A nine-minute Navy video footage of a strange flying object as noted here and here was captured by two experienced Chilean Navy officers from a helicopter. This was also studied by Chilean military authority called CEFAA which comprises of committees of military experts, technicians and academics from many disciplines to investigate UFOs or UAP (unidentified aerial phenomena). Is this a credible video of a documented UFO event as reported by the Chilean Navy?
It appears that the report is largely true. CEFAA is an actual department within DGAC, the Chilean agency that regulates aviation. After some digging I found the official release which did assign a Unidentified Aerial Phenomenon status to the claim. This seems to be the equivalent of UFO in US nomenclature.
This however does not mean it was an alien spacecraft. To paraphrase Neil deGrasse Tyson
Just because you don't know what it is, doesn't mean it's aliens.
That's still true even if it was a bunch of very smart people who looked at the evidence. Sometimes there is simply not enough evidence to make a conclusion one way or the other.