{
    "name": "AMUNDI MSCI EM LATIN AMERICA UCITS ETF - EUR",
    "type": "ETF",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via a total return swap to track the MSCI Emerging Markets Latam Index, which introduces counterparty risk and derivative exposure. The KIID explicitly states that derivatives are integral to the investment strategy, and the presence of a swap agreement indicates complexity under MiFID II. While the ETF does not employ leverage or inverse strategies, the use of unfunded swaps and the associated counterparty risk are sufficient to classify it as complex. The risk profile (SRRI 6) and the disclosure of operational and liquidity risks further support this classification.",
    "confidence": 90,
    "risk_level": 6,
    "counterparty_risk": true,
    "liquidity_risk": true,
    "benchmark_complexity": "moderate",
    "additional_notes": "The ETF is UCITS-compliant, which typically implies a higher standard of investor protection, but the synthetic replication method and derivative usage override this for MiFID II complexity classification. The factsheet confirms the synthetic replication and swap usage, reinforcing the complexity determination."
}