{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "Contingent Convertible Bonds",
        "High-Yield Fixed-Income Securities",
        "Active Management Risk"
    ],
    "classification": "complex",
    "confidence": 85,
    "supporting_data": "The Amerant Latin American Debt UCITS ETF is classified as complex primarily due to its investment in Contingent Convertible Bonds (CoCos), which are hybrid instruments with conversion or write-down features triggered by specific events. These instruments are considered complex due to their contingent nature and the discretionary coupon cancellation risk. Additionally, the fund invests in high-yield fixed-income securities, which are inherently riskier and less liquid than investment-grade bonds. The active management approach, while not inherently complex, adds another layer of risk and requires specialized knowledge to understand the investment decisions. The fund does not use leverage, inverse strategies, or swaps, but the presence of CoCos and high-yield bonds makes the fund's risk profile more complex and less transparent for retail investors. The risk indicator of 4/7 further supports this classification, as it indicates a higher risk level. The fund's investment in CoCos, which are subject to discretionary coupon cancellations and potential principal write-downs, requires a deeper understanding of the underlying triggers and mechanisms, making it unsuitable for retail investors without specific investment knowledge."
}