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/product/detail/index/isin/CH0449366902
44936690FL5LOU
Long Factor CertificateLonza5x0.117229CHF7.827.92
/product/detail/index/isin/CH0462167484
46216748 
Long Factor CertificateCommerzbank5x1.128129CHF1.361.37
/product/detail/index/isin/CH0462175651
46217565FL5DBU
Long Factor CertificateDeutsche Bank5x1.157466CHF1.761.81
/product/detail/index/isin/CH0462175669
46217566FL5VWU
Long Factor CertificateVolkswagen VZ5x0.497129CHF20.0620.16
/product/detail/index/isin/CH0449360426
44936042FS5ADU
Short Factor CertificateAdecco5x0.066235CHF0.810.82
/product/detail/index/isin/CH0449366811
44936681 
Short Factor CertificateRoche5x0.034204CHF2.0312.051
/product/detail/index/isin/CH0449391090
44939109 
Short Factor CertificateNestlé5x0.106272CHF2.182.19
/product/detail/index/isin/CH0449360533
44936053 
Short Factor CertificateLonza5x0.029666CHF1.972.01
/product/detail/index/isin/CH0449360384
44936038FS5LHU
Short Factor CertificateLafargeHolcim5x0.124563CHF1.291.32
/product/detail/index/isin/CH0466044416
46604441 
Long Factor CertificateDaimler5x0.504984CHF5.455.60
/product/detail/index/isin/CH0466044408
46604440 
Long Factor CertificateWirecard AG5x0.005734CHF0.110.14
/product/detail/index/isin/CH0466044432
46604443 
Long Factor CertificatePorsche5x0.958354CHF14.1614.76
/product/detail/index/isin/CH0466050090
46605009 
Short Factor Certificateadidas5x0.016172CHF0.941.04
/product/detail/index/isin/CH0467747785
46774778S5VSAU
Short Factor CertificateVisa5x0.066071CHF2.232.26
/product/detail/index/isin/CH0462171932
46217193FS5INU
Short Factor CertificateIntel5x0.153967CHF1.701.73
/product/detail/index/isin/CH0462181444
46218144 
Short Factor CertificateAlphabet Inc. C5x0.007314CHF1.992.00
/product/detail/index/isin/CH0462171908
46217190FS5BGU
Short Factor CertificateBarrick Gold5x0.196327CHF0.700.72
/product/detail/index/isin/CH0462177400
46217740 
Short Factor CertificateDAX5x0.001029CHF2.9782.979
/product/detail/index/isin/CH0462181220
46218122FS5BYU
Short Factor CertificateBayer5x0.103788CHF1.631.64
/product/detail/index/isin/CH0462171924
46217192FS5GOU
Short Factor CertificateAlphabet Inc. C5x0.007314CHF1.992.00
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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.