The FTSE/ATHEX Mid Cap Index is one of the main equity indices on the Athens Stock Exchange (ATHEX), specifically designed to represent the performance of medium-sized Greek companies. It acts as a benchmark for investors interested in the mid-cap segment of the Greek market—companies that are neither as large and liquid as those in the FTSE/ATHEX 25, nor as small and speculative as those listed on the Alternative Market (ENA).
This index is a collaboration between the Athens Exchange Group and FTSE Russell, using global index methodology but focused entirely on domestic mid-cap stocks. While it doesn’t attract as much media attention or international fund tracking as the large-cap index, it offers a clearer look at the “next tier” of Greek corporate activity—firms often involved in construction, manufacturing, logistics, retail, and regional finance.
Composition and Weighting
The FTSE/ATHEX Mid Cap Index consists of 20 companies selected based on market capitalisation, trading volume, and free float. It uses a free-float adjusted market cap weighting, meaning companies with more publicly tradable shares and larger total value have a greater influence on the index’s performance.
To be eligible, a company must meet the exchange’s liquidity requirements, show consistent trading activity, and fall within the size range defined for mid-caps—below the threshold for FTSE/ATHEX 25 inclusion but above micro-cap classification. The index is reviewed semi-annually, and constituents can be added or removed based on trading metrics or corporate actions like mergers, acquisitions, or delistings.
Typical sectors represented in the index include:
- Construction and infrastructure firms
- Export-oriented manufacturing companies
- Food producers and distributors
- Retail and services
- Niche financials and investment holding companies
While not household names outside of Greece, many of these firms are regionally important and benefit from local market demand or European funding.
Market Role and Investor Interest
The FTSE/ATHEX Mid Cap Index plays a supporting role in the broader Greek equity market. It gives institutional investors, analysts, and fund managers a tool to monitor Greece’s mid-sized corporate health, and it allows for better diversification than focusing solely on large caps. It’s often used in combination with the FTSE/ATHEX 25 to construct balanced portfolios within the Greek market.
Trading volume in mid-cap stocks tends to be lower than that of large caps, making the index more prone to illiquidity and volatility. Bid-ask spreads are wider, and daily price movements can be more extreme—particularly after earnings announcements or policy-related news. Still, for investors who accept this trade-off, the mid-cap segment offers exposure to companies with growth potential not yet fully priced into the market.
Mid-caps can also be acquisition targets for larger firms or beneficiaries of domestic recovery themes, especially in sectors tied to infrastructure spending, exports, or consumption recovery.
Access and Products
Direct investment in the FTSE/ATHEX Mid Cap Index is limited, as there are currently no ETFs tracking this index specifically. However, investors can gain indirect exposure by purchasing individual index components or via mutual funds with a Greek small- and mid-cap mandate.
Brokerage accounts with access to the Athens Stock Exchange allow direct trading in all constituent stocks. Foreign investors should be aware that while there are no capital controls, thin liquidity and limited analyst coverage in the mid-cap space mean that due diligence and position sizing become more important.
Performance Characteristics
Over long periods, the FTSE/ATHEX Mid Cap Index tends to be more volatile than its large-cap counterpart, reflecting smaller float sizes and sector concentration. However, it has also shown resilience and strong relative performance during certain post-crisis recovery periods, especially when domestic business conditions improve and investor sentiment favours local growth stories.
During times of economic or political uncertainty, the index usually underperforms due to capital flight and liquidity constraints. But when confidence returns—especially through reforms, EU fund inflows, or infrastructure investment—mid-caps can deliver outsized gains.
Risks and Considerations
Investing in Greek mid-cap stocks carries more idiosyncratic risk than investing in the FTSE/ATHEX 25. Companies are more sensitive to changes in domestic demand, supply chain disruptions, and financing conditions. Many are family-owned or closely held, which can raise corporate governance concerns for foreign investors.
Lack of English-language reporting and thin institutional research coverage are also challenges. Valuation metrics may appear attractive on the surface—low price-to-earnings ratios or high dividend yields—but investors should be cautious about financial quality, capital structure, and competitive positioning.