Banco Macro included in first locally targeted ETF

- Thursday, March 3, 2011

Banco Macro included in first locally targeted ETF

Argentina's Banco Macro (NYSE: BMA) has been included in the first exchange traded fund (ETF) globally to target this country, called Global X FTSE Argentina 20 ETF or ARGT, launched by New York-based provider of ETFs Global X Funds.

"ARGT provides a relatively cost effective way to access the second largest economy in South America, a glaring hole in the existing ETF offerings," Bruno del Ama, Global X Funds CEO, said in a press release.

ARGT tracks the FTSE Argentina 20 Index, which represents the performance of the 20 largest and most liquid companies that directly participate in the Argentine economy, but are not listed in the country.

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The other two largest individual holdings of ARGT are the Argentine unit of Luxembourg-based steel pipe products manufacturer Tenaris (NYSE: TS) and e-commerce company MercadoLibre (Nasdaq: MELI).