Abu-Dhabi-based investment management firm Chimera Capital on Monday announced the launch of Chimera S&P Turkey Shariah exchange traded fund (ETF).
The fund is a physical, liquid and fully fungible ETF, and will track the performance of Turkey-listed, Shariah-compliant securities.
Chimera’s S&P Turkey Shariah ETF is an income share Class B which will be listed on the Abu Dhabi Securities Exchange (ADX).
Future dividends received by the fund will be distributed to investors.
This is the sixthsub-fund under the SCA-registered Chimera Umbrella Fund.
It will track the performance of the S&P Turkey Shariah Liquid 35/20 Capped Index.
The index is provided by S&P Dow Jones Indices and tracks the performance of the most liquid Shariah-compliant stocks listed on Borsa Istanbul.
Syed Basar Shueb, chairman of Chimera Capital, said the launch of its ETF would give investors access to multiple stock markets, besides further deepening and expanding the UAE capital markets.
Commenting on the launch of the new ETF, Saeed Hamad Al Dhaheri, managing director and chief executive officer of Abu Dhabi Securities Exchange said this would add to the exchange’s strategy to introduce the widest array of products and services to provide investors with more flexibility and greater opportunities for hedging and diversification.”
The latest ETF launch comes on the back of Chimera’s recent listing of two US Shariah-compliant ETFs in July, as well as two other ADX-listed ETF launches completed earlier this year – the Chimera S&P KSA Shariah ETF and Chimera S&P Kuwait Shariah ETF.
Sherif Salem, chief investment officer – public markets at Chimera Capital, said with the latest launch, there were now nine ETFs listed on UAE stock markets, giving investors access to five different stock exchanges.
The ETF will be managed by Chimera Capital’s onshore company, Chimera Capital LLC, which is licensed by the Securities and Commodities Authority (SCA) as an investment management company.
BNY Mellon will act as the ETFs’ global custodian.
Authorized Participants for the fund are International Securities, EFG-Hermes, Arqaam Securities, Daman Securities, and BHM Capital.
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