Global X MSCI Argentina ETF

ARGT

Market cap $853M

The World Cup has reached its final four. Spain, France, England, and Argentina will contest some exciting matches this week in advance of the final.

Higher interest rates in some emerging Asian banking sectors will likely lead to slower credit growth by the end of 2027. Serbia's interest rate cap order will expire in September, and expectations of this are likely to boost credit growth before expiration.

Stanley Druckenmiller's Duquesne Family Office spent the first quarter of 2026 quietly accumulating South American equity exposure, with EWZ representing roughly 4.49% of the portfolio as the fifth-largest holding alongside a new position in the Argentina ETF.

I'm upgrading Global X MSCI Argentina ETF from hold to buy, citing a 28% upside as Argentina's turnaround advances. ARGT trades at 12.5x earnings, below its post-Milei average; a re-rating to 14–18x could yield 12–44% upside. The Milei Administration's reforms have stabilized inflation and the fiscal balance, with external accounts improving on commodity strength.

ARGT's easy regime-change rally has likely already happened. But Argentina's improving monetary backdrop and gradual disinflation could still support additional long-term upside in domestic equities. ARGT is not a "clean" proxy for the Argentine economy due to its concentration in MercadoLibre and energy names.

Argentina has launched its biggest Vaca Muerta shale bid round in a decade, offering 15 exploration blocks as energy ​companies and importing nations seek more reliable crude supplies amid ‌heightened Middle East tensions.

President Javier Milei aims on Tuesday to persuade investors that Argentina's economic turnaround can stay on track even as war ​in Iran pushes oil prices higher, strengthens the dollar and rattles emerging markets.

Malcolm Dorson, Global X senior emerging markets portfolio manager and SVP head of active investment team, and Cinthia Murphy, VettaFi director of research, join CNBC's Dom Chu on 'ETF Edge' to discuss how investors are assessing the Iran War's impact on their portfolio, bright spots in emerging markets and if the international outperformance can continue to rack up gains despite the risks.

It's a remarkable turnaround for Argentina, which had an economy near hyperinflation and a treasury headed for one more bankruptcy some 25 months ago.

Javier Milei's party midterm victory effectively extends his window of governability by at least another year and a half. Argentine equities continued to benefit from falling inflation, a strengthening external balance, and lower country risk, with the EMBI dropping below 500 bps for the first time in several years. Future upside for ARGT depends on continued reforms, political stability, and further compression of sovereign spreads to support multiple expansion.