Albilad MSCI US Tech ETF to start trading on Tadawul on Jan. 23

Logo of Albilad MSCI US Tech ETF

The Saudi Exchange (Tadawul) announced that the shares of Albilad MSCI US Tech ETF will be listed and begin trading as of Jan. 23, with the symbol 9407 and ISIN Code SA15OG54IVK.

The stock will trade at daily and static price fluctuation limits of +/- 30% and +/- 10%, respectively, according to a Tadawul statement today, Jan. 19.

The subscription to Albilad MSCI US Tech ETF began on Tadawul on Jan. 12, with the offering period to last for 30 business days, ending on Feb. 22, Argaam’s data showed.

The minimum amount to commence the fund operations is SAR 10 million. In case this amount is not collected during the initial public offering (IPO) period, the fund manager must return to the unitholders the subscription amounts and any returns resulting from their investment without any discount.

The fund manager has the right to extend the IPO period for 30 business days, with the right to close it prior to that date.

Albilad MSCI US Tech ETF is an open-ended public and Shariah-compliant ETF that aims to track and simulate the performance of the MSCI USA Islamic Tech Index before calculating any dividend, fees or charges. It invests in both the US and Saudi capital markets, according to Argaam’s data.