Actively Managed Certificate · Switzerland · Launched December 2025
Pure-play AI compute. No legacy. No pivots. No compromise.
FutureCompute is a concentrated, technically-led AMC providing direct exposure to the companies that were built for the AI compute era — not those retrofitting it onto existing businesses.
Performance
YTD
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Jan 2026 → Jun 2026
90 Days
+58.4%
96.75 → 153.30
30 Days
+25.7%
121.99 → 153.30
7 Days
+9.1%
140.45 → 153.30
RPL data reflects the prior US trading session, typically available from approximately 03:00 UK time the following day. Past performance is not a guide to future returns. Capital is at risk. View RPL graph.
What We Are
FutureCompute is an Actively Managed Certificate (AMC) — a direct, concentrated instrument providing exposure to a small number of high-conviction positions across the AI compute value chain.
The portfolio is deliberately narrow. We do not seek diversification for its own sake. We seek identifiable, durable competitive advantage in companies that are structurally positioned to compound as AI infrastructure spending accelerates.
This is not a thematic fund with broad technology exposure. Every holding must pass a technically-grounded assessment of its position in the AI stack, its growth trajectory, and the durability of its competitive moat.
Investment Approach
"The companies winning the AI era were built for it. They were not retrofitted to it."
Pure-Play AI Stack Only
Every position must have a direct, identifiable role in the AI compute value chain — silicon design, fabrication, datacenter infrastructure, or AI-native software. Companies deriving only peripheral or indirect benefit from AI are excluded.
No Legacy Pivots
Established businesses pivoting toward AI are structurally disadvantaged: they are typically late, carry legacy cost bases, face organisational inertia, and often only begin to compound the transition years after pure-play peers. We are structurally underweight or absent from this category.
Proprietary Rules-Based Valuation
Positions are assessed using a systematic, rules-based framework that evaluates forward growth trajectories across a simulated multi-year endpoint. Hardware and software names are assessed under different metrics appropriate to their margin and revenue structures. No position enters the portfolio without passing this screen.
Closed Platforms Over Commodities
We favour companies with genuine switching costs, pricing power, and compounding customer retention. Open-source strategies and commodity infrastructure without lock-in face a higher bar. Platform businesses with proprietary ecosystems are preferred at equivalent valuations.
Concentrated, High-Conviction Sizing
The portfolio holds a small number of positions sized for meaningful impact. This is not a diversification vehicle — it is a conviction instrument for investors who have already decided they want direct, undiluted exposure to the highest-quality names in AI infrastructure.
What FutureCompute Holds
What FutureCompute Avoids
Focus Areas
01
AI Silicon & Custom Accelerators
GPU compute, custom AI ASICs, and next-generation accelerator architectures. The single most direct monetisation of AI training and inference demand.
02
Semiconductor Fabrication
Advanced process node foundry and packaging — the irreplaceable physical layer enabling every AI chip. Structural capacity constraints create durable pricing power.
03
Memory & Bandwidth Infrastructure
HBM and advanced DRAM architectures critical to AI throughput. Memory is a direct proxy for AI model complexity and the acceleration of inference at scale.
04
Electronic Design Automation
The toolchain underpinning every advanced chip design. A structurally advantaged duopoly with lock-in to every fabless semiconductor company building for the AI era.
05
AI-Native Software Platforms
Proprietary software with genuine switching costs and compounding retention — platforms that monetise the AI transition through defensible, high-margin recurring revenue structures.
06
Datacenter & Network Infrastructure
Networking, interconnect, and power infrastructure enabling hyperscale AI deployments — selected only where structural lock-in and pricing power are identifiable.
Certificate Structure
Important Information
For Professional and Qualified Investors Only. This website and the information contained herein is directed exclusively at professional investors and qualified investors as defined under applicable Swiss and international regulations. It is not intended for, and must not be relied upon by, retail investors.
No Investment Advice or Solicitation. Nothing on this website constitutes investment advice, a recommendation, an offer, or a solicitation to buy or sell any security or financial instrument. The information is provided for informational purposes only.
Capital at Risk. Investment in the FutureCompute AMC (ISIN: CH1501159441) involves significant risk, including the risk of total loss of capital. Past performance, if any, is not indicative of future results. Concentrated strategies carry higher volatility and single-name risk than diversified portfolios.
Swiss Domicile. FutureCompute (CH1501159441) is a structured product issued by UBS AG under Swiss law and held on the Capeo platform. It is not registered for public distribution in any jurisdiction. Distribution or marketing of this product may be restricted in certain countries — prospective investors must satisfy themselves as to their eligibility to invest.
Capeo Wealth AG. Capeo Wealth AG acts as reference portfolio advisor / platform provider. Capeo Wealth AG is a Swiss financial services provider based at Holbeinstrasse 31, 8008 Zurich, Switzerland. According to Capeo Wealth AG's own disclosure, its licence has been issued by FINMA and it is supervised by AOOS; Capeo is affiliated with the Ombudsstelle fuer Finanzdienstleister (OFD), Zurich.
