S&P launches Ucits version of commodities index
Standard & Poor's has launched a new version of its Goldman Sachs Commodity Index (GSCI) which is compliant with the Undertakings for Collective Investments in Transferable Securities European Directive III (Ucits III). The latest index will use caps to achieve a balanced weighting, as its parent version has traditionally favoured the energy sector.
The Ucits III Directive, created in 2002, allows funds which meet a standardised set of criteria to be marketed to retail investors across all 30 countries of the European Economic Area without needing individual regulatory approval in each region. Providers must initially prove to the regulator that underlyings have been sufficiently diversified to meet the Ucits criteria.
The S&P GSCI Ucits Index caps individual sector weights at 35% to comply with the directive. Traditionally, the benchmark
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