Interests in unconsolidated structured entities	12 Months Ended
Interests in unconsolidated structured entities	Dec. 31, 2021
Entity [Table]
Disclosure Of Unconsolidated Structured Entities Explanatory	c) Unconsolidated structured entities UBS is considered to sponsor another entity if, in addition to ongoing involvement with the entity, it had a key role in establishing that entity or in bringing together relevant counterparties for a transaction facilitated by the entity. During 2021 , the Group sponsored the creation of various SEs and interacted with a number of non-sponsored SEs, including securitization vehicles, client vehicles and certain investment funds, that UBS did not consolidate as of 31 December 2021 because it did not control them. Interests in unconsolidated structured entities The table below presents the Group’s interests in and maximum exposure to loss from unconsolidated SEs, as well as the total assets held by the SEs in which UBS had an interest as of year- end, except for investment funds sponsored by third parties, for which the carrying amount of UBS’s interest as of year-end has been disclosed. Sponsored unconsolidated structured entities in which UBS did not have an interest at year-end During 2021 and 2020, the Group did not earn material income from sponsored unconsolidated SEs in which UBS did not have an interest at year-end. During 2021 and 2020, UBS and third parties did not transfer any assets into sponsored securitization vehicles created in the year. UBS and third parties transferred assets, alongside deposits and debt issuances (which are assets from the perspective of the vehicle), of USD 1 billion and USD 2 billion, respectively, into sponsored client vehicles created in 2021 (2020: USD 0 billion and USD 9 billion, respectively). For sponsored investment funds, transfers arose during the period as investors invested and redeemed positions, thereby changing the overall size of the funds, which, when combined with market movements, resulted in a total closing net asset value of USD 46 billion (31 December 2020: USD 37 billion). Interests in unconsolidated structured entities 31.12.21 USD million, except where indicated Securitization vehicles Client vehicles Investment funds Total Maximum exposure to loss 1 Financial assets at fair value held for trading 246 162 6,743 7,151 7,151 Derivative financial instruments 5 45 155 205 205 Loans and advances to customers 125 125 125 Financial assets at fair value not held for trading 35 222 257 257 Financial assets measured at fair value through other comprehensive income 324 4,525 4,849 4,849 Other financial assets measured at amortized cost 0 2 0 1 250 Total assets 610 3 4,732 7,247 12,588 Derivative financial instruments 2 11 281 294 Total liabilities 2 11 281 294 Assets held by the unconsolidated structured entities in which UBS had an interest (USD billion) 30 4 81 5 158 6 31.12.20 USD million, except where indicated Securitization vehicles Client vehicles Investment funds Total Maximum exposure to loss 1 Financial assets at fair value held for trading 375 131 7,595 8,101 8,101 Derivative financial instruments 6 49 158 213 211 Loans and advances to customers 179 179 179 Financial assets at fair value not held for trading 35 1 2 172 208 208 Financial assets measured at fair value through other comprehensive income 6,624 6,624 6,624 Other financial assets measured at amortized cost 0 2 0 250 Total assets 416 3 6,805 8,104 15,326 Derivative financial instruments 3 11 376 390 0 Total liabilities 3 11 376 390 Assets held by the unconsolidated structured entities in which UBS had an interest (USD billion) 39 4 136 5 124 6 1 For the purpose of this disclosure, maximum exposure to loss amounts do not consider the risk-reducing effects of collateral or other credit enhancements. 2 Represents the carrying amount of loan commitments. The maximum exposure to loss for these instruments is equal to the notional amount. 3 As of 31 December 2021, USD 0.1 billion of the USD 0.6 billion (31 December 2020: USD 0.2 billion of the USD 0.4 billion) was held in Group Functions – Non-core and Legacy Portfolio. 4 Represents the principal amount outstanding. 5 Represents the market value of total assets. 