That means MSCI would need to create an MSCI Saudi Arabia Index before the country can even be considered for entry into well-known indices such as the MSCI Emerging Markets Index or the MSCI Frontier 100 Index.

Both Market Vectors and Global X have also filed plans for single-country Saudi Arabia ETFs though neither fund has come to market.

iShares MSCI UAE Capped ETF

ETF Trends editorial team contributed to this post.