With Portugal ETF’s Debut, the PIIGS Pen is Complete

ETF Trends

And then there were five. The Global X FTSE Portugal 20 ETF debuts Wednesday on the New York Stock Exchange under the ticker “PGAL,” completing the lineup of single-country PIIGS exchange traded funds.

Global X also issues the high-flying Global X FTSE Greece 20 ETF (GREK) while iShares sponsors country-specific funds for Ireland, Italy and Spain. [Run, Don't Walk to Greece ETF]

PGAL will track the FTSE Portugal 20 Index, which “employs a transparent capping methodology. The underlying stock universe is all equities trading on NYSE Euronext Lisbon,” according to FTSE.

Global X filed plans for PGAL almost two and a half years ago. The new Portugal ETF will charge 0.61% per year, slightly below the 0.65% charged by GREK.

Portuguese stocks have been solid performers this year, gaining 15% year-to-date and 5.6% quarter-to-date, according to Bespoke Investment Group. However, those numbers also make Portugal the worst of the five PIIGS markets.  [Month of the PIIGS]

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

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