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Home/Markets & Investing/SEC RETAIL INVESTOR RULE

UBS S&P 500 Notes Offer Capped Upside with Leveraged Downside

WS

Wilder Stafford

SEC retail investor rule · Apr 16, 2026

UBS S&P 500 Notes Offer Capped Upside with Leveraged Downside

Source: DojiDoji Data Terminal

Investors in UBS AG London Branch's new S&P 500 index-linked notes can receive a maximum payment of $1,133.50 per $1,000 face amount if the S&P 500 closes at or above 6,197.616 on August 16, 2027. This payout is contingent on the index remaining at or above 90% of its April 13, 2026, trade date level of 6,886.24.

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UBS Structured Note Trades at a Discount to its Internal Value

Investors purchasing these notes at the original issue price pay more than the estimated initial value of $997.20 per $1,000 face amount. The notes are part of a $7,516,000 offering by UBS AG for Digital S&P 500 Index-Linked Medium-Term Notes due June 14, 2028. These notes bear no interest. If the S&P 500 final level on June 12, 2028, is at or above 85% of the initial level of 6,824.66, the holder receives a maximum settlement amount of $1,190.50 per $1,000 face amount. If the final level falls below that 85% buffer, the return becomes negative. Specifically, the holder loses approximately 1.1765% of the face amount for every 1% decline in the index below the buffer level. All payments are subject to the unsecured credit risk of UBS AG.

If the index falls below this 90% buffer level, the notes' return becomes negative. Holders lose approximately 1.1111% of the face amount for every 1% the index drops below the buffer. This leveraged downside exposure means investors can lose their entire investment.

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These medium-term notes pay no interest and are unsecured debt obligations of UBS AG. The estimated initial value of the notes on the trade date was $997.00 per $1,000 face amount, while the issue price was 100% of face. The total aggregate initial face amount of the offering is $4,940,000.

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SEC retail investor rule

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