automatic call, you may lose a significant portion or all of your initial investment. Specifically, if the Notes are not subject to an automatic call and the final level of any underlying asset is less than its downside threshold, you will lose a percentage of your principal amount equal to the underlying return of the least performing underlying asset and, in extreme situations, you could lose all of your initial investment.

You will be exposed to the market risk of each underlying asset on each observation date (including the final valuation date) and any decline in the level of one underlying asset may negatively affect your return and will not be offset or mitigated by a lesser decline or any potential increase in the level of any other underlying asset. If the Notes are not subject to an automatic call and the final level of any underlying asset is less than its downside threshold, you will lose a significant portion or all of your initial investment at maturity. Any 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.

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Information About the Underlying Assets

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All disclosures contained in this document regarding each 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 any underlying asset. You should make your own investigation into each underlying asset.

Included below is a brief description of each underlying asset issuer. This information has been obtained from publicly available sources. Set forth below are graphs that illustrate the past performance for each 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 any underlying asset as an indication of future performance.

Each 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 each 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 each underlying asset issuer can be located by reference to its SEC file number provided below.

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Netflix, Inc.

According to publicly available information, Netflix, Inc. (\"Netflix\") is a subscription streaming entertainment service offering TV series, documentaries and feature films. Information filed by Netflix with the SEC can be located by reference to its SEC file number: 001-35727, or its CIK Code: 0001065280. Netflix's common stock is listed on the Nasdaq Global Select Market under the ticker symbol \"NFLX\".

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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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Historical Information

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The graph below illustrates the performance of Netflix'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 lines respectively represent its call threshold level of $68.69, which is equal to 100.00% of the closing level on October 20, 2026, its coupon barrier of $41.21, which is equal to 60.00% of the closing level on October 20, 2026, and its downside threshold of $34.35, which is equal to 50.00% of the closing level on October 20, 2026. Past performance of the underlying asset is not indicative of the future performance of the underlying asset during the term of the Notes.

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Amazon.com, Inc.

According to publicly available information, Amazon.com, Inc. (“Amazon”) is an online retail company and producer of electronic devices and media content. Information filed by Amazon with the SEC can be located by reference to its SEC file number: 001-43202, or its CIK Code: 0001018724. Amazon’s common stock is listed on the Nasdaq Global Select Market under the ticker symbol “AMZN”.

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Historical Information

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The graph below illustrates the performance of Amazon'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 lines respectively represent its call threshold level of $262.63, which is equal to 100.00% of the closing level on October 20, 2026, its coupon barrier of $157.58, which is equal to 60.00% of the closing level on October 20, 2026, and its downside threshold of $131.32, which is equal to 50.00% of the closing level on October 20, 2026. Past performance of the underlying asset is not indicative of the future performance of the underlying asset during the term of the Notes.

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Micron Technology, Inc.

According to publicly available information, Micron Technology, Inc. (“Micron”) and its subsidiaries operate, manufacture and market memory and storage technologies, packaging solutions and semiconductor systems for computing, networking, automotive and mobile products. Information filed by Micron with the SEC can be located by reference to its SEC file number: 001-10658, or its CIK Code: 0000723125. Micron’s common stock is listed on the Nasdaq Global Select Market under the ticker symbol “MU”.

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Historical Information

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The graph below illustrates the performance of Micron'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 lines respectively represent its call threshold level of $896.07, which is equal to 100.00% of the closing level on October 20, 2026, its coupon barrier of $537.64, which is equal to 60.00% of the closing level on October 20, 2026, and its downside threshold of $448.04, which is equal to 50.00% of the closing level on October 20, 2026. Past performance of the underlying asset is not indicative of the future performance of the underlying asset during the term of the Notes.

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Correlation of the Underlying Assets

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The graph below illustrates the daily performance of the underlying assets for the period indicated. For comparison purposes, each underlying asset has been normalized to have a closing level of 100 on October 20, 2016 by dividing the closing level of that underlying asset on each trading day by the closing level of that underlying asset on October 20, 2016 and multiplying by 100. We obtained the closing levels used to determine the normalized closing levels set forth below from Bloomberg, without independent verification.

The closer the relationship of the daily returns of the underlying assets over a given period, the more positively correlated those underlying assets are. The lower (or more negative) the correlation of the underlying assets, the less likely it is that those underlying assets will move in the same direction and therefore, the greater the potential for the closing level or final level of one of those underlying assets to be less than its coupon barrier or downside threshold on any observation date or on the final valuation date, respectively. This is because the less positively correlated the underlying assets are, the greater the likelihood that at least one of the underlying assets will decrease in value. However, even if the underlying assets have a higher positive correlation, the closing level or final level of one or more of the underlying assets might be less than its coupon barrier or downside threshold on any observation date or on the final valuation date, respectively, as the underlying assets may decrease in value together. Although the correlation of the underlying assets’ performance may change over the term of the Notes, the correlations referenced in setting the terms of the Notes are calculated using UBS’ internal models at the time when the terms of the Notes are set and are not derived from the daily returns of the underlying assets over the period set forth below. A higher contingent coupon rate is generally associated with lower correlation of the underlying assets, which reflects a greater potential for missed contingent coupons and for a loss on your investment at maturity. See “Key Risks — Risks Relating to Return Characteristics — A higher contingent coupon rate or lower downside thresholds or coupon barriers may reflect greater expected volatility of each of the underlying assets, and greater expected volatility generally indicates an increased risk of loss at maturity”, “Risks Relating to Characteristics of the Underlying Assets — You are exposed to the market risk of each underlying asset” and “Risks Relating to Characteristics of the Underlying Assets —Because the Notes are linked to the least performing underlying asset, you are exposed to a greater risk of no contingent coupons and losing a significant portion or all of your initial investment at maturity than if the Notes were linked to a single underlying asset or fewer underlying assets” herein.

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Past performance of the underlying assets is not indicative of the future performance of the underlying assets.

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What Are the Tax Consequences of the Notes?

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The 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.

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U.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 assets. 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 any 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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Based 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.

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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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Notice 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.

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Medicare 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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Specified 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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Non-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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Section 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-

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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 any 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 an 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 an underlying asset or the Notes. A non-U.S. holder that enters, or has entered, into other transactions in respect of an 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.

Because 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.

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Foreign 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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Proposed 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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Both 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.

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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 either resell the Notes to one or more third-party dealers at a discount from the issue price to the public equal to the underwriting discount indicated on the cover hereof or has offered the Notes directly to investors at the issue price to the public. Certain of such third-party dealers may resell the Notes to other securities dealers at the issue price to the public less an underwriting discount of up to the underwriting discount received. Certain unaffiliated registered investment advisers or fee-based advisory accounts may have agreed to purchase Notes from a third-party dealer at a purchase price of at least $997.50 per Note, and such third-party dealer, with respect to such sales, may have agreed to forgo some or all of the underwriting discount. UBS will also periodically pay another unaffiliated dealer a marketing fee per Note in the amount indicated on the cover hereof with respect to all of the Notes in connection with its marketing efforts. Additionally, we or one of our affiliates will pay a fee to an unaffiliated broker-dealer for providing certain electronic platform services with respect to this offering.

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Conflicts of Interest — UBS Securities LLC 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 compensation) 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. UBS Securities LLC is not 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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UBS 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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Prohibition 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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Prohibition 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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