The GCCDIV ETF, listed on ADX on 23 June 2026 the first Shariah-compliant product globally to deliver multi-GCC dividend equity in a single, AED-denominated vehicle.
A global first for Islamic finance
Lunate has announced the GCCDIV ETF, a Shariah-compliant fund tracking the Solactive GCC Shariah Dividend Index (SGCCSHDN), a 20-stock, dividend-yield-weighted index of Shariah-compliant equities from the UAE, Saudi Arabia, and Qatar. It will be listed on ADX on 23 June 2026, with a TER of 0.50% and semi-annual dividend distributions, and is traded in AED.
While single-market Shariah ETFs exist across the GCC, no product previously combined multi-market exposure with a dividend income mandate in one passive, Shariah-compliant structure. GCCDIV fills that gap.
"This is the first Shariah-compliant ETF globally to offer investors access to multiple GCC markets in a single dividend-paying product."
- Sherif Salem, Partner & Head of Public Markets, Lunate
Index performance: SGCCSHDN in numbers
The Solactive GCC Shariah Dividend Index (ticker: SGCCSHDN) has a base value of 1,000 as of 8 May 2017 and closed at 2,662.55 on 1 June 2026, a cumulative NTR gain of 166.3%, or 11.41% annualised. YTD 2026 stands at 8.42%, and the 12-month return is 13.92%, with a since-inception volatility of 10.34% and a Sharpe ratio of 0.75 over the full period.
Index composition
The index holds 20 positions weighted by dividend yield highest-yielding names get the largest allocations. The top 10 account for roughly 77.7% of the index. UAE leads by weight among disclosed positions, with Qatar and Saudi Arabia providing meaningful diversification.
Where does GCCDIV ETF fit in the GCC landscape?
The GCC ETF market comprised 39 ETFs with $9.35B in AUM as of Q1 2026 (Nukoud GCC ETF Market Monitor). ADX is the dominant hub ETF trading on the exchange surged to AED 155M in Q1 2026, more than tripling from an estimated AED ~47–50M in Q1 2025. Lunate is the most prolific issuer on ADX, with GCCDIV becoming its 20th listing on the exchange and 22nd across UAE venues.
"This listing supports the burgeoning ETF trade on the exchange, which more than tripled year on year to 155 million dirhams in the first quarter of 2026."
- Abdulla Salem Alnuaimi, Group CEO, ADX Group.
Fund structure & key parties
GCCDIV is an SCA-registered fund managed by Lunate Capital LLC, with BNY Mellon as global custodian consistent across Lunate's full ETF range. Eight Authorised Participants support liquidity: International Securities, BHM Capital, EFG Hermes, Arqaam Securities, FAB Securities, Daman Securities, HSBC, and QMM. The underlying index is maintained by Solactive AG (Frankfurt), which excludes companies with excessive leverage or non-compliant business activities under recognised Islamic screening standards.
