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/product/detail/index/isin/CH0545127059
54512705S10NQU
Short Factor CertificateNASDAQ 100 Index10x0.003282CHF3.043.24
/product/detail/index/isin/CH0548918348
54891834 
Short Factor CertificateDAX8x0.003202CHF4.754.76
/product/detail/index/isin/CH0486380352
48638035S8SLXU
Short Factor CertificateSwiss Life8x0.003128CHF0.13--
/product/detail/index/isin/CH0535918152
53591815 
Long Factor CertificateDow Jones Industrial Average Index6x0.003057CHF13.1113.16
/product/detail/index/isin/CH0535726910
53572691L6DJBU
Long Factor CertificateDow Jones Industrial Average Index6x0.003043CHF12.8313.33
/product/detail/index/isin/CH0539276185
53927618 
Short Factor CertificateS&P 500 Index8x0.002987CHF1.081.09
/product/detail/index/isin/CH0541578503
54157850 
Short Factor CertificateEuro STOXX 50 Price Index12x0.002978CHF0.730.74
/product/detail/index/isin/CH0478937920
47893792L6SMIU
Long Factor CertificateSMI PR Index6x0.002972CHF5.315.32
/product/detail/index/isin/CH0540336168
54033616S15SPU
Short Factor CertificateS&P 500 Index15x0.002919CHF0.540.59
/product/detail/index/isin/CH0543608134
54360813L6DAXU
Long Factor CertificateDAX6x0.002828CHF6.016.11
/product/detail/index/isin/CH0545148469
54514846 
Short Factor CertificateSMI PR Index6x0.002797CHF4.064.07
/product/detail/index/isin/CH0545148576
54514857S6SMIU
Short Factor CertificateSMI PR Index6x0.002781CHF4.034.04
/product/detail/index/isin/CH0490031355
49003135L12LOU
Long Factor CertificateLogitech12x0.002738CHF0.01--
/product/detail/index/isin/CH0548696001
54869600S12D1U
Short Factor CertificateDAX12x0.002737CHF2.642.74
/product/detail/index/isin/CH0543608282
54360828 
Short Factor CertificateNASDAQ 100 Index12x0.002632CHF2.112.12
/product/detail/index/isin/CH0543608225
54360822S12NQU
Short Factor CertificateNASDAQ 100 Index12x0.00263CHF2.052.20
/product/detail/index/isin/CH0462174290
46217429 
Short Factor CertificateS&P 500 Index4x0.002598CHF1.8981.903
/product/detail/index/isin/CH0449366373
44936637OBTCRU
Short Factor CertificateSMI PR Index4x0.002268CHF5.125.13
/product/detail/index/isin/CH0543608217
54360821S6NASU
Short Factor CertificateNASDAQ 100 Index6x0.002228CHF3.423.57
/product/detail/index/isin/CH0535918103
53591810 
Long Factor CertificateDow Jones Industrial Average Index15x0.002204CHF3.994.04
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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.