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/product/detail/index/isin/CH0462174365
46217436 
Short Factor CertificateDow Jones Industrial Average Index6x0.000821CHF3.8023.804
/product/detail/index/isin/CH0501557158
50155715 
Short Factor CertificateDAX20x0.00085CHF0.620.63
/product/detail/index/isin/CH0462175420
46217542FS6DJU
Short Factor CertificateDow Jones Industrial Average Index6x0.000853CHF4.004.02
/product/detail/index/isin/CH0501557364
50155736 
Short Factor CertificateDow Jones Industrial Average Index23x0.000864CHF1.051.06
/product/detail/index/isin/CH0501557356
50155735 
Short Factor CertificateDow Jones Industrial Average Index22x0.000909CHF1.151.16
/product/detail/index/isin/CH0501557349
50155734 
Short Factor CertificateDow Jones Industrial Average Index21x0.000952CHF1.271.28
/product/detail/index/isin/CH0462174258
46217425 
Short Factor CertificateNASDAQ 100 Index8x0.00096CHF1.0111.012
/product/detail/index/isin/CH0501557331
50155733 
Short Factor CertificateDow Jones Industrial Average Index20x0.000992CHF1.381.39
/product/detail/index/isin/CH0462176923
46217692FS6DXU
Short Factor CertificateDAX6x0.000996CHF2.412.43
/product/detail/index/isin/CH0462177418
46217741 
Short Factor CertificateDAX6x0.000996CHF2.4022.403
/product/detail/index/isin/CH0501557141
50155714 
Short Factor CertificateDAX18x0.001055CHF0.850.86
/product/detail/index/isin/CH0462175313
46217531FS8NAU
Short Factor CertificateNASDAQ 100 Index8x0.00106CHF1.121.13
/product/detail/index/isin/CH0501543380
50154338S15DSU
Short Factor CertificateDow Jones Industrial Average Index15x0.001069CHF2.022.03
/product/detail/index/isin/CH0501543372
50154337S12DJU
Short Factor CertificateDow Jones Industrial Average Index12x0.001073CHF2.522.53
/product/detail/index/isin/CH0501557323
50155732 
Short Factor CertificateDow Jones Industrial Average Index18x0.001084CHF1.671.68
/product/detail/index/isin/CH0462177400
46217740 
Short Factor CertificateDAX5x0.001088CHF3.1453.146
/product/detail/index/isin/CH0501557455
50155745 
Short Factor CertificateNASDAQ 100 Index23x0.001117CHF0.420.43
/product/detail/index/isin/CH0462177392
46217739 
Short Factor CertificateDAX4x0.001122CHF4.0534.054
/product/detail/index/isin/CH0462176915
46217691FS4DXU
Short Factor CertificateDAX4x0.001122CHF4.064.09
/product/detail/index/isin/CH0501543323
50154332S15XXU
Short Factor CertificateDAX15x0.001138CHF1.121.15
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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.