6 Represents the net asset value of the investment funds sponsored by UBS and the carrying amount of UBS’s interests in the investment funds not sponsored by UBS. In 2021, UBS updated the presentation of this table to remove its interests in unconsolidated structured investment funds and the corresponding total asset information, where UBS’s interest is driven solely from UBS’s role as the fund’s investment manager and the fees it receives. This information is now separately disclosed in the accompanying text on the following page. Prior-period information has been aligned with this new presentation. The Group retains or purchases interests in unconsolidated SEs in the form of direct investments, financing, guarantees, letters of credit, derivatives, as well as through management contracts. The Group’s maximum exposure to loss is generally equal to the carrying amount of the Group’s interest in the SE, with this subject to change over time with market movements. Guarantees, letters of credit and credit derivatives are an exception, with the contract’s notional amount, adjusted for losses already incurred, representing the maximum loss that the Group is exposed to. The maximum exposure to loss disclosed in the table on the previous page does not reflect the Group’s risk management activities, including effects from financial instruments that may be used to economically hedge risks inherent in the unconsolidated SE or risk - reducing effects of collateral or other credit enhancements. In 2021 and 2020, the Group did not provide support, financial or otherwise, to an unconsolidated SE when not contractually obligated to do so, nor does the Group have any intention to do so in the future. In 2021 and 2020, income and expenses from interests in unconsolidated SEs primarily resulted from mark-to-market movements recognized in Other net income from financial instruments measured at fair value through profit of loss , which have generally been hedged with other financial instruments, as well as fee and commission income received from UBS- sponsored funds. Interests in securitization vehicles As of 31 December 2021 and 31 December 2020, the Group held interests, both retained and acquired, in various securitization vehicles that relate to financing, underwriting, secondary market and derivative trading activities. The numbers outlined in the table on the previous page may differ from the securitization positions presented in the 31 December 2021 Pillar 3 R eport , available under “Pillar 3 disclosures” at ubs.com/investors , for the following reasons: (i) exclusion of synthetic securitizations transacted with entities that are not SEs and transactions in which the Group did not have an interest because it did not absorb any risk ; (ii) a different measurement basis in certain cases (e.g., IFRS carrying amount within the previous table compared with net exposure amount at default for Pillar 3 disclosures) ; and (iii) different classification of vehicles viewed as sponsored by the Group versus sponsored by third parties. › Refer to the 31 December 2021 Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors , for more information Interests in client vehicles Client vehicles are established predominantly for clients to gain exposure to specific assets or risk exposures. Such vehicles may enter into derivative agreements, with UBS or a third party, to align the cash flows of the entity with the investor’s intended investment objective, or to introduce other desired risk exposures. As of 31 December 2021 and 31 December 2020, the Group retained interests in client vehicles sponsored by UBS and third parties that relate to financing, secondary market and derivative trading activities, and to hedge structured product offerings. Interests in investment funds Investment funds have a collective investment objective, and are either passively managed, so that any decision making does not have a substantive effect on variability, or are actively managed and investors or their governing bodies do not have substantive voting or similar rights. The Group holds interests in a number of investment funds, primarily resulting from seed investments or in order to hedge structured product offerings. In addition to the interests disclosed in the table on the previous page, the Group manages the assets of various pooled investment funds and receives fees based, in whole or part, on the net asset value of the fund and / or the performance of the fund. The specific fee structure is determined based on various market factors and considers the fund’s nature and the jurisdiction of incorporation, as well as fee schedules negotiated with clients. These fee contracts represent an interest in the fund, as they align the Group’s exposure with investors, providing a variable return based on the performance of the entity. Depending on the structure of the fund, these fees may be collected directly from the fund ’s assets and / or from the investors. Any amounts due are collected on a regular basis and are generally backed by the fund’s assets. Therefore interest in such funds is not represented by the on-balance sheet fee receivable but rather by the future exposure to variable fees. The total assets of such funds were USD 370 billion and USD 359 billion as of 31 December 2021 and 31 December 2020, respectively, and have been excluded from the table on the previous page. The Group did not have any material exposure to loss from these interests as of 31 December 2021 or as of 31 December 2020.
