Structured notes can offer "interest" of 30% or more. There are thousands of them, they are frequently callable and downside protection often goes away if some underlying asset falls more than X% by some date. They are basically side bets that are tied to an asset. If a bank like JP Morgan is selling a structured note they have math PhDs that have calculated the odds are in the banks favor. There is no value creation here, only a value transfer. It's like placing a complex bet at a race track. Since the odds are never in your favor why would someone buy a structured note instead of just holding cash? Do people just like to speculate with them? There does not appear to be a mathematically correct reason to hold these.