{
    "fund_name": "AMUNDI MSCI EM LATIN AMERICA UCITS ETF - USD",
    "type": "ETF",
    "ucits": true,
    "replication_method": "synthetic",
    "leverage": false,
    "derivatives": true,
    "swaps": true,
    "inverse": false,
    "complex_factors": [
        "Synthetic replication using total return swaps",
        "Counterparty risk exposure",
        "Emerging market complexity"
    ],
    "classification": "complex",
    "supporting_data": "The ETF uses synthetic replication via total return swaps, which introduces counterparty risk and derivative exposure. While the underlying index (MSCI Emerging Markets Latam) is a straightforward equity index, the use of swaps for replication makes the fund's performance dependent on the counterparty's ability to deliver returns. The KIID explicitly mentions 'derivatives are integral to the Sub-Fund's investment strategies' and highlights counterparty risk as a material risk. The PRIIPs KID and factsheet confirm the synthetic replication method. While the fund is UCITS-compliant and tracks a transparent index, the derivative-based replication structure and counterparty risk exposure meet MiFID II criteria for complexity.",
    "confidence": 90
}