<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
  <headerData>
    <submissionType>13F-NT</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001114446</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2025</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2025</reportCalendarOrQuarter>
      <filingManager>
        <name>UBS AG</name>
        <address>
          <com:street1>600 WASHINGTON BLVD.</com:street1>
          <com:city>STAMFORD</com:city>
          <com:stateOrCountry>CT</com:stateOrCountry>
          <com:zipCode>06901</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F NOTICE</reportType>
      <form13FFileNumber>028-10396</form13FFileNumber>
      <otherManagersInfo>
        <otherManager>
          <form13FFileNumber>028-16612</form13FFileNumber>
          <name>UBS Group AG </name>
        </otherManager>
      </otherManagersInfo>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Andrew Johnson</name>
      <title>Head Group Shareholding Reporting AMER</title>
      <phone>(615) 393-7153</phone>
      <signature>/s/ Andrew Johnson</signature>
      <city>Nashville</city>
      <stateOrCountry>TN</stateOrCountry>
      <signatureDate>11-13-2025</signatureDate>
    </signatureBlock>
  </formData>
</edgarSubmission>
