U.S.-listed exchange traded funds that track European markets were set to trade lower Monday following Standard & Poor’s downgrade of Greece’s credit rating and falling profit at HSBC (NYSE: HBC).

Credit default swaps on Greece jumped Monday morning after S&P said it’s concerned the troubled country is moving toward a “selective default” by extending debt maturities, Bloomberg reported.

Separately, U.S.-listed shaers of HSBC slipped following quarterly results from the London-based lender, one of the world’s largest banks.

The stock is the largest holding in BLDRS Europe 100 ADR Index Fund (NasdaqGM: ADRU) at more than 5% of assets. The ETF is up about 9% so far this year.

BLDRS Europe 100 ADR Index Fund

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