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/product/detail/index/isin/CH0497804440
49780444S8NVDU
Short Factor CertificateNVIDIA Corp8x0.267712CHF6.396.54
/product/detail/index/isin/CH0497804432
49780443S5NVDU
Short Factor CertificateNVIDIA Corp5x0.156432CHF5.845.93
/product/detail/index/isin/CH0497804424
49780442S10ILU
Short Factor CertificateIntel10x1.186402CHF6.186.47
/product/detail/index/isin/CH0497804416
49780441L10ILU
Long Factor CertificateIntel10x0.778609CHF3.783.99
/product/detail/index/isin/CH0497804408
49780440S8BABU
Short Factor CertificateAlibaba8x0.209599CHF4.794.91
/product/detail/index/isin/CH0497804390
49780439L10GLU
Long Factor CertificateBarrick Gold10x3.33255CHF5.956.18
/product/detail/index/isin/CH0497804382
49780438S15DJU
Short Factor CertificateDow Jones Industrial Average Index15x0.002804CHF5.245.25
/product/detail/index/isin/CH0497804374
49780437S12VOU
Short Factor CertificateVolkswagen VZ12x0.327317CHF4.714.77
/product/detail/index/isin/CH0497804366
49780436S10WCU
Short Factor CertificateWirecard AG10x0.268985CHF4.364.50
/product/detail/index/isin/CH0497804358
49780435S12DMU
Short Factor CertificateDaimler12x1.148238CHF4.824.97
/product/detail/index/isin/CH0497804341
49780434S12DBU
Short Factor CertificateDeutsche Bank12x8.235473CHF4.304.64
/product/detail/index/isin/CH0497804333
49780433S8DBKU
Short Factor CertificateDeutsche Bank8x5.54782CHF5.405.65
/product/detail/index/isin/CH0497804325
49780432S12CTU
Short Factor CertificateContinental12x0.548735CHF5.966.21
/product/detail/index/isin/CH0497804317
49780431L12CKU
Long Factor CertificateCommerzbank12x6.244646CHF3.043.63
/product/detail/index/isin/CH0497804309
49780430S12BAU
Short Factor CertificateBASF12x0.89241CHF5.235.27
/product/detail/index/isin/CH0497804291
49780429L12BFU
Long Factor CertificateBASF12x0.712206CHF4.174.22
/product/detail/index/isin/CH0497804283
49780428S12DXU
Short Factor CertificateDAX12x0.004484CHF5.095.10
/product/detail/index/isin/CH0497183894
49718389 
Long Factor CertificateMcDonald's10x0.145273CHF2.993.06
/product/detail/index/isin/CH0497183886
49718388 
Long Factor CertificateMcDonald's8x0.131997CHF3.413.47
/product/detail/index/isin/CH0497183878
49718387 
Long Factor CertificateMcDonald's5x0.097342CHF4.034.08
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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.