January 2026 
 
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Welcome to this edition of Lunate ETFs Monthly Newsletter where we cover January's performance and trading activity for primary and secondary markets of Lunate’s suite of ETFs.
 
ETFs Monthly Update
Lunate GCC Equity ETFs
    NAV* MTD YTD Value Traded* AUM*
UAEA 9.648 5.2% 5.2% 1.2 Mn 149.6 Mn
CHAESHIN 8.192 5.2% 5.2% 317.9 K 8.2 Mn
UAED 6.064 6.3% 6.3% 465.8 K 163.7 Mn
CHAE 7.149 6.3% 6.3% 386.5 K 3.6 Mn
SAUDIA 3.548 9.8% 9.8% 247.1 K 104.7 Mn
KWTI 3.879 -3.3% -3.3% 31.3 K 31.0 Mn
CHADX15 3.792 4.4% 4.4% 1.9 Mn 246.5 Mn
 
Lunate Global Equity ETFs
 
    NAV* MTD YTD Value Traded* AUM*
USGRWTH 7.976 0.3% 0.3% 1.2 Mn 21.9 Mn
USVALUE 4.737 1.5% 1.5% 69.3 K 13.0 Mn
TURKI 7.394 18.8% 18.8%  24.1 K 37.0 Mn
CHHK 5.024 5.4% 5.4% 357.0 K 22.6 Mn
PKSTN 12.709 6.8% 6.8% 122.7 K 12.7 Mn
INDI 3.328 -6.1% -6.1% 222.7 K  26.6 Mn
JPANI 5.006 9.0% 9.0% 131.2 K  12.5 Mn
GRMNY 4.923 1.6% 1.6% 150.8 K  12.3 Mn
 
Boreas Thematic ETFs
 
    NAV* MTD  YTD Value Traded* AUM*
QUANTM 2.173 9.6%
 9.6% 7.4 Mn 34.2 Mn
AIPOWR  2.144 3.8% 3.8% 3.8 Mn 69.5 Mn
POWA/POWR1 18.698 1.7%
 1.7% 2.0 Mn 1.9 Mn
LUXURY3 1.970 -3.4%
 -3.4% 16.8 Mn 16.0 Mn
LUXX/LUXY2 17.924 -2.6%
 -2.6% 1.8 Mn 1.8 Mn

1 MTD / YTD returns and Value traded are calculated since the inception of the fund on January 13, 2026 

2 MTD / YTD returns and Value traded are calculated since the inception of the fund on January 23, 2026 

3 MTD / YTD returns and Value traded are calculated since the inception of the fund on January 26, 2026 
 
Lunate Fixed Income ETFs
 
    NAV* MTD YTD Value Traded* AUM*
BONDAE 3.807 0.0% 0.0% 208.1 K 17.1 Mn
SUKUK 3.794 -0.1% -0.1% 531.6 K 15.9 Mn
USTBILL 9.4836 0.3% 0.3% 97.1 K 8.1 Mn

*All values represented in AED unless stated otherwise                           
Note: Returns for Lunate Fixed Income and Equity ETFs are reported on a total return and price return basis, respectively.
 
 
January Update
In January, Lunate Capital Limited marked a major milestone by becoming the first regional ETF provider to list products on Xetra (Deutsche Börse). During the month, three new ETFs were listed across ADX and Xetra.
  1. Boreas S&P AI Data, Power & Infrastructure UCITS ETF – Acc.
    (POWA / POWR)
    On 15 January 2026, Lunate listed the Boreas S&P AI Data, Power & Infrastructure UCITS ETF – Acc. on Xetra, introducing the ETF in two currencies:
    • USD listing: POWA
    • EUR listing: POWR

    This marks Lunate’s debut on Xetra and represents the first-ever listing of a regional thematic ETF provider on the exchange.

    This share class mirrors the investment strategy of the existing AIPOWR ETF (distributing counterpart listed in ADX) and intends to accumulate and reinvest dividends received.

  2. Boreas S&P Absolute Luxury UCITS ETF – Inc. (LUXURY)
    Lunate also launched the Boreas S&P Absolute Luxury UCITS ETF – Inc., tracking the S&P Europe Luxury 35/20 Capped Index (USD) NTR (SPEULCUN). This ETF is the eighth sub fund under the Chimera UCITS ICAV umbrella and Lunate’s 22nd ETF overall.

    The ETF provides exposure to the leading European domiciled luxury companies in high-end fashion, leather goods, jewelry and watches, premium beauty and fragrances, luxury automobiles, and other aspirational lifestyle categories. The fund intends to distribute dividends semi-annually, when available. The LUXURY ETF’s initial offer period took place in 15-21 January 2026, and the ETF was listed on ADX on 27 January 2026. Total creations during the initial offer period amounted to AED 16.5 million.

