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/product/detail/index/isin/CH0501557596
50155759 
Long Factor CertificateDAX20x0.008589CHF6.206.21
/product/detail/index/isin/CH0501557612
50155761 
Long Factor CertificateDAX22x0.008556CHF5.615.62
/product/detail/index/isin/CH0501543455
50154345S12SPU
Short Factor CertificateS&P 500 Index12x0.008547CHF2.232.24
/product/detail/index/isin/CH0499190608
49919060L12SSU
Long Factor CertificateSMI PR Index12x0.00847CHF7.537.58
/product/detail/index/isin/CH0501557588
50155758 
Long Factor CertificateDAX18x0.008451CHF6.776.78
/product/detail/index/isin/CH0497183563
49718356 
Short Factor CertificateAlphabet Inc. C8x0.008427CHF1.391.45
/product/detail/index/isin/CH0501557620
50155762 
Long Factor CertificateDAX23x0.008406CHF5.275.28
/product/detail/index/isin/CH0478937920
47893792L6SMIU
Long Factor CertificateSMI PR Index6x0.008389CHF14.7814.82
/product/detail/index/isin/CH0501543463
50154346S15PXU
Short Factor CertificateS&P 500 Index15x0.008286CHF1.731.74
/product/detail/index/isin/CH0493871211
49387121 
Short Factor CertificateAlphabet Inc. C10x0.008245CHF1.081.14
/product/detail/index/isin/CH0513446242
51344624 
Short Factor CertificateNASDAQ 100 Index20x0.008214CHF3.483.51
/product/detail/index/isin/CH0501557638
50155763 
Long Factor CertificateDAX24x0.008167CHF4.914.92
/product/detail/index/isin/CH0501557505
50155750 
Short Factor CertificateS&P 500 Index18x0.008046CHF1.411.42
/product/detail/index/isin/CH0505520012
50552001S10STU
Short Factor CertificateEuro STOXX 50 Price Index10x0.008004CHF3.253.27
/product/detail/index/isin/CH0505522653
50552265 
Short Factor CertificateEuro STOXX 50 Price Index10x0.00799CHF3.253.26
/product/detail/index/isin/CH0501557646
50155764 
Long Factor CertificateDAX25x0.007837CHF4.524.53
/product/detail/index/isin/CH0462181444
46218144 
Short Factor CertificateAlphabet Inc. C5x0.007636CHF2.072.13
/product/detail/index/isin/CH0462171924
46217192FS5GOU
Short Factor CertificateAlphabet Inc. C5x0.007636CHF2.072.09
/product/detail/index/isin/CH0501557570
50155757 
Long Factor CertificateDAX15x0.007563CHF7.287.29
/product/detail/index/isin/CH0489599438
48959943 
Long Factor CertificateEuro STOXX 50 Price Index5x0.007474CHF6.0356.045
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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.