Global X Funds, the New York-based provider of exchange-traded funds (ETFs), 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).
Source: ETFWorld – Global X Funds
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