Snowball product is a popular autocallable structured product that pays a high coupon if the underlying of linked index passes an upside barrier at which point it automatically matures, investors will gain their principal and investment income. Investors purchase snowball products, which are essentially similar to exotic options with barrier clauses. The essence of the product is similar to selling exotic put options and receiving option premiums.

This is mainly due to the income characteristics of its options. This type of option structure not only provides a certain degree of fall protection, but also expresses a "moderately bullish" view on the market. As long as the price of the underlying asset does not fall sharply, the longer the holding period, the more profitable it will be. This process is like rolling a snowball. As long as there are no big potholes on the road, the snowball will roll bigger and bigger, so it is called "snowball".