Chimera Capital LLC, an Abu Dhabi-based asset management firm and subsidiary of Chimera Investments LLC, has announced the launch of its Chimera S&P UAE Shariah Exchange-Traded Fund, a physical, in-kind, liquid and fully fungible exchange-traded fund (ETF).

Under the UAE's Securities and Commodities Authority's (SCA) Fund Regime, Chimera Umbrella Fund (the first SCA umbrella fund to be launched in the UAE) will launch its first sub-fund tracking a Shariah-compliant index in conjunction with S&P Dow Jones Indices.

The ETF has been designed to replicate the S&P UAE Domestic Shariah Liquid 35/20 Capped Index. The index is provided by S&P Dow Jones Indices and tracks the performance of UAE-based Shariah compliant liquid equities, opening up a new and increasingly demanded asset class to investors seeking exposure to the UAE's economy.

Chimera S&P UAE Shariah ETF currently has two share classes, including an accumulating Class A, which will be listed on the Abu Dhabi Securities Exchange (ADX), and which reinvests income back into the fund at no additional expense, and a distributing Class B, which will be listed on the Dubai Financial Market (DFM), and distributes to investors any collected dividends.

The Chimera S&P UAE Shariah ETF will be managed by Chimera's onshore company, Chimera Capital LLC, which is licensed by SCA as an investment management company with approval to establish and manage investment funds.

Meanwhile, HSBC Middle East ltd will act as local custodian, while BNY Mellon's London branch will act as the ETF's global custodian. Authorized Participants for the fund include EFG Hermes UAE Limited, Shuaa Securities, and BH Mubasher.

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Chimera Capital LLC, an Abu Dhabi-based asset management firm and subsidiary of Chimera Investments LLC, has announced the launch of its Chimera S&P UAE Shariah Exchange-Traded Fund, a physical, in-kind, liquid and fully fungible exchange-traded fund (ETF).

Under the UAE's Securities and Commodities Authority's (SCA) Fund Regime, Chimera Umbrella Fund (the first SCA umbrella fund to be launched in the UAE) will launch its first sub-fund tracking a Shariah-compliant index in conjunction with S&P Dow Jones Indices.

The ETF has been designed to replicate the S&P UAE Domestic Shariah Liquid 35/20 Capped Index. The index is provided by S&P Dow Jones Indices and tracks the performance of UAE-based Shariah compliant liquid equities, opening up a new and increasingly demanded asset class to investors seeking exposure to the UAE's economy.

Chimera S&P UAE Shariah ETF currently has two share classes, including an accumulating Class A, which will be listed on the Abu Dhabi Securities Exchange (ADX), and which reinvests income back into the fund at no additional expense, and a distributing Class B, which will be listed on the Dubai Financial Market (DFM), and distributes to investors any collected dividends.

The Chimera S&P UAE Shariah ETF will be managed by Chimera's onshore company, Chimera Capital LLC, which is licensed by SCA as an investment management company with approval to establish and manage investment funds.

Meanwhile, HSBC Middle East ltd will act as local custodian, while BNY Mellon's London branch will act as the ETF's global custodian. Authorized Participants for the fund include EFG Hermes UAE Limited, Shuaa Securities, and BH Mubasher.