The main problem is the fact that only 20 companies are being tracked within the BEL 20 index. Many investors outside of Belgium therefore do not bother to invest in this index although every single company really deserves much more attention.

Another point of concern is that the small country principle is applicable here which can make the price fluctuations a little bit less predictable. On the other hand there is a smaller risk of foreign grasshopper investors that will entry and exit just to amass a small profit.

The shares of the BEL 20 companies are mostly bought by the Belgians themselves and that insures a solid foundation if things should go the wrong way. There is only just 1 ETF tracking the common BEL 20 market index which tells a story of its own.


This BEL 20 ETF from Lyxor is tracking the Belgian BEL 20 TR market index, but I have to comment on that a little further. The common BEL 20 index is the market index we all are familiar with but this Lyxor BEL 20 ETF does NOT track that common index.

There is a good reason for that as the common BEL 20 index is not a market index with a fine track record for trading ETF’s. The letters TR within this particular BEL 20 ETF stand for Total Result. The term Total Result refers to the dividends paid on the underlying stocks which will be reinvested into these stocks and that is why this BEL 20 TR ETF shows up with higher quotations.

Of course this is a little bit like “robbing Peter to pay Paul” because without reinvesting the dividend you would have obtained the dividend. Despite the fact that the BEL 20 consists of many fine stocks it most certainly is not a market index you would like to be overweighed in.

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Lyxor UCITS ETF BEL 20 TR info:


ETF provider: Lyxor (Societe Generale Group)

Ticker: BEL

ISIN: FR0000021842

Currency: EURO

Exchange: Euronext Brussel