UASSET on a server (download on demand)

You can mount PAKs at runtime and instantiate the uassets from there. The same thing should also work with .uassets(PAK are nothing more than containers for uassets.).
Direct guides are sparse on this topic but I found some examples on the answerhub: https://answers.unrealengine.com/que…t-runtime.html
The overall idea is quite simple. Load the pak, find the asset you want to load and then instantiate it.

As for the download of the uassets/paks theres another really nice answerhub post: https://answers.unrealengine.com/que…le-online.html

I quoted the guide here if the answerhub is down for whatever reason.

by the way depending on your game you can start downloading the files when the player has reached a specific point ingame(like level X or when he reached a transition zone.). Thats how we did it for our unity game. The user never notices that he has to download more.