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/product/detail/index/isin/CH0501615782
50161578 
Short Factor CertificateSMI PR Index23x0.002102CHF0.940.95
/product/detail/index/isin/CH0496880037
49688003 
Short Factor CertificateCredit Suisse6x1.712713CHF3.563.59
/product/detail/index/isin/CH0496880052
49688005 
Short Factor CertificateCredit Suisse12x1.478171CHF1.471.50
/product/detail/index/isin/CH0505520079
50552007S8VOWU
Short Factor CertificateVolkswagen VZ8x0.075239CHF1.821.84
/product/detail/index/isin/CH0513453560
51345356S10FKU
Short Factor CertificateFacebook10x0.231952CHF4.684.74
/product/detail/index/isin/CH0513446242
51344624 
Short Factor CertificateNASDAQ 100 Index20x0.008214CHF3.493.52
/product/detail/index/isin/CH0513453537
51345353S5ADSU
Short Factor Certificateadidas5x0.079595CHF5.075.09
/product/detail/index/isin/CH0513453552
51345355S5SIMU
Short Factor CertificateSiemens5x0.202016CHF5.135.15
/product/detail/index/isin/CH0512543494
51254349 
Short Factor CertificateAMS5x0.493384CHF0.004.76
/product/detail/index/isin/CH0512543502
51254350 
Short Factor CertificateAMS8x0.766752CHF0.004.63
/product/detail/index/isin/CH0512543452
51254345S5AMSU
Short Factor CertificateAMS5x0.487222CHF5.425.52
/product/detail/index/isin/CH0512543460
51254346S8AMSU
Short Factor CertificateAMS8x0.750733CHF5.635.78
/product/detail/index/isin/CH0505520103
50552010S10AAU
Short Factor CertificateApple10x0.035791CHF0.950.97
/product/detail/index/isin/CH0493871229
49387122 
Short Factor CertificateAlphabet Inc. C12x0.006303CHF0.690.72
/product/detail/index/isin/CH0493871211
49387121 
Short Factor CertificateAlphabet Inc. C10x0.008245CHF1.081.14
/product/detail/index/isin/CH0489597135
48959713S8AMZU
Short Factor CertificateAmazon.com8x0.04117CHF8.919.01
/product/detail/index/isin/CH0489597275
48959727S12VIU
Short Factor CertificateVisa12x0.081153CHF1.20--
/product/detail/index/isin/CH0501543455
50154345S12SPU
Short Factor CertificateS&P 500 Index12x0.008547CHF2.232.24
/product/detail/index/isin/CH0501543414
50154341S12NQU
Short Factor CertificateNASDAQ 100 Index12x0.00231CHF1.641.65
/product/detail/index/isin/CH0499190665
49919066S15SIU
Short Factor CertificateSMI PR Index15x0.002516CHF1.731.74
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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.