Spain - Top listings on US Markets

The Spanish companies listed as ADRs on American exchanges align with the iShares MSCI Eurozone ETF of 235 companies which highlight the diversity of the Eurozone economy

Even though 10 top firms in the iShares MSCI Eurozone make up close to 30% of the fund, their sectors range wide from IT (2), Consumer Discretionary & Staples, Energy, Industrials & Materials to Financials (1)

In comparison, the 25 largest Spanish  companies by market cap (ADRs) present a fairly undiversified cross-selection of the Spanish economy, between banking institutions (6) and utilities (6) and just 4 industrial firms

• As sole representatives of their industry segment, some world leaders call Spain home – clothing giant Inditex , travel transaction processor Amadeus ,  tech company for aerospace, defense, and mobility Indra Sistemas or international infrastructure operator Ferrovial
• They seem destined to remain alone...

In more than one sense, the ADR selection underscores Spain’s lost opportunities in the European Single Market and in Latin America (where only global Spanish banks – Santander and Banco Bilbao have been successful)

The iShares MSCI Eurozone ETF is the benchmark of the selection