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Horizons ETFs launches first ETF in Colombia

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Horizons ETFs Management has launched its first exchange-traded fund in Latin America in partnership with CitiTrust. 

The new ETF will be listed on the Bolsa de Valores de Colombia.
 
The Mercado Integrado Latino Americano (MILA) platform is an integrated trading venture formed by the Colombia, Perú and Chile stock exchanges.
 
S&P Dow Jones Indices partnered with MILA to create the S&P MILA 40 Index, a key indicator of regional stock market performance. Horizons ETFs Group has a license agreement with S&P to use the index in Latin America.
 
The rapid growth of MILA's three member exchanges has allowed MILA to emerge as a regional alternative to Brazil's BM&FBOVESPA. Between 2003 and 2012, the combined total market capitalisation of Colombia, Perú and Chile rose to USD672bn from approximately USD117bn, an increase of nearly 500 per cent, according to S&P.
 
Cititrust Colombia SA will act as the management company of the new ETF, while Horizons Investment Management, an affiliate of Horizons LatAm, will act as the portfolio manager.
 
"We're very pleased with the listing of our first ETF on the Colombia Stock Exchange. Mirae Asset has a globally renowned reputation for identifying and serving markets with the greatest potential. We believe that building an ETF business is a great way to participate in the growth of Colombia, Chile and Perú," says Taeyong Lee, president of the global business unit and global head of ETFs at Mirae Asset Global Investments, the parent company of the Horizons ETFs Group.

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