UBS AG is offering notes priced at $1,000.00 each, linked to the least-performing of three Exchange-traded funds and due on or about September 28, 2029. Investors should note that the stated issue price exceeds the notes’ estimated initial value, while secondary-market pricing may differ from that estimate.

Key Highlights

  • UBS Securities LLC will receive a $7.00 Underwriting discount for each Note sold.
  • Certain unaffiliated advisory accounts may buy the Notes from a third-party dealer for at least $993.00 per Note.
  • UBS says the offering is being conducted under the conflict-of-interest provisions of FINRA Rule 5121.

The securities are linked to the least-performing shares among three exchange-traded funds and are due on or about September 28, 2029.

The Notes carry buffer, callable and contingent-yield features with memory interest. UBS AG describes the terms in a preliminary pricing supplement dated September 23, 2026. The Notes are not bank deposits and do not have insurance from the Federal Deposit Insurance Corporation or another government agency.

Pricing Model Creates Valuation Difference

The stated issue price exceeds the Notes’ estimated initial value because the price includes underwriting, hedging, issuance and other costs, along with projected profits. UBS AG says its estimate will be determined using internal pricing models that consider the underlying assets’ levels and volatility, expected dividends, correlation, interest rates, the Notes’ term and UBS’s internal funding rate. The estimated initial value is theoretical, and a secondary-market price could differ from it.