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/product/detail/index/isin/CH0462182343
46218234FS15XU
Short Factor CertificateDAX15x0.000181CHF0.190.20
/product/detail/index/isin/CH0462181485
46218148 
Long Factor CertificateAlphabet Inc. C10x0.010704CHF1.45--
/product/detail/index/isin/CH0462181477
46218147 
Long Factor CertificateAlphabet Inc. C8x0.027881CHF4.55--
/product/detail/index/isin/CH0462181451
46218145 
Short Factor CertificateAlphabet Inc. C8x0.003531CHF0.560.57
/product/detail/index/isin/CH0462181444
46218144 
Short Factor CertificateAlphabet Inc. C5x0.012552CHF3.033.05
/product/detail/index/isin/CH0462181279
46218127FS8DTU
Short Factor CertificateDeutsche Telekom8x0.622424CHF1.451.48
/product/detail/index/isin/CH0462181261
46218126FS8BMU
Short Factor CertificateBMW8x0.33133CHF3.123.15
/product/detail/index/isin/CH0462181246
46218124FS8VWU
Short Factor CertificateVolkswagen VZ8x0.019671CHF0.510.52
/product/detail/index/isin/CH0462181220
46218122FS5BYU
Short Factor CertificateBayer5x0.167992CHF2.512.53
/product/detail/index/isin/CH0462181204
46218120FS5DTU
Short Factor CertificateDeutsche Telekom5x0.868984CHF3.173.22
/product/detail/index/isin/CH0462181196
46218119FS5BMU
Short Factor CertificateBMW5x0.400897CHF6.036.08
/product/detail/index/isin/CH0462181188
46218118FS5CBU
Short Factor CertificateCommerzbank5x1.762427CHF2.142.24
/product/detail/index/isin/CH0462181170
46218117FS5VWU
Short Factor CertificateVolkswagen VZ5x0.052988CHF2.042.05
/product/detail/index/isin/CH0462181162
46218116FS5DBU
Short Factor CertificateDeutsche Bank5x1.793204CHF2.852.95
/product/detail/index/isin/CH0462181154
46218115FL8BYU
Long Factor CertificateBayer8x0.07103CHF0.690.70
/product/detail/index/isin/CH0462181121
46218112FL8BMU
Long Factor CertificateBMW8x0.310371CHF3.013.04
/product/detail/index/isin/CH0462181105
46218110FL8VWU
Long Factor CertificateVolkswagen VZ8x0.550004CHF13.0413.14
/product/detail/index/isin/CH0462181097
46218109FL8DBU
Long Factor CertificateDeutsche Bank8x0.414335CHF0.450.47
/product/detail/index/isin/CH0462181089
46218108FL5BYU
Long Factor CertificateBayer5x0.329435CHF4.854.88
/product/detail/index/isin/CH0462177509
46217750 
Short Factor CertificateEuro STOXX 50 Price Index8x0.003143CHF1.5531.556
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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.