Oil-rich Saudi Arabia is one of the largest Middle East economies, but it is not represented in the exchange traded fund space. However, seeking to fill the gap, Van Eck Global has filed with the Securities and Exchange Commission to market two country-specific funds focused on Saudi Arabia’s markets.

According to the filing, the Market Vectors Saudi Arabia ETF is a passively indexed fund that will hold assets in securities of Saudi Arabian companies, which are domiciled and listed in Saudi Arabia with at least 50% of its revenue in Saudi Arabia. The ETF will follow a market-cap weighted methodology.

According to another filing, the Market Vectors Saudi Arabia Small-Cap ETF will follow Saudi Arabian small-capitalization companies, which include the bottom 90% to 98% of the full free-float market capitalization.

No ticker symbols or expense ratios have been revealed in the filings.

It should be noted that Saudi Arabia is considered a developing economy, which are associated with higher volatility and risks, compared to developed markets.