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/product/detail/index/isin/CH0491168966
49116896S10CRU
Short Factor CertificateCredit Suisse10x0.075351CHF0.050.06
/product/detail/index/isin/CH0521951860
52195186S10CSU
Short Factor CertificateCredit Suisse10x0.405605CHF0.310.32
/product/detail/index/isin/CH0520488914
52048891S10DJU
Short Factor CertificateDow Jones Industrial Average Index10x0.000077CHF0.220.23
/product/detail/index/isin/CH0507035076
50703507S10DXU
Short Factor CertificateDAX10x0.000583CHF0.590.64
/product/detail/index/isin/CH0532859722
53285972S10E1U
Short Factor CertificateEuro STOXX 50 Price Index10x0.000234CHF0.040.09
/product/detail/index/isin/CH0537667906
53766790S10ESU
Short Factor CertificateEuro STOXX 50 Price Index10x0.016944CHF4.865.16
/product/detail/index/isin/CH0513453560
51345356S10FKU
Short Factor CertificateFacebook10x0.024459CHF0.56--
/product/detail/index/isin/CH0513968542
51396854S10GLU
Short Factor CertificateAlphabet Inc. C10x0.004509CHF0.70--
/product/detail/index/isin/CH0524592489
52459248S10GOU
Short Factor CertificateAlphabet Inc. C10x0.023797CHF3.69--
/product/detail/index/isin/CH0497804424
49780442S10ILU
Short Factor CertificateIntel10x0.00004CHF0.001--
/product/detail/index/isin/CH0521398070
52139807S10INU
Short Factor CertificateIntel10x0.00206CHF0.02--
/product/detail/index/isin/CH0496921815
49692181S10MAU
Short Factor CertificateMasterCard10x0.000472CHF0.001--
/product/detail/index/isin/CH0496921930
49692193S10MCU
Short Factor CertificateMcDonald's10x0.006305CHF0.02--
/product/detail/index/isin/CH0518348427
51834842S10MDU
Short Factor CertificateMasterCard10x0.003521CHF0.05--
/product/detail/index/isin/CH0515825419
51582541S10MFU
Short Factor CertificateMicrosoft10x0.0005CHF0.02--
/product/detail/index/isin/CH0523572524
52357252S10MSU
Short Factor CertificateMicrosoft10x0.003405CHF0.03--
/product/detail/index/isin/CH0525375306
52537530S10NAU
Short Factor CertificateNVIDIA Corp10x0.000024CHF0.001--
/product/detail/index/isin/CH0523572482
52357248S10NDU
Short Factor CertificateNASDAQ 100 Index10x0.000215CHF0.220.23
/product/detail/index/isin/CH0521402336
52140233S10NEU
Short Factor CertificateNetflix10x0.001064CHF0.01--
/product/detail/index/isin/CH0529779529
52977952S10NFU
Short Factor CertificateNetflix10x0.005603CHF0.20--
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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.