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Rating:Momma Mia! Global X's Latest Fund Targets Greece Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, December 08, 2011

Momma Mia! Global X's Latest Fund Targets Greece

Reported by Hung Tran

Global X Funds [see profile], is hoping that its latest exchange-traded fund doesn't end up as a Greek tragedy like the country's current fiscal and market situation. The firm today unveiled the Global X FTSE Greece 20 ETF, the first ETF-listed on the New York Stock Exchange targeting Greece.

The new ETF tracks the FTSE/ATHEX 20 Capped Index, which is designed to reflect broad based equity market performance in Greece. Since reaching a peak market capitalization of over $220 billion in 2007, the market cap of the Athens Stock Exchange has fallen nearly 90 percent to under $28 billion as of November 2011, according to the firm.

“Whether bullish or bearish, this new ETF allows investors to take a viewpoint on the recent news coming out of Greece,” stated Bruno del Ama, chief executive officer of Global X Funds.


Company Press Release

GLOBAL X FUNDS LAUNCHES FIRST GREECE ETF

Global X Funds, the New York based provider of exchange traded funds, today launched the Global X FTSE Greece 20 ETF (NYSE Arca Ticker: GREK), the first ETF listed on the New York Stock Exchange targeting Greece.

“Global X Funds strives to facilitate access to foreign markets. Whether bullish or bearish, this new ETF allows investors to take a viewpoint on the recent news coming out of Greece,” said Bruno del Ama, chief executive officer of Global X Funds.

Since reaching a peak market capitalization of over $220 billion in 2007, the market cap of the Athens Stock Exchange has fallen nearly 90% to under $28 billion as of November 2011 (Bloomberg). While there is no guarantee that the Greek economy will recover to previous levels, current valuations may create an attractive entry point for the long term investor.
The Global X FTSE Greece 20 ETF tracks the FTSE/ATHEX 20 Capped Index which is designed to reflect broad based equity market performance in Greece. The index is comprised of the top 20 companies listed on the Athens Exchange ranked by full market capitalization, providing investors with a comprehensive and transparent way to measure the performance of these companies. As of December 1, 2011, the Underlying Index’s three largest stocks were National Bank of Greece, Coca-Cola HBC, and Greek Organisation of Football Prognostics SA.

ABOUT GLOBAL X FUNDS

Global X Funds is a New York-based provider of exchange-traded funds that facilitates access to investment opportunities across the global markets. With $1.4 billion in managed assets and over 100,000 investors from more than 100 countries as of October 28, 2011, Global X Funds currently offers exchange-traded funds that target Europe, Emerging Markets, Commodity Producers, Income Producers and Special Opportunities fund suites. For more information, please visit www.globalxfunds.com 

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