# EDGAR Filing Document

**Accession Number:** 0001114446
**File Stem:** 0000000000-25-009926
**Filing Date:** 2025-9
**Character Count:** 4524
**Document Hash:** a75056c1e05b2dc97f0977f4df9b211a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009926.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0000000000-25-009926

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250912

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS AG
- **CENTRAL INDEX KEY:** 0001114446
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 001-15060

**BUSINESS ADDRESS:**
- **STREET 1:** BAHNHOFSTRASSE 45
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH 8001
- **BUSINESS PHONE:** 203-719-5241

**MAIL ADDRESS:**
- **STREET 1:** 600 WASHINGTON BLVD.
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001610520-25-000027

## Text-Extract

```

                                                            September 12, 2025

Todd Tuckner
Chief Financial Officer
UBS AG
Bahnhofstrasse 45
CH-8001 Zurich, Switzerland

       Re: UBS AG
           Form 20-F for Fiscal Year Ended December 31, 2024
           Filed March 17, 2025
           File No. 001-15060
Dear Todd Tuckner:

       We have limited our review of your filing to the financial statements
and related
disclosures and have the following comments.

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.

Form 20-F for Fiscal Year Ended December 31, 2024
Alternative performance measures, page 2

1.     We note your disclosure, here and elsewhere, that your alternative
performance
       measures ("APMs") may qualify as non-GAAP measures. In future filings,
       please clearly identify all APMs that are considered to be non-GAAP
financial
       measures and to the extent that they continue to be presented, ensure
that you provide
       required disclosures, including a reconciliation, under Regulation G and
under Item
       10(e) of Regulation S-K, as applicable.
UBS AG consolidated performance, page 39

2.     We note your disclosure, here and on page 173, that Portfolio management
and related
       services and Investment fund fees totaled $11,328 million and $5,669
million for
       2024, respectively, and that they are predominantly in Global Wealth
Management
       and Asset Management, respectively. We also note your disclosure on page
266 that
       Recurring net fee income includes these revenues. Please expand your
disclosure in
 September 12, 2025
Page 2

       future filings, here or elsewhere as appropriate, for the following
items:
           Discuss the nature of these revenue streams and services, and
describe any
           material arrangement terms, such as fee structure and fee rates. If
applicable,
           explain the correlation of invested assets and fee-generating assets
to the
           corresponding revenue line items at AG and business division levels.
           Disclose how Portfolio management and related services and
Investment fund fee
           revenue amounts reconcile to the Recurring net fee income and/or any
other
           applicable business division line amounts presented on pages 44 and
47.
           To the extent that revenue line items at AG or business division
levels are
           impacted by multiple change drivers, expand your discussion of
period-over-
           period changes to quantify the impacts of each material factor
(e.g., acquisition,
           change in invested asset mix, fee rate movements, etc.).

        In closing, we remind you that the company and its management are
responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review,
comments,
action or absence of action by the staff.

       Please contact Cara Lubit at 202-551-5909 or Robert Klein at
202-551-3847 with any
questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Finance

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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