Not a Collective Investment Scheme. An Actively Managed Certificate is a structured note, not a collective investment scheme or regulated fund. Investors are exposed to the credit risk of the issuer (UBS AG) in addition to market risk.
No Reliance. The information on this website may not be complete or up to date. No reliance should be placed on it for the purposes of making any investment decision. Prospective investors should seek independent professional advice before investing.
futurecompute.org
This website does not constitute a financial promotion as defined under the UK Financial Services and Markets Act 2000 or equivalent legislation. It is addressed solely to persons who are professional clients or eligible counterparties.
Contact
FutureCompute is available to professional and qualified investors. For information on the certificate structure, ISIN documentation, or general enquiries, please use the contact details associated with this domain or reach out via the contact details below.
This is not a subscription portal. No investment transactions are facilitated through this website.
Certificate
FutureCompute AMC
ISIN
CH1501159441
Issuer
UBS AG · Capeo Platform
Manager
Enquiries
Professional investors only. No investment transactions are facilitated via this address.
Regulatory & Legal Information
This product involves a high degree of risk, including the risk of expiring worthless. Potential investors should be prepared to sustain a total loss of the purchase price of their investment. This is a structured product which may involve derivatives. Prospective purchasers should ensure they understand the nature of the product and the extent of their exposure to risks, and consider the suitability of this product as an investment in light of their own circumstances and financial condition.
Product Identity
Product: Portfolio Certificate (Tracker Certificate 1300, Callable)
ISIN: CH1501159441 · Valor: 150115944 · WKN: US72J8
Issuer: UBS AG, Zurich and Basel, Switzerland
Calculation Agent: UBS AG, London Branch
Reference Portfolio Advisor: Capeo Wealth AG, Zurich. Capeo Wealth AG states that its licence has been issued by FINMA and that it is supervised by AOOS.
Settlement Currency: USD · Cash settled
Launch / Pricing Date: 1 December 2025 · Issue Date: 8 December 2025
Scheduled Expiry: 3 December 2035 (extendable; callable by Issuer quarterly from 31 March 2026)
Key Fees
Reference Portfolio Advisor Fee: 1.20% per annum (deducted daily)
Issuer Fee: 0.25% per annum (deducted daily)
Performance Fee: 10.00% on positive daily performance above High Water Mark
Rebalance Fee: 0.07% per transaction (Stock and ETF Constituents)
Distribution Fee: None
Capital Protection: None. Redemption amount may be less than capital invested.
Investor Eligibility & Selling Restrictions
This product is offered exclusively to professional clients as defined under applicable Swiss (FinSA article 4 para. 3) and EEA/UK regulations. It has not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold to US persons.
Offers in Switzerland are exempt from prospectus requirements under FinSA. No part of the product documentation has been reviewed or approved by any Swiss review body under article 52 FinSA.
In the EEA, offers are restricted to qualified investors under the EU Prospectus Regulation. In the UK, offers are restricted to qualified investors under the UK Prospectus Regulation / FSMA.
Material Risk Factors
Issuer Risk: This product constitutes unsecured, unsubordinated obligations of UBS AG. In the event of UBS insolvency, investors rank pari passu with other unsecured creditors. This product does not benefit from depositor protection.
No CISA Protection: This product does not represent a participation in any collective investment scheme under the Swiss Federal Act on Collective Investment Schemes (CISA) and does not require FINMA authorisation. Investors are not eligible for specific CISA investor protection.
Concentration & Liquidity Risk: The portfolio is concentrated. No active secondary market is guaranteed. The Issuer makes no firm commitment to provide liquidity.
Early Termination: The Issuer may call the product quarterly from 31 March 2026 with 30 Business Days notice. Automatic early termination occurs if the Reference Portfolio Advisor ceases to act.
The currency risk of non-USD constituents is not hedged. Dividend reinvestment for US equity constituents is subject to 30% withholding tax under Section 871(m) of the US Internal Revenue Code. The tax treatment described reflects Swiss law at the time of issue and may change.
The full product documentation, including the UBS Swiss Base Prospectus for the Issuance of Securities, is available free of charge from UBS AG, P.O. Box, CH-8098 Zurich, via email at swiss-prospectus@ubs.com or at www.ubs.com/keyinvest. Investors are strongly encouraged to read the full Final Terms and Base Prospectus before making any investment decision.
This website does not constitute an offer, solicitation, or recommendation to buy or sell this product. Past performance is not a guide to future returns. Capital is at risk. For queries regarding the Reference Portfolio, contact the Reference Portfolio Advisor: Capeo Wealth AG · bruce@capeowealth.com