Investors’ Guide to the Key Investor Information Document (KIID)

The European Commission has enforced tighter rules regarding investor protection across the spectrum of investment products. The KIID is one of the key regulatory requirements of the recent Undertakings for Collective Investment in Transferable Securities Directives (UCITS IV) and is relevant to all UCITS funds.

1. Unlike the Simplified Prospectus, the KIID is a precontractual requirement and so must be made available to, and be received and read by you before you can invest.
2. The KIID is a more concise document.
3. It includes a risk rating, known as the Synthetic Risk Reward Indicator (SRRI) which is based on the historic volatility of the underlying fund.

The KIID follows a prescribed format. It comprises several sections, providing investors with important information on the fund to help determine if it aligns with their investment goals, time horizon and risk tolerance:

- Objectives and Investment Policy: The fund’s investment goal is among the first key details provided within the KIID. This allows the prospective investor to become acquainted with the fund before they decide to invest, and ensure that the fund’s objectives match their personal investment needs.

- Risk and Reward Profile: An overview of the key risks investors may encounter by investing in a given fund. The Synthetic Risk and Reward Indicator (SRRI) displays the historic volatility of the fund’s performance and categorises it accordingly. The values will range from 1 to 7, where 1 will mean lower risk and 7 indicates that the level of risk is relatively high. It is important to understand that the SRRI is not static as it will be calculated on an on-going basis using the most recent data for the fund.

- Charges: The KIID details only maximum quoted charges. These are shown at a generic level and are not specific to terms negotiated with your adviser.

- Past Performance: Past performance will be presented in the form of a bar chart showing up to ten years of past performance data. This performance is calculated at the end of each calendar year. Where relevant, benchmark data will also be shown.

- Practical Information: This section includes relevant information such as contact details and where to find further information.

All investors will receive a supplementary information document about the fund. The information in this document was previously in the Simplified Prospectus but is not covered in the KIID. It contains other important information such as how to make complaints and details of the Financial Services Compensation Scheme. You will receive this information together with your contract notes, following the purchase of a fund.

Each KIID must be updated at least annually, within 35 business days of 31 December. The purpose of this is to refresh performance data to the end of the previous calendar year. Interim updates may be carried out throughout the year to reflect any key fund changes, for example the fund name, investment objective or SRRI update.

If you use an intermediary, it is your intermediary’s responsibility to provide you with the appropriate KIID(s). If you invest directly, the KIID(s) will be provided by the company you have invested with.

You can find all BlackRock KIID documents on our KIID website. Additionally, individual hard copies can be obtained by contacting the Investor Services team on 0800 44 55 22.

For all new investments, you must confirm that you have received and read the appropriate KIID so that your application can be processed. We would not be able to proceed with your investment until we have received that declaration from you. If this is the case, your investment application will be rejected.

If you have not received the documentation, you should contact the company through which you are investing.

For further information please call our Investor Services Team on 0800 44 55 22 or email enquiry@ukclientservices.blackrock.com. Alternatively, please speak to your financial adviser.