SSgA Files Plans For Another LatAm ETF
State Street's (NYSE: STT) State Street Global Advisors unit, the second-largest U.S. ETF issuer, has filed plans with the Securities and Exchange Commission to introduce the SPDR S&P MILA 40 ETF, an ETF that will focus on companies listed in Latin America.
SSgA already sponsors the SPDR S&P Emerging Latin America ETF (NYSE: GML), which had almost $117 million in assets under management as of Dec. 29.
The MILA acronym stands for Mercados Integrados LatinoAmericanos, the combination exchange that opened earlier this year linking equity markets in Chile, Colombia and Peru.
Those three countries account for just under 16% of GML's weight, so it will be interesting to see if the SPDR S&P MILA 40 ETF stands true to its name and features that trio more prominently.
Even if the new SPDR ETF does debut as a pure play on MILA, it won't be the first ETF to do so. The Global X FTSE Andean 40 ETF (NYSE: AND), which debuted in February, is the first ETF devoted exclusively to Chile, Colombia and Peru. Also home to 40 stocks, AND has attracted almost $6.3 million in AUM since coming to market.
