International Report: Q4 2019

Stronger performance in Q4 from Europe came from the Global X MSCI Portugal ETF (PGAL), which returned 10.92% and Global X DAX Germany ETF (DAX), which returned 9.68%. The German economy began showing signs of a recovery after the former head of the International Monetary Fund (IMF) Christine Lagarde assured markets of her intentions to continue the bond-buying program as needed in the first speech she gave in her new role as the President of the European Central Bank (ECB).6


1. Bloomberg, “Moody’s Raises Pakistan’s Outlook to Stable after IMF Program” Dec 02, 2019.

2. Reuters, “S&P raises Argentina’s foreign currency rating to ‘CC’ from ‘SD’.” Dec 31, 2019.

3. CNBC, “FACTBOX-What changes Argentina plans to fight financial crisis” Dec 17, 2019.

4. Reuters, “Argentine economy minister Guzman sees no fiscal tightening in 2020” Dec 12, 2019.

5. China Briefing, “The US-China Trade War: A Timeline” Jan 16, 2020.

6. CNBC, “ECB holds rates steady at Lagarde’s debut policy meeting” Dec 12, 2019.

Investing involves risk, including the possible loss of principal. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Securities focusing on a single country and narrowly focused investments may be subject to higher volatility. The Global X International Access Suite Funds are 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.

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

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