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/product/detail/index/isin/CH0475520786
47552078S25SMU
Short Factor CertificateSMI PR Index25x0.000126CHF0.050.06
/product/detail/index/isin/CH0475520802
47552080L20SMU
Long Factor CertificateSMI PR Index25x0.014051CHF5.945.99
/product/detail/index/isin/CH0480376570
48037657 
Long Factor CertificateSMI PR Index8x0.009551CHF12.4912.59
/product/detail/index/isin/CH0480376588
48037658 
Long Factor CertificateSMI PR Index10x0.011642CHF12.1912.29
/product/detail/index/isin/CH0480376661
48037666L10SMU
Long Factor CertificateSMI PR Index10x0.011965CHF12.5412.60
/product/detail/index/isin/CH0486379883
48637988 
Short Factor CertificateSMI PR Index10x0.001908CHF1.982.00
/product/detail/index/isin/CH0486380071
48638007 
Long Factor CertificateSMI PR Index4x0.002392CHF6.266.28
/product/detail/index/isin/CH0486380089
48638008 
Long Factor CertificateSMI PR Index6x0.003883CHF6.776.81
/product/detail/index/isin/CH0486379891
48637989 
Short Factor CertificateSMI PR Index15x0.001471CHF1.011.03
/product/detail/index/isin/CH0486384719
48638471S10SXU
Short Factor CertificateSMI PR Index10x0.001599CHF1.661.67
/product/detail/index/isin/CH0486384701
48638470S4SXIU
Short Factor CertificateSMI PR Index4x0.001322CHF3.453.46
/product/detail/index/isin/CH0501615774
50161577 
Short Factor CertificateSMI PR Index22x0.00222CHF1.041.06
/product/detail/index/isin/CH0501615725
50161572 
Short Factor CertificateSMI PR Index12x0.002915CHF2.512.55
/product/detail/index/isin/CH0501615758
50161575 
Short Factor CertificateSMI PR Index20x0.00244CHF1.251.29
/product/detail/index/isin/CH0501615808
50161580 
Short Factor CertificateSMI PR Index25x0.00186CHF0.760.78
/product/detail/index/isin/CH0501615766
50161576 
Short Factor CertificateSMI PR Index21x0.002333CHF1.141.16
/product/detail/index/isin/CH0501615741
50161574 
Short Factor CertificateSMI PR Index18x0.002685CHF1.521.56
/product/detail/index/isin/CH0501615733
50161573 
Short Factor CertificateSMI PR Index15x0.002917CHF1.992.03
/product/detail/index/isin/CH0478937904
47893790L4SMIU
Long Factor CertificateSMI PR Index4x0.005051CHF13.2413.26
/product/detail/index/isin/CH0478937920
47893792L6SMIU
Long Factor CertificateSMI PR Index6x0.008389CHF14.6414.70
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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.