Global X, the New York-based exchange traded funds issuer known for its unique lineup of income and international ETFs, has lowered the annual expense ratio on the Global X MSCI Colombia ETF (NYSEArca: GXG).

The new fee on GXG is 0.61%, down 10% from the prior rate of 0.68%, according to a filing with the Securities and Exchange Commission.

GXG is the oldest and largest Colombia ETF. The fund launched in February 2009 and currently has $113.6 million in assets under management. GXG’s fee reduction puts it on par with the iShares MSCI Colombia Capped ETF (NYSEArca: ICOL). The Market Vectors Colombia ETF (NYSEArca: COLX) charges 0.75% per year.

Earlier this week, Global X announced it changed GXG’s name from the Global X FTSE Colombia 20 ETF while swapping indices to the MSCI All Colombia Capped Index from the FTSE Colombia 20 Index.

GXG is up 18.5% over the past six months, bolstered by improving growth in South America’s second-largest economy. Last month, the government upwardly revised its full-year 2013 growth to 4.7% from 4.3%. Finance Minister Mauricio Cardenas is “cautiously” maintaining a growth forecast of 4.7% for this year. Colombia’s first-quarter GDP grew 6.4%, well above the 5.1% forecast by economists. [Colombia ETFs Rally on Stout GDP Reprot]

With the index swap, GXG is now home to 25 stocks. Bancolombia (NYSE: CIB) and Ecopetrol (NYSE: EC), Colombia’s state-run oil company, combine for almost 23.6% of the ETF’s weight.

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