Chile's LarrainVial files an active Latin America ETF through Tidal

Tidal Trust I filed a post-effective amendment, marked subject to completion, to add LV Active Latin American Equity ETF LVLA, an actively managed series that LarrainVial US IA LLC would sub-advise. LarrainVial is a Santiago financial group that already runs Luxembourg-domiciled Latin American equity funds. The fee, the listing exchange, and the sub-advisory contract are left for a later amendment. The paper elects effectiveness 75 days after filing under Rule 485(a)(2) and says the shares may not be sold until the registration statement is effective.

It is Post-Effective Amendment No. 339, filed only to add the series. It does not change, merge, or close any existing Tidal Trust I fund.

$3.97 billion in one index fund, $30 million in the only active peer

Four U.S. listed ETFs offer Latin America as a region. Together they hold $4.16 billion. Nearly all of it sits in iShares Latin America 40 ETF BILF, a 2001-vintage index fund with $3.97 billion that charges 0.47%. Through Tuesday, September 22, it was up 19.1% year to date, total return.

Franklin FTSE Latin America ETF BFLLA charges 0.19% and was up 19.0% this year. First Trust Latin America AlphaDEX Fund DFLN charges 0.80% and was up 20.0%.

The only active regional fund already listed is OTG Latin America ETF FOTGL, converted from a mutual fund in July 2025. It charges 0.95% and is up 11.4% this year. More than a year after that conversion, active regional management is $30 million against $3.97 billion in the index fund.

LarrainVial's Latin America managers

LarrainVial was founded in Santiago in 1934. LarrainVial Asset Management describes itself as Chile's largest non-bank asset manager, with more than $7 billion under management, and says it runs the world's largest Latin American equity fund, covering more than eight countries, with $1 billion in assets. That fund is domiciled in Luxembourg.

Yosy Banach, managing partner and head of Latin American equities at LarrainVial US IA LLC, has managed the Luxembourg Latin American Equity Fund since June 2016. Camila Guzmán, CFA, equity portfolio manager, Latin America, has been a named manager on that fund since January 2015. The filing names both as portfolio managers of LVLA from inception in 2026.

Tidal Investments LLC, a Tidal Financial Group company, would be the adviser. The filing names LarrainVial US IA LLC as sub-adviser; the sub-advisory agreement is listed as "to be filed by amendment." Under Tidal's usual unitary setup, Tidal or a sub-adviser would pay the fund's ordinary expenses, excluding advisory and sub-advisory fees and a short list of extras such as interest, taxes, and brokerage. The percentages that would make that bargain real are not in this paper.

What the LVLA paper proposes

The fund would be actively managed. Its objective is long-term capital appreciation. Under normal circumstances it would invest at least 80% of net assets, plus any borrowings for investment purposes, in equity securities of Latin American companies.

The paper defines Latin America as Central America, including Mexico, and South America, excluding the Caribbean. A company counts as Latin American if it is organized or has its principal office in the region; if, in its latest fiscal year, at least 50% of its revenues, net assets, or EBITDA came from one or more Latin American countries; or if its shares trade principally on a Latin American exchange or over-the-counter market. Eligible securities include common shares, preferred shares (including non-voting preferred shares of Brazilian companies), and depositary receipts. American depositary receipts listed on U.S. exchanges would count toward the 80% test. Brazil and Mexico are expected to be significant exposures, the filing says, subject to change.

The fund intends to pay dividends and interest income, if any, quarterly, distribute net realized capital gains at least annually, and make those distributions in cash. Because it has not commenced operations, the prospectus has no financial highlights.

If the registration becomes effective and the shares list, LVLA would be the second active regional ETF, in a market that has put $3.97 billion in a 0.47% index fund and $30 million in a 0.95% active fund.