PRIIPs

PRIIPs stands for Packaged Retail and Insurance-based Investment Products, the EU regulation that requires manufacturers of retail investment products to publish a standardised key information document (KID) of no more than three pages. It applies to structured products, insurance-based investments and, since 1 January 2023, to UCITS funds sold to EU retail investors, which previously used the UCITS KIID.

A PRIIPs KID contains the product's objectives, a summary risk indicator (SRI) on a scale of 1 to 7, performance scenarios, a cost table showing one-off, ongoing and incidental costs plus transaction costs, and the recommended holding period.

Why it matters

The switch from KIID to KID changed the numbers developers read. The risk indicator moved from the volatility-only SRRI to the SRI, which also considers credit risk, so the same fund can show a different score. Past performance left the KID itself and now lives in a separate document, and costs are split more finely, with transaction costs disclosed for the first time. The UK operates its own onshored version of the regime, so a fund distributed in both markets may publish two different documents.

In the API

The risk score shown in the fund's current KID is returned as riskRating, with a plain-English band in profile.riskBand.

json
{
  "riskRating": 4,
  "profile": {
    "riskBand": "medium"
  }
}

Example values. Fee figures from the cost table map to headlineMetrics.ter.

Common pitfalls

• Do not compare an SRI from a 2024 KID with an SRRI from a 2021 KIID as if they were the same scale.
• Performance scenarios in a KID are regulatory projections, not forecasts; avoid presenting them as expected returns.