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/product/detail/index/isin/CH0523982970
52398297 
Long Factor CertificateMicrosoft5x0.028375CHF0.930.95
/product/detail/index/isin/CH0523983077
52398307 
Short Factor CertificateNASDAQ 100 Index6x0.000351CHF0.5670.569
/product/detail/index/isin/CH0525699267
52569926 
Short Factor CertificateS&P 500 Index8x0.000482CHF0.1810.182
/product/detail/index/isin/CH0525709124
52570912 
Short Factor CertificateGold6x0.007776CHF1.861.96
/product/detail/index/isin/CH0525715501
52571550 
Short Factor CertificateGold8x0.006605CHF1.151.20
/product/detail/index/isin/CH0525715543
52571554 
Short Factor CertificateSilver oz./USD4x0.601436CHF2.382.39
/product/detail/index/isin/CH0525715568
52571556 
Long Factor CertificateGold6x0.019934CHF5.956.15
/product/detail/index/isin/CH0525715600
52571560 
Long Factor CertificateGold15x0.005504CHF0.750.80
/product/detail/index/isin/CH0525715576
52571557 
Long Factor CertificateGold8x0.023135CHF5.345.54
/product/detail/index/isin/CH0525715592
52571559 
Long Factor CertificateGold12x0.018851CHF3.043.24
/product/detail/index/isin/CH0525715519
52571551 
Short Factor CertificateGold10x0.004747CHF0.630.68
/product/detail/index/isin/CH0525715550
52571555 
Long Factor CertificateGold4x0.013954CHF6.076.22
/product/detail/index/isin/CH0525715584
52571558 
Long Factor CertificateGold10x0.022704CHF4.314.51
/product/detail/index/isin/CH0525709116
52570911 
Short Factor CertificateGold4x0.007438CHF2.822.87
/product/detail/index/isin/CH0486380071
48638007 
Long Factor CertificateSMI PR Index4x0.00156CHF4.044.05
/product/detail/index/isin/CH0486380089
48638008 
Long Factor CertificateSMI PR Index6x0.001375CHF2.452.46
/product/detail/index/isin/CH0526124232
52612423 
Short Factor CertificateFacebook5x0.01498CHF0.690.79
/product/detail/index/isin/CH0527067406
52706740 
Long Factor CertificateSMI PR Index12x0.000149CHF0.140.15
/product/detail/index/isin/CH0524592919
52459291 
Short Factor CertificateAlphabet Inc. C5x0.005698CHF1.641.66
/product/detail/index/isin/CH0533363617
53336361 
Short Factor Certificateadidas5x0.008906CHF0.41--
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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.