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CORRESP
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CORRESP

 Via EDGAR

Ms. Amy L. Starr

 Chief, Office of Capital Markets
Trends

 Division of Corporation Finance

 United States
Securities and Exchange Commission

 100 F Street, N.E.

Washington, DC 20549

 March 5, 2014

Re:
UBS AG

424 Prospectuses relating to Registration Statement on Form F-3ASR

Filed January 11, 2012

File No. 333-178960

 Dear Ms. Starr:

We respectfully submit the responses set forth below to the comment letter, dated February 11, 2014 (the “Comment Letter”), from the staff (the
“Staff”) of the Securities and Exchange Commission (the “Commission”) regarding 424 Prospectuses relating to issuances of exchange traded notes (“ETNs”) pursuant to UBS AG’s Registration Statement on Form F-3ASR
filed January 11, 2012 (File No. 333-178960) (the “Registration Statement”). We appreciate your extension of the response deadline to March 5, 2014. For your convenience, we have included the Staff’s comments below,
followed by our responses. Please note that references to “UBS”, “we”, “our” or “us” in our responses refer to UBS AG.

Terms of Offering

 1. We have
observed that frequently the prospectus supplement does not clearly describe the terms of the ETN being offered. As a result, investors may have difficulty understanding what they are purchasing and how the ETN operates. For example, some prospectus
supplements use highly complex defined terms without explaining those terms in the context of the ETN, while others do not clearly describe the precise mechanics of the ETN, including payment at maturity or redemption. Please revise your prospectus
supplements, as appropriate, to disclose the material terms of each ETN in a clear, concise and understandable manner. Refer to Rule 421(b) of the Securities Act of 1933.

Response:

 We believe our offering documentation
discloses the material terms of each ETN in a clear, concise and understandable manner. We issue our Exchange Traded Access Securities (“ETRACS”) ETNs pursuant to individual prospectus supplements to the base prospectus, dated
January 11, 2012 (the “Base Prospectus”), or, in the case of our “Monthly Pay 2xLeveraged ETRACS”, a product supplement, dated August 5, 2013, to the Base Prospectus, as supplemented by pricing supplements that contain
the specific terms of each ETN being offered.1 We have structured our ETN Offering Documents in this manner to clearly identify the risk profile associated with each ETN structure and strategy as
well as the risks associated with the underlying asset class.

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 In our ETN Offering Documents, we disclose the material terms of each ETN (i) on the cover page of the
applicable prospectus supplement (or pricing supplement, as applicable), (ii) in summary narrative form in the “Prospectus Summary”, which is intended to provide an overview of the nature of the ETN, its risk profile, the underlying
asset class, payment and fee mechanics and redemption and call provisions, and (iii) in the “Specific Terms of the Securities” section, which provides a comprehensive discussion of the key terms of the ETN.

Moreover, the offering documents also provide hypothetical examples to illustrate how a hypothetical series of ETNs would perform under hypothetical
circumstances. These examples demonstrate how payments would be calculated at maturity and upon redemption, giving effect to the applicable fees. We believe that these examples, together with the summary and comprehensive disclosure of the specific
terms of the ETNs, present the terms of the ETNs to investors in a clear and concise manner and provide investors with the information they need to understand what they are purchasing and how the ETNs operate.

We acknowledge the complexity of ETN descriptions and we will consider our disclosure in the future in light of the Staff’s comment.

2. Please revise your prospectus supplements, as appropriate, to disclose whether the ETN issuer may cease or suspend and restart sales of
the notes at any time at the issuer’s discretion. Also, describe the potential impact these actions may have on the market price and liquidity of the ETNs in the secondary market. Tell us whether you consider the issuer’s discretion to
suspend and restart sales to be a material risk to investors in the offering and, if so, please provide appropriate risk factor disclosure in future filings.

Response:

 Our ETN Offering Documents disclose
that UBS may suspend or cease sales of the ETNs at any time, at its discretion. This disclosure appears in the sections entitled “Prospectus Supplement Summary — Selected Risk Considerations” and “Supplemental Plan of
Distribution”. Our ETN Offering Documents also provide risk disclosure regarding the potential impact such suspensions could have on the market for the ETNs. For example, one risk factor states that UBS may suspend or cease sales of the
relevant ETN at any time, potentially causing the liquidity of the market for the ETN to vary materially. In addition, another risk factor states that “supply and demand for the Securities, including to the extent affected by inventory
positions with UBS or any market maker” is a factor affecting the securities’ market value. We believe that the disclosure described above is sufficient to inform investors that UBS may cease or suspend sales of the securities and the
possible consequences of such a decision.

