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/product/detail/index/isin/CH0501616715
50161671 
Long Factor CertificateSMI PR Index25x0.012302CHF5.165.26
/product/detail/index/isin/CH0501940321
50194032 
Long Factor CertificateTemenos5x0.30198CHF9.119.21
/product/detail/index/isin/CH0501940347
50194034L8TMNU
Long Factor CertificateTemenos8x0.269566CHF5.115.21
/product/detail/index/isin/CH0501940354
50194035 
Long Factor CertificateTemenos8x0.281784CHF5.285.38
/product/detail/index/isin/CH0501940362
50194036S12CRU
Short Factor CertificateCredit Suisse12x1.579837CHF1.741.77
/product/detail/index/isin/CH0501940370
50194037L5TMNU
Long Factor CertificateTemenos5x0.222818CHF6.766.86
/product/detail/index/isin/CH0501940396
50194039S12ZRU
Short Factor CertificateZurich Insurance12x0.104697CHF3.403.50
/product/detail/index/isin/CH0501940545
50194054 
Short Factor CertificateAdecco12x0.309816CHF1.581.68
/product/detail/index/isin/CH0501940552
50194055 
Short Factor CertificateUBS Group AG10x2.329466CHF0.002.87
/product/detail/index/isin/CH0501940586
50194058S12LZU
Short Factor CertificateLonza12x0.11861CHF3.393.49
/product/detail/index/isin/CH0501940594
50194059S10UBU
Short Factor CertificateUBS Group AG10x2.01596CHF2.442.49
/product/detail/index/isin/CH0501943242
50194324S8ABBU
Short Factor CertificateABB8x0.839732CHF2.3662.386
/product/detail/index/isin/CH0501943259
50194325S12ACU
Short Factor CertificateAdecco12x0.390161CHF1.972.07
/product/detail/index/isin/CH0501943267
50194326S12UBU
Short Factor CertificateUBS Group AG12x2.38881CHF2.422.47
/product/detail/index/isin/CH0501943275
50194327 
Short Factor CertificateABB8x0.853269CHF2.3522.372
/product/detail/index/isin/CH0501943283
50194328 
Short Factor CertificateUBS Group AG12x2.511196CHF2.472.57
/product/detail/index/isin/CH0501943291
50194329S12ROU
Short Factor CertificateRoche12x0.118657CHF3.093.12
/product/detail/index/isin/CH0502940221
50294022 
Long Factor CertificateThe Swatch Grp Bearer12x0.427294CHF9.659.95
/product/detail/index/isin/CH0502940239
50294023S8ROGU
Short Factor CertificateRoche8x0.071134CHF2.752.77
/product/detail/index/isin/CH0502945923
50294592 
Short Factor CertificateRoche8x0.071134CHF2.7412.781
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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.