In January 2024,the media reported that the principal deficit of Snowball products or triggered a decline in the securities market,and the spread and diffusion of these news may trigger a butterfly effect,greatly affecting investor sentiment and expectations,leading to people's rejection of financial innovation and criticism of financial derivatives.This paper analyzes the attributes and risk characteristics of snowball products,analyzes the reasons for the principal deficit of snowball products,and finally puts forward countermeasures and suggestions.The results show that the snowball product is an options-dependent design innovation in the financial market,and each product is suitable for the specific trend of the underlying asset market,without which the returns are not good or even losses.The profitability of snowball products should not be exaggerated and the objectivity of risks ignored.We should objectively view media reports,rationally summarize the experience of snowball explosion warehouse,and provide valuable reference opinions for subsequent product development.On the one hand,this paper aims to objectively analyze the properties of Snowball products and disseminate scientific knowledge from the academic and professional point of view.On the other hand,from the perspective of academic discussion,it also puts forward countermeasures and suggestions for the healthy development of innovative financial products embedded with exotic options.
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