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Factsheet vs KID: what's the difference?

Most UCITS funds and ETFs publish both a factsheet and a Key Information Document. They cover some of the same ground, but they are different documents with different rules. This guide explains how they differ, how they must agree, and what is changing in the UK.

Last reviewed 10 October 2026 · About 6 minutes to read

Please note: this guide summarises the rules as we understand them at the date of review. It is general information, not legal or regulatory advice. Always check the current rules and take professional advice before relying on it. See our Terms and Disclaimer.

1. The short answer

A KID is a regulatory disclosure document. It is required by law, follows a format set by regulation and must be given to retail investors before they invest. Its purpose is to let investors compare products on a like-for-like basis.

A factsheet is a marketing communication. No law requires one, but most fund managers publish one every month. It has a flexible layout and shows recent performance, holdings and portfolio data. Because it is marketing, it must be fair, clear and not misleading, consistent with the KID and prospectus, and labelled as marketing.

2. Side-by-side comparison

3. Which key document applies

"KID" is often used loosely. Three related documents exist, and which one applies depends on the product and where it is sold.

• PRIIPs KID (EU). Since 1 January 2023, UCITS funds sold to retail investors in the EU have used the PRIIPs KID instead of the UCITS KIID. ETPs, ETNs and other packaged products sold to EU retail investors also need a PRIIPs KID, including crypto ETPs.
• UCITS KIID (UK). This is a two-page document with a 1 to 7 risk and reward indicator and ten years of calendar-year past performance. UK UCITS funds still use it during the transition described below.
• UK PRIIPs KID. This is the UK's onshored version of the PRIIPs KID, used for non-UCITS packaged products sold to UK retail investors.

4. The UK change: CCI product summaries

The FCA's Consumer Composite Investments (CCI) regime replaces both the UK PRIIPs KID and the UCITS KIID with a single product summary.

• Timing. The optional transition began on 6 April 2026, and the rules apply in full from 8 June 2027. Until then, firms can keep using their existing KIIDs and KIDs. See our KID to CCI transition guide.
• No fixed template. The FCA has not set a template or page limit, but certain core information is standardised so products can be compared.
• Risk. A new risk-and-return score on a 1 to 10 scale replaces the 1 to 7 indicators.
• Performance. Past performance returns to the key document, shown over up to ten years against a benchmark where relevant.
• Costs. Ongoing costs are shown as a single headline figure, with transaction and one-off costs shown separately.
• Overseas funds. Funds recognised under the Overseas Funds Regime, including EEA UCITS such as Irish and Luxembourg UCITS ETFs, are treated as CCIs. This means one fund may need an EU PRIIPs KID and a UK product summary.

For factsheets, the practical effect is that UK factsheets must match the product summary instead of the KIID. The risk score shown on a UK factsheet will move to the new 1 to 10 scale when the fund switches, while EU factsheets for the same fund keep the PRIIPs 1 to 7 indicator. Firms marketing in both markets will need separate UK and EU versions, or a clear explanation of both scores.

See our example CCI product summary for what one can look like.

5. Keeping the two consistent

Regulators expect marketing communications to be consistent with the legal documents. The ESMA marketing guidelines specifically require the information in a marketing communication to match the KID and prospectus. In practice, check these points every time the factsheet is produced:

• The risk indicator matches the current KID or product summary exactly
• The ongoing charges figure matches the KID
• The investment objective and policy match the prospectus wording
• The benchmark is the same one named in the KID
• The share class, ISIN and currency are the ones the KID covers
• The factsheet tells investors where to find the KID or product summary
• When the KID is updated, the next factsheet picks up the change

Most mismatches happen when the KID is updated mid-year and the factsheet template is not. Producing both documents from the same data, with an automated consistency check, removes that risk. That is how autoFactsheet works: every run checks the risk indicator, charges and objective against the current KID before the factsheet goes for approval.

6. Common questions

Can a factsheet replace the KID?

No. The KID, or in the UK the product summary, must be provided to retail investors before they invest, whatever marketing material they have seen.

Does a fund sold only to professional investors need a KID?

It depends on the product. The PRIIPs KID itself is required only when a product is made available to retail investors. UCITS are different: in the EU, a UCITS sold only to professional investors must still provide a key document, choosing either a UCITS KIID or a PRIIPs KID, and in the UK a UK UCITS needs a KIID until it moves to the CCI product summary. Exchange-listed ETFs are usually treated as available to retail investors, because anyone can buy them through a broker. Marketing material for professional investors must still be fair, clear and not misleading.

Can a factsheet show performance that the KID does not?

Yes, a factsheet can show more detailed performance, provided it follows the marketing rules on past performance. See our factsheet compliance checklist for those rules.

Who is responsible for each document?

The product manufacturer, usually the management company or ETP issuer, is responsible for the KID or product summary. The factsheet is the responsibility of the firm that issues it, and in the UK it must be made or approved by an FCA-authorised firm.

Related

Sources

• FCA PS25/20: Supporting informed decision making, final rules for Consumer Composite Investments
• CMS: FCA finalises CCIs regime
• K&L Gates: From UCITS KIIDs and PRIIPs KIDs to CCI product summaries
• Elvinger Hoss: PRIIPs, end of the UCITS exemption
• Regulation (EU) No 1286/2014 (PRIIPs)
• Commission Delegated Regulation (EU) 2017/653 (PRIIPs KID content)
• Maples Group: ESMA Guidelines for Fund Marketing Communications

Important information

This guide has been prepared with care and is believed to be accurate as at 10 October 2026, but it is a general summary only and may not be complete. It is not legal, regulatory or compliance advice and must not be relied on as such. Rules and regulators' interpretations change, and we do not undertake to keep this guide up to date. Before relying on any point, check the current rules and take appropriate professional advice. To the extent permitted by law, autoFactsheet accepts no liability for any loss arising from reliance on this guide; see our Terms and Disclaimer. If you spot something that is out of date, please let us know at info@autofactsheet.com.