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/product/detail/index/isin/CH0449359741
44935974 
Short Factor CertificateSMI PR Index6x0.000744CHF1.171.18
/product/detail/index/isin/CH0462176949
46217694FS10XU
Short Factor CertificateDAX10x0.000013CHF0.02--
/product/detail/index/isin/CH0462174357
46217435 
Short Factor CertificateDow Jones Industrial Average Index4x0.000477CHF2.5982.608
/product/detail/index/isin/CH0513453552
51345355S5SIMU
Short Factor CertificateSiemens5x0.087473CHF1.621.64
/product/detail/index/isin/CH0478937920
47893792L6SMIU
Long Factor CertificateSMI PR Index6x0.003148CHF5.315.33
/product/detail/index/isin/CH0462169894
46216989FL5AMU
Long Factor CertificateAmazon.com5x0.041488CHF21.2221.52
/product/detail/index/isin/CH0484087165
48408716 
Long Factor CertificateDeutsche Telekom8x0.123372CHF0.230.00
/product/detail/index/isin/CH0489597408
48959740L5BARU
Long Factor CertificateBarrick Gold5x0.450953CHF1.98--
/product/detail/index/isin/CH0489597325
48959732L5AMZU
Long Factor CertificateAmazon.com5x0.009764CHF4.985.04
/product/detail/index/isin/CH0489589900
48958990L5DTMU
Long Factor CertificateDeutsche Telekom5x0.433405CHF1.281.30
/product/detail/index/isin/CH0486384842
48638484L5NOXU
Long Factor CertificateNovartis5x0.13986CHF2.332.35
/product/detail/index/isin/CH0489597531
48959753L5VIAU
Long Factor CertificateVisa5x0.025559CHF1.021.11
/product/detail/index/isin/CH0486384701
48638470S4SXIU
Short Factor CertificateSMI PR Index4x0.000982CHF2.362.37
/product/detail/index/isin/CH0489593860
48959386S5COLU
Short Factor CertificateContinental5x0.039944CHF0.600.62
/product/detail/index/isin/CH0466042519
46604251FS12JU
Short Factor CertificateApple12x0.00CHF0.001--
/product/detail/index/isin/CH0484378515
48437851L8BAIU
Long Factor CertificateBaidu Inc8x0.000668CHF0.001--
/product/detail/index/isin/CH0480376661
48037666L10SMU
Long Factor CertificateSMI PR Index10x0.000224CHF0.23--
/product/detail/index/isin/CH0489586807
48958680L4NASU
Long Factor CertificateNASDAQ 100 Index4x0.002025CHF5.015.11
/product/detail/index/isin/CH0489597572
48959757L4SPXU
Long Factor CertificateS&P 500 Index4x0.003152CHF2.43--
/product/detail/index/isin/CH0489590684
48959068 
Long Factor CertificateNASDAQ 100 Index6x0.001187CHF2.0192.024
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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.