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GXG: Index Change for Colombia ETF

The Gl obal X MSCI ETF (GXG) , the largest exchange traded fund tracking South America’s second-largest economy and one of this year’s best-performing single-country ETFs, is getting a new index.

At the close of trading on Aug. 31, GXG will transition to the MSCI All Colombia Select 25/50 Index from the MSCI Colombia Capped Index, according to New York-based Global X.

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“The MSCI All Colombia Select 25/50 Index applies additional liquidity screens on the MSCI All Colombia Index, which is designed to represent the performance of the broad Colombia equity universe. GXG is the largest Colombia-focused ETF in the United States, with over $80 million in assets under management[1] and will retain its name,” according to a statement issued by Global X.

GXG’s new index has 22 holdings compared to 28 for the ETF’s current index.

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“The broad Colombia equity universe includes securities that are classified in Colombia according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Colombia and carry out the majority of their operations in Colombia. A specific capping methodology is applied to facilitate compliance with the rules governing the listing of financial products on exchanges in the United States,” according to the statement.

In recent years, Colombia’s production growth turned it into South America’s third-largest oil producer behind Brazil and OPEC member Venezuela. However, some of Colombia’s headline-making oil finds have not been as lucrative as previously hoped and Ecopetrol lacks the offshore heft to compete with other major global integrated oil companies.

For more information on the developing economies, visit our emerging markets category.