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/product/detail/index/isin/CH0508410419
50841041S8AAMU
Short Factor CertificateAMD8x0.401632CHF1.891.92
/product/detail/index/isin/CH0505520095
50552009S8AAPU
Short Factor CertificateApple8x0.041805CHF1.471.48
/product/detail/index/isin/CH0501943242
50194324S8ABBU
Short Factor CertificateABB8x0.839732CHF2.3662.386
/product/detail/index/isin/CH0512541852
51254185S8ADEU
Short Factor CertificateAdecco8x0.615522CHF4.834.98
/product/detail/index/isin/CH0489593829
48959382S8ADSU
Short Factor Certificateadidas8x0.041795CHF1.601.61
/product/detail/index/isin/CH0486380295
48638029S8ADXU
Short Factor CertificateAdecco8x0.104203CHF0.800.82
/product/detail/index/isin/CH0512543460
51254346S8AMSU
Short Factor CertificateAMS8x0.750733CHF4.354.55
/product/detail/index/isin/CH0489597135
48959713S8AMZU
Short Factor CertificateAmazon.com8x0.04117CHF9.179.22
/product/detail/index/isin/CH0497804408
49780440S8BABU
Short Factor CertificateAlibaba8x0.033709CHF0.890.91
/product/detail/index/isin/CH0509131782
50913178S8BADU
Short Factor CertificateBaidu Inc8x0.445564CHF6.206.40
/product/detail/index/isin/CH0496921716
49692171S8BAGU
Short Factor CertificateBarrick Gold8x2.295404CHF4.62--
/product/detail/index/isin/CH0489597176
48959717S8BARU
Short Factor CertificateBarrick Gold8x0.353156CHF0.710.74
/product/detail/index/isin/CH0466047385
46604738S8BASU
Short Factor CertificateBASF8x0.162535CHF1.521.53
/product/detail/index/isin/CH0496921641
49692164S8BAYU
Short Factor CertificateBayer8x0.236559CHF2.282.31
/product/detail/index/isin/CH0508410351
50841035S8CBKU
Short Factor CertificateCommerzbank8x11.650602CHF8.048.54
/product/detail/index/isin/CH0489593878
48959387S8COLU
Short Factor CertificateContinental8x0.060673CHF0.960.99
/product/detail/index/isin/CH0468367641
46836764S8COMU
Short Factor CertificateCommerzbank8x1.904912CHF1.331.43
/product/detail/index/isin/CH0506056495
50605649S8CONU
Short Factor CertificateContinental8x0.347574CHF5.495.69
/product/detail/index/isin/CH0491167729
49116772S8CSUU
Short Factor CertificateCredit Suisse8x0.700203CHF1.121.14
/product/detail/index/isin/CH0466047336
46604733S8DAIU
Short Factor CertificateDaimler8x0.21729CHF1.491.52
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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.