UBS AG
Entity [Table]
Disclosure Of Unconsolidated Structured Entities Explanatory	c) Unconsolidated structured entities UBS AG is considered to sponsor another entity if, in addition to ongoing involvement with the entity, it had a key role in establishing that entity or in bringing together relevant counterparties for a transaction facilitated by the entity. During 2021 , U BS AG sponsored the creation of various SEs and interacted with a number of non-sponsored SEs, including securitization vehicles, client vehicles and certain investment funds, that UBS AG did not consolidate as of 31 December 2021 because it did not control them. Interests in unconsolidated structured entities The table below presents UBS AG’s interests in and maximum exposure to loss from unconsolidated SEs, as well as the total assets held by the SEs in which UBS had an interest as of year- end, except for investment funds sponsored by third parties, for which the carrying amount of UBS AG’s interest as of year-end has been disclosed. Sponsored unconsolidated structured entities in which UBS did not have an interest at year-end During 2021 and 2020, UBS AG did not earn material income from sponsored unconsolidated SEs in which UBS AG did not have an interest at year-end. During 2021 and 2020, UBS AG and third parties did not transfer any assets into sponsored securitization vehicles created in the year. UBS AG and third parties transferred assets, alongside deposits and debt issuances (which are assets from the perspective of the vehicle), of USD 1 billion and USD 2 billion, respectively, into sponsored client vehicles created in 2021 (2020: USD 0 billion and USD 9 billion, respectively). For sponsored investment funds, transfers arose during the period as investors invested and redeemed positions, thereby changing the overall size of the funds, which, when combined with market movements, resulted in a total closing net asset value of USD 46 billion (31 December 2020: USD 37 billion). Interests in unconsolidated structured entities 31.12.21 USD million, except where indicated Securitization vehicles Client vehicles Investment funds Total Maximum exposure to loss 1 Financial assets at fair value held for trading 246 162 6,743 7,151 7,151 Derivative financial instruments 5 45 155 205 205 Loans and advances to customers 125 125 125 Financial assets at fair value not held for trading 35 100 135 135 Financial assets measured at fair value through other comprehensive income 324 4,525 4,849 4,849 Other financial assets measured at amortized cost 0 2 0 1 250 Total assets 610 3 4,732 7,124 12,466 Derivative financial instruments 2 11 281 294 Total liabilities 2 11 281 294 Assets held by the unconsolidated structured entities in which UBS AG had an interest (USD billion) 30 4 81 5 103 6 31.12.20 USD million, except where indicated Securitization vehicles Client vehicles Investment funds Total Maximum exposure to loss 1 Financial assets at fair value held for trading 375 131 7,595 8,101 8,101 Derivative financial instruments 6 49 158 213 211 Loans and advances to customers 179 179 179 Financial assets at fair value not held for trading 35 1 2 73 109 109 Financial assets measured at fair value through other comprehensive income 6,624 6,624 6,624 Other financial assets measured at amortized cost 0 2 0 250 Total assets 416 3 6,805 8,005 15,227 Derivative financial instruments 3 11 376 390 0 Total liabilities 3 11 376 390 Assets held by the unconsolidated structured entities in which UBS AG had an interest (USD billion) 39 4 136 5 89 6 1 For the purpose of this disclosure, maximum exposure to loss amounts do not consider the risk-reducing effects of collateral or other credit enhancements. 2 Represents the carrying amount of loan commitments. The maximum exposure to loss for these instruments is equal to the notional amount. 3 As of 31 December 2021, USD 0.1 billion of the USD 0.6 billion (31 December 2020: USD 0.2 billion of the USD 0.4 billion) was held in Group Functions – Non-core and Legacy Portfolio. 4 Represents the principal amount outstanding. 5 Represents the market value of total assets. 