UBS Global Asset Management (GAM) has come up with the new US equity tracker which will be available across a range of platforms.
The physically replicated UBS S&P 500 Index fund will be available for 0.09% on various third party platforms such as CoFunds, FundsNetwork, Transact, Old Mutual and Standard Life.
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This is the second passive fund offered within the UBS UK OEIC range, following the launch of the UBS Sterling Corporate Bond Indexed fund for UK retail investors in March last year.
The 9bps ongoing charge figure (OCF) offered by the fund is among the lowest in the market, though some providers offer cheaper US passive exposure such as Vanguard, iShares and db x-trackers which offer ETFs at 7bps.
Ian Ashment, Head of Structured Beta & Indexing, said, "We have launched the UBS S&P 500 Index Fund to meet client demand for efficient, cost-effective exposure to the broad US equity market. The US remains the world’s largest economy and therefore continues to be a critical area of investment for many of our clients."
The fund is sterling-denominated and domiciled in the UK, with institutional as well as wholesale share classes.
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