1
In this response letter, we refer to the Base Prospectus as supplemented by (1) a prospectus supplement or (2) a product supplement and related pricing supplement and, in each case, any related free writing prospectus,
as applicable, as the “ETN Offering Documents”.

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 Indicative Value

3. We note that some prospectus supplements for ETN offerings state that the “indicative value” of the ETN will be published on a
regular basis, such as daily, including through third parties. Please explain to us the purpose of calculating indicative value and why it is relevant to investors. Further, tell us whether and where the ETN’s indicative value is publicly
available to any investor without charge and how often it is updated.

 Response:

The intraday indicative value is meant to approximate the intrinsic economic value of the ETN. It is generally provided for reference purposes only, and is not
intended as a price, quotation or economic term of the ETN. Its calculation permits investors to compare the secondary market prices of the ETN to the intrinsic value of the ETN based on the level of the underlying index and the accrued fees at that
time, which may inform their investment decision to purchase, sell or exercise the redemption right. In addition, for certain ETNs, UBS has the right to accelerate the maturity date if the indicative value reaches a specified minimum value. Finally,
calculation and publication of the indicative value is a requirement to list the ETN on NYSE Arca under NYSE Arca Equities Rule 5.2(j)(6).

 The indicative
value is published and disseminated every 15 seconds during normal trading hours and is publicly available without charge on Yahoo! Finance by typing “^[ETN Ticker Symbol]-IV” into the search bar and on Bloomberg by typing “[ETN
Ticker Symbol]IV <EQUITY> <GO>” into the search bar. It is also available on the UBS ETRACS public website for each ETN on a twenty minute delayed basis. In the future, we intend to disclose more prominently in the ETN Offering
Documents the availability and source of this information.

 4. We note that some prospectus supplements for ETN offerings include
numeric formulas describing how the indicative value of an ETN is calculated without providing sufficient narrative explanation as to how the formula works, and therefore how the security’s terms work. Please provide narrative disclosure that
describes the inputs and mechanics of such formulas in a clear, concise and understandable manner so that investors may evaluate how the terms of the security work and are calculated.

Response:

 UBS strives to provide investors with
clear, concise and understandable explanations of each ETN, including narrative explanations of numeric formulas. We will review our narrative explanations and other disclosure in light of the Staff’s comment to determine whether additional
disclosure is appropriate.

 5. If you include information about indicative value in your prospectus supplements, please also disclose
the relationship among the indicative value, the market value of the ETN relative to the initial offering price to the public, and the redemption amount. Please also provide a risk factor discussing the risk that ETNs may trade at a substantial
premium or discount in relation to the value of the ETN determined or disclosed by the issuer (whether as “indicative value” or otherwise) or the redemption amount of the ETN.

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 Response:

UBS discloses information regarding the relationship among the indicative value, the market value, and the redemption amount of each ETN. For example, under
the section “Valuation of the Securities” in the ETN Offering Documents, UBS explains that indicative value is meant to approximate the intrinsic economic value of the ETN, although the actual trading prices of the ETNs may vary
significantly from their indicative value. In addition, UBS discloses that the redemption provision is meant to induce arbitrageurs to counteract any trading of the ETN at a premium or discount to its indicative value. The offering documents also
include risk disclosure regarding fluctuations in secondary market prices, including a risk factor stating that the market value of the securities in the secondary market could be discounted from the issue price, potentially leading to significant
losses.

 Redemption Value

 6. We
have observed that in most ETN offerings, the holder may submit the notes for redemption at a “redemption value.” However, the prospectus or prospectus supplement may not clearly disclose the method of determining the redemption value (or
amount) for the ETN or indicate whether the redemption value is publicly available prior to an investor’s redemption. Please revise, as applicable, to disclose this information.

Response:

 UBS discloses in the ETN Offering
Documents the method for determining the redemption amount for its ETNs. The disclosure is prominently made on the cover of the applicable prospectus or pricing supplement, and in greater detail under “Specific Terms of the Securities”.

