We consistently ensure that the assets of the FreeFlight Fund operate efficiently, avoiding devaluation risks, and that your pension program remains reliable even amid market challenges.
During martial law, the foreign exchange market is subject to a number of restrictions imposed by the National Bank of Ukraine (NBU) and other regulators.
Until recently, however, FreeFlight had the opportunity to invest new inflows into US dollar–denominated assets through the purchase of foreign currency government bonds (FX OVDPs) for hryvnia. These bonds were redeemed in foreign currency, which we then reinvested — either in deposits with reliable banks or in government foreign currency bonds.
This mechanism allowed us to protect savings from devaluation while maintaining stability and returns.
However, starting 1 July 2025, in line with new regulatory requirements, this mechanism ceased to operate, and the fund can no longer convert hryvnia inflows into foreign currency assets as quickly as before.
How We Operate Now
We continue to implement the foreign currency strategy of the FreeFlight Fund, actively working on expanding the range of financial instruments. In particular, we are exploring opportunities to invest in foreign equities, ETFs, Eurobonds, corporate bonds, and other options that align with the fund’s objectives.
While new foreign currency solutions are undergoing thorough analysis, part of the assets is temporarily invested in high-yield hryvnia-denominated government bonds (OVDPs). This allows the funds to remain productive without interruption, even amid changing market rules.
We understand that partial use of hryvnia instruments means that some assets will not be fixed in foreign currency. However, this approach preserves flexibility: it enables us to generate stable income while remaining ready to take advantage of new market opportunities for foreign currency investments as they arise.
What’s Next?
Our goal remains unchanged — maximum protection of your savings from devaluation. As before, we act transparently, select the most appropriate solutions for the fund, and use all available market instruments to achieve this objective.
Details on specific decisions and selected instruments can be found in the monthly reports published on the FreeFlight Fund page.
We stay alert and choose the best solutions for your pension investments!
