The ARN issuer will calculate the value of the linked asset once the product reaches maturity. Most products provide a payoff based on the increase multiplied by a predetermined amount, normally two or three times. There is, though, a capped return, so if the linked asset appreciates significantly, this will not necessarily pass to the investor through a higher return. If the asset decreases during the product period, the payoff is based on the original capital investment, less all the downside loss, since there is no exposure protection.