Leverage products are generally aimed at experienced investors with advanced knowledge. We therefore recommend that investors read the product documentation carefully, particularly with regard to the following risk factors:

• Market risk: The prices of leverage products may fluctuate sharply up or down due to price movements of the underlying, which in the worst case may lead to a total loss of the invested capital.

• Leverage effect: As the leverage effect works both upwards and downwards, it can have a negative or positive effect on the value of a leverage product.

• Risk of termination/reinvestment risk: The issuer has the right to terminate a leverage product without maturity (so-called "open-end" products) by giving prior notice to holders. In such a case, the redemption amount may, under certain circumstances, be considerably lower than the initial issue price and, in the worst case, the redemption value may even be zero, which corresponds to a total loss of the capital invested. Furthermore, investors bear the risk that the redemption occurs at an inopportune time and that the redemption amount can only be reinvested at less favorable conditions.

• Exchange rate risk: Leverage products are subject to exchange rate risk if the underlying is traded in a different currency than the leverage product itself. Exchange rate fluctuations can influence the value of an investment in leverage products both positively and negatively.

• Credit risk/default risk: The investor bears the risk of default and bankruptcy of the issuer and the risk of default and bankruptcy of the guarantor. In the event of a likely or certain bankruptcy of the issuer and/or the guarantor, the investor may lose part or the entirety of the capital, or may receive other financial instruments in replacement, or may suffer from a change in the terms and conditions.of thr products.