Bid Ask | ||||||
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/product/detail/index/isin/CH0449359741 44935974 | Short Factor Certificate | SMI PR Index | 6x | 0.000744 | CHF | 1.171.18 |

/product/detail/index/isin/CH0462176949 46217694FS10XU | Short Factor Certificate | DAX | 10x | 0.000013 | CHF | 0.02-- |

/product/detail/index/isin/CH0462174357 46217435 | Short Factor Certificate | Dow Jones Industrial Average Index | 4x | 0.000477 | CHF | 2.5982.608 |

/product/detail/index/isin/CH0513453552 51345355S5SIMU | Short Factor Certificate | Siemens | 5x | 0.087473 | CHF | 1.621.64 |

/product/detail/index/isin/CH0478937920 47893792L6SMIU | Long Factor Certificate | SMI PR Index | 6x | 0.003148 | CHF | 5.315.33 |

/product/detail/index/isin/CH0462169894 46216989FL5AMU | Long Factor Certificate | Amazon.com | 5x | 0.041488 | CHF | 21.2221.52 |

/product/detail/index/isin/CH0484087165 48408716 | Long Factor Certificate | Deutsche Telekom | 8x | 0.123372 | CHF | 0.230.00 |

/product/detail/index/isin/CH0489597408 48959740L5BARU | Long Factor Certificate | Barrick Gold | 5x | 0.450953 | CHF | 1.98-- |

/product/detail/index/isin/CH0489597325 48959732L5AMZU | Long Factor Certificate | Amazon.com | 5x | 0.009764 | CHF | 4.985.04 |

/product/detail/index/isin/CH0489589900 48958990L5DTMU | Long Factor Certificate | Deutsche Telekom | 5x | 0.433405 | CHF | 1.281.30 |

/product/detail/index/isin/CH0486384842 48638484L5NOXU | Long Factor Certificate | Novartis | 5x | 0.13986 | CHF | 2.332.35 |

/product/detail/index/isin/CH0489597531 48959753L5VIAU | Long Factor Certificate | Visa | 5x | 0.025559 | CHF | 1.021.11 |

/product/detail/index/isin/CH0486384701 48638470S4SXIU | Short Factor Certificate | SMI PR Index | 4x | 0.000982 | CHF | 2.362.37 |

/product/detail/index/isin/CH0489593860 48959386S5COLU | Short Factor Certificate | Continental | 5x | 0.039944 | CHF | 0.600.62 |

/product/detail/index/isin/CH0466042519 46604251FS12JU | Short Factor Certificate | Apple | 12x | 0.00 | CHF | 0.001-- |

/product/detail/index/isin/CH0484378515 48437851L8BAIU | Long Factor Certificate | Baidu Inc | 8x | 0.000668 | CHF | 0.001-- |

/product/detail/index/isin/CH0480376661 48037666L10SMU | Long Factor Certificate | SMI PR Index | 10x | 0.000224 | CHF | 0.23-- |

/product/detail/index/isin/CH0489586807 48958680L4NASU | Long Factor Certificate | NASDAQ 100 Index | 4x | 0.002025 | CHF | 5.015.11 |

/product/detail/index/isin/CH0489597572 48959757L4SPXU | Long Factor Certificate | S&P 500 Index | 4x | 0.003152 | CHF | 2.43-- |

/product/detail/index/isin/CH0489590684 48959068 | Long Factor Certificate | NASDAQ 100 Index | 6x | 0.001187 | CHF | 2.0192.024 |

# 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.

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