Key Investor Information Document (KIID)
The Key Investor Information Document is a key requirement of the UCITS regulation in Europe. Fund managers who market their funds for sale in Europe must produce this document for each fund (at share class level), which provides important information for investors in a standardised format.
The KIID is around 2 pages long and is intended to be easy to understand but still provide enough information to enable investors to easily compare funds and make meaningful investment decisions.
The document must contain the following sections:
- Investment objective and policy of the fund
- Applicable fund charges
- Historic performance of up to 10 years
- Synthetic Risk and Reward Indicator (SRRI)
- Practical information such as the contact details of the fund house and important notes.
The KIID must be updated by the fund manager whenever there is a material change to the fund, and at least once every year within 35 business days of each calendar year end to reflect the updated performance information. Only funds with UCITS status are required to produce a KIID, although some non-UCITS fund may choose to produce one.