Horizons ETFs Management (LATAM), a member of the Horizons ETFs Group, has launched its first ETF 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, Per and Chile stock exchanges.

Recognizing the growing importance of the Andean region, S&P Dow Jones Indices LLC ("S&P") partnered with MILA to create the S&P MILA 40(TM) Index (the "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 capitalization of Colombia, Per and Chile rose to US$672 billion from approximately US$117 billion, an increase of nearly 500%, according to S&P.

Cititrust Colombia S.A. will act as the management company of the new ETF, while Horizons Investment Management Inc., an affiliate of Horizons LatAm, will act as the portfolio manager.

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Howard Atkinson, managing director of Horizons LatAm and the global head of Sales and Marketing for Mirae Asset Global Investments’ ETF business, said: "This is our first ETF in Latin America. Solid economic growth and deepening financial markets in Colombia, Per and Chile have put the Andean region on the global investment map. MILA is attracting a lot of interest from investors diversifying away from the ‘BRIC’ nations (Brazil, Russia, India and China), which are all experiencing their respective challenges."

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, said: "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 Per."

Juan Pablo Cordoba, president of the Bolsa de Valores de Colombia, said: "The rapid growth of the MILA markets over the last two years now provides ample support for investment products such as ETFs. ETFs like the one launched by Horizons ETFs, only serve to increase the market visibility of the MILA."