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/product/detail/index/isin/CH0499190699
49919069S25SIU
Short Factor CertificateSMI PR Index25x0.001463CHF0.620.63
/product/detail/index/isin/CH0499190673
49919067S18SIU
Short Factor CertificateSMI PR Index18x0.002251CHF1.291.30
/product/detail/index/isin/CH0499190681
49919068S20SSU
Short Factor CertificateSMI PR Index20x0.00201CHF1.041.05
/product/detail/index/isin/CH0501543372
50154337S12DJU
Short Factor CertificateDow Jones Industrial Average Index12x0.001073CHF2.522.53
/product/detail/index/isin/CH0501543463
50154346S15PXU
Short Factor CertificateS&P 500 Index15x0.008286CHF1.711.72
/product/detail/index/isin/CH0501543323
50154332S15XXU
Short Factor CertificateDAX15x0.001138CHF1.121.15
/product/detail/index/isin/CH0489593902
48959390S5WIDU
Short Factor CertificateWirecard AG5x0.249687CHF6.236.38
/product/detail/index/isin/CH0489593878
48959387S8COLU
Short Factor CertificateContinental8x0.060673CHF0.960.99
/product/detail/index/isin/CH0489593928
48959392S10WDU
Short Factor CertificateWirecard AG10x0.067617CHF0.840.87
/product/detail/index/isin/CH0489593910
48959391S8WIDU
Short Factor CertificateWirecard AG8x0.20757CHF3.233.33
/product/detail/index/isin/CH0489593860
48959386S5COLU
Short Factor CertificateContinental5x0.096203CHF2.452.50
/product/detail/index/isin/CH0509135064
50913506S12CNU
Short Factor CertificateContinental12x1.425433CHF14.8015.80
/product/detail/index/isin/CH0509135106
50913510S8SAPU
Short Factor CertificateSAP SE8x0.272604CHF4.574.62
/product/detail/index/isin/CH0449366787
44936678 
Short Factor CertificateZurich Insurance6x0.01066CHF0.6940.714
/product/detail/index/isin/CH0449366779
44936677 
Short Factor CertificateZurich Insurance5x0.01458CHF1.1351.175
/product/detail/index/isin/CH0468367641
46836764S8COMU
Short Factor CertificateCommerzbank8x1.904912CHF1.331.43
/product/detail/index/isin/CH0489597226
48959722S12MTU
Short Factor CertificateMicrosoft12x0.035927CHF0.47--
/product/detail/index/isin/CH0509135114
50913511S12SMU
Short Factor CertificateSiemens12x0.263074CHF2.802.81
/product/detail/index/isin/CH0509135098
50913509S12LHU
Short Factor CertificateDeutsche Lufthansa12x2.581694CHF3.864.16
/product/detail/index/isin/CH0509135072
50913507S8DAMU
Short Factor CertificateDaimler8x1.137441CHF7.797.99
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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.