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/product/detail/index/isin/CH0501543299
50154329L12DXU
Long Factor CertificateDAX12x0.005506CHF6.646.69
/product/detail/index/isin/CH0501543430
50154343L12PXU
Long Factor CertificateS&P 500 Index12x0.018079CHF4.574.58
/product/detail/index/isin/CH0501543349
50154334S15ESU
Short Factor CertificateEuro STOXX 50 Price Index15x0.0104CHF2.722.74
/product/detail/index/isin/CH0501543422
50154342S15NQU
Short Factor CertificateNASDAQ 100 Index15x0.006573CHF3.383.39
/product/detail/index/isin/CH0501543364
50154336L15DSU
Long Factor CertificateDow Jones Industrial Average Index15x0.002176CHF4.094.10
/product/detail/index/isin/CH0501543463
50154346S15PXU
Short Factor CertificateS&P 500 Index15x0.020235CHF3.893.90
/product/detail/index/isin/CH0501543380
50154338S15DSU
Short Factor CertificateDow Jones Industrial Average Index15x0.002585CHF4.324.33
/product/detail/index/isin/CH0501543455
50154345S12SPU
Short Factor CertificateS&P 500 Index12x0.01741CHF4.214.22
/product/detail/index/isin/CH0501543448
50154344L15SXU
Long Factor CertificateS&P 500 Index15x0.021116CHF4.294.30
/product/detail/index/isin/CH0501543398
50154339L12NQU
Long Factor CertificateNASDAQ 100 Index12x0.006936CHF4.574.58
/product/detail/index/isin/CH0501543414
50154341S12NQU
Short Factor CertificateNASDAQ 100 Index12x0.005926CHF3.823.83
/product/detail/index/isin/CH0501543356
50154335L12DSU
Long Factor CertificateDow Jones Industrial Average Index12x0.001886CHF4.384.39
/product/detail/index/isin/CH0501543315
50154331S12XXU
Short Factor CertificateDAX12x0.002286CHF2.602.63
/product/detail/index/isin/CH0501543307
50154330L15XXU
Long Factor CertificateDAX15x0.006876CHF6.666.76
/product/detail/index/isin/CH0501543323
50154332S15XXU
Short Factor CertificateDAX15x0.002283CHF2.072.10
/product/detail/index/isin/CH0500221517
50022151 
Long Factor CertificateSAP SE8x0.583221CHF8.879.02
/product/detail/index/isin/CH0500221491
50022149 
Long Factor CertificateCommerzbank10x11.58527CHF7.627.63
/product/detail/index/isin/CH0500204281
50020428 
Short Factor CertificateNetflix5x0.061436CHF2.832.86
/product/detail/index/isin/CH0500221541
50022154 
Long Factor CertificateNetflix8x0.158543CHF6.23--
/product/detail/index/isin/CH0500221533
50022153 
Long Factor CertificateNetflix5x0.108932CHF6.456.50
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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.