Interests in unconsolidated structured entities	12 Months Ended
Interests in unconsolidated structured entities	Dec. 31, 2024
Interests In Unconsolidated Structured Entities [Line Items]
Unconsolidated structured entities	c) Unconsolidated structured entities UBS is considered to sponsor another entity if, in addition to ongoing involvement with that entity, it had a key role in establishing that entity or in bringing together relevant counterparties for a transaction facilitated by that entity. During 2024, 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 2024 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 and other vehicles 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 2024 and 2023, the Group did not earn material income from sponsored unconsolidated SEs in which UBS did not have an interest at year-end. During 2024 and 2023, UBS and third parties did not transfer any assets into sponsored securitization vehicles created in those years. UBS and third parties transferred assets, alongside deposits and debt issuances (which are assets from the perspective of the vehicle), of USD 2.5 bn and USD 3.0 bn, respectively, into sponsored client vehicles created in 2024 (2023: USD 0.5 bn and USD 0.5 bn, respectively). For sponsored investment funds, several new open ended and close ended funds were created during the year with further transfers arising from management of the strategy and investor activity, which, when combined with market movements, resulted in a net asset value movement of USD 1 bn in 2024 (2023: USD 3 bn). Interests in unconsolidated structured entities 31.12.24 USD m, except where indicated Securitization vehicles 1 Client vehicles sponsored by UBS 2 Investment funds Other vehicles sponsored by third parties 3 Total Maximum exposure to loss 4 Financial assets at fair value held for trading 94 143 6,482 235 6,953 6,953 Derivative financial instruments 2 110 83 0 195 195 Loans and advances to customers 0 138 286 23 446 446 Financial assets at fair value not held for trading 1,275 0 721 236 2,232 2,232 Financial assets measured at fair value through other comprehensive income 0 0 0 0 0 0 Other financial assets measured at amortized cost 1,023 0 0 0 1,024 1,024 Total assets 2,394 392 7,571 494 10,851 10,851 Derivative financial instruments 1 50 716 0 767 2 Total liabilities 1 50 716 0 767 2 Assets held by the unconsolidated structured entities in which UBS had an interest (USD bn) 63 5 3 6 195 7 0 8 31.12.23 USD m, except where indicated Securitization vehicles 1 Client vehicles sponsored by UBS 2 Investment funds Other vehicles sponsored by third parties 3 Total Maximum exposure to loss 4 Financial assets at fair value held for trading 2,086 58 9,653 325 12,122 12,122 Derivative financial instruments 2 174 68 0 244 244 Loans and advances to customers 0 0 312 246 558 558 Financial assets at fair value not held for trading 1,645 0 497 579 2,720 2,720 Financial assets measured at fair value through other comprehensive income 0 0 0 0 0 0 Other financial assets measured at amortized cost 202 0 1 0 203 453 Total assets 3,935 232 10,531 1,151 15,848 16,098 Derivative financial instruments 7 27 590 0 623 98 Total liabilities 7 27 590 0 623 98 Assets held by the unconsolidated structured entities in which UBS had an interest (USD bn) 70 5 3 6 276 7 1 8 1 Includes loans with a high LTV and credit-impaired loans to pre-securitization warehouse structured entities managed by third parties, as well as securities issued by securitization structured entities sponsored by both UBS and third parties. 2 Client vehicles sponsored by UBS are structured entities that do not qualify as a securitization in line with regulatory requirements and are not considered an investment fund. 3 Other vehicles sponsored by third parties are structured entities that do not qualify as a securitization in line with regulatory requirements and are not considered an investment fund. Interests in other vehicles sponsored by third parties included loans with a high LTV and credit-impaired loans provided to third-party structured entities. 4 For the purpose of this disclosure, maximum exposure to loss amounts do not consider the risk- reducing effects of collateral or other credit enhancements. 5 Represents the principal amount outstanding. 6 Represents the market value of total assets. 7 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. 8 Represents the carrying amount of UBS’s interest in other vehicles sponsored by third parties. The Group retains or purchases interests in unconsolidated SEs in the form of direct investments, financing, guarantees, letters of credit and 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 given SE, with this subject to change over time with market movements. Guarantees, letters of credit and credit derivatives are an exception, with the given 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 above 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 given unconsolidated SE or risk-reducing effects of collateral or other credit enhancements. In 2024 and 2023, the Group did not provide support, financial or otherwise, to any unconsolidated SE when not contractually obligated to do so, nor does the Group currently have any intention to do so in the future. In 2024 and 2023, 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 or loss , which were generally 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 2024 and 31 December 2023, the Group held interests, both retained and acquired, in various securitization vehicles that relate to financing, underwriting, secondary market and derivative trading activities. In addition to the interests disclosed in the table above, the Group manages the assets of certain securitization vehicles and receives fees based, in whole or in part, on the asset value of the vehicles. Interest in such vehicles is not represented by the on- balance sheet fee receivab le but rather by the future exposure to variable fees. The net asset value of such vehicles was USD 24 bn as of 31 December 2024 (31 December 2023: USD 26 bn) and has been excluded from the table above. The numbers outlined in the table above may differ from the securitization positions presented in the 31 December 2024 Pillar 3 Report, 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 Accounting Standards carrying amount within the table above 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 2024 Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors , for more information Interests in client vehicles sponsored by UBS UBS-sponsored 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 2024 and 31 December 2023, the Group retained interests in client vehicles sponsored by UBS 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 above, the Group manages the assets of various pooled investment funds and receives fees based, in whole or in 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 net asset value of such funds was USD 532 bn and USD 511 bn as of 31 December 2024 and 31 December 2023, respectively, and has been excluded from the table above. The Group did not have any material exposure to loss from these interests as of 31 December 2024 or as of 31 December 2023. Interests in other vehicles sponsored by third parties Interests in other vehicles sponsored by third parties include loans with a high LTV and credit-impaired loans provided to third-party structured entities.