New issues of exchange traded funds (ETFs) did not slow down with the markets.  Van Eck and Global X launched new funds today covering Colombia, oil and gold miners.

Market Vectors Colombia ETF (NYSEArca: COLX) is designed for investors wanting direct exposure to the equities market in this country. Financial services make up 33% of the ETF, followed by energy at 30% and materials at 17%.

According to ETF Daily News, the index will represent the overall performance of companies either domiciled and primarily listed on an exchange in Colombia or generating at least 50% of their revenues in Colombia. Constituent stocks of the index must have a market capitalization of greater than $150 million to be added. Stocks whose market capitalization fall below $75 million will be deleted.

Columbia is the second largest South American country and has a rapidly expanding economy. As cross-border and cross-exchange co-operations continue to develop, the momentum should only pick up for Columbia.  The country has natural resources including petroleum, coffee, coal and gold.