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/product/detail/index/isin/CH0470829356
47082935 
Long Factor CertificateDAX25x0.001272CHF0.640.654
/product/detail/index/isin/CH0470829349
47082934 
Short Factor CertificateDAX25x0.000322CHF0.180.181
/product/detail/index/isin/CH0470830065
47083006 
Long Factor CertificateDow Jones Industrial Average Index25x0.000407CHF0.4150.436
/product/detail/index/isin/CH0470830180
47083018 
Short Factor CertificateS&P 500 Index25x0.002655CHF0.310.32
/product/detail/index/isin/CH0470829943
47082994 
Long Factor CertificateNASDAQ 100 Index25x0.000102CHF0.0380.046
/product/detail/index/isin/CH0475520786
47552078S25SMU
Short Factor CertificateSMI PR Index25x0.002181CHF0.810.83
/product/detail/index/isin/CH0475520802
47552080L20SMU
Long Factor CertificateSMI PR Index25x0.00965CHF4.034.07
/product/detail/index/isin/CH0480376646
48037664 
Long Factor CertificateSMI PR Index25x0.00704CHF2.712.77
/product/detail/index/isin/CH0486379958
48637995 
Short Factor CertificateSMI PR Index25x0.007028CHF2.782.82
/product/detail/index/isin/CH0489599719
48959971 
Short Factor CertificateEuro STOXX 50 Price Index25x0.019617CHF2.9362.966
/product/detail/index/isin/CH0489599636
48959963 
Short Factor CertificateDAX25x0.007305CHF3.8693.876
/product/detail/index/isin/CH0489599552
48959955 
Long Factor CertificateEuro STOXX 50 Price Index25x0.0044CHF0.6420.662
/product/detail/index/isin/CH0489594207
48959420 
Short Factor CertificateNASDAQ 100 Index25x0.004955CHF1.4591.515
/product/detail/index/isin/CH0489594256
48959425 
Short Factor CertificateS&P 500 Index25x0.024299CHF2.692.74
/product/detail/index/isin/CH0489590890
48959089 
Short Factor CertificateDow Jones Industrial Average Index25x0.003218CHF3.2143.227
/product/detail/index/isin/CH0489590874
48959087 
Long Factor CertificateS&P 500 Index25x0.00649CHF0.750.80
/product/detail/index/isin/CH0493890021
49389002 
Long Factor CertificateS&P 500 Index25x0.020304CHF2.372.41
/product/detail/index/isin/CH0493871054
49387105 
Long Factor CertificateDow Jones Industrial Average Index25x0.002177CHF2.292.30
/product/detail/index/isin/CH0493889940
49388994 
Long Factor CertificateDAX25x0.006789CHF3.393.40
/product/detail/index/isin/CH0493871112
49387111 
Long Factor CertificateNASDAQ 100 Index25x0.007927CHF2.462.47
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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.