Bid
Ask
/product/detail/index/isin/CH0462176949
46217694FS10XU
Short Factor CertificateDAX10x0.000461CHF0.690.70
/product/detail/index/isin/CH0462177434
46217743 
Short Factor CertificateDAX10x0.000466CHF0.6850.686
/product/detail/index/isin/CH0455763554
45576355FS12MU
Short Factor CertificateSMI PR Index12x0.000541CHF0.450.46
/product/detail/index/isin/CH0462174381
46217438 
Short Factor CertificateDow Jones Industrial Average Index10x0.000561CHF1.6111.612
/product/detail/index/isin/CH0462174266
46217426 
Short Factor CertificateNASDAQ 100 Index10x0.000599CHF0.4930.494
/product/detail/index/isin/CH0462175446
46217544FS10DU
Short Factor CertificateDow Jones Industrial Average Index10x0.0006CHF1.771.79
/product/detail/index/isin/CH0462175321
46217532FS10NU
Short Factor CertificateNASDAQ 100 Index10x0.00068CHF0.580.59
/product/detail/index/isin/CH0462176931
46217693FS8DXU
Short Factor CertificateDAX8x0.000732CHF1.361.38
/product/detail/index/isin/CH0462174373
46217437 
Short Factor CertificateDow Jones Industrial Average Index8x0.000735CHF2.622.621
/product/detail/index/isin/CH0462177426
46217742 
Short Factor CertificateDAX8x0.000739CHF1.3441.345
/product/detail/index/isin/CH0462175438
46217543FS8DJU
Short Factor CertificateDow Jones Industrial Average Index8x0.000775CHF2.812.83
/product/detail/index/isin/CH0489590593
48959059 
Long Factor CertificateDow Jones Industrial Average Index4x0.00078CHF5.365.362
/product/detail/index/isin/CH0489586740
48958674L4DJIU
Long Factor CertificateDow Jones Industrial Average Index4x0.000785CHF5.385.40
/product/detail/index/isin/CH0462174357
46217435 
Short Factor CertificateDow Jones Industrial Average Index4x0.000802CHF5.6385.64
/product/detail/index/isin/CH0462175412
46217541FS4DJU
Short Factor CertificateDow Jones Industrial Average Index4x0.000821CHF5.825.84
/product/detail/index/isin/CH0462174365
46217436 
Short Factor CertificateDow Jones Industrial Average Index6x0.000833CHF3.9333.935
/product/detail/index/isin/CH0501557166
50155716 
Short Factor CertificateDAX21x0.000845CHF0.600.61
/product/detail/index/isin/CH0462175420
46217542FS6DJU
Short Factor CertificateDow Jones Industrial Average Index6x0.000866CHF4.144.16
/product/detail/index/isin/CH0449359758
44935975 
Short Factor CertificateSMI PR Index8x0.000923CHF1.1661.176
/product/detail/index/isin/CH0449366399
44936639OBKXTU
Short Factor CertificateSMI PR Index8x0.000923CHF1.171.18
  • 10 per page
  • 20 per page
  • 50 per page
  • 100 per page

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.