What is Snowball？

Snowball is a non-principal-protected structured product. There are multiple observations during the term of the product, which could trigger early redemption at full principal amount plus a high interest rate. It allows investors to earn a high yield in various market environments, but carries the risk of the investment currency being converted to a different currency at the initial exchange rate when the market moves significantly in one direction.

Introduction of BTC Snowball

Sales timeline

Every Wednesdays 20:00 - Thursdays 15:30 (UTC+8)

Investment rules

Minimum Investment Amount：20000 USDT

Investment Currency：USDT

Definitions

• BTC/USD Price: the BTC/USD Index Price as published by the Deribit exchange
• Initial Price: the BTC/USD price at around 16:00 (UTC+8), which shall be published shortly after the end of the subscription period.
• Final Price: the average BTC/USD Price over the period 15:30~16:00(UTC+8) on the Maturity Date.
• KO Event: a KO Event is deemed to occur if, on a KO Observation Date, the average BTC/USD Price over the period 15:30~16:00(UTC+8)  is greater than [105]% of the Initial Price
• KI Event: a KI Event is deemed to occur if, at any time prior to maturity, the BTC/USD Price is lower than 75% of the Initial Price

Revenue Rules

• This product has a maximum maturity of 4 weeks, subject to early redemption if a KO Event occurs.
• If a KO Event occurs(Scenario 1), or no KI Event occurs(Scenario 2), the investor receives 100% of the USDT principal plus an annualized interest rate of 52% upon the KO Event or at maturity, whichever occurs earlier.
• If no KO Event occurs, and a KI Event occurs, the investor receives no interest, and at maturity

i) If Final Price ≥ Initial Price(Scenario 3), the investor receives 100% of the USDT principal; or

ii) if Final Price < Initial Price(Scenario 4), the investor receives BTC, the amount being 100% of the USDT principal converted to BTC at the Initial Price.

Settlement return time

KO Event occurs: 19:00 (UTC+8) on the day of observation

No KO Event occurs: 19:00 (UTC+8) on the day the product expires

Note: The KI price and KO price percentage (75%, 105%) and APR (52%) mentioned in the definition are indicative, please refer to the specific figures on the details page of each product.