In May 2026, NPF FreeFlight expanded its investment portfolio by adding an ETF (Exchange Traded Fund) tracking the S&P 500 index, with an allocation of up to 5% of the fund’s assets.
This step is a logical continuation of the fund’s currency strategy and strengthens its position as a modern instrument for long-term pension investing, giving participants access to the global equity market within the framework of a non-state pension fund.
A new step in implementing the currency strategy
FreeFlight is a Ukrainian non-state pension fund focused on a currency-based investment strategy aimed at protecting pension savings from devaluation and building long-term capital through instruments of the global financial market.
The fund consistently adapts its currency investment strategy to changes in the market and regulatory environment. One stage of this transformation is linked to changes in the rules for investing in foreign-currency government bonds—briefly discussed in the article New conditions — new opportunities: how the FreeFlight fund adapts to market changes.
Why the S&P 500
The S&P 500 brings together 500 of the largest publicly listed U.S. companies across multiple sectors—technology, industrials, financials, and consumer goods. The index is widely regarded as a benchmark for global equity markets and is commonly used in long-term investment and pension strategies worldwide.
For participants of the FreeFlight NPF, adding an ETF linked to the S&P 500 means:
- access to the global equity market and reduced dependence on local financial instruments;
- long-term return potential historically demonstrated by the index;
- enhanced protection of pension savings against inflation and currency risks.
Adding exposure to the S&P 500 is not a one-off investment decision, but part of a systematic approach to managing pension assets.
The currency strategy in action: looking ahead to 2026 and beyond
FreeFlight continues to adhere to its core idea—long-term currency investing for pension savings. Combining government debt instruments, deposits, and equities of global leaders represented in the S&P 500 allows the fund to:
- build a balanced pension portfolio;
- maintain stability while preserving growth potential for pension capital;
- use opportunities of the global financial market in the interests of fund participants.
FreeFlight is about adaptability, strategic thinking, and developing pension savings with a forward-looking perspective.
Questions and answers
What does adding an ETF tracking the S&P 500 to the FreeFlight NPF portfolio mean?
It means that a portion of pension assets is invested in shares of the largest publicly traded U.S. companies included in the S&P 500. As a result, participants gain economic exposure to 500 leading companies in the global equity market.
What share of the NPF portfolio can be allocated to S&P 500-related investments?
Under current regulation and the fund’s investment strategy, the maximum allocation to securities of foreign issuers (including instruments linked to the S&P 500) may be up to 20% of the fund’s portfolio.
Does this increase risks for pension savings?
Equities are generally riskier than fixed-income instruments such as bonds or deposits. However, the limited allocation within the NPF portfolio and the high level of diversification inherent in the index itself (500 companies across various U.S. economic sectors) significantly mitigate these risks.
Why is the S&P 500 suitable for long-term investing?
Long-term equity investing reduces the impact of short-term volatility typical of stock markets. At the same time, it allows investors to capture the benefits of business ownership—namely sustained returns driven by the planned and organic development of companies and sectors. This is why exposure to the S&P 500 is a common practice among pension funds in the U.S. and Europe.
Does this mean the fund is abandoning other instruments?
No. Adding exposure to the S&P 500 expands the fund’s investment toolkit. The FreeFlight NPF portfolio continues to be built on diversification principles and may be gradually supplemented with new instruments within the approved strategy.
