BIVA, Vanguard, UNAM Launch ETF Program in Mexico

The ETF certification program launched by BIVA, Vanguard, and UNAM aims to address Mexico’s low 1.2% active investment participation rate by strengthening retail and institutional advisory capabilities. The initiative comes amid a structural shift toward passive investment vehicles, fueled by the persistent underperformance of active funds against the IPC index and growing digital access to financial products.

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The Mexican Institutional Stock Exchange (BIVA) launched a specialized certification program for Exchange-Traded Funds (ETFs) in collaboration with Vanguard and the National Autonomous University of Mexico (UNAM). The initiative integrates the global expertise of Vanguard, one of the world’s largest asset managers with US$12.3 trillion in assets under management, to professionalize students, entrepreneurs, and retail investors within the Mexican financial system.

The certification arrives as the Mexican market faces a significant participation gap. While the number of investment accounts in the country has increased from 300,000 in 2019 to approximately 25 million at the close of 2025, only 1.2% of the 100 million adults in Mexico actively invest in stocks or ETFs. The program is designed to provide instruction on fundamental instruments such as bonds and equities, as well as advanced topics including derivatives and cost management for long-term objectives such as retirement and education.

“In Mexico and other countries, many people associate investing with speculation or with making very complex decisions,” said Juan Hernández, head of Latin America and global distribution, Vanguard funds and ETFs outside Europe. “This certification helps change that perception and supports financial education, enabling long-term investing in a diversified and disciplined way.”

Despite the limited ETF penetration, Mexico currently ranks among the fastest-growing ETF and index investing markets globally. Joseph Nelesen, director of investment strategy specialists, S&P Dow Jones Indices, noted that the country’s growth rate in this segment is outpacing many larger economies. “Mexico overall, as a fund market, is among the healthiest in the world,” Nelesen said. “Relative to its size, Mexico is probably the fastest-growing market globally when it comes to ETFs and index investing.”

This growth was initially driven by institutional pension funds, known as Afores, which leveraged the structural advantages of ETFs. Over time, digital trading platforms and broader financial education have shifted this momentum toward retail investors. The rise of passive investing is supported by data from the S&P Indices Versus Active (SPIVA) reports, which indicate that 82% of Mexican equity funds have underperformed the IPC index over a 10-year period.

Market data suggests that sustaining consistent outperformance is difficult for active managers in the region. According to Nelesen, 40% of funds that were in the top quartile of Mexico’s equity category three years ago have since fallen to the bottom half of the rankings. This persistence gap has encouraged investors to move toward ETFs as a means of gaining broad market exposure rather than attempting to outperform it.

While digital tools have enabled self-directed investing, there is a growing demand for professional advice. The percentage of investors preferring to trade independently has declined from 40% to 25% in recent years. This shift allows financial advisors to use ETFs as scalable portfolio building blocks while focusing on client needs such as risk tolerance and long-term objectives.

Strategic Alliances and Retail Market Diversification

The certification program by BIVA and Vanguard builds on a series of ETF-related partnerships and product launches in the Mexican market over the past 12 months. These initiatives have focused on reducing barriers to entry for retail investors and improving liquidity for institutional participants.

In October 2025, digital financial services company Bitso launched "Global Stocks," an investment product allowing Mexican clients to trade more than 5,000 US-listed stocks and ETFs. The product targets a broader demographic beyond cryptocurrency users, offering a minimum investment threshold of MX$20 (US$1.16). 

Ximena Salgado, vice president of product and technology, Bitso, said the platform addresses traditional barriers related to access, time, and usability. The service operates 24/7 with immediate fund availability and zero commissions, allowing investments in either pesos or dollars. Bitso officials stated that the rollout will continue through 2026, using feedback from early users to refine the investment experience. “In 2026, we will have to learn a lot and iterate much faster,” Salgado said. 

Meanwhile, in June 2025, global asset manager VanEck established a strategic partnership with Finamex Bolsa de Casa to serve as the official liquidity provider for several VanEck ETFs listed on the Mexican Stock Exchange. This agreement reduced spreads and improved execution conditions for local investors.

The partnership initially covered the VanEck Semiconductor ETF (SMH), focused on artificial intelligence and 5G technologies; the VanEck Gold Miners ETF (GDX); the VanEck Defense UCITS ETF (DFNS); and the VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDIV).

“Creating real, lasting value for investors in Mexico and across the region means more than listing products,” said Jan van Eck, CEO, VanEck. “It requires removing friction, deepening liquidity, and building investor confidence through education, partnerships, and local expertise."