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/product/detail/index/isin/CH0506048393
50604839 
Short Factor CertificateDAX25x0.00247CHF1.421.43
/product/detail/index/isin/CH0506048427
50604842 
Short Factor CertificateBASF10x0.481321CHF3.493.64
/product/detail/index/isin/CH0506048468
50604846 
Short Factor CertificateNVIDIA Corp10x0.053541CHF1.11--
/product/detail/index/isin/CH0501940545
50194054 
Short Factor CertificateAdecco12x0.309816CHF1.581.68
/product/detail/index/isin/CH0501940552
50194055 
Short Factor CertificateUBS Group AG10x2.329466CHF0.002.87
/product/detail/index/isin/CH0506056537
50605653S5AAPU
Short Factor CertificateApple5x0.048539CHF2.672.68
/product/detail/index/isin/CH0506056495
50605649S8CONU
Short Factor CertificateContinental8x0.347574CHF5.495.69
/product/detail/index/isin/CH0506056503
50605650S8LHAU
Short Factor CertificateDeutsche Lufthansa8x0.932852CHF2.122.22
/product/detail/index/isin/CH0506056511
50605651S5SPGU
Short Factor CertificateSAP SE5x0.148561CHF4.014.10
/product/detail/index/isin/CH0501940586
50194058S12LZU
Short Factor CertificateLonza12x0.11861CHF3.393.49
/product/detail/index/isin/CH0506048450
50604845 
Short Factor CertificateSiemens10x0.074641CHF0.960.99
/product/detail/index/isin/CH0506048435
50604843 
Short Factor CertificateDeutsche Telekom10x4.874511CHF8.028.05
/product/detail/index/isin/CH0506056552
50605655S10SKU
Short Factor CertificateStarbucks10x0.344538CHF2.942.95
/product/detail/index/isin/CH0501940594
50194059S10UBU
Short Factor CertificateUBS Group AG10x2.01596CHF2.442.49
/product/detail/index/isin/CH0496874584
49687458S8ZURU
Short Factor CertificateZurich Insurance8x0.028449CHF1.391.42
/product/detail/index/isin/CH0496874592
49687459S12ZUU
Short Factor CertificateZurich Insurance12x0.019739CHF0.640.66
/product/detail/index/isin/CH0502947325
50294732 
Short Factor CertificateZurich Insurance12x0.102838CHF3.353.45
/product/detail/index/isin/CH0507035092
50703509S10NVU
Short Factor CertificateNVIDIA Corp10x0.052609CHF1.051.08
/product/detail/index/isin/CH0507032594
50703259 
Short Factor CertificateDAX23x0.003001CHF1.861.87
/product/detail/index/isin/CH0507032636
50703263 
Short Factor CertificateTwitter Inc.8x1.457325CHF5.385.53
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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.