EDITION

IN DETAIL
By Rachael Revesz
ETF Explainer: GRE
Lyxor UCITS ETF FTSE Athex Large Cap
Each issue, we look at an ETF with a particularly interesting chart and explain the market forces behind its
performance. This time, we look at the Lyxor UCITS ETF FTSE Athex Large Cap (GRE), an exchange traded fund
which has around £152 million in assets under management, and which has plummeted over the past 12 months
as economic and political tensions mount between Greece and the eurozone.
RETURN
120%
110
100
90
JUL
28
GRE Quick View
ISSUER
Lyxor
SEGMENT
Equities
EXPENSE RATIO 0.45%
AUM
£154.1 million
COMPETING FUNDS N/A
80
70
OCT
16
FEB
20
JUN
26
JUL
5
60
JAN
26
60.01%
50
40
JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN
2015 GRE ETF
JUL
28
The ETF hits its year peak of 1.8850 points as markets grind
higher over the summer.
FEB
20
Markets sigh with relief as Greece’s bailout deal is extended to
June. There are still concerns for its future within the eurozone.
OCT
16
GRE sinks to 1.3500 points as the VIX index spikes and tremors
are felt across all markets after a summer lull.
JUN
26
GRE has fallen 36.5% over 12 months. Lyxor announces it has
halted trading on the ETF as Greece shuts its banks and stock
exchange.
JAN
26
The ETF plunges overnight as the Greeks vote for Alexis Tsipras
in a snap election, bringing an anti-austerity party to power.
Grexit fears mount.
JUL
5
The Greeks voted “no” in a referendum, refusing to accept the
conditions imposed by its creditors. The EU continues with its
austerity bailout package. GRE is still not trading.
2 ETF.com/ETF Report UK
This timeline can only give a general indication of the economic backdrop
behind the ETF’s performance, but it will not be the only explanation.
Source: Bloomberg. 24/6/2014 to 26/6/2015, indexed to 100.