This was achieved as the FBM KLCI staged a steady rebound after the Government unveiled more solid measures to strengthen the economy. At 5pm, the index was up 21.34 points or 1.24% to 1,740.62.
KUALA LUMPUR: Asia's first US dollar denominated Shariah-compliant exchange traded fund (ETF) is en-route for listing on the Main Market of Bursa Malaysia on Feb 28.
The MyETF Dow Jones US Titans 50 (MyETF-US50) would provide investment results that closely correspond to the performance of its benchmark Index, the Dow Jones Islamic Market US Titan, said i-VCAP Management Sdn Bhd (i-VCAP) Chief Executive Officer Khairi Shahrin Arief Baki.
"The benchmark Index consists of the 50 largest Shariah-compliant US companies by float-adjusted market capitalisation. "Among the US blue-chip companies include Apple Inc, Microsoft Corp, Facebook Inc, Johnson and Johnson, Exxon Mobil Corp, Chevron Corp, Procter and Gamble and Home Depot Inc," he told a press conference after the launch of fund's prospectus here today.
The offer period for initial subscription via Initial Public Offerings will close at 5 pm on Feb 9. MyETF-US50's initial approved fund size is up to 500 million units with an initial issue price of US$1.00 per unit. The minimum size of a subscription application under the initial subscription is 100 units or whole multiples thereof.
i-VCAP solely provides Shariah-compliant investment products and services and is a wholly-owned subsidiary of ValueCAP Sdn Bhd (ValueCAP) which is owned by Khazanah Nasional Bhd, the Retirement Fund Inc (KWAP) and Permodalan Nasional Bhd.
Khairi said MyETF-US50 was i-VCAP's fifth Islamic ETF listing and the company was planning to launch the sixth ETF this year.
Meanwhile, i-VCAP Head of Business Development Zulkifli Ishak said MyETF-US50 closely corresponded to the performance of US markets and had the upside potential despite the US market reportedly trading at its peak.
"The US markets gave close to 20 per cent returns last year.
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