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/product/detail/index/isin/CH0501557521
50155752 
Short Factor CertificateS&P 500 Index21x0.025492CHF3.863.89
/product/detail/index/isin/CH0466873814
46687381 
Short Factor CertificateNASDAQ 100 Index20x0.000039CHF0.0270.028
/product/detail/index/isin/CH0489590932
48959093 
Short Factor CertificateNASDAQ 100 Index20x0.00132CHF0.6230.624
/product/detail/index/isin/CH0501616665
50161666 
Long Factor CertificateSMI PR Index20x0.006301CHF2.852.91
/product/detail/index/isin/CH0501615758
50161575 
Short Factor CertificateSMI PR Index20x0.008627CHF4.654.75
/product/detail/index/isin/CH0501557596
50155759 
Long Factor CertificateDAX20x0.005406CHF3.933.94
/product/detail/index/isin/CH0501557158
50155715 
Short Factor CertificateDAX20x0.002931CHF1.941.95
/product/detail/index/isin/CH0501557778
50155777 
Long Factor CertificateDow Jones Industrial Average Index20x0.002568CHF2.802.81
/product/detail/index/isin/CH0501557331
50155733 
Short Factor CertificateDow Jones Industrial Average Index20x0.002918CHF4.594.60
/product/detail/index/isin/CH0501557240
50155724 
Short Factor CertificateEuro STOXX 50 Price Index20x0.014071CHF2.692.71
/product/detail/index/isin/CH0501557422
50155742 
Short Factor CertificateNASDAQ 100 Index20x0.00703CHF3.273.28
/product/detail/index/isin/CH0501557869
50155786 
Long Factor CertificateNASDAQ 100 Index20x0.008634CHF2.752.76
/product/detail/index/isin/CH0501557687
50155768 
Long Factor CertificateEuro STOXX 50 Price Index20x0.014975CHF3.033.05
/product/detail/index/isin/CH0501557950
50155795 
Long Factor CertificateS&P 500 Index20x0.022089CHF3.023.04
/product/detail/index/isin/CH0501557513
50155751 
Short Factor CertificateS&P 500 Index20x0.025048CHF3.973.99
/product/detail/index/isin/CH0499190681
49919068S20SSU
Short Factor CertificateSMI PR Index20x0.007105CHF3.943.97
/product/detail/index/isin/CH0499190632
49919063L20SIU
Long Factor CertificateSMI PR Index20x0.007835CHF3.463.49
/product/detail/index/isin/CH0455761145
45576114 
Short Factor CertificateSMI PR Index18x0.00021CHF0.1250.127
/product/detail/index/isin/CH0455763570
45576357FS18SU
Short Factor CertificateSMI PR Index18x0.00021CHF0.120.13
/product/detail/index/isin/CH0501616657
50161665 
Long Factor CertificateSMI PR Index18x0.006161CHF3.133.19
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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.