If there is a silver lining for PGAL it is that Espirito Santo is no longer part of its lineup because the shares are essentially worthless. A spreadsheet available on the Global X web site shows Espirito Santo represented 0% of PGAL’s assets.

Highlighting just how rapid the stock’s fall from grace has been, Espirito Santo occupied a weight of 3.5% in PGAL as recently as Aug. 1. The ETF had a 17.2% weight to the financial services sector at the end of the second quarter, according to Global X data. [Bank Woes Plague Portugal ETF]

Global X FTSE Portugal 20 ETF

ETF Trends editorial team contributed to this post.