UBS AG today announced the completion of the Index succession process for the two exchange-traded notes highlighted in Table-1 below (the "ETNs"). As per the previous announcement by UBS AG on April 26, 2021, effective after the close of trading on July 30, 2021 (the "Effective Date") the original underlying index to the ETNs has been replaced with a successor index, the MVIS US Business Development Companies Index (the "Successor Index"). The names of the ETNs have also been updated to reflect the Successor Index.

Table-1

ETN Ticker	Old ETN Name	New ETN Name and Prospectus Supplement*	ETN CUSIP
BDCZ	ETRACS Wells Fargo BDC Index ETN Series B	ETRACS MVIS Business Development Companies Index ETN	90274D416
BDCX	ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN	ETRACS Quarterly Pay 1.5x Leveraged MVIS BDC Index ETN	90269A260

* The table above provides a hyperlink to the relevant prospectus supplement for each of the ETRACS ETNs that is the subject of this communication.

In addition, the below adjustments have been made after market close on the Effective Date.

BDCZ ETN:

- the Initial Index Level of the ETN has been adjusted to be equal to the Index Closing Level of the Successor Index on the Effective Date, times an Adjustment Factor. The Adjustment Factor was equal to the original Initial Index Level divided by the Index Closing Level of the Original Index on the Effective Date

- the adjusted Initial Index Level of the ETN is 692.808593

BDCX ETN:

- the Last Reset Index Closing Level of the ETN has been adjusted to be equal to the Index Closing Level of the Successor Index on the Effective Date

- the adjusted Last Reset Index Closing Level of the ETN is 536.663

UBS has been advised by its tax counsel that the change in the Index that is referenced by the ETNs should not trigger a disposition of the ETNs for US federal income tax purposes, and therefore a holder of ETNs should not be subject to any US federal income tax consequences as result of such change. UBS is not providing tax advice to holders of ETNs and such holders should consult with their tax advisors regarding the tax treatment of the ETNs.

About the Wells Fargo® Business Development Company Index

The Wells Fargo Business Development Company Index was a float-adjusted, capitalization-weighted Index that was intended to measure the performance of all Business Development Companies ("BDC") that are listed on the New York Stock Exchange ("NYSE AMEX") or NASDAQ and satisfy specified market capitalization and other eligibility requirements. To qualify as a BDC, the company must be registered with the Securities and Exchange Commission ("SEC") and have elected to be regulated as a BDC under the Investment Company Act of 1940 ("1940 Act"). The Original Index was publicly disseminated starting from January 2011 and has no live performance history prior to that date.

About the MVIS US Business Development Companies Index

The MVIS US Business Development Companies Index is a modified market cap-weighted index that tracks the performance of the largest and most liquid companies which are treated as Business Development Companies (BDC) and are incorporated in the United States. To qualify as a BDC, a company must be organized under the law of and have its principal place of business in the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act. The Successor Index was publicly disseminated starting from August 4, 2011 and has no live performance history prior to that date.

About ETRACS

ETRACS ETNs are senior unsecured notes issued by UBS AG, are traded on NYSE Arca, and can be bought and sold through a broker or financial advisor. An investment in ETRACS ETNs is subject to a number of risks, including the risk of loss of some or all of the investor's principal, and is subject to the creditworthiness of UBS AG. Investors are not guaranteed any coupon or distribution amount under the ETNs. We urge you to read the more detailed explanation of risks described under "Risk Factors" in the applicable prospectus supplement for the ETRACS ETN.

UBS AG has filed a registration statement (including a prospectus and supplements thereto) with the Securities and Exchange Commission, or SEC, for the offerings of securities to which this communication relates. Before you invest, you should read the prospectus, along with the applicable prospectus supplement to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the ETRACS. The applicable offering document for each ETRACS may be obtained by clicking on the name of the ETN in the table above. You may also get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. The securities related to the offerings are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.

About UBS

UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS's strategy is centered on our leading global wealth management business and our premier universal bank in Switzerland, enhanced by Asset Management and the Investment Bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.

UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 31% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 20% in Asia Pacific. UBS Group AG employs over 68,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

This material is issued by UBS AG and/or any of its subsidiaries and/or any of its affiliates ("UBS"). Products and services mentioned in this material may not be available for residents of certain jurisdictions. Past performance is not necessarily indicative of future results. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker/dealer. Member of SIPC (http://www.sipc.org/).

ETRACS ETNs are sold only in conjunction with the relevant offering materials. UBS has filed a registration statement (including a prospectus, as supplemented by the applicable prospectus supplement for the offering of the ETRACS ETNs) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the applicable prospectus supplement by calling toll-free (+1-877-387 2275). In the US, securities underwriting, trading and brokerage activities and M&A advisor activities are provided by UBS Securities LLC, a registered broker/dealer that is a wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange and other principal exchanges, and a member of SIPC. UBS Financial Services Inc. is a registered broker/dealer and affiliate of UBS Securities LLC.

The ETRACS MVIS Business Development Companies Index ETN and the ETRACS Quarterly Pay 1.5x Leveraged MVIS BDC Index ETN ("ETNs") are not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH ("Licensor") and Licensor makes no representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the MVIS US Business Development Companies Index to track the performance of the US BDC market. The ETNs are not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH ("Licensor") and Licensor makes no representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the MVIS US Business Development Companies Index to track the performance of the US BDC market.

UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect.

¹	Individual investors should instruct their broker/advisor/custodian to call us or should call together with their broker/advisor/custodian.

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UBS Announces Completion of the Index Succession for Two ETNs