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/product/detail/index/isin/CH0449360574
44936057 
Short Factor CertificateABB5x0.388462CHF1.7091.719
/product/detail/index/isin/CH0462171890
46217189FS5NFU
Short Factor CertificateNetflix5x0.094129CHF5.665.86
/product/detail/index/isin/CH0462171874
46217187FS5FBU
Short Factor CertificateFacebook5x0.050104CHF2.042.06
/product/detail/index/isin/CH0449360590
44936059 
Short Factor CertificateLafargeHolcim5x0.136349CHF1.331.36
/product/detail/index/isin/CH0449366738
44936673 
Short Factor CertificateCredit Suisse5x0.499813CHF1.251.26
/product/detail/index/isin/CH0462171841
46217184FS5BAU
Short Factor CertificateAlibaba5x0.033469CHF1.371.41
/product/detail/index/isin/CH0462181188
46218118FS5CBU
Short Factor CertificateCommerzbank5x2.194719CHF2.372.47
/product/detail/index/isin/CH0462177483
46217748 
Short Factor CertificateEuro STOXX 50 Price Index5x0.003581CHF2.9322.935
/product/detail/index/isin/CH0449360301
44936030FS5LGU
Short Factor CertificateLogitech5x0.090267CHF0.780.79
/product/detail/index/isin/CH0467747801
46774780S5MCAU
Short Factor CertificateMasterCard5x0.026523CHF1.521.54
/product/detail/index/isin/CH0449359816
44935981OJIWLU
Short Factor CertificateCredit Suisse5x0.499813CHF1.251.26
/product/detail/index/isin/CH0466044663
46604466 
Short Factor CertificateDaimler5x0.408904CHF4.434.48
/product/detail/index/isin/CH0467747793
46774779S5MSFU
Short Factor CertificateMicrosoft5x0.043294CHF1.301.34
/product/detail/index/isin/CH0467748098
46774809 
Short Factor CertificateMicrosoft5x0.043294CHF1.301.33
/product/detail/index/isin/CH0470036697
47003669 
Short Factor CertificateWirecard AG5x0.072602CHF1.831.85
/product/detail/index/isin/CH0469522129
46952212 
Short Factor CertificateNovartis5x0.259669CHF4.7574.787
/product/detail/index/isin/CH0469522210
46952221S5NOVU
Short Factor CertificateNovartis5x0.225517CHF4.134.16
/product/detail/index/isin/CH0478937888
47893788L5TEMU
Long Factor CertificateTemenos5x0.037247CHF1.101.11
/product/detail/index/isin/CH0478939975
47893997 
Long Factor CertificateTemenos5x0.037365CHF1.101.11
/product/detail/index/isin/CH0484087157
48408715 
Long Factor CertificateDeutsche Telekom5x2.494746CHF8.158.16
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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.