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/product/detail/index/isin/CH0466047336
46604733S8DAIU
Short Factor CertificateDaimler8x0.521442CHF2.993.04
/product/detail/index/isin/CH0469522228
46952222S8NOVU
Short Factor CertificateNovartis8x0.105289CHF1.241.25
/product/detail/index/isin/CH0465052626
46505262 
Short Factor CertificateLafargeHolcim8x0.41297CHF2.632.83
/product/detail/index/isin/CH0489597192
48959719S8FACU
Short Factor CertificateFacebook8x0.034032CHF1.001.01
/product/detail/index/isin/CH0486380352
48638035S8SLXU
Short Factor CertificateSwiss Life8x0.030163CHF2.022.05
/product/detail/index/isin/CH0489590494
48959049 
Short Factor CertificateContinental5x0.085787CHF2.042.07
/product/detail/index/isin/CH0489593902
48959390S5WIDU
Short Factor CertificateWirecard AG5x0.062188CHF1.761.79
/product/detail/index/isin/CH0462176915
46217691FS4DXU
Short Factor CertificateDAX4x0.000917CHF3.433.45
/product/detail/index/isin/CH0489593829
48959382S8ADSU
Short Factor Certificateadidas8x0.025578CHF0.991.00
/product/detail/index/isin/CH0489597135
48959713S8AMZU
Short Factor CertificateAmazon.com8x0.002281CHF0.670.68
/product/detail/index/isin/CH0486380048
48638004 
Short Factor CertificateTemenos5x0.081487CHF2.542.60
/product/detail/index/isin/CH0462171841
46217184FS5BAU
Short Factor CertificateAlibaba5x0.01702CHF0.820.83
/product/detail/index/isin/CH0449359907
44935990OJIUVU
Short Factor CertificateRoche6x0.009143CHF0.540.55
/product/detail/index/isin/CH0466047286
46604728S5SAPU
Short Factor CertificateSAP SE5x0.020842CHF0.560.57
/product/detail/index/isin/CH0496921807
49692180S8MASU
Short Factor CertificateMasterCard8x0.009894CHF0.44--
/product/detail/index/isin/CH0497183696
49718369 
Short Factor CertificateMcDonald's10x0.13093CHF2.632.68
/product/detail/index/isin/CH0486384719
48638471S10SXU
Short Factor CertificateSMI PR Index10x0.000672CHF0.780.79
/product/detail/index/isin/CH0496921880
49692188S10SBU
Short Factor CertificateStarbucks10x0.523349CHF5.195.21
/product/detail/index/isin/CH0449366829
44936682 
Short Factor CertificateRoche6x0.009143CHF0.5410.547
/product/detail/index/isin/CH0493884669
49388466 
Short Factor CertificateZalando5x0.149894CHF1.501.59
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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.