[Correction: The article originally misstated the number of existing ETFs cover the Latin America region.]

A recent SEC filing from Van Eck outlines its plan to launch a Latin America small-cap ETF. The fund would be only the third ETF to target the Latin American region as a whole, and the first small-cap ETF to do so.

Van Eck has already launched an ETF focused on Brazil’s small-cap segment, the Market Vectors Brazil Small-Cap ETF (NYSEArca: BRF), however, so this isn’t exactly unexplored territory for the firm.

BRF, launched in May, was one of the most popular new ETFs of 2009, gathering more than $600 million in assets by late December. Van Eck is no doubt hoping for a repeat of that fund’s success.

The proposed fund’s underlying index is calculated by German index provider Structured Solutions AG, but carries the Market Vectors brand name. The filing describes it as having 75 components, all of which are domiciled in Latin America or derive at least 50 percent of their revenues from their business activities in the region.

The index uses a float-adjusted modified market capitalization weighting methodology. Companies must have market capitalizations of at least $150 million to be eligible for the index, with existing components ejected if they fall below $75 million. The index is rebalanced quarterly.

The filing does not give a full breakdown of fees, but projects management fees of 50 basis points.

Read the SEC filing here.