Core Viewpoint - The article explains the concept of a specific financial product known as "automatic knock-in and knock-out options," which is often misrepresented as a stable income product. It highlights the inherent risks and complexities associated with this type of investment [4][50]. Group 1 - The product is referred to as "Z," which is essentially a type of put option linked to stock indices like the CSI 500 and CSI 1000. The buyer (referred to as Gu Chen) has limited risk but unlimited potential profit, while the seller (referred to as Lao Wang) faces unlimited risk with limited profit potential [29][50]. - The structure of the product allows for two key events: "knock-out" and "knock-in." A knock-out occurs when the stock index rises above a certain threshold, resulting in immediate returns for the investor. A knock-in happens when the index falls below a specified level, leading to potential losses for the seller [31][37]. - The article provides examples of different scenarios that can occur with this product, illustrating the potential outcomes based on the performance of the underlying index over time [35][46]. Group 2 - The investment strategy involves a trade-off between risk and reward, where the buyer pays a premium for the right to sell at a predetermined price, while the seller receives a premium but takes on significant risk if the market moves unfavorably [21][50]. - The article emphasizes that this type of investment is not suitable for individuals with low risk tolerance or limited financial knowledge, as the potential for significant losses exists if the market experiences a downturn [50][51]. - Overall, the product is characterized as complex and high-risk, contrasting sharply with traditional fixed-income investments or low-risk financial products [50].

近期，有金融机构冠以"雪球结构"的自动敲入敲出类 期权 产品引发了市场的关注。因为名称当中含有"雪球"二字，使得一些用户、投资者咨询这种"雪球结构"是否为雪球所发 布。 雪球郑重声明，雪球公司于2015年12月3日在第36类"金融服务、金融咨询"等服务上申请 "雪球"商标， 并于2017年9月21日获准注册，有效期至2027年9月20日。 《商标法》禁止未经许可使用他人注册商标。任 何未经雪球公司授权，擅自在金融产品名称中使用"雪球"商标的行为，均涉嫌违反《商标法》的相关规定。雪球敦促 相关各方谨慎处理，尽快更正名称中的不当用法，并澄清所造成的混淆后果。对拒不更正者，雪球公司保留采取法律 行动和救济措施的权利，一切不利后果将由侵权方自行承担。 雪球公司也在多起涉及该类型商标侵权案件 中胜诉，法院在判决中支持了雪球公司的维权主张，认定雪球公司对"雪球"商标享有注册商标专用权，被告方未经雪 球公司许可，擅自在其设立的 基金 产品名称中使用"雪球"字样，侵犯了雪 球公司的"雪球"注册商标专用权，构成商标侵权行为。同时，针对被告方认为"雪球"为描述某类金融产品特点的通用 名称的主张，法院予以明确驳回。 另外，雪球也提 ...