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/product/detail/index/isin/CH0537923325
53792332S15NXU
Short Factor CertificateNASDAQ 100 Index15x0.000026CHF0.010.02
/product/detail/index/isin/CH0538070977
53807097 
Short Factor CertificateDow Jones Industrial Average Index15x0.000008CHF0.010.02
/product/detail/index/isin/CH0538070993
53807099 
Short Factor CertificateS&P 500 Index15x0.000068CHF0.010.02
/product/detail/index/isin/CH0539281151
53928115S15DAU
Short Factor CertificateDAX15x0.000054CHF0.030.04
/product/detail/index/isin/CH0539276094
53927609 
Short Factor CertificateDAX15x0.000054CHF0.030.04
/product/detail/index/isin/CH0539276177
53927617 
Short Factor CertificateNASDAQ 100 Index15x0.000132CHF0.080.09
/product/detail/index/isin/CH0539276144
53927614 
Short Factor CertificateDow Jones Industrial Average Index15x0.000082CHF0.110.12
/product/detail/index/isin/CH0539281169
53928116S15STU
Short Factor CertificateEuro STOXX 50 Price Index15x0.000675CHF0.19--
/product/detail/index/isin/CH0537266014
53726601 
Short Factor CertificateSMI PR Index15x0.001656CHF0.790.80
/product/detail/index/isin/CH0540336135
54033613S15NDU
Short Factor CertificateNASDAQ 100 Index15x0.000714CHF0.30--
/product/detail/index/isin/CH0540336168
54033616S15SPU
Short Factor CertificateS&P 500 Index15x0.002919CHF0.530.58
/product/detail/index/isin/CH0540336119
54033611S15DJU
Short Factor CertificateDow Jones Industrial Average Index15x0.000279CHF0.370.42
/product/detail/index/isin/CH0540336234
54033623 
Short Factor CertificateNASDAQ 100 Index15x0.000714CHF0.480.49
/product/detail/index/isin/CH0541578529
54157852 
Short Factor CertificateS&P 500 Index15x0.00409CHF0.740.75
/product/detail/index/isin/CH0541551047
54155104S15SMU
Short Factor CertificateSMI PR Index15x0.003291CHF1.571.59
/product/detail/index/isin/CH0543606369
54360636 
Short Factor CertificateDAX15x0.000299CHF0.210.22
/product/detail/index/isin/CH0543322140
54332214S15DXU
Short Factor CertificateDAX15x0.000293CHF0.210.22
/product/detail/index/isin/CH0543606377
54360637 
Short Factor CertificateDow Jones Industrial Average Index15x0.000487CHF0.680.69
/product/detail/index/isin/CH0543608274
54360827 
Short Factor CertificateEuro STOXX 50 Price Index15x0.003951CHF0.730.74
/product/detail/index/isin/CH0543608209
54360820S15SXU
Short Factor CertificateEuro STOXX 50 Price Index15x0.004026CHF0.730.78
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UBS Factor Certificates

UBS Factor Certificates enable investors who are willing to take risks to participate disproportionately in the price performance of an underlying asset (e.g. equities, indices, commodities or currency pairs). The Long Factor Certificate targets rising prices, while the Short Factor Certificate converts falling prices into gains. Unlike other leverage products, such as warrants or mini-futures, the leverage factor remains constant. For example, a factor certificate (10x long) mirrors the daily performance of the underlying asset with a constant leverage of 10. This manner of functioning makes it possible to adjust the strike price and conversion ratio on a daily basis.

Of course, the product loses value disproportionately if the underlying asset moves in an adverse direction. As soon as the price of the underlying asset reaches the strike price or falls short of it (Long Factor Certificate) or exceeds it (Short Factor Certificate), a knock-out event occurs. In this case, the product expires without value with immediate effect and the holder suffers a total loss. However, there is no obligation to make margin calls, as is usual in forward transactions, for example.

In order to reduce the risk of loss in highly volatile market phases, the Factor Certificate includes a reset mechanism. This can be used in the event of strong price fluctuations in the course of a trading day (intraday). The crucial aspect is the reset barrier. It lies above the strike price in the case of the Long Factor Certificate, while it is positioned below the strike price for the short variant. If the underlying asset touches or breaches this reset barrier, the strike price is adjusted: downwards for a Long Factor Certificate or upwards in the case of a Short Factor Certificate. The conversion ratio is recalculated at the same time. In this way, a new trading day begins in simulation, in which the Factor Certificate starts with a likewise lower barrier (long) or higher barrier (short). However, this does not avert the risk of a knock-out.

Unlike warrants, volatility has hardly any impact on the performance of Factor Certificates. A further distinguishing feature is the unlimited duration.

The fact that the leverage effect of the Factor Certificate applies on a daily basis results in path dependency. If the underlying asset of a Long Factor Certificate trends upward or that of a Short Factor Certificate trends downward, the investor can benefit disproportionately and obtain higher returns, depending on the selected leverage. If, on the other hand, the underlying asset moves in a sideways market, investors are at risk of incurring losses. This is especially the case if the underlying asset floats around its starting price for a relatively long period of time.

Investors must also take the issuer risk into consideration, since loss of the invested capital could occur if UBS AG becomes insolvent, regardless of the performance of the underlying asset and other market parameters.