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/product/detail/index/isin/CH0489593852
48959385S12CKU
Short Factor CertificateCommerzbank12x42.108714CHF18.1620.30
/product/detail/index/isin/CH0489590486
48959048 
Short Factor CertificateCommerzbank10x40.597724CHF21.9121.94
/product/detail/index/isin/CH0484372542
48437254 
Short Factor CertificateCommerzbank8x31.459387CHF21.2021.23
/product/detail/index/isin/CH0484372575
48437257 
Short Factor CertificateDeutsche Lufthansa10x15.565834CHF22.6922.72
/product/detail/index/isin/CH0468367641
46836764S8COMU
Short Factor CertificateCommerzbank8x15.380736CHF10.1010.90
/product/detail/index/isin/CH0493282070
49328207S12CBU
Short Factor CertificateCommerzbank12x15.173717CHF6.547.31
/product/detail/index/isin/CH0462555563
46255556FS12BU
Short Factor CertificateUBS Group AG12x11.922683CHF9.379.58
/product/detail/index/isin/CH0462555886
46255588 
Short Factor CertificateUBS Group AG12x11.922683CHF9.91810.34
/product/detail/index/isin/CH0484372567
48437256 
Short Factor CertificateDeutsche Lufthansa8x11.480102CHF20.8520.88
/product/detail/index/isin/CH0493884644
49388464 
Short Factor CertificateDeutsche Bank10x9.36578CHF6.676.70
/product/detail/index/isin/CH0489590544
48959054 
Short Factor CertificateDeutsche Lufthansa12x7.916569CHF9.659.68
/product/detail/index/isin/CH0489596905
48959690S12LHU
Short Factor CertificateDeutsche Lufthansa12x7.531961CHF8.759.66
/product/detail/index/isin/CH0462555878
46255587 
Long Factor CertificateNestlé12x7.023634CHF63.4663.85
/product/detail/index/isin/CH0462555738
46255573FL12EU
Long Factor CertificateNestlé12x7.023634CHF62.98563.41
/product/detail/index/isin/CH0489590536
48959053 
Short Factor CertificateDeutsche Lufthansa10x6.41126CHF9.359.38
/product/detail/index/isin/CH0462168813
46216881 
Short Factor CertificateCommerzbank5x6.158553CHF6.636.67
/product/detail/index/isin/CH0484372559
48437255 
Short Factor CertificateDeutsche Lufthansa5x5.868257CHF16.9717.00
/product/detail/index/isin/CH0462181188
46218118FS5CBU
Short Factor CertificateCommerzbank5x5.831143CHF6.196.50
/product/detail/index/isin/CH0489600012
48960001 
Long Factor CertificateBarrick Gold10x5.77803CHF10.6210.63
/product/detail/index/isin/CH0484378507
48437850S5LUFU
Short Factor CertificateDeutsche Lufthansa5x5.4942CHF15.5816.20
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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.