What does the cryptic crossword clue "I’m USA caper possibly around cold water? But NZ are the holders! (11)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

I’m USA caper possibly around cold water? But NZ are the holders! (11)

Independent Cryptic #11804 | 13 Down | 2024-08-09

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