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/product/detail/index/isin/CH0527059023
52705902L8SRNU
Long Factor CertificateSwiss Re8x0.001907CHF0.010.02
/product/detail/index/isin/CH0521398161
52139816 
Short Factor CertificateDaimler12x0.001895CHF0.001--
/product/detail/index/isin/CH0449359741
44935974 
Short Factor CertificateSMI PR Index6x0.001884CHF2.762.82
/product/detail/index/isin/CH0449366381
44936638OBGXSU
Short Factor CertificateSMI PR Index6x0.001884CHF2.782.79
/product/detail/index/isin/CH0521398021
52139802S12DMU
Short Factor CertificateDaimler12x0.001854CHF0.12--
/product/detail/index/isin/CH0537669159
53766915 
Short Factor CertificateS&P 500 Index15x0.001844CHF0.470.48
/product/detail/index/isin/CH0537668037
53766803S15SXU
Short Factor CertificateS&P 500 Index15x0.00184CHF0.460.49
/product/detail/index/isin/CH0486384701
48638470S4SXIU
Short Factor CertificateSMI PR Index4x0.001814CHF4.044.05
/product/detail/index/isin/CH0496921542
49692154L10NFU
Long Factor CertificateNetflix10x0.001807CHF0.001--
/product/detail/index/isin/CH0526132201
52613220S8TASU
Short Factor CertificateTesla Inc8x0.001746CHF0.07--
/product/detail/index/isin/CH0497183571
49718357 
Short Factor CertificateMasterCard8x0.001744CHF0.08--
/product/detail/index/isin/CH0486380238
48638023 
Long Factor CertificateNovartis12x0.001685CHF0.000.023
/product/detail/index/isin/CH0496921716
49692171S8BAGU
Short Factor CertificateBarrick Gold8x0.00164CHF0.001--
/product/detail/index/isin/CH0533363591
53336359 
Short Factor Certificateadidas12x0.001629CHF0.01--
/product/detail/index/isin/CH0527063843
52706384L10Z1U
Long Factor CertificateZurich Insurance10x0.0016CHF0.05--
/product/detail/index/isin/CH0525699234
52569923 
Short Factor CertificateNVIDIA Corp8x0.001597CHF0.05--
/product/detail/index/isin/CH0484378515
48437851L8BAIU
Long Factor CertificateBaidu Inc8x0.00159CHF0.01--
/product/detail/index/isin/CH0525375298
52537529S8NVDU
Short Factor CertificateNVIDIA Corp8x0.00158CHF0.01--
/product/detail/index/isin/CH0489593761
48959376L8SAPU
Long Factor CertificateSAP SE8x0.001572CHF0.01--
/product/detail/index/isin/CH0486380154
48638015 
Long Factor CertificateLafargeHolcim8x0.001565CHF0.000.03
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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.