  3. Boreas S&P Absolute Luxury UCITS ETF – Acc. (LUXX / LUXY)
    Continuing the momentum, Lunate listed Boreas S&P Absolute Luxury UCITS ETF – Acc. Which is the accumulating share class of the LUXURY ETF on Xetra on 27 January 2026, also in dual currency format:
    • USD listing: LUXX
    • EUR listing: LUXY

    This share class follows the same investment objectives as LUXURY ETF (distributing counterpart listed in ADX) and intends to accumulate and reinvest dividends received.
In January, secondary market trading across Lunate’s suite of 23 ETFs reached AED 14.5 million, bringing the total traded value in 2026 to AED 14.5 million. In the same period, primary market activity reached AED 25.2 million, consisting of creations in POWA/POWR, LUXURY, and LUXX/LUXY ETFs, as well as redemptions in CHADX15, QUANTM, and AIPOWR ETFs.
As of 31 January 2026, the total Assets Under Management (AUM) across Lunate’s twenty-three ETFs stood at AED 1.0 billion, reflecting a 6.7% increase since the start of the year.
During the month, cash dividends were declared for 3 dividends paying ETFs. The 2025Q4 Dividends for SUKUK ETF and USTBILL ETF and 2025H2 for BONDAE ETF which went Ex-Dividend on February 2, 2026 and will be paid out on February 17, 2026.
Global markets tracked by Lunate’s suite of ETFs delivered mixed returns in USD terms during January. In the UAE, the FTSE ADX General Index advanced 2.9%, while the DFM General Index significantly outperformed, rising 6.4%. Across the GCC, Saudi Arabia’s Tadawul Index posted strong gains of 8.5%, while Boursa Kuwait Index declined 3.5%. In the United States, the NASDAQ Composite gained 0.9% and the S&P 500 ended the month 1.4% higher. In Europe, Germany’s DAX Index increased 1.2%, while Turkey’s BIST 100 surged 21.4%. In Asia Hong Kong’s Hang Seng Index climbed 6.5%, Pakistan’s KSE 100 Index rose 5.8%, and Japan’s Nikkei 225 gained 7.2%, while India’s SENSEX declined 5.3% over the month.
Meanwhile, for the local bond market, the J.P. Morgan EMBI Global UAE Index declined 0.38% during the month. In the global sukuk market, the J.P. Morgan EM Aggregate Sukuk Index rose 0.05% in January. Meanwhile, the Bloomberg US Treasury Bill Index, which measures the performance of short-term US Treasury bill securities, gained 0.29%.
 
 
Lunate ETFs
GCC Equity ETFs
 
  Chimera S&P UAE Shariah ETF
UAEA | CHAESHIN
Index Mkt Cap P/E ROE
AED1.8tn 15.93x 30.51%
The UAE Shariah ETF ended January 5.2% higher, in line with its net total return index, which gained 5.2%. The index’s performance was mainly driven by Abu Dhabi Islamic bank, Emaar properties, and Al Dar Properties which gained 17.2%, 6.8%, and 10.2% respectively.
 
 View UAEA ETF →
 
 Download UAEA Fact Sheet →
 View CHAESHIN ETF →
 
 Download CHAESHIN Fact Sheet →
 
 
  Chimera S&P UAE UCITS ETF
UAED | CHAE
Index Mkt Cap P/E ROE
AED2.5tn 11.94x 27.00%
The UAE UCITS ETF posted a monthly gain of 6.3% during the month, closely tracking with its net total return index which gained 6.4%. The index’s performance was primarily driven by Emirates NBD, Emaar properties, Abu Dhabi Islamic Bank, First Abu Dhabi Bank and Emirates Telecom group, which ended the month higher by 11.7%, 6.8%, 17.2%, 6.7% and 7.4% respectively.
 
 View UAED ETF →
 
 Download UAED Fact Sheet →
 View CHAE ETF →
 
 Download CHAE Fact Sheet →
 
 
  Chimera S&P KSA Shariah ETF
SAUDIA
Index Mkt Cap P/E ROE
AED8.0tn 23.81x 20.30%
The KSA Shariah ETF ended January 9.8% higher in AED terms, while its net total return index closed the month 9.9% higher. The index’s performance was primarily driven by Al Rajhi Bank, Saudi Arabian Mining Company (Maaden), Saudi Arabian Oil Company (ARAMCO) and ALINMA Bank which gained 9.9%, 26.8%, 8.3% and 16.8% respectively.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera S&P Kuwait Shariah ETF
KWTI
Index Mkt Cap P/E ROE
AED272.9bn 22.66x 12.62%
The Kuwait Shariah ETF dropped 3.3% over January in AED terms, while its net total index lost 2.6%. The index’s performance was primarily driven by Boubyan bank, Mabanee and Kuwait Real Estate, which lost 5.2%, 7.8% and 8.9%, respectively along side broad-based losses with most of constituents declining over the month.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera FTSE ADX 15 ETF
CHADX15
Index Mkt Cap P/E ROE
AED2.1tn 26.00x 19.99%
The FTSE ADX 15 ETF ended the month 4.4% higher, in line with its net total return index which was up 4.5%. The index’s performance was mainly driven by Abu Dhabi Islamic Bank, First Abu Dhabi Bank and Emirates Telecom Group, which gained 17.2%, 6.7%, and 7.4%, respectively.
 
