Global X FTSE Greece 20 ETF (NYSEArca: GREK) has rallied 20% since the end of March as investors turn more sanguine on Europe’s debt woes and the health of the global economy.

The Greek ETF climbed 3.5% in afternoon trading Wednesday in the wake of a credit upgrade from Fitch Ratings. The fund, which was launched in December 2011, is trading at an all-time high.

Fitch on Tuesday lifted Greece’s sovereign debt rating to B- from CCC. The country is still rated junk.

The ratings agency forecast a milder recession in Greece this year but pointed out problems remain and recognized the unpopularity of austerity measures being pushed through by the government, BBC News reports.

“The price has been high in terms of lost output and rising unemployment and the capacity for recovery is still in doubt,” Fitch said. “Nonetheless, sovereign debt relief and an easing of fiscal targets have lifted central bank measures of economic sentiment to a three-year high and the risk of eurozone exit has receded.”

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