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/product/detail/index/isin/CH0449390951
44939095 
Long Factor CertificateABB5x3.756764CHF16.61816.718
/product/detail/index/isin/CH0496921906
49692190S8TWIU
Short Factor CertificateTwitter Inc.8x3.767665CHF13.02--
/product/detail/index/isin/CH0506636163
50663616S8UBSU
Short Factor CertificateUBS Group AG8x3.895028CHF5.875.97
/product/detail/index/isin/CH0484372542
48437254 
Short Factor CertificateCommerzbank8x3.896085CHF2.782.81
/product/detail/index/isin/CH0506642807
50664280 
Short Factor CertificateUBS Group AG8x3.975131CHF6.006.10
/product/detail/index/isin/CH0507820113
50782011 
Long Factor CertificateDeutsche Bank8x4.083852CHF3.673.70
/product/detail/index/isin/CH0507820139
50782013 
Long Factor CertificateDeutsche Bank12x4.16672CHF2.512.54
/product/detail/index/isin/CH0507837638
50783763L8DEBU
Long Factor CertificateDeutsche Bank8x4.187216CHF3.653.85
/product/detail/index/isin/CH0507820121
50782012 
Long Factor CertificateDeutsche Bank10x4.307975CHF3.103.13
/product/detail/index/isin/CH0505520038
50552003S12DEU
Short Factor CertificateDeutsche Telekom12x4.459292CHF5.996.29
/product/detail/index/isin/CH0503311653
50331165L12CMU
Long Factor CertificateCommerzbank12x4.472083CHF2.042.24
/product/detail/index/isin/CH0505520319
50552031 
Short Factor CertificateDeutsche Telekom12x4.537667CHF6.126.15
/product/detail/index/isin/CH0497804341
49780434S12DBU
Short Factor CertificateDeutsche Bank12x4.821429CHF2.733.03
/product/detail/index/isin/CH0449366951
44936695FL8ABU
Long Factor CertificateABB8x4.871998CHF13.41313.513
/product/detail/index/isin/CH0449390969
44939096 
Long Factor CertificateABB8x4.871998CHF13.66813.768
/product/detail/index/isin/CH0506048435
50604843 
Short Factor CertificateDeutsche Telekom10x4.874511CHF8.028.05
/product/detail/index/isin/CH0503311711
50331171 
Long Factor CertificateCommerzbank5x5.068717CHF5.665.69
/product/detail/index/isin/CH0503311638
50331163L5CBKU
Long Factor CertificateCommerzbank5x5.07108CHF5.645.94
/product/detail/index/isin/CH0449360038
44936003ODASTU
Long Factor CertificateCredit Suisse8x5.237882CHF8.358.45
/product/detail/index/isin/CH0449366605
44936660 
Long Factor CertificateCredit Suisse8x5.238149CHF8.448.64
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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.