By Staff Writer
SGX welcomes its first Saudi Arabia-focused ETF, giving Singapore investors access to the Kingdom’s bond market.
Managed by State Street Investment Management, the fund tracks the J.P. Morgan Saudi Arabia Aggregate Bond Index, covering USD, SAR, and Sukuk bonds.
The ETF has already attracted $200m from Saudi’s Public Investment Fund, showing strong institutional demand.
Singapore Exchange (SGX) has officially listed the SPDR® J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF, marking its very first Saudi Arabia-focused Exchange Traded Fund. The cross-listing gives Singapore investors a cost-efficient way to tap into Saudi Arabia’s deepening bond market, which has become one of the most attractive in the Gulf region.
The ETF, managed by State Street Investment Management, tracks the J.P. Morgan Saudi Arabia Aggregate Bond Index. It covers liquid USD- and SAR-denominated government and quasi-government bonds, including Sukuk, providing diversified exposure to the Kingdom’s fixed income market.
First launched on Deutsche Börse in late 2024, the ETF was later listed in London and Milan before making its Singapore debut.
Ng Yao Loong, Head of Equities at SGX Group, highlighted the significance of the new listing:
“We are delighted to welcome our first Saudi Arabia-focused ETF and our maiden ETF offering dedicated exposure to the Gulf Cooperation Council (GCC) bond markets. This is not only a meaningful expansion of SGX’s fixed income products but also paves the way for broader investor access to the GCC region. As Saudi Arabia’s capital markets deepen and diversify in tandem with Vision 2030, SGX – together with our partners – is well-positioned to serve as a trusted gateway connecting investors to Saudi Arabia’s economic growth story.”
For investors, the launch comes at the right time. The GCC bond markets have collectively grown beyond $1 trillion as of March 2025, backed by ongoing reforms and diversification efforts in Saudi Arabia. Fixed income from the region is increasingly seen as a strong play for diversification and yield enhancement.
The ETF has already caught the attention of global institutions. In January 2025, Saudi Arabia’s Public Investment Fund (PIF) committed a strategic $200 million investment, signaling both confidence and credibility.
Anna Paglia, Executive Vice President and Chief Business Officer at State Street Investment Management, noted:
“Thanks to the efforts by GCC countries to increase the size, breadth and depth of their local and hard currency fixed income markets, Saudi Arabian bonds have become a compelling area for portfolio diversification. This ETF has attracted significant interest from international investors across Europe and the Middle East, and we are excited to work with SGX to bring this product to Singapore, offering local investors a unique opportunity to capitalize on the strengthening investment ties between Singapore and Saudi Arabia.”
The listing is supported by SGX’s connectivity with Euroclear’s ICSD ETF model, which streamlines cross-border ETF settlement between Europe and Asia. This setup makes global investing smoother and more efficient, opening the door for investors to access international markets seamlessly.
With this new addition, SGX now hosts 49 ETFs with combined AUM above S$15 billion, cementing its reputation as Asia’s most international multi-asset exchange.
