KID, KIID & Product summary: what's the difference?

Before investing, you should always do some research to help you understand the risks and potential rewards. If you're investing in funds, the good news is that one document can tell you everything you need to know about a fund – including its charges, risk rating, and investment profile.

Previously, this information was provided in a Key Investor Information Document (KIID), which was later replaced by the Key Information Document (KID).

Today, we refer to this information as a Product Summary, although you may still see KIDs in use.

These documents are designed to give investors an overview of a fund’s key features, making it easier to compare different funds. And as they’re written in plain language, you don’t need to be an expert to read them.

What's the difference between a KIID, a KID and a Product Summary?

A Product Summary contains the same key information you would find in a KID — including charges, risks and investment details — but is presented as part of our updated documentation approach.

While KIDs are still widely used, over time you’ll see more Product Summaries instead.

A KIID is the older version of a KID. It was designed to replace a fund’s simplified prospectus, so that non-expert investors could get the information they need in a short, standardised format.

KIIDs are two pages long and made up of six sections, covering:

1. Fund, share class and management company details
2. Objectives and investment policy
3. Risk and reward profile
4. Charges
5. Past performance details
6. Other practical information

The newer KIDs are three pages long and have eight sections, covering:

1. The fund manufacturer’s details
2. The fund’s objectives
3. An overview of the risks and what you could get in return
4. Information on any guarantees attached to the fund if the manufacturer can’t pay out
5. Costs
6. Recommended holding period
7. Contact details if you need to make a complaint
8. Other relevant information

What extra information do you get from a KID?

There’s one main difference between these two types of key information document. A KIID only shows the fund’s past performance, but a KID includes forward-looking performance scenarios.

To project future returns, a KID uses historical data as well as four different economic conditions (essentially from bad to good). Remember, though, that this is an estimate and isn’t a guaranteed return.

Various factors can influence the direction of markets. A fund has no guarantees, so it’s impossible to say exactly how much you would get by investing in it.

Where do I find a KIID, KID or Product Summary?

Before making the decision to invest in a fund, you should make sure you read all the information available on the fund's overview page. There, you will find all the details you need to help you decide whether a fund is right for you. The fund’s Product Summary (or KIID/KID, where applicable) is clearly signposted, alongside details such as charges, objectives and past performance.

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