The certificate of deposit (certificados de operações estruturadas – COE) has dominated the Brazilian market in recent years.

According to SRP data, the COE has been the sole wrapper used in Brazil in the past five years. Structured funds, previously the main wrapper in the country, were last seen on the SRP Brazil database in 2018, but those products have all since matured. An estimated BRL14.2 billion (US$2.9 billion) was invested in some 4,750 certificates of deposit during 2023 . Sales volumes had been on or slightly above the BRL10.5 billion mark since 2021, but prior to that (2019 & 2020) they only reached a

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