First Asia ETF Tracking Saudi Arabian Stocks Debuts in Hong Kong

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Hong Kong last month announced steps to boost investor activity to counter a slump in average trading volume in the Asian financial hub. Photo: Bloomberg

(Bloomberg) — The first exchange-traded fund (ETF) tracking Saudi Arabian shares debuted Wednesday in Hong Kong, marking the largest of its type to trade in the city this year and underscoring efforts by the Middle Eastern country and the Asian financial hub to build closer ties.

The CSOP Saudi Arabia ETF, domiciled in Hong Kong, is Asia’s first to focus on shares listed in Riyadh. It has more than $1 billion in assets and counts Saudi Arabia’s sovereign fund as a top investor.