Global X Funds, the New York-based provider of exchange-traded funds (ETFs), today launched the Global X FTSE Portugal 20 ETF (NYSE Arca: PGAL). This is the first ETF on the market to focus exclusively on Portugal, tracking the FTSE Portugal 20 Index.
The FTSE Portugal 20 Index represents the performance of 20 of the largest Portuguese listed companies ranked by full market capitalization. The underlying equities trade on NYSE Euronext Lisbon.
“PGAL provides cost effective access to the Portuguese equity market,” said Bruno del Ama, chief executive officer of Global X Funds. “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.”
A range of positive indicators, including the Bank of Portugal’s expectation that the country will generate positive GDP growth in 2014, suggests investors will begin to pay renewed attention to Portuguese equities. In addition, Portugal is expected to run a government budget surplus of approximately 3.5% in 2014 after the European Central Bank’s aid program ends.
“As Europe continues its recovery from the sovereign debt crisis, we see a compelling opportunity for investors to obtain exposure to Portuguese equities,” said Jay Jacobs, research analyst at Global X Funds.
PGAL complements the Global X suite of European ETFs. This includes the Global X FTSE Greece 20 ETF (GREK), the Global X FTSE Nordic Region ETF (GXF) and the Global X FTSE Norway 30 ETF (NORW).
ABOUT GLOBAL X FUNDS
Global X is a New York-based sponsor of exchange-traded funds that facilitates access to investment opportunities across the global markets. With $2.5 billion in managed assets and over 100,000 investors from more than 100 countries as of October 31, 2013, Global X offers exchange-traded funds that target Income, International, Commodity Producers, Industry, and Alternative fund suites. For more information about these exchanged traded funds, please visit www.globalxfunds.com.
Global X Management Company, LLC serves as an advisor to the Global X Funds. The Funds are distributed by SEI Investments Distribution Co., which is not affiliated with Global X Management Company, LLC.
Investing involves risk, including the possible loss of principal. International investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. The economies of Europe are highly dependent on each other, both as key trading partners and as in many cases as fellow members maintaining the euro. Reduction in trading activity among European countries may cause an adverse impact on each nation’s individual economies. The European financial markets have recently experienced volatility and adverse trends due to concerns about rising government debt levels, ability to service debt, and potential for defaults of several European countries, including Greece, Spain, Ireland, Italy and Portugal. Securities focusing on a single country may be subject to higher volatility. Current and future holdings are subject to risk.