kiid

KIID stands for Key Investor Information Document, a standardized disclosure used in the European Union to inform retail investors about a UCITS fund’s key features. It was created to promote transparency and comparability by summarising the fund’s objective, investment policy, risk profile, charges, past performance (where available), and practical information in a concise format. The document is prepared by the fund manager and is designed to be easily understood by non-professional investors.

A KIID typically runs a few pages and is produced in the official languages of the member states where the fund is marketed. It presents the investment objective and policy, a risk and reward profile often shown as a synthetic risk and reward indicator on a scale from 1 to 7, and a breakdown of costs including entry/exit charges and ongoing charges. It may include past performance data for certain time periods, along with information on where to obtain the full prospectus, contact details, and other practical information about the fund and its management.

Regulatory context: The KIID is associated with the UCITS framework in the EU. With the introduction of the PRIIPs Regulation, a separate Key Information Document (KID) for packaged retail and insurance-based investment products became applicable for many retail investment products, leading to a shift toward PRIIPs KID requirements for new products. Some older UCITS funds continue to provide a KIID under transitional rules or in contexts where PRIIPs KID is not yet applicable. The KIID remains relevant for legacy documentation and certain non-PRIIPs contexts.