Barclays Global Investors (BGI) has filed paperwork with the SEC in order to open an exchange-traded fund based on the S&P 1500 Index Fund. The eighty-second member of the iShares family would track the broad market by following the index.

The S&P Composite 1500 Index combines the S&P 500, S&P MidCap 400 and S&P SmallCap 600 Indices and represents approximately 90 percent of the total U.S. equity market capitalization.

"iShares clients are large users of the iShares S&P family of funds. They value S&P's reputation and index methodology along with the broad selection of S&P iShares," said Lee Kranefuss, CEO of BGI's Intermediary Business. "The iShares S&P 1500 Index Fund will fill the gap for an S&P total U.S. market iShare."

The index is a proxy for the U.S. equity market explained David Blitzer, chairman of the Index Committee at Standard & Poor's. He confirmed that BGI is the first ETF provider to license the index.  

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