Exchange traded fund provider Global X Funds is changing the index of the Global X FTSE Portugal 20 ETF (PGAL) from the FTSE Portugal 20 Index to the MSCI All Portugal Plus 25/50 Index.
As a result, PGAL, the only Portugal-focused ETF in the US, will be renamed the Global X MSCI Portugal ETF.
The MSCI All Portugal Plus 25/50 Index is designed to represent the performance of the Broad Portugal Equity Universe, while including constituents with minimum levels of liquidity.
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.
A specific capping methodology is applied to facilitate compliance with the rules governing the listing of financial products on exchanges in the US.