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/product/detail/index/isin/CH0500695595
50069559 
Short Factor CertificateBayer10x0.807728CHF5.615.85
/product/detail/index/isin/CH0500695587
50069558 
Short Factor CertificateBASF12x0.859474CHF4.825.03
/product/detail/index/isin/CH0500695579
50069557 
Long Factor CertificateDaimler10x0.785156CHF3.954.25
/product/detail/index/isin/CH0500695561
50069556 
Long Factor CertificateDeutsche Bank12x4.625043CHF3.503.53
/product/detail/index/isin/CH0500695553
50069555 
Long Factor CertificateContinental12x0.319348CHF3.543.66
/product/detail/index/isin/CH0500695546
50069554 
Long Factor CertificateContinental10x0.282947CHF3.773.89
/product/detail/index/isin/CH0500695538
50069553 
Short Factor CertificateS&P 500 Index25x0.042941CHF5.135.14
/product/detail/index/isin/CH0500695520
50069552 
Short Factor CertificateS&P 500 Index18x0.030821CHF5.115.12
/product/detail/index/isin/CH0500695512
50069551 
Short Factor CertificateS&P 500 Index15x0.025653CHF5.115.12
/product/detail/index/isin/CH0500695504
50069550 
Short Factor CertificateNASDAQ 100 Index25x0.017243CHF5.295.30
/product/detail/index/isin/CH0500695496
50069549 
Short Factor CertificateNASDAQ 100 Index24x0.016517CHF5.285.29
/product/detail/index/isin/CH0500695488
50069548 
Short Factor CertificateNASDAQ 100 Index23x0.015793CHF5.285.29
/product/detail/index/isin/CH0500695470
50069547 
Short Factor CertificateNASDAQ 100 Index22x0.015071CHF5.275.28
/product/detail/index/isin/CH0500689895
50068989 
Short Factor CertificateNASDAQ 100 Index21x0.014352CHF5.265.27
/product/detail/index/isin/CH0500689887
50068988 
Short Factor CertificateNASDAQ 100 Index20x0.013635CHF5.255.26
/product/detail/index/isin/CH0500689879
50068987 
Short Factor CertificateNASDAQ 100 Index10x0.006644CHF5.165.17
/product/detail/index/isin/CH0500689861
50068986 
Short Factor CertificateDow Jones Industrial Average Index25x0.004878CHF5.275.28
/product/detail/index/isin/CH0500689853
50068985 
Short Factor CertificateDow Jones Industrial Average Index18x0.00348CHF5.225.23
/product/detail/index/isin/CH0500689846
50068984 
Short Factor CertificateDow Jones Industrial Average Index15x0.002889CHF5.195.20
/product/detail/index/isin/CH0498656054
49865605S8GOOU
Short Factor CertificateAlphabet Inc. C8x0.024917CHF3.823.84
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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.