Since SpaceX’s IPO in June of this year, its stock price has fallen by more than 40% from its post-IPO high. At least five financial institutions—including Morgan Stanley, Marex Group, Citigroup, Wells Fargo, and RBC Capital Markets—are racing to launch structured notes linked to SpaceX stock. These products are designed to provide investors with a certain degree of downside protection (with some products covering up to 50% of a decline), but they also limit potential returns and generate substantial fees for the issuers.