The FTSE/ATHEX Global Traders Index Plus (FTSEGTI) is a sector-specific equity index developed by the Athens Stock Exchange (ATHEX) in collaboration with FTSE Russell. It focuses on a niche group of Greek-listed companies whose activities are driven primarily by international trade. The FTSEGTI is built to reflect the performance of firms with a strong export orientation or significant international business exposure, providing investors with a targeted view of Greece’s globally linked corporate sector.
Unlike broader market indices such as the FTSE/ATHEX 25 or FTSE/ATHEX Market Index, which capture large portions of the local exchange by size or liquidity, the FTSEGTI segments the market by operational focus. Specifically, it includes companies that generate a large portion of their revenue from cross-border transactions, typically in sectors such as manufacturing, shipping, industrial goods, energy, and infrastructure. In effect, the index filters out domestically focused companies and spotlights businesses that are more directly connected to international demand, currency movements, and trade flows.
Purpose and Strategic Rationale
The FTSEGTI was introduced to meet demand for a benchmark tailored to Greek companies with global competitiveness and international client bases. After the Greek debt crisis, and during the broader EU economic adjustments, policymakers and market operators identified export-oriented businesses as key to sustainable recovery. These companies were seen as less vulnerable to fluctuations in domestic consumption or public sector spending and better positioned to benefit from macroeconomic stabilisation and global demand.
By tracking such companies separately, the FTSEGTI enables more refined investment analysis, allowing institutions to differentiate between local macroeconomic risk and the performance of firms less exposed to domestic volatility. The index serves as a practical tool for fund managers, economists, and analysts who want to isolate global revenue exposure in Greek equities.
Inclusion Criteria and Index Composition
Constituents of the FTSEGTI are selected based on two primary filters: inclusion in the main ATHEX market and a defined level of international exposure. While there is no formal rule on the exact revenue share required to qualify as a “global trader,” companies generally must derive a significant proportion of their turnover from exports or overseas operations.
The index typically includes a mix of mid- and large-cap companies. Well-known participants often include industrial groups, energy firms, metals producers, construction contractors with overseas projects, and logistics companies. Examples might include Mytilineos, Titan Cement, or Cenergy Holdings, all of which maintain substantial foreign sales channels or operate manufacturing and infrastructure facilities outside Greece.
The index is weighted by free-float market capitalisation, similar to other FTSE indices. This ensures that the influence of each constituent is proportional to its size and publicly available shares. Periodic reviews and rebalancing are conducted according to pre-set rules, typically on a semi-annual basis.
Sector and Geographic Exposure
The FTSEGTI skews heavily toward sectors that naturally lend themselves to global expansion. These include:
- Industrial Manufacturing and Materials: Companies producing aluminium, cement, cables, and other materials often sell into global supply chains or operate production facilities across multiple countries.
- Energy and Infrastructure: Firms involved in renewable energy projects or infrastructure development contracts often serve clients in southeastern Europe, the Middle East, or North Africa.
- Shipping and Logistics: Greece’s maritime tradition is represented through companies involved in port logistics, shipping services, and fleet management, though many such firms are not listed locally.
- Engineering and Technology: A smaller component, but occasionally represented by firms with software, automation, or environmental technology exports.
Because of its international exposure, the FTSEGTI is more sensitive to global economic conditions, FX movements (especially the EUR/USD rate), and trade policy than to domestic Greek consumption or fiscal decisions.
Performance Characteristics and Investor Use
In periods where the Greek economy is under pressure but global markets remain stable or in growth mode, the FTSEGTI has historically outperformed broader Greek indices. This is particularly true during episodes of local political instability, budget restructuring, or consumer weakness, where investors often shift capital into companies with revenue sources outside of Greece.
Conversely, when global trade slows—due to supply chain disruption, protectionist policies, or declining commodity demand—FTSEGTI constituents can experience more significant revenue declines or margin pressure than domestically focused firms. For this reason, the index is often viewed as a proxy for external economic sentiment rather than internal macro trends.
For institutional investors with mandates focused on export growth, eurozone industrial exposure, or emerging Europe trade, the FTSEGTI provides a useful screening tool. While no standalone ETF or futures product currently tracks the index, fund managers may replicate exposure through direct stock selection or use the index for benchmarking purposes.
Risk Profile and Market Dynamics
Because of its narrow thematic focus and sector bias, the FTSEGTI can exhibit higher volatility than more diversified indices. Many constituents are mid-sized companies with lower average daily trading volumes, making the index sensitive to liquidity shifts and short-term capital flows. Additionally, geopolitical developments, such as sanctions, trade agreements, and energy market shifts, can quickly affect index performance through earnings revisions or investor sentiment.
Investors should be aware that while the index captures international exposure, it is still rooted in Greek market infrastructure. That means companies remain subject to local corporate governance rules, taxation, labour law, and disclosure obligations. Political risk in Greece, even if not directly affecting revenues, can still influence stock prices through capital flight or risk repricing.