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/product/detail/index/isin/CH0546347151
54634715S12CEU
Short Factor CertificateCredit Suisse12x10.202702CHF7.277.42
/product/detail/index/isin/CH0535721077
53572107L1DTIU
Long Factor CertificateDeutsche Telekom12x10.177108CHF12.1613.66
/product/detail/index/isin/CH0546337574
54633757 
Short Factor CertificateCredit Suisse12x10.080473CHF6.967.56
/product/detail/index/isin/CH0548708558
54870855L15DBU
Long Factor CertificateDeutsche Bank15x10.080242CHF4.646.14
/product/detail/index/isin/CH0548918488
54891848 
Short Factor CertificateDeutsche Bank12x9.786864CHF5.756.35
/product/detail/index/isin/CH0548905071
54890507S12DEU
Short Factor CertificateDeutsche Bank12x9.660913CHF5.647.14
/product/detail/index/isin/CH0548709630
54870963 
Long Factor CertificateDeutsche Bank15x9.453535CHF5.265.86
/product/detail/index/isin/CH0545772078
54577207L12XGU
Long Factor CertificateSilver oz./USD12x9.357409CHF17.7018.20
/product/detail/index/isin/CH0545771849
54577184 
Long Factor CertificateSilver oz./USD12x9.35162CHF17.86518.065
/product/detail/index/isin/CH0536908111
53690811L6XGLU
Long Factor CertificateSilver oz./USD6x9.132709CHF25.34--
/product/detail/index/isin/CH0535721085
53572108L8DTJU
Long Factor CertificateDeutsche Telekom8x8.042101CHF14.5216.02
/product/detail/index/isin/CH0545773050
54577305 
Long Factor CertificateCommerzbank12x7.993224CHF1.872.32
/product/detail/index/isin/CH0548918470
54891847 
Short Factor CertificateDeutsche Bank10x7.902257CHF5.726.17
/product/detail/index/isin/CH0546347110
54634711 
Short Factor CertificateUBS Group AG12x7.677919CHF6.076.47
/product/detail/index/isin/CH0547305661
54730566 
Long Factor CertificateSilver oz./USD15x7.664104CHF12.5612.71
/product/detail/index/isin/CH0547305588
54730558L15SVU
Long Factor CertificateSilver oz./USD15x7.664104CHF12.1912.49
/product/detail/index/isin/CH0546349777
54634977 
Long Factor CertificateABB12x7.418856CHF10.7611.56
/product/detail/index/isin/CH0546349751
54634975L12ABU
Long Factor CertificateABB12x7.235086CHF10.7910.99
/product/detail/index/isin/CH0546385813
54638581 
Long Factor CertificateBMW15x7.034405CHF28.0731.07
/product/detail/index/isin/CH0545778919
54577891L15DTU
Long Factor CertificateDeutsche Telekom15x6.947625CHF6.607.50
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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.