Strict supervision of the trust industry continues, and the previously popular "snowball" products ushered in supervision. The reporter learned that some trust companies have recently received regulatory window guidance and are not allowed to continue to sell products involving snowball structure income certificates to natural persons. Previously, some asset management and fund subsidiaries of securities companies also received window guidance on "snowball" products. "In terms of the current attitude of the regulators, snowball products are estimated to be difficult to reissue in the future." A person from the standard product business of the trust company disclosed that the regulator's move is mainly to prevent individual investors from being unable to accept possible principal losses due to misunderstanding of the meaning of "snowball" products. This regulatory measure is in line with the regulatory tone of risk control in the trust industry, and it is also an embodiment of the competition of all asset management institutions on the same platform under the new asset management regulations. Generally speaking, there are two kinds of so-called "snowball" products. Small snowballs have a low rate of return and are usually issued in the form of income certificates; The big snowball may have a high yield. It is a strange put option and a hot object in the market. Important components of the product include: term, linked subject matter, knock out price, knock in price and contingent rate of return. Among them, the snowball linked to the CSI 500 index is very popular, and trust, brokerage asset management, fund subsidiaries, private placement and other asset management institutions have set foot in it. (outlook new era)