Abu Dhabi-based asset manager Lunate has launched a new suite of thematic exchange-traded funds on Deutsche Börse Xetra, marking a strategic expansion from the Gulf into European capital markets that underscores rising cross-border demand for structural, theme-based investment products.
The Boreas range, an array of UCITS-compliant thematic and specialty ETFs, commenced trading in mid-January, positioning Lunate as the first Abu Dhabi-based firm to list its ETF products on a major European exchange. The initiative integrates a trio of cutting-edge themes that asset managers believe will drive long-term economic growth: artificial intelligence infrastructure, luxury consumption and quantum computing.
The Boreas S&P AI Data, Power & Infrastructure UCITS ETF began trading immediately on Xetra under tickers POWR (EUR) and POWA (USD). Aimed at capturing the backbone of the burgeoning AI economy, the fund targets companies involved in data centres, computing infrastructure and energy networks, sectors expected to benefit from rising demand for cloud services and AI computing power.
A complementary offering, the Boreas S&P Absolute Luxury UCITS ETF, will list concurrently on both Xetra and the Abu Dhabi Securities Exchange (ADX) on 27 January, providing exposure to iconic European luxury brands such as Hermès, Ferrari, Burberry, LVMH and Richemont.
Crucially, the range reflects Lunate’s intention to bridge Middle Eastern and European investor bases, broadening access to globally relevant themes while leveraging the regulatory and distribution infrastructures available in Europe. The firm intends to follow these initial listings with further cross-listings of its existing Boreas products, including its Solactive Quantum Computing UCITS ETF later in 2026.
Who is Lunate?
Lunate, which manages more than $115bn in assets, has built its public markets offering around both traditional index trackers and newer thematic strategies. The addition of the Boreas range expands this catalogue with products designed to capture structural shifts in technology, consumption and industrial growth.
Its European expansion comes against the backdrop of a global thematic ETF market that has roughly doubled in size in recent years, underlining investor appetite for targeted exposure to transformational trends such as AI and quantum technologies.
Industry executives welcomed the cross-border launch. Sherif Salem, Partner and Head of Public Markets at Lunate, said the European listings represent a “historic milestone”, allowing global investors to access “differentiated public markets offerings with the potential for accelerated growth.”
Going beyond traditional capitalisation-weighted benchmarks
Meanwhile, Geir Espeskog, CEO of ETF strategy consultant Northwind, highlighted the rapid pace of technological and structural shifts shaping investment demand, reinforcing the rationale for thematic strategies that extend beyond traditional capitalisation-weighted benchmarks.
Market makers and distributors have also been appointed to support the European rollout. Jane Street will act as market maker for the listed ETFs, with AHP Capital/NTree Deutschland handling distribution, and Euroclear Bank serving as the international central securities depository.
The timing of the European launch is notable. With regulatory harmonisation and investor enthusiasm converging around UCITS-compliant products, Lunate’s move may presage increased competition in the thematic ETF space, which continues to attract both retail and institutional interest.
As thematic investing evolves, the region’s first cross-listed Boreas ETFs could act as a bellwether for future innovation at the intersection of Gulf capital and European markets.
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