Where a PRIIP offers a range of underlying investment options, and the information regarding those underlying investment options cannot be provided within a single, concise, stand-alone key information document, PRIIP manufacturers shall produce one of the following:

1. (a)

   a key information document for each underlying investment option within the PRIIP including information about the PRIIP in accordance with Chapter I;

2. (b)

   a generic key information document describing the PRIIP in accordance with Chapter I, unless otherwise specified in Articles 11 to 14.

In the section entitled "What is this product" by way of derogation from paragraphs 2 and 3 of Article 2, PRIIP manufacturers shall specify the following:

1. (a)

   a description of the types of underlying investment options, including the market segments or instrument types, as well as the main factors upon which return depends;

2. (b)

   a statement indicating that the type of investors to whom the PRIIP is intended to be marketed varies on the basis of the underlying investment option;

3. (c)

   an indication where the specific information on each underlying investment option is to be found.

1. (1)

   In the section entitled "What are the risks and what could I get in return?", by way of derogation from paragraphs 2(a) and 3 of Article 3, PRIIP manufacturers shall specify the following:

   1. (a)

      the range of risk classes of all underlying investment options offered within the PRIIP by using a summary risk indicator having a numerical scale from 1 to 7, as set out in Annex III,

   2. (b)

      a statement indicating that the risk and return of the investment varies on the basis of the underlying investment option;

   3. (c)

      a brief description on how the performance of the PRIIP as a whole depends on the underlying investment options;

   4. (d)

      an indication where the specific information on each underlying investment option is to be found.

2. (2)

   Where PRIIP manufacturers use the key investor information document in accordance with Article 14(2), for the purposes of specifying the risk classes referred to in point (a) of paragraph 1, they shall use the synthetic risk and reward indicator pursuant to Article 8 of Regulation (EU) No 583/2010 in relation to UCITS or non-UCITS funds as underlying investment options.

1. (1)

   In the section entitled "What are the costs?", by way of derogation from Article 5(1)(b), PRIIP manufacturers shall specify the following:

   1. (a)

      the range of costs for the PRIIP in the "Costs over time" and "Composition of costs" tables set out in Annex VII,

   2. (b)

      a statement indicating that the costs to the retail investor vary on the basis of the underlying investment option;

   3. (c)

      an indication where the specific information on each underlying investment option is to be found.

2. (2)

   Notwithstanding the requirements laid down in Article 5(1)(a), and by way of derogation from points 12 to 20 of Annex VI, where PRIIP manufacturers use the key investor information document in accordance with Article 14(2), they may apply the methodology set out in point 21 of Annex VI to existing UCITS or non-UCITS funds.

3. (3)

   Where PRIIP manufacturers use the key investor information document in accordance with Article 14(2) with UCITS or non-UCITS funds as the only underlying investment options, by way of derogation from Article 5, they may specify the range of charges for the PRIIP in accordance with Article 10 of Regulation (EU) No 583/2010 (or that Regulation as it has effect in the European Union).

1. (1)

   In relation to the specific information referred to in Articles 11, 12 and 13, PRIIP manufacturers shall include for each underlying investment option — all of the following:

   1. (a)

      a comprehension alert, where relevant;

   2. (b)

      the investment objectives, the means for achieving them, and the intended target market in accordance with paragraphs 2 and 3 of Article 2;

   3. (c)

      a summary risk indicator and narrative, and performance scenarios in accordance with Article 3;

   4. (d)

      a presentation of the costs in accordance with Article 5.

2. (2)

   By way of derogation from paragraph 1, PRIIP manufacturers may use the key investor information document drawn up in accordance with:

   1. (a)

      for EEA UCITS, Articles 78 to 81 of Directive 2009/65/EC, as amended from time to time; or

   2. (b)

      the rules made under FSMA which implemented those Articles,

   3. to provide specific information for the purposes of Articles 11 to 13 of this Delegated Regulation where at least one of the underlying investment option referred to in paragraph 1 is a UCITS or non-UCITS fund referred to in Article 32 of Regulation (EU) No 1286/2014.