UAE Business: Chimera launches Shariah-compliant exchange traded fun..

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UAE Business: Chimera launches Shariah-compliant exchange traded fund – Gulf Digital News

Chimera Capital, an Abu-Dhabi-based investment management firm, has launched the Chimera S&P KSA Shariah Compliant Exchange Traded Fund, a physical, in-kind, liquid and fully fungible exchange-traded fund (ETF). The Chimera S&P KSA Shariah ETF is the second shariah compliant sub-fund of the Chimera Umbrella Fund to track a S&P Dow Jones Indices Shariah compliant index. The ETF has been designed to replicate the S&P Saudi Arabia Shariah Liquid Top 30 – 35/20 Capped Index. The index is provided by S&P Dow Jones Indices and tracks the performance of the top 30 most liquid Shariah-compliant equities listed on the Saudi Exchange.  This will not only provide investors with greater exposure to the highly demanded ETF asset class but will also enable local and regional investors to capitalise on Saudi Arabia’s attractive economic fundamentals. Chimera S&P KSA Shariah ETF is a distributing Share Class B which will be listed on the Abu Dhabi Securities Exchange (ADX) and distribute collected dividends to investors, when available. Basar Shueb, Chairman of Chimera Capital, commented: “The launch of this latest ETF builds on the success of the current ETFs which have exceeded the AED300 million ($82 million) mark in less than 18 months, and