Providers of so-called packaged-retail and insurance-based investment products (PRIIPs) in the European Union have to draw up a standardized key information document (KID) since 1st of January 2018. In addition to some standard information on the product and its provider, this key information document discloses the product’s riskiness by means of a summary risk indicator, its performance potential by means of performance scenarios and its costs by means of a detailed disclosure of charges including a summary cost indicator. For products with multiple investment options, the regulation requires product providers to disclose a range for the summary cost indicator for the available investment options in the product. For feasibility, in practice often only synthetic investment options instead of the whole available investment portfolio are considered to derive an estimate for the required range. Based on a standard approach used in the German and Austrian insurance market, we analyze those investment options which actually yield the lower and especially upper bound of the required range. By considering different unit-linked products with investment guarantees our results show that those synthetic investment options typically used in practice may provide a false estimation of the range and, in particular, significantly underestimate the real upper bound. Further, we provide guidance how the “worst-case” combination of the investment option’s volatility and its charges can be found such that the summary cost indicator is maximized for the different products considered here.

欧盟所谓的基于包装零售和保险的投资产品（PRIIP）的提供者必须自2018年1月1日起起草标准化的关键信息文件（KID）。除了有关该产品及其信息的一些标准信息外，提供者，此关键信息文件通过汇总风险指标来披露产品的风险，通过绩效场景来披露其产品的潜力，并通过包括汇总成本指标在内的详细收费披露来披露其成本。对于具有多种投资选择的产品，该法规要求产品提供者披露产品中可用投资选择的汇总成本指标范围。为了可行性，在实践中，通常仅考虑合成投资选择而不是整个可用投资组合来得出所需范围的估计。基于德国和奥地利保险市场上使用的标准方法，我们分析了那些实际产生所需范围下限和上限的投资选择。通过考虑具有投资担保的不同单位挂钩产品，我们的结果表明，通常在实践中使用的那些合成投资选择可能会错误地估计范围，尤其是大大低估了实际上限。此外，我们为如何找到投资期权的波动性及其费用的“最坏情况”组合提供了指导，以便针对此处考虑的不同产品最大化汇总成本指标。