The Public Investment Fund (PIF) invested nearly $4.7 billion in three sector-specific exchange traded funds (ETFs), it said in a filing to the US Securities and Exchange Commission (SEC) on Friday. 

 

The Kingdom’s sovereign wealth fund bought a stake in the Utilities Select Sector SPDR Fund at a total value of $1.86 billion. It also acquired stakes worth $1.59 billion and $1.2 billion in the Real Estate Select Sector SPDR Fund and Materials Select Sector SPDR Fund, respectively.

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