Abu Dhabi - Mubasher: The Abu Dhabi Securities Exchange (ADX) has listed Chimera Capital’s Exchange Traded Fund (ETF), becoming the UAE’s first sub-fund tracking Shariah-compliant products to be listed on the exchange.

The ETF was designed to replicate the S&P UAE Domestic Shariah Liquid 35/20 Capped Index, which tracks the performance of UAE-based Shariah-compliant liquid equities, according to a press release on Monday.

With ten securities across the UAE market, the index is provided by Standard & Poor's and monitored by a Shariah board.

Chimera S&P UAE Shariah ETF has two share classes, including an accumulating Class A listed on the ADX which aims to reinvest income back into the fund at no additional expense.

Its second share class is distributing Class B listed on the Dubai Financial Market (DFM) which works on distributing investors any collected dividends.

The Chief Executive of the ADX, Khaleefa Al Mansouri, said: "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."

Meanwhile, the Chairman of Chimera Capital noted: "The Chimera S&P UAE Shariah ETF will allow investors to capitalize on the prospects of the UAE’s economy."