{
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "swaps": true,
    "derivatives": true,
    "leverage": false,
    "inverse": false,
    "complex_factors": [
        "Swaps",
        "Synthetic replication",
        "Counterparty risk"
    ],
    "classification": "complex",
    "supporting_data": "The AMUNDI MSCI EM LATIN AMERICA UCITS ETF uses an indirect replication methodology via total return swaps to achieve exposure to the MSCI Emerging Markets Latam Index. The KIID and PRIIPs KID explicitly state that derivatives, specifically total return swaps, are integral to the Sub-Fund's investment strategy. This synthetic replication approach inherently involves counterparty risk, as highlighted in the risk disclosures. There is no leverage or inverse exposure mentioned, and the fund is UCITS compliant. The underlying index is a large and mid-cap equity index focused on Latin American emerging markets, which is straightforward in asset class but the use of swaps and synthetic replication adds complexity. The risk profile is medium-high (5 out of 7), reflecting market and counterparty risks. Costs are simple with no performance fees, but swap usage implies additional complexity beyond physical replication ETFs. No capital protection or structured features are present. The PRIIPs KID does not include a comprehension warning but confirms the synthetic swap-based structure. Overall, the presence of funded total return swaps and counterparty risk exposure drives the classification as complex under MiFID II."
}