I-VCAP Management launches MyETF-US50 fund
KUALA LUMPUR: i-VCAP Management Sdn Bhd, a subsidiary of ValueCap Sdn Bhd, has launched MyETF Dow Jones US Titans 50 (MyETF-US50) fund, which will invest in syariah-compliant top 50 blue-chip counters in the United States.
The fund is the first US dollar denominated Islamic ETF (exchange-traded fund) to be listed on Bursa Malaysia.
“There are nine ETFs in Malaysia, five of which are syariah-compliant. But there has been an absence of Islamic UScentric funds, and that is about to change with our MyETFUS50,” said i-VCAP chief executive officer Khairi Shahrin Arief Baki at the launch, here, yesterday.
He said the fund provides investors with immediate exposure to medium to long-term investment horizon of companies in the benchmark index.
“Those looking for short-term opportunities can arbitrage between the net asset value and the unit price trading prices,” he added.
Also present at the launch were i-VCAP chairman Rosli Abdullah and Val- ueCap managing director and group chief executive officer Sharifatu Laila Syed Ali.
Rosli said the MyETF-US50 would address the investment appetite for syariahcompliant US equities in US dollars. The new product is exempted from stamp duty.
ValueCap is owned by Khazanah Nasional Bhd, Kumpulan Wang Persaraan (Diperbadankan) and Permodalan Nasional Bhd.
This brings the number of syariah-compliant ETFs in Malaysia to six and it is the 10th to be listed on Bursa Malaysia.
MyETF-US50 is an open-ended fund with an approved fund size of 500 million units. It is tentatively scheduled for listing on the Bursa Securities Market on February 28.
The fund is the fifth in the iVCAP’s MyETF series. The subscription period for the fund ends on February 9.
It will be traded at RM1 a unit, with a minimum subscription size of 100 units.
The MyETF-US50 was aimed at providing investment results that correspond to the performance of the benchmark index and the Dow Jones Islamic market US Titans 50, Khairi Shahrin added. Ooi Tee Ching