Market Overview

PIIGS ETFs Beginning To Struggle Again

PIIGS ETFs Beginning To Struggle Again
Bond Market Highlights Portugal ETF's Struggles
Playing With PIIGS...ETFs That Is

The PIIGS (Portugal, Ireland, Italy, Greece, Spain) have been out of the headlines for a few years as the economy in Europe was able to stage off a collapse of the European Union.

This week's flashbacks to the financial crisis started to occur when Greek stocks fell by over 12 percent on Tuesday. The selling was spurred by the news of elections being moved up, which could result in changes that would affect the current bailout situation.

Greece’s struggles have had a ripple effect across Europe as its future looks bleak and investors continue to pull money out.

Highlighted below are a few PIIGS ETFs that have been pulled down by the most recent news out of Greece, and heightened concerns about the European economy.

Related Link: Euro Steady Above $1.23 Following Monday's Sharp Drop

Global X FTSE Portugal 20

The Global X FTSE Portugal 20 ETF (NYSE: PGAL) follows 22 publicly traded Portuguese companies across nine sectors, with utilities at 29 percent and financials at 19 percent being the most heavily weighted sectors in the ETF.

The top individual holdings include:

  • Energias De Portugal with a 23.6 percent holding
  • Galp Energia SGPS SA at 12 percent
  • Banco Comercial Portugues coming in at 11 percent

PGAL is down 27 percent year-to-date and down 36 percent over the last six months. The ETF has an expense ratio of 0.61 percent.

Global X FTSE Greece 20

The Global X Funds (NYSE: GREK) consists of 20 of the largest and most liquid publicly traded companies in Greece. The ETF is distributed across eight sectors, with financials at 37 percent and consumer discretionary at 14 percent.

The top individual holdings include:

  • National Bank of Greece (ADR) (NYSE: NBG) making up 10 percent of the ETF
  • Piraeus Bank SA (OTC: BPIRY)with a 9.1 percent holding
  • Hellenic Telecom Organization S.A. (ADR) (OTC: HLTOY) at 8.4 percent

The Greek ETF is down 39 percent year-to-date and down 43 percent over the last six months. GREK has an expense ratio of 0.61 percent.

iShares MSCI Spain

The iShares MSCI Spain Capped ETF (NYSE: EWP) is made up of 29 large- and mid-sized publicly traded companies in Spain, with targeted access to 85 percent of the Spanish stock market. EWPs holdings are distributed across nine sectors, with financials at 47 percent making up the majority of the ETF.

The top individual holdings include:

  • Banco Santander, S.A. (ADR) (NYSE: SAN) with a 21.6 percent holding
  • Telefonica S.A. (ADR) (NYSE: TEF) making up 12.2 percent of the ETF
  • Banco Bilbao Vizcaya Argentaria SA (ADR) (NYSE: BBVA) coming in at 11.4 percent

The Spain ETF is down 3 percent year-to-date and down 14 percent over the last six months.

Posted-In: euro European Union Greece ireland italySpecialty ETFs Emerging Market ETFs ETFs Best of Benzinga


Related Articles (BBVA + BPIRY)

View Comments and Join the Discussion!

Mid-Day Losers From December 11: RadioShack, Lee Enterprises, Karyopharm Therapeutics, Oxford Industries, Comtech

3 Retirement Tips To Consider In 'The Era Of Personal Responsibility'