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The views and opinions expressed in this material are those of the author and are not those of UBS, its subsidiaries or affiliate companies. Accordingly, UBS does not accept any liability over the content of this material or any claims, losses or damages arising from the use or reliance of all or any part thereof.

This material has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient and is published solely for information purposes. No representation or warranty, either express or implied is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the developments referred to in this material. The recipient should not construe the contents of this material as legal, tax, accounting, regulatory, or other specialist or technical advice or services or investment advice or a personal recommendation. Past performance is not necessarily indicative of future results. While volatility controls may result in less fluctuation in rates of return as compared to indices without volatility controls, they may also reduce the overall rate of return as compared to products not subject to volatility controls. The indices cannot be invested into directly.

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The "S&P 500 Engle Index" series ("S&P Engle Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and incorporates methodology licensed from UBS AG. S&P®, S&P 500®, US 500™, The 500™, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); Engle is a trademark of Engle Volatility Consulting LLC ("Engle Consulting"), the research principal of which is Robert F. Engle ("Engle") and these trademarks have been licensed for use by SPDJI. Financial products based on the S&P Engle Index are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, Engle Consulting, Engle or UBS and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P Engle Index. For additional information regarding the S&P 500 Engle Index series, please refer to the S&P website.