Thoughts on auto-callable basket type instruments with downside protection?

I generally try not to stray too far from just "VOO and chill" but our bank guy was pitching us an instrument that actually seemed interesting. Basically its something like this:

* Basket of predetermined stocks, like 25-30 blue chips

* 3 year maturity

* 1 year auto-callable at 23% (if the basket is up 23%+ after 1 year, you get your principal immediately +23%)

* 75% downside threshold (if after 3 years the basket is worth between 75-100% of the initial amount, you get 100%)

* 1.3-1.5x upside gearing if its NOT auto-called. For example, if at year 1 its up 10% (not autocalled), then at year 3 its up 50%, you get the 50% profit x 1.3-1.5. (what does this depend on? i dont know)

So what are the downsides? Sounds too good right? Well first of all it has a 2.5% commission straight off the bat. If it tanks under 75% youre on your own. And it it pumps over 23%, you miss out. And, limited liquidity, youre locked in to the 3 years or you probably take a hit if you wanna liquidate it. Also, as its a "forced sale" at year 1/3, it could be inconvenient in terms of taxes.

So anyone invested in something like this? what are your thoughts on it? Worth the 2.5% initial hit?

If anything, it seemed interesting from a perspective that big money is quite bullish if they're interested in offering this.