Abu Dhabi: Abu Dhabi Securities Exchange (ADX) announced today that Chimera Capital LLC’s Exchange Traded Fund (ETF) has listed on the Exchange. 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 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 listed on the Abu Dhabi Securities Exchange (ADX) which reinvests income back into the fund at no additional expense, and a distributing Class B listed on the Dubai Financial Market (DFM) that distributes to investors any collected dividends. The ETF’s dual share class option provides investors with the added flexibility to choose between regular portfolio returns or maximizing future investment.
H.E. Khaleefa Al Mansouri, Chief Executive of the ADX, said: “ADX once again congratulates Chimera Capital LLC for developing this product, the first exchange-traded fund tracking S&P Shariah-compliant products in the UAE. With a primary listing on ADX, it is a new opportunity for Islamic investors to add variety to their portfolios and manage risk more effectively. Influential investment firms such as Chimera Capital LLC continue to be attracted by the well-regulated status of ADX and the number of companies applying to be listed is undoubtedly on the rise. They will benefit from improved access to capital to fund their strategic ambitions and growth plans under our well-established market and regulatory infrastructure, facilitating the ease of listing of a variety of asset classes.”
The Chairman of Chimera Capital LLC commented: “We are pleased to bring to market the first ETF tracking a Sharia-compliant index in the UAE, which opens a new wholesale investment opportunity to a unique investor profile. The Chimera S&P UAE Shariah ETF will allow investors to capitalize on the prospects of the UAE’s economy.” The Index is structured and built by S&P and monitored by a Shariah Board that meets regularly to review and rebalance the index quarterly to guarantee that the securities in the index are both liquid and Shariah compliant. Currently the index has ten securities across the UAE markets, allowing investors a single access point to a balanced portfolio of Shariah compliant liquid UAE securities as per S&P Shariah Board guidelines.
H.E. Khaleefa Al Mansouri concluded: “Abu Dhabi is becoming increasingly successful in attracting a more diverse range of investment firms and investor profiles, supported by the exchange’s growing liquidity, customer focus, increasing foreign ownership limits and robust and transparent regulations. ADX is further maintaining its competitiveness by digitally led investment in its systems and infrastructure to develop a world class capital market, such an important component of Abu Dhabi’s economy.”
About Abu Dhabi Securities Exchange:
Abu Dhabi Securities Exchange (ADX) was established on November 15 of the year 2000 by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions. On 17th March 2020, ADX was converted from a “Public Entity” to a “Public Joint Stock Company PJSC” pursuant to law No. (8) of 2020. ADX is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.
ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA).
ADX is the second largest market in the Arab region and its strategy of providing stable financial performance with diversified sources of incomes is aligned with the guiding principles of the UAE “Towards the next 50” agenda. The national plan charts out the UAE’s strategic development scheme which aims to build a sustainable, diversified and high-value added economy that positively contributes to transition to a new global sustainable development paradigm.
For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication & Digital Marketing
Tel: +971 (2) 612 8774
Mobile: +971 (50) 668 9733
Email: ALKhateebA@adx.ae
Habib Bacha
Newgate Communication
Tel: +971 (2) 442 0423
Mobile: +971 (50) 111 3799
Email: habib.bacha@newgatecomms.com
About Chimera Capital LLC
Chimera Capital LLC, an Abu Dhabi-based investment firm, offers its clients unique access to a vast roster of innovative investment instruments with a primary focus on the alternative asset management space. Chimera Capital LLC leverages its parent company’s extensive experience in private investments, an unrivalled regional access to best-in-class service providers and financial intermediaries, and a vast network of high-net-worth individuals, family offices and private investment companies to consistently deliver above-market returns. Chimera Capital LLC, owned by Chimera Investments LLC, is duly licensed and regulated by the UAE’s Securities & Commodities Authority (SCA), and fully adheres to international standards of corporate governance.
Contact Details
Chimera Capital LLC
Sherif Salem
Chief Investment Officer
Tel: +971 (2) 885 6686
Mobile: +971 (50) 668 3091
sherif.salem@chimerainvestment.com
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
