PGAL


MSCI Portugal ETF

Reasons to Consider PGAL

Growth Potential

Following a strong rebound from the pandemic, Portugal’s GDP grew at a rate exceeding 6.5% in 2022. While forecasts suggest a slight downturn of 0.7% in 2023, the rate is expected to grow again to more than 1.5% in 2024.1

Targeted Exposure

The ETF targets exposure to a single country.

Efficient Access

PGAL delivers efficient access to a broad basket of Portuguese securities.

1Statista, Nov 2022

Key Information As of 02/06/23

Inception Date 11/12/13
Total Expense Ratio 0.58%
Net Assets $7.71 million
NAV $10.42
Fact Sheet

ETF Summary

The Global X MSCI Portugal ETF (PGAL) invests in among the largest and most liquid companies in Portugal.

ETF Objective

The Global X MSCI Portugal ETF (PGAL) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Portugal Plus 25/50 Index.

Trading Details As of 02/06/23

Ticker PGAL
Bloomberg Index Ticker M1CXGXE
CUSIP 37950E192
ISIN US37950E1929
Primary Exchange NYSE Arca
Shares Outstanding 740,000
Number of Holdings 21
30-Day Median Bid-Ask Spread 0.57%

Distributions As of 02/06/23

30-Day SEC Yield 3.09%
Distribution Frequency Semi-Annually

ETF Prices As of 02/06/23

NAV $10.42 Daily Change -$0.11 -1.04%
Market Price $10.38 Daily Change -$0.05 -0.48%

Performance History

As of recent
(12/31/22)
As of recent
(12/31/22)
Fund NAV Market Price Index
1 Year -5.54% -4.91% -5.15%
3 Years -0.37% -0.27% -0.23%
5 Years 0.05% 0.12% 0.14%
Since Inception -0.99% -0.99% -0.86%
1 Year 3.00% 2.33% 3.39%
3 Years 0.77% 1.06% 0.94%
5 Years -0.49% -0.45% -0.41%
Since Inception -0.61% -0.61% -0.48%
Year-to-Date -5.54% -4.91% -5.15%
1 Month 1.30% -0.20% 1.31%
3 Months 14.74% 16.19% 14.77%
Since Inception -8.71% -8.66% -7.57%
Year-to-Date 3.48% 3.48% 3.53%
1 Month 3.48% 3.48% 3.53%
3 Months 12.00% 12.24% 12.05%
Since Inception -5.53% -5.48% -4.31%

The Fund's name, investment objective and investment strategies changed effective December 6, 2016. Index performance prior to December 6, 2016, will reflect the investment objective and strategies of the prior when it was the FTSE Portugal 20 Index. The Hybrid Portugal Index (noted as "Index" above in the chart) consists of the FTSE Portugal 20 Index from the inception of the Fund through December 5, 2016, and the MSCI All Portugal Plus 25/50 Index going forward.

Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance, when observed, is unusual and investors should not expect such performance to be repeated.

Top Holdings As of 02/06/23

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
23.07 EDP PL EDP 4103596 5.01 356,689 1,788,727.35
17.80 EDPR PL EDP RENOVAVEIS SA B39GNW2 21.66 63,739 1,380,336.77
5.61 BCP PL BANCO COM PORT-R BZCNN35 0.21 2,030,939 435,244.80
4.58 656 HK FOSUN INTERNATIONAL LTD B1Z7FX0 0.93 380,590 355,068.26
4.53 GALP PL GALP ENERGIA SGPS SA B1FW751 12.81 27,421 351,207.97
4.36 NOS PL NOS SGPS B0B9GS5 4.24 79,631 337,720.76
4.21 RENE PL REN-REDE ENERGET B233HR5 2.71 120,530 326,599.26
4.21 SON PL SONAE 5973992 1.01 323,279 326,283.37
4.08 JMT PL JERONIMO MARTINS B1Y1SQ7 20.99 15,061 316,141.35
3.81 GVOLT PL GREENVOLT-ENERGI BMFBLL9 8.22 35,936 295,404.53
3.81 NVG PL NAVIGATOR CO SA/THE 7018556 3.50 84,219 295,178.63
3.77 COR PL CORTICEIRA AMORIM SA 4657736 10.09 28,971 292,246.95
3.66 CTT PL CTT-CORREIOS DE PORTUGAL BGQYC45 4.01 70,619 283,433.92
3.25 ALTR PL ALTRI SGPS SA B13ZSL5 4.98 50,606 251,878.68
3.00 CASH 1.00 232,180 232,179.59
1.97 SEM PL SEMAPA 5962934 13.35 11,465 153,056.96
1.60 EGL PL MOTA ENGIL SGPS SA 7025471 2.01 61,713 124,109.46
1.37 IBS PL IBERSOL SGPS SA 7003671 6.65 15,963 106,209.86
0.58 VGH3 Index EURO STOXX 50 MAR23 45,190.16 1 45,190.16
0.29 RAM PL RAMADA INVESTIME B39Z233 7.06 3,131 22,108.92
0.25 PHR PL PHAROL SGPS SA 5817186 0.06 309,037 19,367.88
0.20 HTOO FUSION FUEL GREEN PLC-A BNC17X3 3.76 4,080 15,340.80
0.00 HONG KONG DOLLAR 0.12 1 0.10
0.00 EURO 1.07 -218 -234.02
Holdings are subject to change. "Cash" denotes U.S. dollars.

Sector Breakdown As of 12/31/22

Sector Weight (%)
Utilities 51.7
Materials 14.9
Consumer Staples 9.0
Industrials 8.7
Energy 5.1
Communication Services 4.8
Financials 4.4
Consumer Discretionary 1.4

Source: AltaVista Research, LLC

ETF Characteristics As of 02/06/23

Return on Equity 10.20%
Weighted Avg. Market Cap 10,675 M
2022 2023
Price-to-earnings 12.37 12.42
Price-to-book value 1.30 1.23

Source: AltaVista Research, LLC

ETF Risk Stats As of 01/31/23

Versus Beta
S&P 500 0.95
MSCI EAFE 1.09
MSCI Emg. Mkts 0.83
Standard Deviation 25.90%

Source: AltaVista Research, LLC

ETF Research

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. Securities focusing on a single country may be subject to higher volatility. PGAL is non-diversified.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Beginning October 15, 2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. Prior to October 15, 2020, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time. The returns shown do not represent the returns you would receive if you traded shares at other times. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

Carefully consider the Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectuses. Please read the prospectus carefully before investing.

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments. Global X Funds are not sponsored, endorsed, issued, sold or promoted by MSCI, nor does MSCI make any representations regarding the advisability of investing in the Global X Funds. Neither SIDCO, Global X nor Mirae Asset Global Investments are affiliated with MSCI.

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