Global Sales and Trading Disclaimer

Issued by UBS AG and/or affiliates to institutional investors; it is not for private persons. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. This material has been prepared by sales or trading personnel and it is not a product of the UBS Research Department. It is for distribution only under such circumstances as may be permitted by applicable law.  

This material is proprietary commentary produced in conjunction with the UBS trading desks that trade as principal in instruments mentioned within. This commentary is therefore not independent from the proprietary interests of UBS or connected parties which may conflict with your interests. UBS may have accumulated a long or short position in the subject security, or derivative securities thereof, on the basis of this material prior to its dissemination. This material constitutes an invitation to consider entering into a derivatives transaction under U.S. CFTC Regulations §§ 1.71 and 23.605, where applicable, but is not a binding offer to buy/sell any financial instrument. UBS may trade as principal or otherwise act or have acted as market-maker in the securities or other financial instruments discussed in this material. Securities referred to may be highly illiquid which may adversely impact the price and speed of execution of orders in those securities. Furthermore, UBS may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies. Neither UBS nor any of its affiliates, nor any of UBS’ or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material. UBS has policies designed to manage conflicts of interest. UBS relies on information barriers to control the flow of information contained in one or more areas within UBS, into other areas, units, groups or affiliates of UBS. Additional information may be made available upon request.

Opinions expressed may differ from the opinions expressed by other divisions of UBS, including those of the Research Department.  For access to UBS Research, including important disclosures, go to the ResearchWeb at  This material has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient.  UBS does not undertake any obligation to update this material. This material is prepared from information believed to be reliable, but UBS makes no representations as to its accuracy or completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the materials. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any prices or quotations contained herein are indicative only and not for valuation purposes. This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy.  This material is not an official confirmation of terms. Prior to entering into a transaction you should consult with your own legal, regulatory, tax, financial and accounting advisers to the extent you deem necessary to make your own investment, hedging and trading decisions. Communications may be monitored.

Statement of Risk

Options, structured derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky and may be appropriate only for sophisticated investors. Mortgage and asset-backed securities may involve a high degree of risk and may be highly volatile in response to fluctuations in interest rates and other market conditions. Past performance is not necessarily indicative of future results. Various theoretical explanations of the risks associated with these instruments have been published. Prior to buying or selling an option, and for the complete risks relating to options, U.S. investors must receive a copy of 'The Characteristics and Risks of Standardized Options.' You may read the document online or ask your salesperson for a copy.