{
    "type": "ETF",
    "ucits": true,
    "fund_name": "Alpha UCITS SICAV - Fair Oaks AAA CLO Fund UCITS ETF GBP Hedged Acc. Share Class",
    "investment_objective": "To generate attractive risk-adjusted returns primarily by investing in and managing a portfolio of European and US AAA-rated collateralised loan obligations (CLOs) on a long-only and liquid basis.",
    "primary_asset_class": "Asset-backed securities (CLOs)",
    "geographic_focus": "Europe and US",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "Investment in complex underlying assets (AAA-rated CLOs)",
    "classification": "complex",
    "supporting_data": "The ETF invests up to 100% in AAA-rated CLOs, which are structured credit products backed by diversified portfolios of senior secured bank loans. The fund is long-only with no leverage or synthetic replication via swaps or derivatives. The KIID and factsheet confirm no use of leverage or synthetic replication; derivatives are only used for currency hedging, not as an inherent part of the investment strategy. However, CLOs themselves are complex structured products with inherent valuation and liquidity risks, and the fund invests exclusively in these complex assets. The risk profile is medium/high (risk level 4), reflecting the complexity and risks of CLOs, including credit default risk, liquidity risk, and dependence on CLO managers. The fund is UCITS compliant and physically holds CLO securities rather than using synthetic replication. There is no mention of swap agreements, total return swaps, or derivative counterparty risk as part of the investment strategy. The PRIIPs KID and monthly factsheet do not indicate any synthetic or leveraged exposure. Despite the absence of leverage or synthetic replication, the complexity arises from the nature of the underlying assets (CLOs), which are structured products with complex credit and liquidity risk profiles, making the fund complex under MiFID II rules. No capital protection or structured return features are present. Costs are straightforward with no performance fees or swap fees. The fund is not suitable for mass retail investors and requires specific investment knowledge due to the complexity of CLOs."
}