State Street Investment Management ( SSIM ) has launched an exchange-traded fund ( ETF ) tracking Saudi Arabia’s bond market on the Singapore Exchange, reinforcing the growing investment bridge between the Gulf Cooperation Council region and Asia.

Backed by Saudi Arabia’s Public Investment Fund ( PIF ) as anchor investor, the SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF ( Acc ) provides Singapore-based and regional investors access to the kingdom’s rapidly maturing bond market, including government and quasi-government debt instruments such as sukuk denominated in the US dollar and Saudi riyal.

The ETF was originally listed on the Deutsche Börse in December 2024 and subsequently cross-listed on the London Stock Exchange and Borsa Italiana. Its latest listing marks a significant expansion in global investor access to Saudi capital markets. The ETF tracks the newly created J.P. Morgan Saudi Arabia Aggregate Index.

This cross-listing aligns with PIF’s broader ETF strategy, which aims to unlock foreign capital and attract institutional investors to Saudi markets in line with Vision 2030, the kingdom’s ambitious economic diversification plan.

“We are excited to bring this Saudi Arabia-focused ETF to Singapore,” says SSIM chief business officer Anna Paglia. “Saudi Arabian bonds have become a compelling area for portfolio diversification. The ETF offers Singapore investors a unique opportunity to tap on the strengthening investment ties between Singapore and Saudi Arabia.”

Abdulmajeed Alhagbani, head of securities investments at PIF, adds: “The cross-listing of this ETF reflects strong global confidence in Saudi Arabia’s economy. This accelerates the growth of Saudi Arabia’s capital markets ecosystem and supports the country’s economic transformation.”

The move builds on PIF’s growing ETF investment footprint, which already includes markets in Hong Kong, Shanghai, Shenzhen, and Tokyo. These investments are designed to increase liquidity, expand free float, and build cross-border capital mobility into Saudi Arabia’s market.

The ETF is the “accumulating” type, which means it automatically reinvests any income generated back into the fund itself. The net asset value could increase over time as the returns are compounded rather than paid out to investors.