Global X, the ETF sponsor known for its unique suite of emerging and frontier markets funds, introduced the first Portugal-specific ETF today when the Global X FTSE Portugal 20 ETF (NYSEArca: PGAL) debuted.
PGAL will track the FTSE Portugal 20 Index, which “employs a transparent capping methodology. The underlying stock universe is all equities trading on NYSE Euronext Lisbon,” according to FTSE.
Global X filed plans for PGAL almost two and a half years ago. The new Portugal ETF will charge 0.61% per year. With the debut of PGAL, all of the countries in the infamous PIIGS acronym now have U.S.-listed, single-country funds. [PIIGS Pen is Complete With Debut of Portugal ETF]
“PGAL provides cost effective access to the Portuguese equity market,” said Bruno del Ama, chief executive officer of Global X Funds, in a statement. “There are a number of encouraging signs coming out of Portugal, and we believe the country is at an inflection point where the Portuguese economy is starting to find its footing.”