---
title: "SRRI (synthetic risk and reward indicator, UCITS)"
description: "The SRRI is the 1–7 risk score in a UCITS KIID, assigned purely from the fund's five-year annualised volatility using fixed buckets; it preceded the PRIIPs SRI."
canonical: https://fundfactsapi.com/glossary/srri
published: 2026-09-04
updated: 2026-09-04
publisher: FundFacts API
---

# SRRI (synthetic risk and reward indicator, UCITS) (Synthetic risk and reward indicator, UCITS risk indicator, Risk and reward profile)

> The SRRI is the 1–7 risk score in a UCITS KIID, assigned purely from the fund's five-year annualised volatility using fixed buckets; it preceded the PRIIPs SRI.

The **synthetic risk and reward indicator (SRRI)** is the risk score, from 1 to 7, shown in the "Risk and reward profile" section of a UCITS [KIID](https://fundfactsapi.com/glossary/kiid). It is calculated from the annualised [volatility](https://fundfactsapi.com/glossary/volatility) of the fund's weekly (or monthly) returns over the past five years and mapped to fixed buckets: roughly below 0.5% for class 1, 0.5–2% for class 2, 2–5% for class 3, 5–10% for class 4, 10–15% for class 5, 15–25% for class 6 and above 25% for class 7. Funds with less than five years of history use benchmark or proxy data to fill the gap.

The SRRI is purely volatility-based; it does not consider credit risk, liquidity or the recommended holding period.

## Why it matters

From 2011 to the end of 2022 the SRRI was the risk number every European UCITS investor saw, and it remains in use in UK UCITS KIIDs and older documents. EU funds now publish a [PRIIPs](https://fundfactsapi.com/glossary/priips) KID with an [SRI](https://fundfactsapi.com/glossary/sri) instead, whose market risk buckets differ and which adds a credit risk component. A fund that was SRRI 6 may be SRI 4 or 5 today without any change in its portfolio, so risk filters must know which scale each document uses.

## In the API

The risk score in the fund's current key information document is returned as `riskRating` with a one-word band.

```json
{
  "riskRating": 6,
  "profile": {
    "riskBand": "high"
  },
  "headlineMetrics": { "volatility3y": 17.8 }
}
```

Example values. The same field holds the SRI where the fund publishes a PRIIPs KID.

## Common pitfalls

- Do not recompute an SRRI from three-year volatility; the regulatory method uses five years.
- Boundary funds flip between classes as volatility drifts. The KIID must be updated when the score changes for a sustained period, so document dates matter.

## In the FundFacts API payload

- `riskRating`
- `profile.riskBand`
- `headlineMetrics.volatility3y`

## About FundFacts API

FundFacts turns any fund or ETF ISIN into one dated factsheet (fees and KID costs, the 1–7 risk indicator, holdings, sector and country exposure, returns) read from the fund house's own documents: as a client-ready PDF under your firm's name for advisers and wealth managers, as JSON through its API for developers, or inside ChatGPT and Claude through its MCP server.

FundFacts works inside ChatGPT and Claude as a connector (a remote MCP server): ask about any fund or ETF by ISIN, ticker or name and the assistant answers from FundFacts' dated figures, fees, risk, holdings, exposure and returns, with fund cards, side-by-side comparisons, holdings overlap and portfolio look-through.

- Free API key, no card: https://fundfactsapi.com/signup
- Documentation: https://fundfactsapi.com/docs (OpenAPI: https://fundfactsapi.com/openapi.json)
- MCP server: https://fundfactsapi.com/api/mcp (set-up for every client: https://fundfactsapi.com/mcp-server)
- Pricing: https://fundfactsapi.com/pricing
- Site index for AI assistants: https://fundfactsapi.com/llms.txt
- Informational data, not investment advice.