There are signs Egyptian financial markets are evolving for the better. Those signs include the debut of the country’s first domestically-listed ETF, courtesy of Beltone Financial. The country also recently saw its first initial public offering price in three years. [Egypt ETFs Rallies as Investors Return]

“Arabian Cement Company’s IPO was 18.5 times oversubscribed on the retail side and covered 11 times on the institutional side, including by US and UK investors, according to CI Capital, co-bookrunners on the float along with EFG Hermes,” reports Financial News.

EGPT is pricey compared to the broader emerging markets universe at a P/E of almost 16 and the fund is, not surprisingly, volatile. The ETF has a beta of 1.44 against the S&P 500 of 1.44 and a three-year standard deviation of 33.5%, according to Market Vectors data.

Market Vectors Egypt Index ETF

ETF Trends editorial team contributed to this post.