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/product/detail/index/isin/CH0497183522
49718352 
Short Factor CertificateZalando12x0.331461CHF1.211.36
/product/detail/index/isin/CH0500693699
50069369 
Long Factor CertificateZalando10x0.302241CHF1.221.28
/product/detail/index/isin/CH0500693681
50069368 
Long Factor CertificateZalando8x0.558402CHF2.832.94
/product/detail/index/isin/CH0508410740
50841074 
Long Factor CertificateZalando12x1.800847CHF6.917.41
/product/detail/index/isin/CH0509128598
50912859 
Long Factor CertificateZalando10x1.886974CHF8.679.17
/product/detail/index/isin/CH0493282096
49328209S5ZAOU
Short Factor CertificateZalando5x0.351297CHF3.133.18
/product/detail/index/isin/CH0493282104
49328210S10ZAU
Short Factor CertificateZalando10x0.195982CHF0.860.89
/product/detail/index/isin/CH0500693673
50069367L10ZNU
Long Factor CertificateZalando10x0.29698CHF1.361.42
/product/detail/index/isin/CH0500693665
50069366L8ZALU
Long Factor CertificateZalando8x0.550614CHF3.143.25
/product/detail/index/isin/CH0489593795
48959379L5ZAOU
Long Factor CertificateZalando5x0.260172CHF2.372.42
/product/detail/index/isin/CH0509135130
50913513L10ZLU
Long Factor CertificateZalando10x1.936575CHF8.909.20
/product/detail/index/isin/CH0449359857
44935985BJIWQU
Short Factor CertificateZurich Insurance5x0.01458CHF1.141.16
/product/detail/index/isin/CH0449359865
44935986BJIWRU
Short Factor CertificateZurich Insurance6x0.01066CHF0.700.71
/product/detail/index/isin/CH0449366803
44936680 
Short Factor CertificateZurich Insurance10x0.002021CHF0.0780.082
/product/detail/index/isin/CH0486384669
48638466 
Long Factor CertificateZurich Insurance6x0.15586CHF10.1710.47
/product/detail/index/isin/CH0486384651
48638465 
Long Factor CertificateZurich Insurance5x0.117869CHF9.309.40
/product/detail/index/isin/CH0486380063
48638006 
Short Factor CertificateZurich Insurance10x0.017554CHF0.670.71
/product/detail/index/isin/CH0486384685
48638468 
Long Factor CertificateZurich Insurance10x0.35566CHF13.8814.18
/product/detail/index/isin/CH0486384677
48638467 
Long Factor CertificateZurich Insurance8x0.248123CHF12.1312.53
/product/detail/index/isin/CH0486384693
48638469 
Long Factor CertificateZurich Insurance12x0.47808CHF15.5716.07
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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.