The Public Investment Fund (PIF)’s USD 200 mn wager on what’s believed to be the first Saudi bonds ETF listed in European and US markets, got ink from the Financial Times. PIF invested USD 200 mn in the SPDR JPMorgan Saudi Arabia Aggregate Bond Ucits ETF — which launched in December — as a seed investor earlier this month. The move comes in a bid to push the ETF beyond the minimum size threshold for many investors, while also upping credibility and attracting interest, Morningstar principal Kenneth Lamont told the salmon-colored paper.

Lamont however pointed to Kuwait’s 2019 ETF flop — which fizzled out due to insufficient appetite— as a cautionary tale, while also warning that the ETF’s success will largely hinge on the strength of the investment case for Saudi debt.

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