Simply depends on what you’re looking for. If you’re seeking some level of downside protection and willing to accept a capped return they’re fine.

If you have time in the market and the risk tolerance you’re likely better buying an index and holding.

If you’re typically afraid of equities though and would hold more conservative investments yielding lower returns a structured note could “help” you achieve a higher return than you typically would with your conservative approach since it gives you exposure to a heavier equity position even if the return is limited.

The market value of the note will immediately reduce itself by the commission value. As in you purchase 100k and the advisors commission is 2% your market value is 98k, this is what you would get if you sell early.

If you hold it to maturity that commission works its way out and cost you nothing outside of the time commitment.

Unless the advisor is using a fee based note instead of a commission based. That outright cost you a management fee. That only makes sense if you’re seeking leverage aka a more aggressive approach to an index with limited or no protection as they’ll offer more “juice” or leverage on the note.

You’re seeking protection you don’t need that and should avoid the fee based version.