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/product/detail/index/isin/CH0462175412
46217541FS4DJU
Short Factor CertificateDow Jones Industrial Average Index4x0.000996CHF6.736.75
/product/detail/index/isin/CH0462175396
46217539FS12SU
Short Factor CertificateS&P 500 Index12x0.00484CHF1.231.24
/product/detail/index/isin/CH0462175388
46217538FS10SU
Short Factor CertificateS&P 500 Index10x0.006505CHF1.971.98
/product/detail/index/isin/CH0462175370
46217537FS8SPU
Short Factor CertificateS&P 500 Index8x0.008123CHF3.053.06
/product/detail/index/isin/CH0462175362
46217536FS6SPU
Short Factor CertificateS&P 500 Index6x0.008813CHF4.404.41
/product/detail/index/isin/CH0462175354
46217535FS4SPU
Short Factor CertificateS&P 500 Index4x0.008118CHF6.056.06
/product/detail/index/isin/CH0462175347
46217534FS15NU
Short Factor CertificateNASDAQ 100 Index15x0.000263CHF0.160.17
/product/detail/index/isin/CH0462175321
46217532FS10NU
Short Factor CertificateNASDAQ 100 Index10x0.001205CHF1.001.01
/product/detail/index/isin/CH0462175313
46217531FS8NAU
Short Factor CertificateNASDAQ 100 Index8x0.001844CHF1.881.89
/product/detail/index/isin/CH0462175305
46217530FS6NAU
Short Factor CertificateNASDAQ 100 Index6x0.002377CHF3.203.21
/product/detail/index/isin/CH0462175297
46217529FS4NAU
Short Factor CertificateNASDAQ 100 Index4x0.002523CHF5.055.06
/product/detail/index/isin/CH0462175289
46217528FS8INU
Short Factor CertificateIntel8x0.171532CHF1.161.21
/product/detail/index/isin/CH0462175271
46217527FS8GOU
Short Factor CertificateAlphabet Inc. C8x0.003282CHF0.520.53
/product/detail/index/isin/CH0462174381
46217438 
Short Factor CertificateDow Jones Industrial Average Index10x0.000878CHF2.5592.561
/product/detail/index/isin/CH0462174373
46217437 
Short Factor CertificateDow Jones Industrial Average Index8x0.001052CHF3.7643.766
/product/detail/index/isin/CH0462174365
46217436 
Short Factor CertificateDow Jones Industrial Average Index6x0.001097CHF5.1395.141
/product/detail/index/isin/CH0462174357
46217435 
Short Factor CertificateDow Jones Industrial Average Index4x0.000972CHF6.7136.715
/product/detail/index/isin/CH0462174324
46217432 
Short Factor CertificateS&P 500 Index10x0.006092CHF1.8721.877
/product/detail/index/isin/CH0462174316
46217431 
Short Factor CertificateS&P 500 Index8x0.007718CHF2.9372.947
/product/detail/index/isin/CH0462174308
46217430 
Short Factor CertificateS&P 500 Index6x0.008493CHF4.2764.286
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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.