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Chimera Capital launches ETF tracking the performance of Pakistan-listed equities


Chimera Capital Limited, an Abu-Dhabi-based asset management firm, has announced the launch of its Chimera S&P Pakistan UCITS ETF (Bloomberg: CHPKIN), a physical, in-kind, liquid, and fully fungible ETF. The initial offering period will commence on 16 August and end on 17 August 2023.

The Chimera S&P Pakistan UCITS ETF is the second sub-fund under the Chimera UCITS ICAV, an open-ended Irish Collective Asset-management Vehicle (ICAV) umbrella fund with FundRock Management Company S.A. as its appointed manager. Both the sub-fund and ICAV are authorised and regulated by the Central Bank of Ireland.

The Chimera S&P Pakistan UCITS ETF has been designed to track the performance of the S&P Pakistan BMI Liquid 35/20 Capped Index (Bloomberg: SPPKRCAP), an index provided by S&P Dow Jones Indices. The index measures the performance of the top 15 most liquid stocks listed on the Pakistan Stock Exchange (PSX).

Syed Basar Shueb, Chairman of Chimera Investment, says: “The launch of Chimera’s second Asian market ETF and twelfth overall demonstrates our ability to leverage our extensive market experience to roll out investment options covering a diverse selection of developed, emerging, and frontier markets, further contributing to the deepening and expanding of the UAE capital markets.”  

Abdulla Salem Al Nuaimi, Chief Executive Officer of Abu Dhabi Securities Exchange says: “The addition of the Chimera S&P Pakistan UCITS ETF to ADX’s broad range of Exchange Traded Funds solidifies our position as a leading regional hub for ETFs. This latest ETF listing also underscores the growing interest in investment opportunities in Abu Dhabi. We will continue to promote listings on the Exchange as we focus on enhancing market liquidity and creating access to a wide range of trading and investment options across a diverse range of asset classes and geographies.”

The Chimera S&P Pakistan UCITS ETF is an Income Share Class D which is planned for listing on the Abu Dhabi Securities Exchange (ADX) on 18 August 2023. Future dividends received by the ETF will be distributed to investors twice a year, when available.

Sherif Salem, Chief Investment Officer – Public Markets at Chimera Capital, adds: “We are pleased to offer investors on ADX direct access to the Pakistani stock market, allowing them to further diversify their investments across multiple regions and countries.”

The Investment Manager of the Chimera S&P Pakistan UCITS ETF will be Chimera Capital Limited, a company based in the Abu Dhabi Global Market (ADGM) and duly regulated by the ADGM Financial Services Regulatory Authority (FSRA). Bank of New York Mellon Fund Services (Ireland) Designated Activity Company has been appointed as the Administrator, Registrar and Transfer Agent of the ICAV. Meanwhile, the Bank of New York Mellon SA/NV Dublin branch will act as the Depositary to the ICAV. Authorised Participants (APs) for the fund include International Securities, EFG-Hermes, Arqaam Securities, and BHM Capital.

Michael Mell, Global Head of Custom Indices at S&P Dow Jones Indices, comments: “S&P Dow Jones Indices is pleased to continue working with Chimera Capital LLC on licensing our intellectual property for use with their new fund tracking the S&P Pakistan BMI Liquid 35/20 Capped Index. The index offers the opportunity to measure performance and exposure, gaining insights of the constituents of the underlying index listed in Pakistan.”

Hani Kablawi, Head of International, BNY Mellon, adds: “This latest ETF offering provides greater opportunity for investors. As the global custodian for all of Chimera Capital’s ETFs, we continue to support Chimera’s funds with our open architecture platform, ETF expertise and scale.”

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