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/product/detail/index/isin/CH0507032610
50703261 
Short Factor CertificateTesla Inc5x0.029331CHF1.951.97
/product/detail/index/isin/CH0507032628
50703262 
Short Factor CertificateTesla Inc8x0.015985CHF0.670.68
/product/detail/index/isin/CH0507035084
50703508S12DAU
Short Factor CertificateDaimler12x1.434003CHF6.626.82
/product/detail/index/isin/CH0501943267
50194326S12UBU
Short Factor CertificateUBS Group AG12x2.38881CHF2.422.47
/product/detail/index/isin/CH0501943242
50194324S8ABBU
Short Factor CertificateABB8x0.839732CHF2.3662.386
/product/detail/index/isin/CH0501943259
50194325S12ACU
Short Factor CertificateAdecco12x0.390161CHF1.972.07
/product/detail/index/isin/CH0501943275
50194327 
Short Factor CertificateABB8x0.853269CHF2.3522.372
/product/detail/index/isin/CH0501943283
50194328 
Short Factor CertificateUBS Group AG12x2.511196CHF2.472.57
/product/detail/index/isin/CH0507035076
50703507S10DXU
Short Factor CertificateDAX10x0.002457CHF3.543.59
/product/detail/index/isin/CH0507820154
50782015 
Short Factor CertificateDaimler8x1.004996CHF6.626.92
/product/detail/index/isin/CH0507820162
50782016 
Short Factor CertificateVolkswagen VZ10x0.151613CHF2.913.06
/product/detail/index/isin/CH0507820170
50782017 
Short Factor CertificateVisa8x0.182156CHF4.014.21
/product/detail/index/isin/CH0507820188
50782018 
Short Factor CertificateTwitter Inc.5x0.712236CHF4.234.28
/product/detail/index/isin/CH0502948505
50294850 
Short Factor CertificateLonza12x0.193314CHF5.265.66
/product/detail/index/isin/CH0502948513
50294851 
Short Factor CertificateRoche12x0.117469CHF3.0193.079
/product/detail/index/isin/CH0501943291
50194329S12ROU
Short Factor CertificateRoche12x0.118657CHF3.093.12
/product/detail/index/isin/CH0507837661
50783766S8INTU
Short Factor CertificateIntel8x0.607238CHF4.154.30
/product/detail/index/isin/CH0507837687
50783768S8TWTU
Short Factor CertificateTwitter Inc.8x1.003573CHF3.513.71
/product/detail/index/isin/CH0507837653
50783765S10ALU
Short Factor CertificateAlibaba10x0.053264CHF1.141.17
/product/detail/index/isin/CH0489594207
48959420 
Short Factor CertificateNASDAQ 100 Index25x0.000077CHF0.0350.036
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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.