The KIDs are replaced by the new KIIDs and these new documents are now available on the corresponding fund web pages of each fund.
The KID (Key Information Document) is the standardised summary document given to investors before each subscription, which provides them with important information about the fund, its operation and its main characteristics. It is not an advertising document. Its purpose is to help the investor understand what the product is about and what the risks, costs, gains and losses are.
The KID is available for all packaged insurance investment products (PRIIPs). The acronym PRIIPS stands for "Packaged Retail Investment and Insurance-Based Products", i.e. this regulation concerns packaged financial products (investment funds, derivatives and structured products) and insurance-based products.
Focus on the new information available:
The SRI (Synthetic Risk Indicator) is the successor to the SRRI of the ICDs/KIIDs and presents the risk level of the product on a scale of 1 to 7. This indicator aggregates both market risk and credit risk. The methodology applied has been defined by regulation and depends on the PRIIP category of the product.
Simulations of the fund's net performance are presented in table form according to 4 different scenarios (stress, unfavourable, intermediate and favourable scenarios) and 3 different time horizons (at maturity, after 1 year of holding and at mid-maturity). These simulations are conducted by the Risk Control teams, which build various stochastic projection models based on the historical data collected.
Fees (direct, indirect, one-off and recurring costs) and the impact of fees on returns are expressed as a percentage and in euros, to show the cumulative effects of costs on the investment.
The new fund KIDs are available on the relevant fund web pages of each fund.