PGAL — Global X MSCI Portugal ETF
Data updated: 2024-04-01
PGAL — Global X MSCI Portugal ETF. Global (incl. US) Blend / Core Equity · $8.16M AUM · 0.61% expense ratio. Holdings, fees, performance and SEC filings.
PGAL Fund Overview
PGAL — Global X MSCI Portugal ETF is a US ETF managed by Global X Funds, categorised as Global (incl. US) Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Global X Funds
- Category: Global (incl. US) Blend / Core Equity
- Assets under management: $8.16M
- 1-year return: 3.5%
- Ticker: PGAL
- SEC CIK: 0001432353
- SEC series ID: S000033894
- Share class ID: C000104580
PGAL Investment Objective and Strategy
Global X MSCI Portugal ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Global X Funds.
Investment objective
The Global X MSCI Portugal ETF (Fund) 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 (Underlying Index).
Principal investment strategy
"The Fund invests at least 80% of its total assets in the securities of the Underlying Index and in American Depositary Receipts (""ADRs"") and Global Depositary Receipts (""GDRs"") based on the securities in the Underlying Index. The Fund also invests at least 80% of its total assets in securities of companies that are economically tied to Portugal. The Funds 80% investment policies are non-fundamental and require 60 days prior written notice to shareholders before they can be changed. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of the collateral received). The Underlying Index is designed to represent the performance of the broad Portugal equity universe, while including a minimum number of constituents, as defined by MSCI, Inc.
(""MSCI""), the provider of the Underlying Index (""Index Provider""). The broad Portugal equity universe includes securities that are classified in Portugal according to the MSCI Global Investable Market Index Methodology, together with companies that are headquartered or listed in Portugal and carry out the majority of their operations in Portugal. The Funds investment objective and Underlying Index may be changed without shareholder approval. The Underlying Index is sponsored by the Index Provider, which is an organization that is independent of the Fund and Global X Management Company LLC, the investment adviser for the Fund (Adviser). The Index Provider determines the relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
The Adviser uses a passive or indexing approach to try to achieve the Funds investment objective. Unlike many investment companies, the Fund does not try to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund generally will use a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Underlying Index in approximately the same proportions as in the Underlying Index. However, the Fund may utilize a representative sampling strategy with respect to the Underlying Index when a replication strategy might be detrimental or disadvantageous to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of equity securities to replicate the Underlying Index, in instances in which a security in the Underlying Index becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Underlying Index.
The Adviser expects that, over time, the correlation between the Funds performance and that of the Underlying Index, before fees and expenses, will exceed 95%. A correlation percentage of 100% would indicate perfect correlation. If the Fund uses a replication strategy, it can be expected to have greater correlation to the Underlying Index than if it uses a representative sampling strategy. The Fund concentrates its investments (i.e., holds 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 29, 2017 , the Underlying Index was concentrated in the utilities sector."
PGAL Holdings
Top 10 holdings of Global X MSCI Portugal ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| EDP - Energias de Portugal, S.A. | 25.48% |
| Galp Energia, SGPS, S.A. | 11.93% |
| Jeronimo Martins, SGPS, S.A. | 8.66% |
| United States of America | 6.41% |
| Edp Renovaveis, S.a. | 5.79% |
| Corticeira Amorim, S.G.P.S., S.A. | 4.75% |
| The Navigator Company, S.a. | 4.74% |
| Altri, S.g.p.s., S.a. | 4.73% |
| Sonae - Sgps, S.a. | 4.65% |
| Ren - Redes Energeticas Nacionais, Sgps, S.a. | 4.60% |
PGAL Portfolio Allocation
Asset-class allocation of Global X MSCI Portugal ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.8% |
| Fixed Income | 6.4% |
PGAL Performance
Total returns for PGAL (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 3.5% |
| 3 years (annualised) | 2.3% |
PGAL Risk Information
Risk metrics for PGAL, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 16.9%
PGAL Costs and Fees
PGAL costs about $61 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.61%
- Gross expense ratio: 0.61%
- Portfolio turnover: 41%
- Brokerage commissions: 2.95 bps of average net assets (SEC N-CEN)
PGAL Cashflows
Over the 12 months to 2024-01, Global X MSCI Portugal ETF had net inflows of $20.99M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-01 | $736.51K |
| 2023-12 | $420 |
| 2023-11 | $0 |
| 2023-10 | $1.01M |
| 2023-09 | $0 |
| 2023-08 | $0 |
PGAL Debt Constituents
Largest debt holdings of Global X MSCI Portugal ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States of America | 6.41% |
PGAL Prospectus and SEC Filings
Official Global X MSCI Portugal ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus supplement (497) — filed 2023-03-02
- Prospectus supplement (497) — filed 2022-03-01
- Prospectus supplement (497) — filed 2021-02-26
- Portfolio holdings (N-PORT) — filed 2024-04-01
- Portfolio holdings (N-PORT) — filed 2023-12-29
- Portfolio holdings (N-PORT) — filed 2023-09-29
- Annual census (N-CEN) — filed 2024-01-12
- Annual census (N-CEN) — filed 2023-01-17
Related Funds
Other Global (incl. US) Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.