Chimera S&P UAE Shariah Exchange Traded Fund Begins Trading on UAE Markets

A Bourse filing on the Abu Dhabi Securities Exchange (ADX) in the United Arab Emirates (UAE) announced the listing and commencement of trading of the UAE’s first Exchange Traded Fund (ETF) tracking a Shariah-compliant index, on the 17th of August, 2020.

The Chimera S&P UAE ETF (the ETF), listed by Chimera Capital, an Abu Dhabi-based asset management firm, involves two share classes, tracking a Shariah-compliant index based on stocks listed on the ADX and the Dubai Financial Market (DFM), respectively. Class-A shares are listed on the ADX, and will reinvest its gains back into the fund, whilst Class B-shares are listed on the DFM, and will pay out dividends to shareholders. According to the filing, both listing...