"Local hedge funds and pension funds showed the demand for it." The exchange operator is in talks with Itau Unibanco Holding SA to start another ETF linked to the S&P 500 in the next two months, he said. Itau's press office didn't immediately return an e-mail sent after office hours requesting comment. The BlackRock-managed fund will be available to investors with over 1 million reais ($450,000) in assets, according to the exchange operator's statement. The Itau-managed ETF is pending regulatory approval, Demarco said. ETFs are bundles of securities that trade like stocks on an exchange and usually track an equity, bond, commodity or currency index. They hold about $2.33 trillion globally, data compiled by Bloomberg show. Ibovespa Trails BlackRock's iShares unit is the largest provider of ETFs worldwide, with about $930 billion in assets, including exchange-traded notes, according to data compiled by Bloomberg.