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/product/detail/index/isin/CH0449366746
44936674 
Short Factor CertificateCredit Suisse6x0.609599CHF1.231.25
/product/detail/index/isin/CH0449366779
44936677 
Short Factor CertificateZurich Insurance5x0.01753CHF1.3371.377
/product/detail/index/isin/CH0449366787
44936678 
Short Factor CertificateZurich Insurance6x0.013332CHF0.850.87
/product/detail/index/isin/CH0449366803
44936680 
Short Factor CertificateZurich Insurance10x0.003003CHF0.1130.119
/product/detail/index/isin/CH0449366811
44936681 
Short Factor CertificateRoche5x0.044994CHF2.5822.602
/product/detail/index/isin/CH0449366829
44936682 
Short Factor CertificateRoche6x0.03851CHF1.8371.857
/product/detail/index/isin/CH0449366837
44936683 
Short Factor CertificateRoche8x0.024695CHF0.8820.892
/product/detail/index/isin/CH0449366886
44936688FL5LGU
Long Factor CertificateLogitech5x1.592786CHF12.4312.63
/product/detail/index/isin/CH0449366894
44936689FL8LGU
Long Factor CertificateLogitech8x1.215202CHF5.765.96
/product/detail/index/isin/CH0449366902
44936690FL5LOU
Long Factor CertificateLonza5x0.125571CHF8.328.42
/product/detail/index/isin/CH0449366910
44936691FL8LOU
Long Factor CertificateLonza8x0.071224CHF2.932.98
/product/detail/index/isin/CH0449366944
44936694FL5ABU
Long Factor CertificateABB5x1.990307CHF7.427.45
/product/detail/index/isin/CH0449366951
44936695FL8ABU
Long Factor CertificateABB8x1.686986CHF3.9123.942
/product/detail/index/isin/CH0449390902
44939090 
Long Factor CertificateLogitech8x1.215202CHF5.8246.224
/product/detail/index/isin/CH0449390910
44939091 
Long Factor CertificateLonza5x0.125571CHF8.338.53
/product/detail/index/isin/CH0449390928
44939092 
Long Factor CertificateLonza8x0.071224CHF2.943.04
/product/detail/index/isin/CH0449390951
44939095 
Long Factor CertificateABB5x1.990307CHF7.4057.465
/product/detail/index/isin/CH0449390969
44939096 
Long Factor CertificateABB8x1.686986CHF3.8943.954
/product/detail/index/isin/CH0449391058
44939105 
Short Factor CertificateSwiss Life5x0.017302CHF1.671.71
/product/detail/index/isin/CH0449391074
44939107 
Short Factor CertificateAdecco5x0.122974CHF1.3611.401
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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.