Van Eck Global, the fund provider behind the Market Vectors ETFs, filed paperwork with U.S. regulators to bring to market two single-country equities ETFs focused on Saudi Arabia; one a broad portfolio, the other a small-cap fund.
Both the Market Vectors Saudi Arabia ETF and its small-cap counterpart, the Market Vectors Saudi Arabia Small-Cap ETF will each be built to replicate as closely as possible proprietary rules-based, modified capitalization-weighted, float-adjusted indexes that tap into the Saudi Arabian market.
The funds appear to give first-of-a-kind access to the world’s most important oil-driven economy—one that is just now beginning to open up to foreign investment. The Saudi Stock Exchange, Tadawul, represents the bulk of the equity market capitalization of all the Gulf Cooperation Councils stock exchanges. Those include Saudi Arabia, the United Arab Emirates, Bahrain, Oman, Qatar and Kuwait.
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