Stocks are not financial derivatives, but bonds, large payment bills and so on are basic products. Derived from these basic products are called financial derivatives, such as forwards, futures, options, swaps, funds and so on. Complex financial derivatives refer to extremely complex financial derivatives composed of more than two kinds of derivatives, such as options with futures as the target, in which futures are based on a certain commodity or financial index. There are countless complex financial derivatives in the world. Recently, the most famous accumulator product, translated as "Cumulative Stock Option", is also called KODA (Knockout Discount Accumulator). It is a complex financial derivative tool to buy and sell assets (stocks, foreign exchange or other commodities) in the form of contracts. It is an over-the-counter transaction between investment banks (bankers) and investors' clients. Generally speaking, investment banks will sign contracts with customers for up to one year. Cumulative options involving stocks are called cumulative stock options. The English full name is Knock Out Discount Accumulator (KODA). Cumulative stock option is a financial derivative. Cumulative stock option is a cumulative stock option contract signed by investors and private banks. Generally, there is no retail, and the minimum admission fee is $654.38 +0 million. Investors sign a cumulative stock option contracts with a private bank with a term of 1 year. Cumulative option contracts include "strike price" and "strike price", and the strike price is usually discounted from the market price when signing the contract. After the contract comes into effect, when the market price of the linked assets is between the cancellation price and the exercise price, investors can regularly purchase a specified number of assets from traders according to the exercise price. When the market price of linked assets is higher than the cancellation price, the contract is terminated and investors can no longer buy assets at a discount price. However, when the market price of linked assets is lower than the exercise price, investors must regularly buy assets at twice or even four times the exercise price until the end of the contract. KODA has four characteristics: 1, the exercise price of buying stocks is often lower than the current price10-20%; 2. When the stock price rises by 3-5% over the current price, the contract will be terminated by itself; 3. When the stock price falls below the exercise price, investors must double the stock; 4. The contract term is generally one year, and investors can buy it as long as they have cash or stock mortgage of 40% of the contract amount, so this product is often highly leveraged. Cumulative options are similar to investors selling put options to traders, and the discounted purchase rights obtained are disguised options, but the gameplay is more complicated than options. Decumulator is a similar derivative, and the game is changed to sell the linked assets to the banker by investors.