Argentina's capital market is gearing up for an unprecedented expansion. The Comisión Nacional de Valores (CNV), the country's securities regulator, has approved the addition of 18 new Cedears (Argentine Depositary Receipts) that will begin trading on the Buenos Aires stock exchange starting September 2, 2026.
The initiative, spearheaded by Banco Comafi as the issuing entity, includes 13 stocks of global leaders and 5 ETFs (exchange-traded funds). Among the latter are two instruments tracking international prices of soybeans and corn—a potential game-changer for the agricultural export sector.
What Are Cedears and Why Do They Matter?
Cedears are certificates that allow investors to buy shares of foreign companies without opening an account abroad. Each Cedear represents a fraction of an underlying share (e.g., 1/34 of a KLA Corporation share). They trade in Argentine pesos, offering a natural hedge against devaluation, as their value tracks the international price and the implied exchange rate.
With this approval, the local market expands its offering to over 400 instruments, solidifying Argentina's position as one of the most diverse markets in the region for international assets.
The 13 Newly Listed Stocks
| Company | Ticker | Ratio | Sector |
|---|---|---|---|
| KLA Corporation | KLAC | 34:1 | Semiconductors |
| SK Hynix | SKHY | 25:1 | Memory (DRAM/NAND) |
| Dell Technologies | DELL | 74:1 | Servers & IT |
| Western Digital | WDC | 92:1 | Data Storage |
| GE Vernova | GEV | 180:1 | Energy & Grids |
| Talen Energy | TLN | 63:1 | Power Generation |
| Morgan Stanley | MS | 41:1 | Investment Banking |
| Interactive Brokers | IBKR | 17:1 | Trading Platforms |
| Welltower | WELL | 48:1 | Healthcare REIT |
| Prologis | PLD | 29:1 | Logistics REIT |
| Linde | LIN | 102:1 | Industrial Gases |
| Sherwin-Williams | SHW | 69:1 | Paints & Coatings |
| Natera | NTRA | 51:1 | Genetic Diagnostics |
Why these companies? The selection is strategic: Dell and Western Digital directly benefit from the AI boom, while GE Vernova and Talen Energy capitalize on rising electricity demand from data centers. Morgan Stanley and Interactive Brokers provide exposure to global finance, and Prologis and Welltower offer real estate plays.
The 5 ETFs Now Available
| Fund | Ticker | Ratio | Description |
|---|---|---|---|
| JPMorgan BetaBuilders Canada | BBCA | 20:1 | Canadian stocks (banks, energy, mining) |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan | BBAX | 13:1 | Markets in Australia, Hong Kong, Singapore |
| iShares S&P GSCI Commodity-Indexed Trust | GSG | 6:1 | Diversified commodity basket |
| Teucrium Corn Fund | CORN | 4:1 | Corn futures (Chicago) |
| Teucrium Soybean Fund | SOYB | 5:1 | Soybean futures (Chicago) |
The standout additions are the grain ETFs: CORN and SOYB track corn and soybean futures on the Chicago Board of Trade (CBOT). With approximate 15% returns over 12 months for corn and over 20% for soybeans (preliminary data), these instruments offer an accessible way to invest in commodities without directly trading futures.
Key Details of the Agricultural ETFs
CORN (Teucrium Corn Fund) allocates its portfolio across three futures contracts: roughly 35% for December 2026, 30% for March 2027, and 35% for December 2027. Similarly, SOYB (Teucrium Soybean Fund) holds 35% November 2026, 30% January 2027, and 35% November 2027.
Agricultural Market Context
The arrival of these instruments coincides with a favorable time for agriculture. According to the Rosario Board of Trade (Bolsa de Comercio de Rosario):
- Soybean prices rose 20% in 2026, while corn gained 13%.
- Chinese demand for Argentine soybeans jumped from 7% to 48% of commitments for the 2026/27 season, equivalent to 5.69 million tons.
- Argentina's 2025/26 harvest reached 51.5 million tons of soybeans and 70.5 million tons of corn, with record exports in July.
- For 2026/27, projections are 48 million tons of soybeans and 66 million tons of corn.
The local futures market also hit a milestone: 89.6 million tons traded in futures and options during 2025, a 35% increase year-over-year, highlighting growing interest in hedging tools.
What Does This Mean for Investors?
For producers and exporters, these Cedears offer a hedging alternative without the need to manage margins or guarantees like in futures. Since they trade in pesos, they provide a dual hedge: grain prices and exchange rates.
However, note that they are not compatible with the MULC (Unified and Free Exchange Market) for corporate entities, and their price depends on both the ETF's dollar value and the implied exchange rate in the Cedear quote.
Future Outlook
According to USDA projections, U.S. corn ending stocks will be trimmed, potentially supporting prices, while soybean supply is expected to be larger. Climatic and geopolitical factors—such as the Russia-Ukraine conflict or a potential closure of the Strait of Hormuz—will also influence commodity dynamics.
Editor's Tip
Before investing, consult your financial advisor. Grain ETF Cedears are an interesting tool, but their value can be volatile and does not exactly mirror local grain prices.