 View ETF →
 
 Download Fact Sheet →
 
 
Global Equity ETFs
 
  Chimera S&P US Shariah Growth ETF
USGRWTH
Index Mkt Cap P/E ROE
AED113.7tn 50.02x 63.68%
The US Shariah Growth ETF closed January 0.3% higher, closely tracking its net total return index gained 0.4%. The index’s positive performance was driven by gains in Alphabet class A, Micron Technology, Meta and Alphabet class C which ended the month up 8.0%, 45.5%, 8.5% and 7.9%, respectively.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera S&P US Shariah Value ETF
USVALUE
Index Mkt Cap P/E ROE
AED31.2tn 27.09x 47.03%
The US Shariah Value ETF ended the month up 1.5% in AED terms, closely tracking its net total return index gained 1.6%. The index’s positive performance was mainly driven by Exxon Mobil, Johnson & Johnson, and Chevron which ended the month up 17.5%, 9.8% and 16.1% respectively.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera S&P Turkey Shariah ETF
TURKI
Index Mkt Cap P/E ROE
AED290.5bn 56.16x 10.73%
The Turkey Shariah ETF ended the month 18.8% higher in AED terms, compared to a 18.9% increase in its net total return index. The index’s performance was mainly driven by its highly weighted Aselsan Elektronik Sanayi, Tupras Turkiye Petrol Rafine, and Bim Birlesik Magazalar which gained 30.9%, 32.8% and 23.8%.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera S&P China HK Shariah ETF
CHHK
Index Mkt Cap P/E ROE
AED3.9tn 58.62x 13.09%
The China HK Shariah ETF gained 5.4% over January in AED terms, closely tracking its net total return index’s gain of 5.5%. The index’s positive performance was mainly driven by Alibaba Group Holding, BeOne Medicines and Pop Mart which gained 18.5%, 15.2%, and 19.1% respectively.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera S&P Pakistan UCITS ETF
PKSTN
Index Mkt Cap P/E ROE
AED115.7bn 9.78x 23.83%
The Pakistan UCITS ETF ended January 6.8% higher in AED terms, while its net total return index closed 7.1% higher. The index returns were primarily driven by United Bank, Pakistan Petroleum and Oil & Gas development company, which gained 14.7%, 17.7% and 15.2%, respectively.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera S&P India Shariah ETF
INDI
Index Mkt Cap P/E ROE
AED4.1tn 63.55x 27.22%
The India Shariah ETF closed the month of January 6.1% lower in AED terms, while its net total return index lost 6.5%. The index’s negative return was mainly driven by Reliance Industries limited, Bharti Airtel and Maruti Suzuki India which ended the month 11.1%, 6.5%, and 12.6% lower, respectively.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera S&P Japan UCITS ETF
JPANI
Index Mkt Cap P/E ROE
AED9.3tn 26.26x 17.84%
The Japan UCITS ETF closed the month 9.0% higher in AED terms, while its net total return index gained 9.4% over the month. The index’s gains were mainly driven by Advantest, Mitsubishi financial and Mizuho Electron which gained 29.9%, 12.5% and 20.4%.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera S&P Germany UCITS ETF
GRMNY
Index Mkt Cap P/E ROE
AED7.6tn 32.41x 14.24%
The Germany UCITS ETF gained 1.6% in AED terms in January, while its net total return index was up 1.7%. The index’s positive performance was driven by Siemens Energy AG, Siemens Ag and Rheinmetall, which were up 18.9%, 6.8% and 13.7% respectively during the month.
 
