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46774778S5VSAU
Short Factor CertificateVisa5x0.036347CHF1.381.42
/product/detail/index/isin/CH0467748080
46774808 
Short Factor CertificateVisa5x0.036347CHF1.351.44
/product/detail/index/isin/CH0505520301
50552030 
Short Factor Certificateadidas5x0.035951CHF2.472.48
/product/detail/index/isin/CH0449359956
44935995OCBRGU
Long Factor CertificateThe Swatch Grp Bearer8x0.035694CHF1.311.34
/product/detail/index/isin/CH0449366522
44936652 
Long Factor CertificateThe Swatch Grp Bearer8x0.035694CHF1.311.34
/product/detail/index/isin/CH0462168805
46216880 
Short Factor CertificateVolkswagen VZ5x0.035406CHF1.311.32
/product/detail/index/isin/CH0513462850
51346285 
Long Factor CertificateAmazon.com8x0.035102CHF8.018.16
/product/detail/index/isin/CH0478939975
47893997 
Long Factor CertificateTemenos5x0.03488CHF1.0611.071
/product/detail/index/isin/CH0509131782
50913178S8BADU
Short Factor CertificateBaidu Inc8x0.034819CHF0.490.53
/product/detail/index/isin/CH0478937888
47893788L5TEMU
Long Factor CertificateTemenos5x0.034769CHF1.061.07
/product/detail/index/isin/CH0509125396
50912539 
Short Factor CertificateBaidu Inc8x0.034729CHF0.480.54
/product/detail/index/isin/CH0518357519
51835751 
Short Factor CertificateEuro STOXX 50 Price Index25x0.034207CHF4.564.59
/product/detail/index/isin/CH0489597192
48959719S8FACU
Short Factor CertificateFacebook8x0.033744CHF0.880.90
/product/detail/index/isin/CH0489599891
48959989 
Short Factor CertificateFacebook8x0.033495CHF0.870.90
/product/detail/index/isin/CH0462181170
46218117FS5VWU
Short Factor CertificateVolkswagen VZ5x0.033279CHF1.291.30
/product/detail/index/isin/CH0496921823
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Short Factor CertificateMicrosoft8x0.033071CHF0.600.66
/product/detail/index/isin/CH0513968559
51396855 
Short Factor CertificateApple8x0.032883CHF1.211.24
/product/detail/index/isin/CH0462181485
46218148 
Long Factor CertificateAlphabet Inc. C10x0.032568CHF4.794.94
/product/detail/index/isin/CH0462169894
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Long Factor CertificateAmazon.com5x0.032241CHF11.8011.90
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48437246 
Short Factor CertificateBaidu Inc5x0.031559CHF0.760.82
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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.