Listing the ETFs with Greek connections under threat

There are 56 ETFs most at risk from a Greek exit from the eurozone, according to a review of FE data by InvestmentEurope.

The exposure to Greece among the 56 funds ranges from 100% in the case of the Lyxor FTSE ATHEX 20, to as little as 0.02% for the iShares FTSE Developed World ex-UK.

Generally speaking, investors with higher exposure to Greece have been the ones hardest hit already. The aforementioned Lyxor product lost over 70% in value in the past 12 months. Over five years it is down over 92%.

By contrast, the iShares FTSE Developed World ex-UK fund is up 0.67% – as rebased in euro returns.

Still, only nine out of the 56 products made positive returns in the past 12 months.

36 funds made positive returns over 3 years. Just two made positive returns over 5 years – the iShares Stoxx Europe 600 Food & Beverage, which has a 0.66% exposure to Greece, and the Lyxor Stoxx Europe 600 Food & Beverage, with a 0.68% exposure.

The destruction of capital already suffered is bad, but the future could be worse still if the legal status of Greek assets is thrown into turmoil by a Greek exit from the eurozone.

Legal firms such as K&L Gates have briefed consistently since last year that there is a risk should the Grexit occur, thereby putting at risk contractual obligations in terms of share classes for all types of collective investments.   

Fund % Greece exposure
Lyxor – ETF FTSE ATHEX 20 – Jan 07 (BBB2) 100
iShares – Dow Jones International Select Dividend Index – Jun 07 (AGJ3) 4.24
Global X – Aluminum – Mar 11 (NAJ8) 3.82
Lyxor – MSCI EMU Small Cap – Apr 05 (BAX2) 2.55
iShares – STOXX Europe 600 Travel & Leisure – Jul 02 (IJ06) 2.08
Lyxor – STOXX Europe 600 Travel & Leisure – Aug 06 (BAZ9) 2.07
ComStage – DJ STOXX 600 Travel & Leisure – Sep 08 (HZS0) 1.9
Market Vectors – Gaming – Jan 08 (GYO2) 1.5
iShares – STOXX Europe Mid 200 – Apr 05 (IT04) 0.87
Amundi – ETF MSCI Europe Mid Cap – Jun 08 (D2T1) 0.82
iShares – EURO STOXX Banks – Jun 01 (IM68) 0.7
Lyxor – STOXX Europe 600 Food & Beverage – Aug 06 (BAZ1) 0.68
iShares – STOXX Europe 600 Food & Beverage – Jul 02 (IJ09) 0.66
DB – LPX MM Private Equity – Feb 08 (B9M9) 0.64
Lyxor – FTSE RAFI Europe – Jan 07 (BAH0) 0.55
iShares – S&P Listed Private Equity – Mar 07 (Y894) 0.51
Amundi – ETF MSCI Europe Consumer Staples – Dec 08 (DWU4) 0.39
Lyxor – MSCI EMU Growth – Apr 05 (BAX0) 0.37
Amundi – ETF MSCI Europe Banks – Dec 08 (DWU2) 0.36
Amundi – ETF MSCI Europe Consumer Discretionary – Dec 08 (DWU3) 0.34
Amundi – ETF MSCI EMU – Sep 08 (DDF5) 0.31
Lyxor – MSCI EMU – Aug 03 (BAW5) 0.31
Lyxor – Stoxx 600 Banks – Aug 06 (BAZ3) 0.29
iShares – STOXX Europe 600 Banks – Jun 01 (IM75) 0.28
iShares – MSCI EMU Index – Jul 00 (AGI1) 0.28
iShares – EURO STOXX – May 05 (IT08) 0.26
Lyxor – MSCI EMU Value – Apr 05 (BAX1) 0.26
iShares – MSCI Europe Ex UK – Jun 06 (K689) 0.2
Amundi – ETF S&P EURO – Feb 02 (BXH6) 0.2
iShares – MSCI Europe Financials Sector Index – Jan 10 (I8E7) 0.2
Amundi – ETF MSCI Europe Ex UK – Mar 11 (N8P1) 0.2
Amundi – ETF MSCI Europe Telecom Services – Mar 09 (ESA2) 0.19
iShares – FTSE Developed Small Cap ex-North America Index – Nov 07 (AZS8) 0.18
DB X-Trackers – FTSE EPRA/NAREIT Eurozone Real Estate – Jul 10 (KFC8) 0.17
Amundi – ETF MSCI Europe Ex Switzerland – Dec 09 (ICF5) 0.15
Amundi – ETF MSCI Europe Growth – Mar 09 (ERR1) 0.14
Amundi – ETF MSCI Europe – Sep 08 (DDF4) 0.13
Amundi – ETF Short MSCI Europe Daily – Sep 09 (GRH7) 0.13
Amundi – ETF Leveraged MSCI Europe Daily – Jun 09 (FSV4) 0.13
Lyxor – MSCI Europe – Jan 06 (BAX8) 0.13
iShares – MSCI Europe – Jul 07 (C5I7) 0.13
Amundi – ETF STOXX Europe 600 – Sep 09 (GRH2) 0.12
Lyxor – Short Strategy Europe – Jun 08 (CEJ3) 0.12
Amundi – ETF MSCI Europe Value – Mar 09 (ERR2) 0.12
iShares – STOXX Europe 600 – Feb 04 (IJ20) 0.11
Vanguard – Europe Pacific – Jul 07 (HVC0) 0.1
Vanguard – European – Mar 05 (HVD6) 0.1
Vanguard – FTSE All World ex US – Mar 07 (HVE4) 0.1
Amundi – ETF S&P Europe 350 – Feb 02 (BXH7) 0.09
Direxion – Daily Developed Markets Bear 3X Shares – Mar 11 (NDU9) 0.09
Direxion – Daily Developed Markets Bull 3X Shares – Mar 11 (NDV0) 0.09
iShares – FTSE EPRA/NAREIT Developed Europe Index – Nov 07 (AZT0) 0.07
Amundi – ETF MSCI World Financials – Sep 09 (GRH0) 0.05
Amundi – ETF MSCI World – Jun 09 (FSV6) 0.03
iShares – MSCI World Monthly GBP Hedged – Oct 10 (LCZ2) 0.03
iShares – FTSE Developed World Ex UK – Apr 09 (F6L9) 0.02

Source: FE

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