These unsecured debt instruments were first introduced to the market in 2010 and were offered by the Bank of America and Merrill Lynch as an alternative structured note. Debt securities were initially linked to gold spot prices, using derivatives to provide investors with leveraged returns with lower loss exposure for retail investors. ARNs were packaged as an investment product with accelerated returns, hence the name. They were marketed as providing greater profits based on well-established stocks and indices, with two or three-times positions against asset appreciation. Most ARNs had returns capped at 18 to 25 per cent, although there are now some products with higher return limits, depending on the issuing financial institution, the capital invested, and the underlying asset. While ARNs proved popular, they were not exchange-traded and had little liquidity, with some banks removing this structured product. However, with increasing market volatility and uncertainty, this investment remains an option as an alternative to conventional fixed-rate debt instruments such as government or corporate bonds.