Saudi investors now have a second locally listed way to track a broad Shariah-compliant equity benchmark on Tadawul. On August 10, 2026, the Al Rajhi MSCI Saudi Equity ETF (9413) began secondary-market trading nearly ten months after the Albilad MSCI Saudi Equity ETF (9412) pioneered the same strategy in October 2025. Both funds track the MSCI Saudi Arabia Domestic Total Market Islamic M-Series Index, giving GCC investors a direct fee-and-execution choice between two riyal-denominated ETFs tracking the same benchmark.
Overview
The Albilad MSCI Saudi Equity ETF (9412) and the Al Rajhi MSCI Saudi Equity ETF (9413) are two locally listed ETFs providing broad exposure to Saudi Arabia's Shariah-compliant equity market. Both funds are designed to track the MSCI Saudi Arabia Domestic Total Market Islamic M-Series Index, giving investors exposure across Saudi large-, mid-, and small-cap companies listed on both the Main Market and the parallel market, Nomu.
Albilad MSCI Saudi Equity ETF
The Albilad MSCI Saudi Equity ETF (9412), managed by Albilad Capital, began trading on Tadawul on October 21, 2025. The fund tracks the MSCI Saudi Arabia Domestic Total Market Islamic M-Series Index.
As of August 13, 2026, the fund had 31.5 million units outstanding and approximately SAR 295.8 million in AUM. Its NAV was SAR 9.3693, while its latest traded price was SAR 9.34. The fund has the longer operating history of the two ETFs and remains the more established option.
The fund charges a 0.35% annual management fee, which includes specified custody costs. Its longer operating history gives investors an established record against the benchmark. For the period from October 21, 2025 to June 30, 2026, the fund returned 4.24%, compared with 4.31% for the benchmark.
Al Rajhi MSCI Saudi Equity ETF
The Al Rajhi MSCI Saudi Equity ETF (9413), managed by Al Rajhi Capital, began trading on Tadawul on August 10, 2026. It tracks the same MSCI benchmark as Albilad and carries a 0.25% annual management fee, giving it a lower disclosed headline cost.
As of August 14, 2026, the fund had 9.75 million units outstanding and approximately SAR 97.5 million in AUM. Its NAV was SAR 10.00, compared with a last traded price of SAR 10.00. With only a few trading sessions completed, its longer-term tracking and liquidity characteristics cannot yet be assessed.
Albilad vs. Al Rajhi: Key ETF Differences at a Glance
Benchmark and Track Record
Both ETFs are built around the same MSCI Saudi Arabia Domestic Total Market Islamic M-Series Index. This means investors are not choosing between two fundamentally different views of the Saudi market.
The benchmark covers large-, mid-, small- and micro-cap segments, providing broader market coverage than an index focused only on Saudi blue-chip companies. The index is also market-cap weighted, meaning the largest companies continue to have the greatest influence on overall performance.
This makes the two ETFs broadly comparable from an underlying exposure perspective. Differences in portfolio holdings or weights can occur because of implementation timing, cash balances, rebalancing, and creation or redemption activity, but the strategic exposure remains tied to the same benchmark.
Portfolio Composition
Because both funds track the same index, their portfolios should be broadly similar, though holdings and weights can differ temporarily because of implementation timing, cash positions, rebalancing, and each fund's own creation/redemption activity. MSCI's own index data shows the following as the largest constituents by weight:
Source: MSCI, index data as of April 30, 2026 (257 constituents).
Albilad's own August 9 basket disclosure lists Saudi Aramco, Al Rajhi Bank, Alinma Bank, STC and Maaden among its larger positions by share count, alongside a long tail of smaller Main Market and Nomu securities. Because the disclosure provides share quantities rather than portfolio weights, it should not be used to infer the exact ranking or weight of each holding.
Fund Size and Liquidity
Albilad remains significantly larger, with approximately SAR 295.8 million in AUM and 31.5 million units as of August 13, compared with SAR 97.5 million and 9.75 million units for Al Rajhi as of August 14.
Al Rajhi's trading activity has also increased since launch. On August 14, the Saudi Exchange snapshot showed 159 trades, 207,116 units traded, and approximately SAR 2.07 million in value traded. Its best bid was SAR 10.00 and best offer SAR 10.01. This is still a very short trading history, so several more weeks of data will be needed to assess sustainable liquidity and spreads.
Performance Comparison
Albilad currently has the only meaningful operating track record between the two funds. Its semi-annual report recorded a 4.24% return versus 4.31% for the benchmark, resulting in a 0.07 percentage-point tracking difference.
Al Rajhi has only recently begun trading, so there is not yet enough history for a meaningful like-for-like performance comparison. Its tracking efficiency will become clearer as additional NAV and market-price data accumulate.
*October 21, 2025–June 30, 2026, based on Albilad's semi-annual report.
Risks
Albilad Risks
Albilad's main considerations are market concentration and Saudi equity-market risk. Although the ETF covers multiple market-cap segments, its market-cap-weighted benchmark means larger companies can have a substantial impact on returns. The fund also carries a higher disclosed headline fee than Al Rajhi.
Al Rajhi Risks
Al Rajhi's main limitation at this stage is its short operating history. Investors cannot yet assess its long-term tracking difference, liquidity stability, or how efficiently its lower fee translates into realized investor returns.
Its smaller asset base may also evolve significantly as the fund builds its investor base and trading activity.
The Bottom Line
Albilad and Al Rajhi track the same benchmark, but differ mainly in cost, trading history, and size. Al Rajhi offers the lower disclosed fee at 0.25%, while Albilad has the longer track record, larger asset base, and demonstrated tracking performance. For now, Albilad is the more established option, while Al Rajhi is the lower-cost newcomer.``