 View ETF →
 
 Download Fact Sheet →
 
 
Thematic ETFs
 
  Boreas Solactive Quantum Computing UCITS ETF
QUANTM
Index Mkt Cap P/E ROE
AED51.1tn 38.87x 16.41%
The Boreas Solactive Quantum Computing UCITS ETF gained 9.6% over January in AED terms, in line with its net total return index which was up 9.7%. The index’s positive performance was driven by gains in Skywater Technology, Micron Technology and Formfactor which ended the month 74.3%, 45.4% and 26.4% higher, respectively.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Boreas S&P AI Data, Power & Infrastructure UCITS ETF
AIPOWR | POWA/POWR
Index Mkt Cap P/E ROE
AED43.5tn 35.29x 21.31%
The Boreas S&P AI Data, Power & Infrastructure UCITS ETF recorded a 3.8% gain in AED terms in January, in line with its net total return index which was up 3.8% during the same period. As for the German listed share class, POWA/POWR, it gained 1.7% since its inception on January 13, 2026 while its net total index gained 1.7%. The index’s positive performance over the month was led by ABB ltd, Alphabet and Nextera Energy which gained 12.6%, 7.9%, and 9.5%, respectively.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Boreas S&P Absolute Luxury UCITS ETF
LUXURY | LUXX/LUXY
Index Mkt Cap P/E ROE
AED5.1tn 47.18x 19.32%
The Boreas S&P Absolute Luxury UCITS ETF recorded a 3.4% drop since its inception on January 26, 2026, in line with its net total return index which dropped 3.4% during the same period. Meanwhile, the Germany listed share class LUXX/LUXY dropped by 2.6% since its inception on January 23, 2026, in line with its net total return index which dropped 2.6%. The index dropped by 8.2% over January, driven by LVMH and Richemont which lost 15.2% and 13.1% during January as well as broad-based losses across constituents.
 
 View ETF →
 
 
 
Fixed Income ETFs
 
  Chimera JP Morgan UAE Bond UCITS ETF
BONDAE
Index Mkt Cap Weighted Avg Duration Yield To Maturity
AED544.5bn 5.51 4.55%
The UAE Bond UCITS ETF closed the month of January flat in AED terms, closely tracking its benchmark index, which declined 0.1% for the month. U.S. 10-year Treasury yields rose modestly by 7 bps into month-end, while UAE issuer credit spreads tightened, helping to offset some of the losses from higher yields. The Fed held rates at its January meeting, and markets are currently pricing two additional cuts in 2026. Finally, in the end of January, President Trump nominated Kevin Warsh to success Jerome Powell as Fed Chair.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera JP Morgan Global Sukuk ETF
SUKUK
Index Mkt Cap Weighted Avg Duration Yield To Maturity
AED459.1bn 4.90 4.52%
The Global Sukuk ETF declined 0.1% in January in AED terms, closely tracking its benchmark index which also declined 0.1%. The modest decline was primarily driven by higher Treasury yields over the month, while sukuk spreads remained unchanged, resulting in limited offset from credit.
 
 View ETF →
 
 Download Fact Sheet →
 
 
  Chimera iBoxx US Treasury Bill ETF
USTBILL
Index Mkt Cap Weighted Avg Duration Yield To Maturity
AED23.1tn 0.21 3.45%
The US Treasury Bill ETF returned 0.3% in January in AED terms, matching the performance of its benchmark index. The positive performance was mainly driven by the natural pull-to-par effect of maturing T-bills as well as a slight decrease in short-term rates.
 
 View ETF →
 
 Download Fact Sheet →
 

 
For more information on Lunate ETFs, visit etfs.lunate.com, email us at capitalmarkets-etfs@lunate.com or call +971 2 877 8896. Follow us on social media to stay updated with our latest developments.
 
 
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About Lunate
 
Lunate is an Abu Dhabi-based, Partner-led, independent global alternative investment manager with around 200 employees and $115 billion of assets under management. Lunate invests across the entire private markets spectrum, including buyouts, growth equity, early and late-stage venture capital, private credit, real assets, and public equities and public credit.
 
 
capitalmarkets-etfs@lunate.com
 
   
www.etfs.lunate.com
 
   
+971 2 877 8896
 
 
 
Disclaimer
The information contained herein, together with any accompanying oral and supplementary information, data, or documents, (the “Material”) has been prepared by Lunate Capital LLC and Lunate Capital Limited (“Lunate” and collectively with its affiliates “Lunate Group”) and it is for informational purposes only and should not be construed as investment advice, a recommendation, or an offer to buy or sell any securities or investment. The Material is not, and may not be relied on as, legal, tax, or professional advice. It may not be relied upon for any investment decision. Past performance is not indicative of future results, and investments involve risks, including the potential loss of principal. While we strive to provide accurate and timely information, the Material is provided on an “as is” basis and neither Lunate nor Lunate Group guarantees the completeness or accuracy of the data, and they expressly disclaim any liability related to the Material. Investors are encouraged to conduct their own due diligence and consult with their financial advisors before making any investment decisions. The Material may contain forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Lunate Capital LLC is duly licensed and regulated by the UAE Security and Commodities Authority. Lunate Capital Limited is duly licensed and regulated by the ADGM Financial Services Regulatory Authority.
 
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