According to the Global X Funds, the first ETF globally targeting Argentina, the Global X FTSE Argentina 20 ETF tracks the FTSE Argentina 20 Index, which represents the performance of the 20 largest and most liquid companies that directly participate in the Argentine economy, but are not listed in Argentina.
As of 22 February 2011, the three largest components for ARGT were Tenaris, MercadoLibre, and Banco Macro.
Global X Funds CEO Bruno del Ama said that ARGT provides a relatively cost effective way to access the second largest economy in South America, a glaring hole in the existing ETF offerings.
According to IMF estimates from 2010, Argentina stands as the second largest economy in South America by GDP, trailing only Brazil.
