International Report: Q4 2020

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. Returns for periods greater than one year are annualized. For performance data current to the most recent month end, please call 1-888-493-8631, or visit www.globalxetfs.com.

Notable Performers

The Global X MSCI Colombia ETF (GXG) was the best performing single-country ETF within the International Access family, returning 38.90% during the quarter. Towards the end of October, EM equities began outperforming developed markets as commodity prices moved higher, US elections resulted in a Biden win – helping to improve trade prospects – and positive results came out around the Moderna and Pfizer vaccines. As a country that has arguably the strictest COVID-19 containment policies in Latin America, a major trading relationship with the US, and a high exposure to oil price movements, Colombia’s equity markets benefitted from a trifecta of tailwinds during Q4.

Greece and Argentina were also among the top performing single-country ETFs for the quarter with the Global X MSCI Greece ETF (GREK) and Global X MSCI Argentina ETF (ARGT) returning 31.50% and 31.12% in Q4, respectively. In November, Greek bond yields fell below zero for the first time in history, marking a new stage in a domestic recovery interrupted by COVID-19. Negative yields, along with an upgrade from Moodys, and continued financial support from the EU, helped boost the Financials sector while developments related to the vaccine and an easing of lockdowns helped boost consumption.

In Argentina, all sectors performed positively in Q4 with e-commerce and internet service companies, alongside agricultural real estate firms leading in equity gains on the back of higher commodity prices and a breakthrough agreement with China licensing Argentine exporters to access the food-scarce market.

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Disclosure: 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 ...

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