摘要：Structured operations certificates (certificados de operações estruturadas, COEs) are complex financial products that are commonly sold to retail investors in Brazil. However, information about their expected returns are not disclosed to the buyers. In this paper we estimate the expected returns of two groups of COEs. The first is composed of the 50 highest-volume COEs sold to at least 100 retail investors between 2016 and 2019. The second group includes 234 COEs distributed by a large Brazilian brokerage house from 2019 to 2020. Of these 284 COEs, 252 had an expected return lower than the risk-free return available to investors at the time of sale.
