Plunging yields on Portugal’s 10-year sovereign bonds have also been a boon for PGAL and the country’s ability to tap international debt markets.

“This reflects domestic economic developments, in the context of a broader market rally across the region. Portugal has used these improved market conditions to conduct a number of successful bond exchanges and issuances, smoothing the profile for future debt payments and building a substantial cash buffer,” according to the IMF.

The yield on Portuguese 10 years closed at 3.63% last Friday, down from a high 16.4% at the end of 2011. [PIIGS ETFs Soar]

Global X FTSE Portugal 20 ETF

ETF Trends editorial team contributed to this article.