CEVA ETPs and FCIA ETFs Introduced to the Argentine Market

On May 29, 2026, the Argentine Securities Commission issued General Resolutions 1142 and 1143, which regulates Argentine Exchange Traded Product Certificates (CEVA ETPs) and Exchange Traded Fund Open-Ended Mutual Funds (FCIA ETFs). In this way, the CNV incorporates into the Argentine market new investment alternatives and instruments inspired by international standards.

The most relevant aspects of the amendments introduced by each resolution are:

General Resolution 1142: the CEVA Regime update, CEVA ETPs introduction

General Resolution 1142 introduces amendments to the Argentine Certificates of Securities (CEVA) regime and establishes a specific regulatory framework for CEVA ETPs, instruments designed to passively replicate the performance of an index or a basket of assets. In doing so, the CNV introduces into the local market a structure inspired by ETPs traded in the main international markets and establishes specific rules governing their issuance, trading, and operation.

The most relevant aspects of the new regime include the inclusion of authorized participants: clearing and settlement agents who are the only parties authorized to request creating and cancelling CEVAs from the issuer. Authorized participants will play a central role in the arbitrage between the market price of the instrument and the value of its underlying portfolio. The Resolution also establishes that market makers may participate to promote the liquidity of these products.

On the other hand, issuers must periodically disclose information regarding the composition of the underlying assets, the baskets used for the creation and cancellation of certificates, and other information relevant to investors.

Among the main restrictions the regime establishes, CEVA ETPs may not have FCIA ETF units and other CEVA ETPs or CEDEARs as underlying assets. This prevents layered investment structures.

General Resolution 1143: introduction of ETF Open-Ended Mutual Funds

General Resolution 1143 establishes the regulatory framework applicable to FCIA ETFs, a category of open-ended mutual funds designed to replicate—through a passive management strategy—the performance of a benchmark index or a basket of assets.

Until now, local regulations allowed exposure to foreign ETFs through CEDEARs or by including them as eligible assets of certain mutual funds. Through this regulation, the CNV establishes the specific regulatory framework applicable to FCIA ETFs.

The regulation provides that FCIA ETFs may implement physical, synthetic, or hybrid replication strategies and must identify in their name both their status as an FCIA ETF and the index or benchmark being replicated. It also establishes the mandatory participation of authorized participants, which will have the exclusive right to subscribe and redeem fund units directly with the fund, and of market makers, who will be responsible for contributing to the liquidity of fund units traded on authorized markets.

Consistent with the provisions of General Resolution 1142 regarding CEVA ETPs, this resolution introduces certain restrictions aimed at preserving the simplicity and transparency of these vehicles: FCIA ETFs may not invest in units of other FCIA ETFs, CEVA ETPs, or CEDEARs. This also may not establish leveraged or inverse ETFs, except when they are intended exclusively for qualified investors.

The introduction of CEVA ETPs and the creation of the FCIA ETF regime are a further step in the modernization of the Argentine capital markets and expand the universe of instruments available to gain exposure to indices and baskets of assets through products traded on authorized markets. This brings the Argentine capital market closer to international markets.