UBS AG -PW24 HSBC Holdings plc Warrant (Stock Code 24535) (24535)

UBS AG -PW24 HSBC Holdings plc Warrant is a European-style cash-settled put warrant issued by UBS AG, linked to the HKD-traded ordinary shares of HSBC Holdings plc. It enables investors to benefit from a decline in the underlying share price, with automatic exercise on the expiry date yielding a cash settlement amount calculated as entitlement times (exercise price minus average price) per board lot, net of expenses, if positive. Key features include a specified stock code, issue size, board lot size, and entitlement ratio linking warrants to shares, alongside effective gearing and premium metrics that highlight its leveraged exposure. As a non-collateralised structured product, it represents an unsecured obligation of UBS AG, subject to the issuer's creditworthiness. Trading occurs in board lots with liquidity provision by a designated provider, though market making may be limited under certain conditions like high volatility or low theoretical value. Factors influencing its price encompass underlying share volatility, time to expiry, interest rates, dividends, supply-demand dynamics, and issuer-related costs. This warrant plays a role in providing targeted downside exposure in the derivatives market for sophisticated participants tracking global banking sector movements.