 The redemption amount is determined according to a formula set forth in the applicable prospectus or pricing supplement, which uses a closing valuation
of the underlying index as of a specified date or period of time after the redemption notice has been delivered. Accordingly, at the time investors elect to redeem their securities, they will not know the amount payable upon redemption. UBS
discloses this fact in its risk factors, and warns that investors will be exposed to market risk in the event the market fluctuates after confirmation of their redemption request but prior to the relevant redemption date. The risk factor also
indicates that the redemption amount will be reduced by any applicable fees.

 Fees

7. Please revise your disclosure to clearly describe all fees that may be charged relating to the ETNs, including but not limited to, as
applicable, annual fees, redemption fees, event risk hedge costs, futures execution costs, and index calculation fees. Identify the party responsible for payment of each fee, and describe how, if applicable, such fees may change based on the
performance of any referenced index or asset. In addition, please explain when fees are collected and what effect the fees have on the redemption amount and the indicative value of the ETN.

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 Response:

UBS prominently discloses the fees that investors will bear in connection with the purchase of the ETNs on the cover page of each prospectus or pricing
supplement and, importantly, the fact that the fees will reduce any payment amount received by investors. The fees and related risks are described in greater detail in the narrative descriptions of the payment amounts at maturity, upon redemption,
upon a call by the issuer or upon an acceleration, as applicable, as well as under “Risk Factors”. For example, the ETN Offering Documents disclose that we charge two principal fees, the accrued fees and the redemption fee, and the manner
in which they will be calculated (e.g., accrue daily based on a fixed percentage in relation to the value of the ETN or the performance of the referenced index). We believe our disclosure provides investors with a clear statement of the fees that
will be charged by UBS in relation to its ETNs.

 Conflicts of Interest

8. We note that prospectus supplements for ETN offerings typically include disclosure about activities of the issuer and its affiliates
that may create conflicts of interest, such as trading activities, hedging, and publishing research reports. To the extent you or your affiliates engage in activities that create material conflicts of interest, please revise to disclose those
activities and the types of conflicts they create. Also describe the potential impact of such activities and conflicts on the supply, pricing and market for the ETN.

Response:

 The ETN Offering Documents currently
include disclosure regarding conflicts of interest created by activities of UBS and its affiliates. For example, UBS includes several risk factors that discuss its activities and those of its affiliates and the effects those activities may have on
the market for the ETNs. These risk factors discuss (1) the hedging activities that UBS and its affiliates may engage in involving the underlying index constituents, futures, options, exchange-traded funds or other derivative products on such
index constituents or the underlying index itself, (2) how UBS and its affiliates expect to engage in trading activities related to the underlying index and the index constituents that may present a conflict between investors’ interests in
the ETNs and the interests of UBS and its affiliates in their proprietary accounts, in facilitating transactions for their customers and in accounts under their management and (3) the fact that UBS and its affiliates may publish research,
express opinions or provide recommendations that are inconsistent with investing in the ETNs. The risk factors warn that each of these activities could have an adverse impact on the level of the underlying index or the market value of the ETNs.

UBS also describes the conflicts of interest that exist within the meaning of the Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 5121
in relation to its affiliates, UBS Securities LLC and UBS Financial Services Inc., in both the “Prospectus Supplement Summary” and “Supplemental Plan of Distribution” sections of the applicable prospectus or pricing supplement.

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 Finally, UBS describes how it may use the proceeds from sales of the ETNs to enter into hedging transactions,
which could affect the market value of the securities.

 We believe that this disclosure is sufficient to inform investors of the risks resulting from the
activities of UBS and its affiliates, which may create conflicts of interest, and of the impact of such activities on the pricing and market for the ETNs.

Outstanding ETNs

 9. We note that
issuers of ETNs may provide public information about the number and dollar amount of outstanding ETNs in a series. Please disclose where the number and amount of outstanding ETNs in a series is available to investors at any point in time.

 Response:

 UBS provides public
information on the current market capitalization and the number of outstanding ETNs on its website, http://etracs.ubs.com/, on the product page for each specific ETN. For example, information regarding the ETRACS Alerian MLP Index ETN is available
at http://etracs.ubs.com/product/detail/index/ussymbol/AMU, by clicking the “Performance” tab. In addition, t