PGAL’s 20-stock lineup does not look particularly cheap right now with a P/E of almost 27 and a price-to-book ratio of 1.33, according to Global X data.

That does not mean investors will not be willing to pay up for stocks that are still not close to pre-crisis highs in a country that home to high but falling unemployment and where economic growth is expected to check in at 2% this year.

Global X FTSE Portugal 20 ETF

 

ETF Trends editorial team contributed to this post.