{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Contingent Convertible Bonds (CoCos)",
    "classification": "complex",
    "supporting_data": "The Amerant Latin American Debt UCITS ETF invests primarily in fixed income securities issued by Latin American issuers, including up to 10% exposure to Contingent Convertible Bonds (CoCos), which are hybrid debt instruments with principal write-down or conversion triggers. The fund uses an active management approach investing directly in fixed income securities listed on regulated markets, with no indication of synthetic replication, swap agreements, or derivative instruments as part of the replication method. There is no leverage or inverse exposure mentioned. The fund is UCITS compliant and uses physical replication of underlying assets. However, the presence of CoCos, which are complex hybrid instruments with contingent loss absorption features and discretionary coupon cancellation risks, introduces complexity under MiFID II. The risk profile is moderate (category 4), reflecting the speculative nature and risks associated with CoCos and high-yield fixed income securities. No references to swaps, synthetic replication, leverage, or derivative usage for investment strategy were found. The fund does not employ leverage or inverse strategies. The complexity arises primarily from the underlying asset class (CoCos) and their contingent features, which may be difficult for retail investors to understand fully, thus driving the classification as complex under MiFID II."
}