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/product/detail/index/isin/CH0508410427
50841042S10BDU
Short Factor CertificateBaidu Inc10x0.075971CHF0.840.87
/product/detail/index/isin/CH0508410567
50841056 
Short Factor CertificateApple10x0.098604CHF2.652.67
/product/detail/index/isin/CH0508410591
50841059 
Short Factor CertificateAlibaba10x0.061185CHF1.221.23
/product/detail/index/isin/CH0508410559
50841055 
Short Factor CertificateSiemens8x0.142255CHF2.282.31
/product/detail/index/isin/CH0509128689
50912868 
Short Factor CertificateEuro STOXX 50 Price Index23x0.0217CHF3.783.80
/product/detail/index/isin/CH0509128671
50912867 
Short Factor CertificateEuro STOXX 50 Price Index22x0.021222CHF3.843.86
/product/detail/index/isin/CH0509128614
50912861 
Short Factor CertificateContinental12x1.579903CHF16.4416.89
/product/detail/index/isin/CH0509128622
50912862 
Short Factor CertificateDaimler10x1.531699CHF8.018.46
/product/detail/index/isin/CH0509128606
50912860 
Short Factor CertificateBASF8x0.767924CHF6.977.27
/product/detail/index/isin/CH0506636122
50663612S12BBU
Short Factor CertificateABB12x1.624604CHF2.993.02
/product/detail/index/isin/CH0508410534
50841053 
Short Factor CertificateCommerzbank12x18.307797CHF8.518.54
/product/detail/index/isin/CH0508410526
50841052 
Short Factor CertificateCommerzbank10x14.78275CHF8.278.30
/product/detail/index/isin/CH0509128648
50912864 
Short Factor CertificateDeutsche Lufthansa10x3.686359CHF6.766.79
/product/detail/index/isin/CH0509128630
50912863 
Short Factor CertificateDeutsche Lufthansa8x2.562333CHF5.925.95
/product/detail/index/isin/CH0509128655
50912865 
Short Factor CertificateDeutsche Lufthansa12x7.960304CHF12.1312.16
/product/detail/index/isin/CH0506642781
50664278 
Short Factor CertificateLogitech5x0.471786CHF0.004.15
/product/detail/index/isin/CH0506636155
50663615S8LOGU
Short Factor CertificateLogitech8x0.625346CHF3.383.48
/product/detail/index/isin/CH0506642799
50664279 
Short Factor CertificateLogitech8x0.634849CHF0.003.52
/product/detail/index/isin/CH0506642807
50664280 
Short Factor CertificateUBS Group AG8x3.975131CHF6.006.10
/product/detail/index/isin/CH0506636163
50663616S8UBSU
Short Factor CertificateUBS Group AG8x3.895028CHF5.875.97
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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.