Hejaz Group has launched Australia’s first ever Sukuk active exchange-traded fund (active ETF), allowing investors to access a Shariah-compliant bond alternative product. The Hejaz Sukuk Active ETF (Managed Fund) will be available on the ASX and will enable retail, wholesale, and institutional investors in Australia and New Zealand to invest in a shariah-compliant fixed-income asset. The ETF is managed by Hejaz Asset Management and is comprised of a diversified portfolio of Shariah-compliant Sukuk investments. Hejaz aims to provide Muslims and non-Muslims with access to ethical financial products. The global Sukuk market is expected to reach a value of USD 2.3 trillion by 2028. Equity Trustees will be the trustee for the ETF, with Apex Financial Services Group acting as administrator and custodian, and Nine Mile as the market maker. Hejaz currently has $1.3 billion in funds under management and advice and offers a range of Shariah-compliant services including funds management, financial planning, accounting, property finance, super and tax, legal, and insurance offerings. [c7b28597]
Global X has launched the Global X US Infrastructure Development ETF (ASX code: PAVE) on the Australian Securities Exchange. The ETF aims to capitalize on infrastructure investment in the United States and tracks the Indxx US Infrastructure Development Index. It focuses on companies in raw materials, heavy equipment, engineering, and construction that are likely to benefit from increased spending on infrastructure projects in the US. The fund provides exposure to an underserved area, with almost $4 trillion in spending required to upgrade existing assets in the US. The long-term outlook for the sector is robust given the US government's focus on closing the funding shortfall. The launch of PAVE brings the number of funds in Global X's ETF range in Australia to 38. [7eceda35]