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/product/detail/index/isin/CH0449366514
44936651 
Long Factor CertificateThe Swatch Grp Bearer6x0.039728CHF1.621.68
/product/detail/index/isin/CH0462168649
46216864 
Long Factor CertificateBayer5x0.503639CHF7.938.08
/product/detail/index/isin/CH0449359733
44935973 
Short Factor CertificateSMI PR Index4x0.001935CHF5.4185.438
/product/detail/index/isin/CH0449359758
44935975 
Short Factor CertificateSMI PR Index8x0.000377CHF0.5260.53
/product/detail/index/isin/CH0449359741
44935974 
Short Factor CertificateSMI PR Index6x0.000884CHF1.6441.654
/product/detail/index/isin/CH0449391090
44939109 
Short Factor CertificateNestlé5x0.067325CHF1.471.475
/product/detail/index/isin/CH0462174241
46217424 
Short Factor CertificateNASDAQ 100 Index6x0.000521CHF0.780.781
/product/detail/index/isin/CH0462174357
46217435 
Short Factor CertificateDow Jones Industrial Average Index4x0.000625CHF4.4064.407
/product/detail/index/isin/CH0462171080
46217108 
Short Factor CertificateAlibaba5x0.016638CHF0.740.75
/product/detail/index/isin/CH0462177434
46217743 
Short Factor CertificateDAX10x0.000219CHF0.351--
/product/detail/index/isin/CH0462174365
46217436 
Short Factor CertificateDow Jones Industrial Average Index6x0.000576CHF2.6792.68
/product/detail/index/isin/CH0462177426
46217742 
Short Factor CertificateDAX8x0.000419CHF0.799--
/product/detail/index/isin/CH0470830180
47083018 
Short Factor CertificateS&P 500 Index25x0.000008CHF0.020.021
/product/detail/index/isin/CH0478939975
47893997 
Long Factor CertificateTemenos5x0.043903CHF1.431.47
/product/detail/index/isin/CH0478940056
47894005 
Long Factor CertificateAdecco8x0.776181CHF5.495.79
/product/detail/index/isin/CH0486380204
48638020 
Long Factor CertificateNestlé12x0.490133CHF4.464.51
/product/detail/index/isin/CH0486380022
48638002 
Short Factor CertificateSwiss Life8x0.027949CHF1.781.84
/product/detail/index/isin/CH0486380196
48638019 
Long Factor CertificateNestlé8x0.432523CHF5.905.95
/product/detail/index/isin/CH0486379883
48637988 
Short Factor CertificateSMI PR Index10x0.000725CHF0.800.82
/product/detail/index/isin/CH0486384644
48638464 
Long Factor CertificateSwiss Re8x1.085188CHF15.7815.98
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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.