In a milestone for the UAE’s capital-markets landscape, the Abu Dhabi Securities Exchange (ADX) has approved the cross-listing of two US-domiciled KraneShares ETFs, the KraneShares CSI China Internet ETF (KWEB) and the KraneShares Global Carbon Strategy ETF (KRBN). Both funds are scheduled to begin trading on ADX on 10 December, marking the first time that US-listed ETFs will be available on a UAE exchange.
The approval follows clearance from the Securities and Commodities Authority (SCA), which allows offshore ETFs to be listed locally once they meet requirements on regulatory origin, transparency and operational readiness. With this step, KWEB and KRBN become the first US ’40 Act ETFs to enter the UAE’s onshore trading ecosystem, expanding the exchange’s growing global offering.
Two Established ETFs Enter the Gulf Market
KWEB, a widely traded thematic fund with roughly USD 9 billion in assets as of late 2025, provides exposure to China’s large-cap internet and digital-platform companies. It tracks the CSI Overseas China Internet Index and is one of the world’s most liquid China-thematic ETFs.
KRBN, meanwhile, brings a distinct asset class to the region. The fund tracks the S&P Global Carbon Credit Index and holds futures tied to regulated carbon-allowance markets in Europe, the UK and North America. With about USD 170 million in assets, KRBN is considered the flagship ETF for global carbon pricing.
Both ETFs list primarily on NYSE Arca and will maintain full fungibility between US and ADX-listed shares. Cross-market settlement will be facilitated through BNY Mellon, ensuring a unified global pool of liquidity.
Market Maker and Listing Advisor
KraneShares has appointed Oceane Invest, an Abu Dhabi based ETF-focused liquidity provider who is backed by GTS Securities, one of the largest market makers in the United States, to be the market maker on the two funds. Given its specialized ETF expertise and the team’s long experience in New York trading operations, Oceane Invest is expected to play a central role in maintaining tight spreads and keeping ADX prices closely aligned with indicative net asset values from the US market.
Kranesahres also appointed Neovision Investment Management LLC as the Funds’ listing advisor. Neovision Investment Fund Management is a dynamic investment firm positioned at the intersection of global finance and UAE market growth. Regulated by the Securities and Commodities Authority (SCA) and based in Abu Dhabi.
Market Access: Local Hours, Local Currency
Trades will settle through ADX’s CSD under investor NIN accounts, streamlining custody, reporting and portfolio operations for regional institutions.
This cross-listing structure also enables both retail and institutional investors to trade the ETFs directly on the exchange, subject to ADX rules. The issuer has appointed Oceane Invest as the market maker and Neovision Wealth as the funds’ local representative. Oceane Invest, backed by US market-making firm GTS Securities, specializes in ETF liquidity and is expected to help maintain tight spreads and consistent pricing.
How Does Crosslisting Work? It Trades in Local Hours and Currency
For UAE and GCC investors, the launch offers straightforward advantages. Trading will take place in local hours and local currency, allowing investors to access Chinese tech exposure and global carbon markets without waiting for New York or London to open.
ADX has appointed BNY Mellon as its global custodian and transfer agent allowing ETFs cross listings from many major global exchanges. As local orders come through on ADX, ETF shares are delivered to ADX’s custody account in the US’s Depositary Trust & Clearing Corporation (DTCC) and local shares are created and settled through ADX’s CSD under investors’ NIN accounts. This process will ensure the movement and fungibility of shares between the two exchanges and streamlines custody, reporting and portfolio operations for regional institutions.
ADX and NYSE had signed an MOU in December of 2023. This crosslisting comes as the first collaboration between the two exchanges and KraneShares bridging west with east.
A First Step Toward Broader Global ETF Access
The listing of KWEB and KRBN represents a notable expansion of the onshore toolkit for UAE investors and underscores ADX’s ambition to become the region’s leading hub for global ETFs. By offering direct access to China’s internet sector and global carbon markets, the exchange is adding new dimensions of global diversification to its roster.
With trading set to begin on 10 December, ADX enters a new phase in its ETF development, one that may pave the way for additional US-listed strategies to join the market in the months ahead.
