NURS can invest into a wider range of eligible assets compared to UCITS. For example, NURS can invest into:

CIS invested into need to be NURS or NURS equivalent and indeed into unregulated schemes (so long as aggregate in unregulated schemes and unapproved transferable securities is in aggregate below 20% of the NAV), whereas UCITS can invest into UCITS or UCITS equivalent.

CIS invested into must also restrict their investment in other CIS to a maximum of 15%, as opposed to the 10% limit for UCITS.

NURS have a maximum of 10% NAV in borrowing, the same as UCITS. However, for NURS this does not need to be temporary.

The UCITS Rules do not apply.

The NURS rules permit a maximum of 20% NAV in transferable securities and money market instruments not on an approved market. In comparison, the UCITS limit is 10%.

NURS do not have the UCITS 5% & 40% Rule. Instead, only the 10% rule applies. This also applies at Issuer, not at issuer group level.

Whilst the 25% in any one covered bond limit applies, the 5% & 80% rule do not.

The limits for investment into Government and Public and securities apply similarly as with UCITS.

The UCITS 5% in any one counterparty limit does not apply. Only the 10% limit which applies to all types of counterparties for NURS.

The UCITS 20% Aggregated Exposure rule does not apply to NURS.

The UCITS Rules in respect of Global Exposure & Cover apply equally to NURS.

The UCITS rules in respect of investment into other sub-funds in the same Umbrella or other sub-funds of the same Manager apply equally to NURS schemes as they do to UCITS.

There are a range of other rules applying to NURS, specific to investment into property.

See NURS Property Funds Overview.