Boreas is introducing the AIPOWR, Boreas S&P AI Data, Power & Infrastructure UCITS ETF, aimed at tracking the S&P Transatlantic AI‑Related Data Center & Power Supply Infrastructure Index. The fund has a total expense ratio (TER) of 0.49% and is scheduled for listing on ADX on 25 November 2025, with subscriptions open via six authorised participants and the ADX eIPO portal from 10 to 14 November.
This ETF marks Lunate’s second thematic product (after its quantum-computing ETF) and represents a refined play on the artificial-intelligence ecosystem, not by investing in AI model developers or chipmakers alone, but by focusing on the infrastructure: data-centres, power-grids, digital networks and the utilities that underpin the AI economy. For investors, that translates into exposure to companies positioned to benefit from rises in data volumes, computational power demand and grid/power-supply expansion tied to AI-growth.
ETF Structure & Mechanics
- Issuer / Manager: Lunate Capital Limited (licensed by the ADGM FSRA).
- Fund name: Boreas S&P AI Data, Power & Infrastructure UCITS ETF (ticker: AIPOWR)
- Index: S&P Transatlantic AI-Related Data Centre & Power Supply Infrastructure Index.
- Holding count: 35 companies (the index selects the “35 companies best positioned” globally).
- TER: 0.49% (49 basis points).
- Subscription window: 10–14 November 2025.
- Expected listing date: 25 November 2025 on ADX.
- Key sample holdings: Oracle, NextEra Energy, Siemens, ABB, Eaton Corp (listed as examples)
- Theme description: First UCITS ETF to invest in the companies developing and delivering both the infrastructure and the power and grid systems essential for the growth and advancement of the AI economy (‘data centres, digital infrastructure, energy, and grids’).
Positioning & Differentiators
The Boreas S&P AI Data, Power & Infrastructure UCITS ETF (AIPOWR) is designed as a next-generation thematic fund that looks beyond the obvious beneficiaries of artificial intelligence to the critical systems powering it. Instead of chasing software developers or semiconductor giants, the ETF targets the infrastructure backbone of the AI economy, data-centre operators, grid suppliers, and power-infrastructure firms that enable the rapid expansion of computational capacity worldwide.
Its benchmark, the S&P Transatlantic AI-Related Data Centre & Power Supply Infrastructure Index, spans both U.S. and European markets, offering investors diversified exposure to the companies supplying the hardware, energy, and connectivity required for AI’s scale-up. While listed on the Abu Dhabi Securities Exchange (ADX), the fund’s holdings and revenue drivers are firmly global, aligning regional capital with a cross-border growth theme.
The Boreas platform behind the ETF is led by Geir Espeskog, Chris Vass, and Viktor Östebo, all seasoned ETF veterans with previous tenures at BlackRock and Flow Traders. Together, they bring extensive product-development and market-making experience to Lunate’s growing ETF lineup. Their leadership underscores Lunate’s intent to build a globally credible, technically disciplined thematic suite from Abu Dhabi’s emerging ETF hub.
Structured under the UCITS framework, AIPOWR follows European standards for governance, diversification, and transparency, though the fund’s precise domicile and distribution policy will be confirmed at listing.
Key Details To Watch
A few operational and structural details remain to be clarified before trading begins. The full index composition and weightings have yet to be published, so investors will need to consult the fund’s factsheet and prospectus upon listing for transparency on holdings and sector exposure.
As a newly listed ETF, initial liquidity may take time to develop as market-making and secondary trading activity scale up. Given its specialised thematic focus, the index’s methodology and rebalancing rules will also be important in understanding how the fund maintains exposure to AI-related infrastructure over time.
Finally, while the ETF is described as a UCITS product, details such as domicile and distribution policy are expected to be confirmed once regulatory filings are available.
Brief Outlook
The launch of AIPOWR signals Lunate’s push into thematic strategies, expanding its Boreas range and responding to investor interest in innovation-led infrastructure. As AI becomes more pervasive, the infrastructure underpinning it (data centres, power supply, grids, etc.) is increasingly critical and may benefit from structural tailwinds. That said, the thematic remains highly specialised and investors should ensure alignment with their risk tolerance, sector exposure and investment horizon.
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