Lunate has expanded its Boreas ETF range into natural resources with the launch of the Boreas VettaFi Dividend Winners in Natural Resources UCITS ETF, a new strategy built around dividend-paying energy and materials companies.
The fund launched in Germany on September 24, 2026 and is expected to be listed in Abu Dhabi at a later stage, extending the same Europe-to-GCC distribution model Lunate has already used for Boreas products such as its AI infrastructure and luxury ETFs. Deutsche Börse records show the new Irish-domiciled UCITS ETF becoming available for trading on September 24 under ISIN IE000JY1X8B3.
Fund Information
The strategy tracks the VettaFi Natural Resources Dividend Yield Index, which focuses on dividend-paying energy and materials companies in the U.S. and Europe and tilts toward value stocks. VettaFi lists the index as a natural-resources benchmark with semi-annual rebalancing.
The fund's disclosed ongoing costs are 0.59%, including portfolio transaction costs of 0.10%, according to German fund data published ahead of the launch. Lunate Capital is listed as investment manager, with Waystone Management Company (Ireland) as management company.
A Bet on Scarcity Rather Than Technology Alone
Top 10 Holdings
The launch lands at a time when global equity markets remain dominated by technology, while energy and materials occupy a much smaller share of mainstream benchmarks.
Boreas chief executive André Restis framed the strategy around that imbalance, arguing that a decade of restrained capital expenditure has collided with rising demand from electrification, data centres, reindustrialization and energy security.
The investment case is broader than oil and mining. Semiconductor manufacturing requires chemicals and metals, data centres consume large amounts of electricity, and grid upgrades need copper, steel and other industrial inputs. That puts natural-resource producers further upstream in many of the same investment themes currently driving technology and infrastructure spending.
The ETF therefore combines two characteristics that have become less common in growth-heavy equity portfolios: resource exposure and dividend income.
Why the Dividend Screen Matters
Rather than owning the natural-resources sector indiscriminately, the VettaFi index starts with established U.S. and European energy and materials companies that have paid dividends historically.
That introduces a value and income bias into a sector where returns can vary sharply with commodity prices and capital discipline.
The index methodology is designed to increase exposure to value-oriented constituents rather than simply weighting companies by market capitalization.
Some natural-resource ETFs concentrate on commodity producers, others own miners or oil majors, while newer strategies increasingly combine cash-return screens with exposure to companies supplying energy-transition and infrastructure demand.
For context, the related U.S. natural-resources ETF market has performed strongly in 2026. VettaFi data through September 23 showed the EQM Natural Resources Dividend Income Index up 39.5% year to date on a net-total-return basis, although that is a separate index with a different methodology and should not be treated as the Boreas ETF's performance history.
From Xetra to Abu Dhabi
In January, Lunate became the first Abu Dhabi-based asset manager to list a suite of UCITS ETFs in Europe, beginning with Boreas thematic products on Xetra. Its S&P AI Data, Power & Infrastructure UCITS ETF launched there with a 0.49% ongoing charge, while other strategies have subsequently been offered across both European and ADX listings.
Bringing the natural-resources strategy to ADX would give GCC investors local access to a portfolio built around companies operating in sectors that are particularly relevant to the region: energy, industrial materials, power infrastructure and commodity supply.
That would also broaden an ADX ETF shelf that has so far leaned heavily toward regional equities, international markets and technology-related themes.
For GCC investors, the product could sit differently from existing growth-heavy thematic ETFs. It offers exposure to cash-generative natural-resource businesses whose earnings are more closely tied to commodity prices, capital spending and supply constraints than to software adoption or semiconductor multiples.
After years in which technology absorbed a growing share of global equity allocations, Boreas is making the case that the physical inputs behind that growth deserve a larger place in portfolios. The German listing is the first step. An Abu Dhabi listing would bring that thesis directly into the GCC ETF market.
