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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
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State Street Saudi Arabia Enhanced Active Equity UCITS ETF (Acc)Index, costs, backtest, listings and taxation

ISIN: IE0002LI4M98Ticker: SAQL (Xetra) · SAQL (London SE)Issuer: SPDR
Issuer-declared data
Declared index
S&P Saudi Arabia BMI 5/10/40 Capped Index
TER
0.75%
Transaction costs
0.05% (issuer estimate, from the KID)
Management
Active management (from the KID)
Replication
Gestione attiva (dal KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
85.6 mln EUR
NAV
9.97 USD (30 August 2026)
Domicile
Ireland
Inception date
13 April 2026
Data as declared by SPDR in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

State Street Saudi Arabia Enhanced Active Equity UCITS ETF (Acc) is an actively managed ETF: it does not track an index — the declared index (S&P Saudi Arabia BMI 5/10/40 Capped Index) is a comparison yardstick only. The declared annual cost (TER) is 0.75%, plus 0.05% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 86 million euro, was launched on 13 April 2026 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

Investment objective The objective of the Fund is to provide a return greater than the performance of the Saudi Arabian equity markets. The Fund is an actively managed fund. Investment policies

Keep reading the KID section ▾

The Fund is actively managed and aims to outperform S&P Saudi Arabia BMI 5/10/40 Capped Index (the "Index") over the medium to long term. The Investment Manager uses a proprietary quantitative model to select stocks based on factors such as quality, value, and market sentiment. The model also considers sector and country trends, as well as macroeconomic inputs. The Fund's portfolio is constructed with a focus on balancing expected returns and risk. Limits are applied to country, sector, and individual stock exposures, both in absolute terms and relative to the Index. Although the Fund is benchmarked against the Index, its holdings and weightings may differ to achieve its investment objective. Most investments will be in stocks listed on recognised markets and may include securities not in the Index but from countries within the Index. The Index reflects the performance of the Saudi Arabian equity market and is weighted by market capitalisation. The Fund's Index Source: The Index is a trademark of S&P Global Inc., or its affiliates, and have been licensed for use by S&P Dow Jones Indices LLC ("S&P") and sub-licensed for use to State Street Investment Management ("State Street"). The Fund is not sponsored, endorsed, sold or promoted by S&P, its affiliates, or its third party licensors. Please see the Prospectus for the full index disclaimer.

Intended retail investorThis Fund is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments. Practical information Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.

From the KID’s “Objectives” section · 5 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.75%: above the median of equity ETFs we track (0.22%).
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Apr 2026 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
-1.0%
Annualised
-2.5%
Volatility (ann.)
8.8%
Max drawdown
-7.42%
-9%-6%-3%+1%+4%Apr 2026May 2026Jun 2026Aug 2026Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)-1%Apr 2026Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-2%-4%-6%-8%-10%2026−7.42% · 29 Jul 2026
Max drawdown
-7.42%
peak → trough
Trough
29 Jul 2026
from the 15 Apr 2026 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
146 days
decline + recovery: peak to break-even · ≈ 5 months · (ongoing)
Source: SPDR. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Risk indicators· EUR

Full history
Volatility (ann.)8.76%
Max drawdown-4.99%
Sharpe-0.08
Sortino-0.12
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.29%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
63
Top-10 weight
54.0%

Top 10 holdings

Saudi National Bank
9.96%
Saudi Arabian Oil Co.
7.83%
Al Rajhi Bank
7.64%
Saudi Telecom Co.
5.64%
Riyad Bank
4.54%
Alinma Bank
4.25%
SABIC Agri-Nutrients Co.
3.75%
Saudi Arabian Mining Co.
3.60%
Banque Saudi Fransi
3.48%
Etihad Etisalat Co.
3.33%

Sectors

Financials
35.6%
Materials
17.3%
Communication Services
10.1%
Energy
8.8%
Utilities
6.2%
Industrials
5.5%
Consumer Staples
5.3%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi Arabia: 100%SudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Saudi Arabia100%
⬇ Download the full portfolio — Excel, 63 rows
Full portfolio declared by SPDR, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Börse DüsseldorfSAQL16 Apr 2026
Börse FrankfurtSAQL16 Apr 2026
Börse HamburgSAQL13 May 2026
Börse HannoverSAQL28 Apr 2026
Börse München / gettexSAQL16 Apr 2026
Börse StuttgartSAQL28 Apr 2026
Tradegate ExchangeSAQL24 Apr 2026
Xetra (Deutsche Börse)SAQL16 Apr 2026
+ 4 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does State Street Saudi Arabia Enhanced Active Equity UCITS ETF (Acc) track?
The issuer SPDR declares the benchmark: S&P Saudi Arabia BMI 5/10/40 Capped Index.
How much does SAQL cost?
The issuer-declared TER is 0.75% per year; the transaction costs estimated in the KID are 0.05%.
How is SAQL taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of SAQL?
The fund size declared by SPDR is about 86 million euro.
When was SAQL launched?
The fund was launched on 13 April 2026: it has been trading for 150 days: the page fills up as the issuer publishes data.
Is SAQL actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (S&P Saudi Arabia BMI 5/10/40 Capped Index) is a yardstick for comparison, not an index being tracked.
Does SAQL pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does SAQL trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (SAQL), Börse Frankfurt (SAQL), Börse Hamburg (SAQL), Börse Hannover (SAQL), Börse München / gettex (SAQL), Börse Stuttgart (SAQL).
What was SAQL's worst fall?
Over the available history (since 2026), the maximum drawdown was -7.42%, reached in July 2026. Past performance is not indicative of future results.
How many securities does SAQL hold?
The declared portfolio holds 63 securities; the top 10 positions weigh 54%.
Transparency note
The data in this sheet is declared by SPDR in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.