6 Represents the net asset value of the investment funds sponsored by UBS AG and the carrying amount of UBS AG’s interests in the investment funds not sponsored by UBS AG. In 2021, UBS AG updated the presentation of this table to remove its interests in unconsolidated structured investment funds and the corresponding total asset information, where UBS AG’s interest is driven solely from UBS AG’s role as the fund’s investment manager and the fees it receives. This information is now separately disclosed in the accompanying text on the following page. Prior-period information has been aligned with this new presentation. UBS AG retains or purchases interests in unconsolidated SEs in the form of direct investments, financing, guarantees, letters of credit, derivatives, as well as through management contracts. UBS AG’s maximum exposure to loss is generally equal to the carrying amount of UBS AG’s interest in the SE, with this subject to change over time with market movements. Guarantees, letters of credit and credit derivatives are an exception, with the contract’s notional amount, adjusted for losses already incurred, representing the maximum loss that UBS AG is exposed to. The maximum exposure to loss disclosed in the table on the previous page does not reflect UBS AG’s risk management activities, including effects from financial instruments that may be used to economically hedge risks inherent in the unconsolidated SE or risk-reducing effects of collateral or other credit enhancements. In 2021 and 2020, UBS AG did not provide support, financial or otherwise, to an unconsolidated SE when not contractually obligated to do so, nor does UBS AG have any intention to do so in the future. In 2021 and 2020, income and expenses from interests in unconsolidated SEs primarily resulted from mark-to-market movements recognized in Other net income from financial instruments measured at fair value through profit of loss , which have generally been hedged with other financial instruments, as well as fee and commission income received from UBS- sponsored funds. Interests in securitization vehicles As of 31 December 2021 and 31 December 2020, UBS AG held interests, both retained and acquired, in various securitization vehicles that relate to financing, underwriting, secondary market and derivative trading activities. The numbers outlined in the table on the previous page may differ from the securitization positions presented in the 31 December 2021 Pillar 3 R eport , available under “Pillar 3 disclosures” at ubs.com/investors , for the following reasons: (i) exclusion of synthetic securitizations transacted with entities that are not SEs and transactions in which UBS AG did not have an interest because it did not absorb any risk; (ii) a different measurement basis in certain cases (e.g., IFRS carrying amount within the previous table compared with net exposure amount at default for Pillar 3 disclosures) ; and (iii) different classification of vehicles viewed as sponsored by UBS AG versus sponsored by third parties. › Refer to the 31 December 2021 Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors , for more information Interests in client vehicles Client vehicles are established predominantly for clients to gain exposure to specific assets or risk exposures. Such vehicles may enter into derivative agreements, with UBS or a third party, to align the cash flows of the entity with the investor’s intended investment objective, or to introduce other desired risk exposures. As of 31 December 2021 and 31 December 2020, UBS AG retained interests in client vehicles sponsored by UBS and third parties that relate to financing, secondary market and derivative trading activities, and to hedge structured product offerings. Interests in investment funds Investment funds have a collective investment objective, and are either passively managed, so that any decision making does not have a substantive effect on variability, or are actively managed and investors or their governing bodies do not have substantive voting or similar rights. UBS AG holds interests in a number of investment funds, primarily resulting from seed investments or in order to hedge structured product offerings. In addition to the interests disclosed in the table on the previous page, UBS AG manages the assets of various pooled investment funds and receives fees based, in whole or part, on the net asset value of the fund and / or the performance of the fund. The specific fee structure is determined based on various market factors and considers the fund’s nature and the jurisdiction of incorporation, as well as fee schedules negotiated with clients. These fee contracts represent an interest in the fund, as they align UBS AG’s exposure with investors, providing a variable return based on the performance of the entity. Depending on the structure of the fund, these fees may be collected directly from the fund ’s assets and / or from the investors. Any amounts due are collected on a regular basis and are generally backed by the fund’s assets. Therefore interest in such funds is not represented by the on-balance sheet fee receivable but rather by the future exposure to variable fees. The total assets of such funds were USD 425 billion and USD 395 billion as of 31 December 2021 and 31 De cember 2020, respectively, and have been excluded from the table on the previous page. UBS AG did not have any material exposure to loss from these interests as of 31 December 2021 or as of 31 December 2020.