Bid
Ask
/product/detail/index/isin/CH0501616699
50161669 
Long Factor CertificateSMI PR Index23x0.011094CHF4.995.09
/product/detail/index/isin/CH0449359865
44935986BJIWRU
Short Factor CertificateZurich Insurance6x0.011045CHF0.710.72
/product/detail/index/isin/CH0449366787
44936678 
Short Factor CertificateZurich Insurance6x0.011045CHF0.7150.735
/product/detail/index/isin/CH0501616681
50161668 
Long Factor CertificateSMI PR Index22x0.010975CHF5.165.26
/product/detail/index/isin/CH0512544146
51254414 
Short Factor CertificateSMI PR Index25x0.010965CHF4.544.59
/product/detail/index/isin/CH0501616673
50161667 
Long Factor CertificateSMI PR Index21x0.010795CHF5.335.43
/product/detail/index/isin/CH0501616665
50161666 
Long Factor CertificateSMI PR Index20x0.010558CHF5.465.56
/product/detail/index/isin/CH0499190616
49919061L15SIU
Long Factor CertificateSMI PR Index15x0.010442CHF7.257.30
/product/detail/index/isin/CH0501543307
50154330L15XXU
Long Factor CertificateDAX15x0.010287CHF9.9110.15
/product/detail/index/isin/CH0501616657
50161665 
Long Factor CertificateSMI PR Index18x0.010119CHF5.825.92
/product/detail/index/isin/CH0501557604
50155760 
Long Factor CertificateDAX21x0.01CHF7.247.25
/product/detail/index/isin/CH0501557612
50155761 
Long Factor CertificateDAX22x0.009993CHF6.926.93
/product/detail/index/isin/CH0493876137
49387613L12AZU
Long Factor CertificateAmazon.com12x0.00995CHF1.42--
/product/detail/index/isin/CH0501557596
50155759 
Long Factor CertificateDAX20x0.009905CHF7.527.53
/product/detail/index/isin/CH0501557620
50155762 
Long Factor CertificateDAX23x0.00988CHF6.566.57
/product/detail/index/isin/CH0501557638
50155763 
Long Factor CertificateDAX24x0.009658CHF6.166.17
/product/detail/index/isin/CH0501557588
50155758 
Long Factor CertificateDAX18x0.009627CHF8.088.09
/product/detail/index/isin/CH0512541829
51254182S25SWU
Short Factor CertificateSMI PR Index25x0.009617CHF3.984.03
/product/detail/index/isin/CH0489599446
48959944 
Long Factor CertificateEuro STOXX 50 Price Index6x0.009576CHF6.6426.652
/product/detail/index/isin/CH0480376653
48037665L8SMIU
Long Factor CertificateSMI PR Index8x0.009525CHF12.4012.44
  • 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.