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/product/detail/index/isin/CH0499190632
49919063L20SIU
Long Factor CertificateSMI PR Index20x0.013128CHF6.846.89
/product/detail/index/isin/CH0499190665
49919066S15SIU
Short Factor CertificateSMI PR Index15x0.002628CHF1.811.82
/product/detail/index/isin/CH0499190657
49919065S12SSU
Short Factor CertificateSMI PR Index12x0.002684CHF2.322.33
/product/detail/index/isin/CH0499190699
49919069S25SIU
Short Factor CertificateSMI PR Index25x0.001555CHF0.640.65
/product/detail/index/isin/CH0499190608
49919060L12SSU
Long Factor CertificateSMI PR Index12x0.008137CHF7.067.11
/product/detail/index/isin/CH0499190673
49919067S18SIU
Short Factor CertificateSMI PR Index18x0.002365CHF1.361.37
/product/detail/index/isin/CH0499190681
49919068S20SSU
Short Factor CertificateSMI PR Index20x0.002117CHF1.101.11
/product/detail/index/isin/CH0499190616
49919061L15SIU
Long Factor CertificateSMI PR Index15x0.010442CHF7.257.30
/product/detail/index/isin/CH0512544146
51254414 
Short Factor CertificateSMI PR Index25x0.010965CHF4.544.59
/product/detail/index/isin/CH0512527471
51252747 
Short Factor CertificateSMI PR Index23x0.011516CHF5.185.23
/product/detail/index/isin/CH0512527489
51252748 
Short Factor CertificateSMI PR Index24x0.012032CHF5.195.24
/product/detail/index/isin/CH0496921864
49692186S5STBU
Short Factor CertificateStarbucks5x0.386576CHF6.766.77
/product/detail/index/isin/CH0496921567
49692156L5STBU
Long Factor CertificateStarbucks5x0.166207CHF2.862.87
/product/detail/index/isin/CH0496921872
49692187S8STBU
Short Factor CertificateStarbucks8x0.65773CHF7.237.25
/product/detail/index/isin/CH0496921583
49692158L10SBU
Long Factor CertificateStarbucks10x0.142544CHF1.221.23
/product/detail/index/isin/CH0496921575
49692157L8STBU
Long Factor CertificateStarbucks8x0.166365CHF1.781.79
/product/detail/index/isin/CH0497183845
49718384 
Long Factor CertificateStarbucks10x0.127882CHF1.131.16
/product/detail/index/isin/CH0497183837
49718383 
Long Factor CertificateStarbucks8x0.152291CHF1.681.71
/product/detail/index/isin/CH0497183639
49718363 
Short Factor CertificateStarbucks8x0.72182CHF7.557.70
/product/detail/index/isin/CH0497183621
49718362 
Short Factor CertificateStarbucks5x0.408879CHF6.937.03
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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.