{
    "type": "ETF",
    "ucits": true,
    "fund_name": "AMUNDI MSCI EM LATIN AMERICA UCITS ETF - EUR",
    "investment_objective": "Track the performance of MSCI Emerging Markets Latam Index with minimized tracking error",
    "primary_asset_class": "Equity",
    "geographic_focus": "Latin America Emerging Markets",
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication via total return swaps",
        "Counterparty risk exposure",
        "Emerging markets equity exposure",
        "Use of derivatives integral to strategy"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses an indirect replication methodology via total return swaps (financial derivative instruments) to achieve exposure to the MSCI Emerging Markets Latam Index. The KIID and PRIIPs KID explicitly state that derivatives are integral to the investment strategy, confirming synthetic replication. There is clear mention of counterparty risk associated with swap counterparties. The fund is UCITS compliant but uses synthetic replication rather than physical replication. There is no leverage or inverse exposure. The underlying index is an equity index focused on emerging markets in Latin America, which carries higher political, legal, economic, and liquidity risks. The risk indicator is 5 out of 7, indicating medium-high risk. Costs are straightforward with no performance fees, but swap usage implies derivative costs. The factsheet confirms synthetic replication and swap usage. No capital protection or structured features are present. Given the mandatory use of total return swaps and derivative instruments as a core part of the strategy, the ETF is classified as complex under MiFID II rules despite the absence of leverage or capital protection. The complexity arises primarily from synthetic replication and counterparty risk exposure, which may reduce retail investors' ability to fully understand the product's risk profile.",
    "risk_level_assessment": "The fund's stated risk profile is medium-high (5/7), reflecting market risk in emerging markets equities and counterparty risk from swap usage. This aligns with the complexity classification, as the use of derivatives and synthetic replication increases risk and complexity beyond a straightforward physical replication ETF."
}