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/product/detail/index/isin/CH0524592893
52459289 
Short Factor CertificateDeutsche Lufthansa12x0.010604CHF0.001--
/product/detail/index/isin/CH0533369721
53336972 
Short Factor CertificateSiemens10x0.02225CHF0.001--
/product/detail/index/isin/CH0533369713
53336971 
Short Factor CertificateSiemens12x0.01756CHF0.001--
/product/detail/index/isin/CH0533369846
53336984 
Short Factor CertificateDAX15x0.000035CHF0.000.03
/product/detail/index/isin/CH0532859755
53285975S8ZA2U
Short Factor CertificateZalando8x0.046137CHF0.09--
/product/detail/index/isin/CH0533363633
53336363 
Short Factor CertificateBASF10x0.137802CHF0.57--
/product/detail/index/isin/CH0533369689
53336968 
Short Factor CertificatePorsche10x0.009455CHF0.02--
/product/detail/index/isin/CH0533363658
53336365 
Short Factor CertificateBayer12x0.038435CHF0.17--
/product/detail/index/isin/CH0533363591
53336359 
Short Factor Certificateadidas12x0.001629CHF0.01--
/product/detail/index/isin/CH0533363666
53336366 
Short Factor CertificateBayer10x0.137456CHF0.78--
/product/detail/index/isin/CH0533363617
53336361 
Short Factor Certificateadidas5x0.031723CHF1.46--
/product/detail/index/isin/CH0533369762
53336976 
Short Factor CertificateZalando12x0.024321CHF0.05--
/product/detail/index/isin/CH0533363625
53336362 
Short Factor CertificateBASF12x0.053165CHF0.17--
/product/detail/index/isin/CH0533363641
53336364 
Short Factor CertificateBASF8x0.089785CHF0.46--
/product/detail/index/isin/CH0533369788
53336978 
Short Factor CertificateZalando8x0.045008CHF0.18--
/product/detail/index/isin/CH0533369770
53336977 
Short Factor CertificateZalando10x0.037214CHF0.11--
/product/detail/index/isin/CH0533369663
53336966 
Short Factor CertificateDeutsche Telekom12x0.148761CHF0.001--
/product/detail/index/isin/CH0533369747
53336974 
Short Factor CertificateVolkswagen VZ10x0.004271CHF0.03--
/product/detail/index/isin/CH0533369648
53336964 
Short Factor CertificateDaimler8x0.018158CHF0.04--
/product/detail/index/isin/CH0533363690
53336369 
Short Factor CertificateBMW8x0.025792CHF0.14--
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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.