The Santiago Stock Exchange expects to launch an exchange traded fund tracking Chilean stocks by the end of 2012, according to a report.

The exchange this week signed an agreement with Brazil’s Banco Itau’s general fund manager to create ETF shares that will track the blue-chip IPSA index, the broader IGPA and the smaller Inter-10 indexes, Dow Jones reports.

Only one ETF offering exposure to Chile is currently on the market — the iShares MSCI Chile Index Fund (NYSEArca: ECH), according to the report. [Chile ETFs Boosted by Rising Copper Prices]

“We expect to have the first ETF in November,” said Banco Itau Chile Chief Executive Boris Buvinic. The first ETF will track the IPSA index, Dow Jones reported.