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/product/detail/index/isin/CH0449360046
44936004OFIAEU
Long Factor CertificateCredit Suisse10x3.123757CHF4.154.20
/product/detail/index/isin/CH0449366613
44936661 
Long Factor CertificateCredit Suisse10x3.123757CHF4.094.19
/product/detail/index/isin/CH0512540375
51254037S8CSGU
Short Factor CertificateCredit Suisse8x3.111523CHF5.055.10
/product/detail/index/isin/CH0511283951
51128395 
Long Factor CertificateCommerzbank12x3.080495CHF1.391.42
/product/detail/index/isin/CH0511312024
51131202 
Long Factor CertificateAMD8x2.998422CHF19.48--
/product/detail/index/isin/CH0515358247
51535824 
Long Factor CertificateWirecard AG12x2.992373CHF31.8033.30
/product/detail/index/isin/CH0512540276
51254027 
Short Factor CertificateCredit Suisse8x2.982143CHF4.864.91
/product/detail/index/isin/CH0480745303
48074530L8TELU
Long Factor CertificateDeutsche Telekom8x2.959625CHF5.815.96
/product/detail/index/isin/CH0505513090
50551309 
Long Factor CertificateBarrick Gold10x2.943823CHF5.005.15
/product/detail/index/isin/CH0449366886
44936688FL5LGU
Long Factor CertificateLogitech5x2.914131CHF27.1627.66
/product/detail/index/isin/CH0484087173
48408717 
Long Factor CertificateDeutsche Telekom10x2.884006CHF4.644.67
/product/detail/index/isin/CH0484087165
48408716 
Long Factor CertificateDeutsche Telekom8x2.879086CHF5.785.81
/product/detail/index/isin/CH0480745295
48074529L12TEU
Long Factor CertificateDeutsche Telekom12x2.796603CHF3.623.77
/product/detail/index/isin/CH0489599735
48959973 
Long Factor CertificateDeutsche Bank5x2.794874CHF4.514.54
/product/detail/index/isin/CH0506056503
50605650S8LHAU
Short Factor CertificateDeutsche Lufthansa8x2.780515CHF5.345.64
/product/detail/index/isin/CH0507032602
50703260 
Short Factor CertificateDaimler12x2.745521CHF14.8115.11
/product/detail/index/isin/CH0509128622
50912862 
Short Factor CertificateDaimler10x2.617379CHF16.2916.59
/product/detail/index/isin/CH0500221319
50022131L12DBU
Long Factor CertificateDeutsche Bank12x2.547732CHF1.621.72
/product/detail/index/isin/CH0449359998
44935999ODBSHU
Long Factor CertificateUBS Group AG8x2.452048CHF3.793.84
/product/detail/index/isin/CH0449366563
44936656 
Long Factor CertificateUBS Group AG8x2.452048CHF3.8443.944
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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.