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/product/detail/index/isin/CH0503311679
50331167S12DKU
Short Factor CertificateDeutsche Bank12x1.296363CHF0.770.82
/product/detail/index/isin/CH0502940239
50294023S8ROGU
Short Factor CertificateRoche8x0.082152CHF3.063.09
/product/detail/index/isin/CH0502945923
50294592 
Short Factor CertificateRoche8x0.082152CHF3.013.05
/product/detail/index/isin/CH0466042543
46604254FS10QU
Short Factor CertificateNetflix10x0.009832CHF0.31--
/product/detail/index/isin/CH0466043285
46604328S12DTU
Short Factor CertificateDeutsche Telekom12x0.918861CHF1.291.34
/product/detail/index/isin/CH0466043277
46604327S12BMU
Short Factor CertificateBMW12x0.066409CHF0.460.47
/product/detail/index/isin/CH0466047385
46604738S8BASU
Short Factor CertificateBASF8x0.13821CHF1.321.33
/product/detail/index/isin/CH0466047252
46604725S5DAIU
Short Factor CertificateDaimler5x0.390195CHF4.114.16
/product/detail/index/isin/CH0466047286
46604728S5SAPU
Short Factor CertificateSAP SE5x0.029511CHF0.800.81
/product/detail/index/isin/CH0466047336
46604733S8DAIU
Short Factor CertificateDaimler8x0.208843CHF1.431.46
/product/detail/index/isin/CH0466047278
46604727S5PORU
Short Factor CertificatePorsche5x0.156099CHF2.172.20
/product/detail/index/isin/CH0466047302
46604730S5BASU
Short Factor CertificateBASF5x0.241033CHF3.723.73
/product/detail/index/isin/CH0466047294
46604729S5ADIU
Short Factor Certificateadidas5x0.019801CHF1.161.17
/product/detail/index/isin/CH0466047351
46604735S8PORU
Short Factor CertificatePorsche8x0.054892CHF0.510.52
/product/detail/index/isin/CH0496874576
49687457S10ROU
Short Factor CertificateRoche10x0.042562CHF1.271.28
/product/detail/index/isin/CH0496874568
49687456S8NESU
Short Factor CertificateNestlé8x0.413093CHF5.345.39
/product/detail/index/isin/CH0496921880
49692188S10SBU
Short Factor CertificateStarbucks10x1.558301CHF13.2813.30
/product/detail/index/isin/CH0497804341
49780434S12DBU
Short Factor CertificateDeutsche Bank12x4.971585CHF2.923.22
/product/detail/index/isin/CH0480738746
48073874S5TESU
Short Factor CertificateTesla Inc5x0.0004CHF0.02--
/product/detail/index/isin/CH0480738779
48073877S5BAIU
Short Factor CertificateBaidu Inc5x0.104664CHF2.482.53
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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.