ARNs are a type of structured investment product (SIP). These packaged investments are usually created by investment banks for institutional investors such as organisations and hedge funds, although some SIPS are available to retail investors. The scope, possible returns, risk, and complexity vary between each SIP because these are customised but are commonly linked to traditional security. The difference is in the non-traditional payoff features, which depend solely on the underlying asset performance. Other debt instruments, such as bonds, are generally more simplified and carry considerably less risk since an ARN is unsuited to investors that require a guaranteed return on their capital or, indeed, a return on the original capital investment value. SIPS, including ARNs, are accessible as alternatives for retail and institutional investors alongside more mainstream products, such as mutual funds, ETFs, stocks, and bonds. For retail investors, another structured investment product with capital protection built in is likely preferable, with structured deposits, another option, acting similarly to a fixed-rate bond, and yet with a different calculation basis and higher possible returns.