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/product/detail/index/isin/CH0484372468
48437246 
Short Factor CertificateBaidu Inc5x0.034859CHF0.991.01
/product/detail/index/isin/CH0496874584
49687458S8ZURU
Short Factor CertificateZurich Insurance8x0.020545CHF1.031.05
/product/detail/index/isin/CH0466047385
46604738S8BASU
Short Factor CertificateBASF8x0.258103CHF2.242.25
/product/detail/index/isin/CH0489590510
48959051 
Short Factor CertificateDeutsche Lufthansa5x0.838198CHF2.262.29
/product/detail/index/isin/CH0469522137
46952213 
Short Factor CertificateNovartis8x0.17922CHF2.0582.118
/product/detail/index/isin/CH0496921724
49692172S10BAU
Short Factor CertificateBarrick Gold10x0.526036CHF0.920.97
/product/detail/index/isin/CH0462174316
46217431 
Short Factor CertificateS&P 500 Index8x0.002884CHF1.1641.165
/product/detail/index/isin/CH0501557216
50155721 
Short Factor CertificateEuro STOXX 50 Price Index12x0.004718CHF1.641.65
/product/detail/index/isin/CH0489599891
48959989 
Short Factor CertificateFacebook8x0.033943CHF0.910.92
/product/detail/index/isin/CH0489597143
48959714S12AMU
Short Factor CertificateAmazon.com12x0.014024CHF2.212.23
/product/detail/index/isin/CH0493884644
49388464 
Short Factor CertificateDeutsche Bank10x0.077464CHF0.060.09
/product/detail/index/isin/CH0475520786
47552078S25SMU
Short Factor CertificateSMI PR Index25x0.000031CHF0.010.02
/product/detail/index/isin/CH0489590460
48959046 
Short Factor CertificateBASF5x0.150792CHF2.052.11
/product/detail/index/isin/CH0497183530
49718353 
Short Factor CertificateBarrick Gold8x1.120869CHF2.522.57
/product/detail/index/isin/CH0489597275
48959727S12VIU
Short Factor CertificateVisa12x0.012389CHF0.190.20
/product/detail/index/isin/CH0470830081
47083008 
Short Factor CertificateNASDAQ 100 Index21x0.000002CHF0.010.02
/product/detail/index/isin/CH0496921641
49692164S8BAYU
Short Factor CertificateBayer8x0.100578CHF1.011.02
/product/detail/index/isin/CH0491167729
49116772S8CSUU
Short Factor CertificateCredit Suisse8x0.53011CHF0.860.87
/product/detail/index/isin/CH0489599636
48959963 
Short Factor CertificateDAX25x0.000028CHF0.0360.037
/product/detail/index/isin/CH0489599925
48959992 
Short Factor CertificateMicrosoft8x0.029002CHF0.60--
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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.