BPI ASSET Management and Trust Corp. (BPI AMTC) has launched a unit investment trust fund (UITF) that will allow its clients to invest in US stocks without needing a dollar account or exchanging peso to dollars.

Called BPI Invest US Equity Index Feeder Fund Peso Call, the UITF will enable its clients to invest in the US market using their peso accounts. Bank clients may invest in the pool of stocks belonging to the S&P 500 Index which is a market-capitalization-weighted index where the largest 500 US publicly traded companies belong, including Apple, Inc., Microsoft Corp., Amazon, and Facebook, amongst others.

“The US economy is expected to grow 2.3% in 2019. Investing in both local and global markets allow investors to derive returns from other markets and experience less volatility in their overall portfolio,” BPI AMTC President Sheila Marie U. Tan said in a statement.

Bank clients can access the new UITF in both peso or US dollar classes through BPI branches or through BPI Online. Minimum investments for the fund start at P50,000 or $1,000, while top-ups can be done from P10,000 or $500.

“The fund is suitable for investors with an aggressive risk profile and awareness of the risks involved in investing in the US equities market,” BPI said.

The Ayala-led lender’s net income in the third quarter climbed 38.6% year on year from the same period in 2018, supported by growth traced from its core businesses, according to a regulatory filing in October.

BPI’s shares closed at P88 apiece on Thursday, down 0.96% from its previous finish. — LWTN