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/product/detail/index/isin/CH0520709921
52070992L15SMU
Long Factor CertificateSMI PR Index15x0.007077CHF4.874.90
/product/detail/index/isin/CH0489597275
48959727S12VIU
Short Factor CertificateVisa12x0.007022CHF0.130.14
/product/detail/index/isin/CH0520708253
52070825 
Short Factor CertificateSMI PR Index23x0.007012CHF3.763.79
/product/detail/index/isin/CH0521952074
52195207 
Long Factor CertificateSMI PR Index18x0.007004CHF3.953.98
/product/detail/index/isin/CH0462171775
46217177FL8NFU
Long Factor CertificateNetflix8x0.006874CHF0.33--
/product/detail/index/isin/CH0524592927
52459292 
Short Factor CertificateDAX18x0.006866CHF5.6745.679
/product/detail/index/isin/CH0520708246
52070824 
Short Factor CertificateSMI PR Index22x0.006843CHF3.823.85
/product/detail/index/isin/CH0501557596
50155759 
Long Factor CertificateDAX20x0.006609CHF4.6484.653
/product/detail/index/isin/CH0515825435
51582543S10NFU
Short Factor CertificateNetflix10x0.006554CHF0.30--
/product/detail/index/isin/CH0501555897
50155589 
Long Factor CertificateDAX12x0.006502CHF7.6977.702
/product/detail/index/isin/CH0513968542
51396854S10GLU
Short Factor CertificateAlphabet Inc. C10x0.006453CHF1.061.07
/product/detail/index/isin/CH0449360327
44936032FS5LOU
Short Factor CertificateLonza5x0.006351CHF0.540.55
/product/detail/index/isin/CH0449360533
44936053 
Short Factor CertificateLonza5x0.006351CHF0.540.55
/product/detail/index/isin/CH0489599420
48959942 
Long Factor CertificateEuro STOXX 50 Price Index4x0.006314CHF6.3276.332
/product/detail/index/isin/CH0523983028
52398302 
Short Factor CertificateDAX21x0.006242CHF4.4474.452
/product/detail/index/isin/CH0501557604
50155760 
Long Factor CertificateDAX21x0.006216CHF4.164.165
/product/detail/index/isin/CH0478937904
47893790L4SMIU
Long Factor CertificateSMI PR Index4x0.006047CHF16.5216.56
/product/detail/index/isin/CH0523983010
52398301 
Short Factor CertificateDAX20x0.006015CHF4.4924.497
/product/detail/index/isin/CH0515825393
51582539S12DNU
Short Factor CertificateDeutsche Bank12x0.00589CHF0.000.01
/product/detail/index/isin/CH0501557612
50155761 
Long Factor CertificateDAX22x0.005746CHF3.6683.673
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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.