Logo of Yaqeen Capital
Yaqeen S&P ESG MENA ETF launched its initial public offering (IPO) on the Saudi Exchange (Tadawul) today, May 12.
The offering period is 15 business days. The fund manager has the right to extend the IPO for up to 45 additional business days.
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The public, open-ended exchange-traded fund (ETF) aims to track and simulate the performance of the MSCI index of selected growth stocks for small and medium-sized Saudi companies that comply with Shariah standards.
The offer price is SAR 10 per unit. The minimum amount the fund manager intends to raise is SAR 10 million. In case the minimum amount is raised, the fund manager can close the offering at an earlier date.
The Capital Market Authority (CMA) approved Yaqeen Capital’s request to offer units of Yaqeen S&P ESG MENA ETF on the market last April.
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Fund Profile |
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Fund |
Yaqeen S&P ESG MENA ETF |
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Fund type |
Shariah-complaint, open-ended, public ETF, main market listed. |
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Investment Goals |
Match index performance through passive stock management |
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Fund’s Currency |
SAR |
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Minimum Limit for Subscription |
SAR 10 mln |
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Unit Price |
SAR 10 |
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Number of Units Offered |
1 mln |
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Percentage of Units Offered |
100% |
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Offering Start Date |
May 12, 2024 |
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Offering End Date |
May 30, 2024 |
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Minimum Subscription/Redemption |
25,000 units (SAR 250,000) |
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Duration |
Open-ended |
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Benchmark |
S&P Arab ESG Shariah Composite Index (USD) |
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Subscription/Redemption Fees |
N/A |
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Target Investors |
Individuals, institutions, government entities seeking passive investment in high-rated ESG |
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Management Fee |
0.5% of the fund's net asset value annually, paid quarterly to the fund manager as dues |
The fund intends to invest 95% of its net assets in Shariah-complaint stocks across markets in Bahrain, Egypt, Jordan, Oman, Qatar, Saudi Arabia, Tunisia, and the UAE, as part of the benchmark index portfolio.
It will retain up to 5% of its net assets in cash to cover operating expenses.
The fund aims to track the index's performance with a maximum annual deviation of 2%, considering factors like income and expenses. However, there is no guarantee that the fund manager will perfectly match the index’s performance.
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Investment Areas |
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Investment type |
Minimum |
Maximum |
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Shares of Shariah-compliant firms listed in MENA markets |
95% |
100% |
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Cash |
-- |
5% |
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Additional Information |
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Fund Manager |
Yaqeen Capital |
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Custodian |
Riyad Capital |
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Receiving Entities |
Yaqeen Capital |
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