Prospectus
Also called: fund prospectus, offering document, KIID
A prospectus is the legally required document describing an investment's objective, strategy, risks, fees and past performance. Almost nobody reads it, which is unfortunate because the fee table and the strategy section answer the only two questions that matter for a fund: what does it cost, and what does it actually buy. For an IPO, the prospectus is where the risk factors and the use of proceeds are disclosed — often the most candid document a company ever publishes.