Invesco has launched what it claims to be the first exchange-traded fund (ETF) in Europe to provide passive exposure to Saudi Arabia.
The Invesco MSCI Saudi Arabia Ucits ETF will track the performance of the MSCI Saudi Arabia 20/35 index – which comprises 22 large- and mid-cap stocks and accounts for around 85% of the free-float market capitalisation in Saudi Arabia.
Chris Mellor, Invesco’s head of Emea ETF equity and commodity product management, said that the fund was well placed to take advantages of ongoing liberalisation of Saudi Arabia’s economy, the Middle East’s largest.
“Saudi Arabia is in the early stages of an exciting transformation,” he said.
The US dollar-denominated ETF is available on the London Stock Exchange and has an annual ongoing charge 0.50%.
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