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/product/detail/index/isin/CH0480376570
48037657 
Long Factor CertificateSMI PR Index8x0.000767CHF0.850.91
/product/detail/index/isin/CH0462171809
46217180FL8GOU
Long Factor CertificateAlphabet Inc. C8x0.000761CHF0.12--
/product/detail/index/isin/CH0515825427
51582542S8NFXU
Short Factor CertificateNetflix8x0.000755CHF0.001--
/product/detail/index/isin/CH0521952017
52195201L10RGU
Long Factor CertificateRoche10x0.000753CHF0.020.03
/product/detail/index/isin/CH0462181154
46218115FL8BYU
Long Factor CertificateBayer8x0.000733CHF0.05--
/product/detail/index/isin/CH0528793463
52879346L12Z2U
Long Factor CertificateZurich Insurance12x0.000723CHF0.02--
/product/detail/index/isin/CH0531810635
53181063S12F9U
Short Factor CertificateSwiss Life12x0.000714CHF0.010.02
/product/detail/index/isin/CH0512541910
51254191L12ROU
Long Factor CertificateRoche12x0.000701CHF0.010.02
/product/detail/index/isin/CH0512541902
51254190L6SSMU
Long Factor CertificateSMI PR Index6x0.000693CHF1.051.06
/product/detail/index/isin/CH0521951969
52195196 
Short Factor CertificateSMI PR Index12x0.000693CHF0.480.54
/product/detail/index/isin/CH0462174381
46217438 
Short Factor CertificateDow Jones Industrial Average Index10x0.000688CHF----
/product/detail/index/isin/CH0489590684
48959068 
Long Factor CertificateNASDAQ 100 Index6x0.000683CHF0.6530.656
/product/detail/index/isin/CH0489586799
48958679L6NASU
Long Factor CertificateNASDAQ 100 Index6x0.000668CHF0.750.78
/product/detail/index/isin/CH0528793729
52879372L10S6U
Long Factor CertificateSMI PR Index10x0.000667CHF0.610.62
/product/detail/index/isin/CH0520709863
52070986S12SIU
Short Factor CertificateSMI PR Index12x0.000654CHF0.470.48
/product/detail/index/isin/CH0537669076
53766907 
Short Factor CertificateDow Jones Industrial Average Index12x0.000642CHF1.761.77
/product/detail/index/isin/CH0514667770
51466777S15DXU
Short Factor CertificateDAX15x0.000639CHF1.22--
/product/detail/index/isin/CH0515529508
51552950 
Long Factor CertificateRoche12x0.000638CHF0.0050.029
/product/detail/index/isin/CH0515345525
51534552 
Short Factor CertificateDAX15x0.000602CHF0.470.48
/product/detail/index/isin/CH0531857198
53185719L8VW1U
Long Factor CertificateVolkswagen VZ8x0.000592CHF----
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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.