PERLES = PERformance Linked to Equity Securities

Is is the UBS name given to a Tracker Certificates.

PERLES products aim to deliver exposure to the performance of an underlying asset. As such, they can be used by investors to gain the exposure that they would have been able to achieve (net of fees) if they had purchased the underlying asset directly, noting that dividends are forgone. PERLES often provide access to underlying asset classes, to which an investor would find it impossible or expensive to gain access.