The Global X FTSE Portugal 20 ETF (NYSEArca: PGAL) debuted Wednesday, marking the launch of the first ETF exclusively devoted to the “P” in the PIIGS acronym.

Despite solid returns by Lisbon-listed stocks this year and a mostly ebullient tone surrounding Eurozone equities, PGAL could face some immediate headwinds. [PIIGS Pen Complete With Portugal ETF]

On the day PGAL debuted, the International Monetary Fund cautioned that the Iberian nation still faces risks to its bailout plan “and that the country’s Constitutional Court could further complicate policy- making when it is called to scrutinize next year’s budget,” reports Axel Bugge for Reuters.

Portugal’s Constitutional Court has previously proved reticent in approving reforms aimed at bolstering the economy. The government there “nearly collapsed in July after the finance and foreign minister resigned over austerity measures introduced under the bailout, which sent Portugal into its worst downturn since the 1970s,” according to Reuters.

On a brighter note, Portugal is expected to run a government budget surplus of approximately 3.5% in 2014 after the European Central Bank’s aid program ends and the country is expected to have positive GDP next year, according to Global X. [Portugal ETF Goes Live]