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/product/detail/index/isin/CH0489590627
48959062 
Long Factor CertificateDow Jones Industrial Average Index10x0.001654CHF4.5454.548
/product/detail/index/isin/CH0470830032
47083003 
Long Factor CertificateDow Jones Industrial Average Index22x0.001653CHF2.0412.044
/product/detail/index/isin/CH0489584000
48958400L4DXXU
Long Factor CertificateDAX4x0.001641CHF5.905.93
/product/detail/index/isin/CH0486384719
48638471S10SXU
Short Factor CertificateSMI PR Index10x0.001599CHF1.651.66
/product/detail/index/isin/CH0449359741
44935974 
Short Factor CertificateSMI PR Index6x0.001576CHF2.7272.737
/product/detail/index/isin/CH0449366381
44936638OBGXSU
Short Factor CertificateSMI PR Index6x0.001576CHF2.732.74
/product/detail/index/isin/CH0462175305
46217530FS6NAU
Short Factor CertificateNASDAQ 100 Index6x0.001561CHF2.192.20
/product/detail/index/isin/CH0501557422
50155742 
Short Factor CertificateNASDAQ 100 Index20x0.001523CHF0.660.67
/product/detail/index/isin/CH0501557125
50155712 
Short Factor CertificateDAX12x0.001518CHF1.861.87
/product/detail/index/isin/CH0489586716
48958671L8DJIU
Long Factor CertificateDow Jones Industrial Average Index8x0.001481CHF5.125.14
/product/detail/index/isin/CH0462183069
46218306 
Short Factor CertificateEuro STOXX 50 Price Index10x0.001472CHF0.6140.616
/product/detail/index/isin/CH0462182368
46218236FS10EU
Short Factor CertificateEuro STOXX 50 Price Index10x0.001472CHF0.620.64
/product/detail/index/isin/CH0486379891
48637989 
Short Factor CertificateSMI PR Index15x0.001471CHF1.011.03
/product/detail/index/isin/CH0489590619
48959061 
Long Factor CertificateDow Jones Industrial Average Index8x0.001464CHF5.0385.041
/product/detail/index/isin/CH0499190699
49919069S25SIU
Short Factor CertificateSMI PR Index25x0.001463CHF0.590.60
/product/detail/index/isin/CH0462174241
46217424 
Short Factor CertificateNASDAQ 100 Index6x0.001453CHF2.0412.042
/product/detail/index/isin/CH0501557430
50155743 
Short Factor CertificateNASDAQ 100 Index21x0.001383CHF0.570.58
/product/detail/index/isin/CH0501557133
50155713 
Short Factor CertificateDAX15x0.001337CHF1.321.33
/product/detail/index/isin/CH0501543315
50154331S12XXU
Short Factor CertificateDAX12x0.001332CHF1.621.65
/product/detail/index/isin/CH0486384701
48638470S4SXIU
Short Factor CertificateSMI PR Index4x0.001322CHF3.443.45
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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.