Shares of National Bank of Greece (NYSE: NBG), GREK’s third-largest holding at a weight of almost 9.4% and one of the ETF’s holdings that trades in New York, are off 20.3% on volume that is two and a half times the daily average. GREK has 20 holdings, the top three of which combine for almost 40% of the ETF’s weight.
A Europe-listed Greece ETF is having problems of its own. Societe Generale’s Lyxor unit had to temporarily halt creations and redemptions of that product in Germany, according to Bloomberg.
With Monday’s tumble, GREK is off nearly 26% year-to-date, but the ETF’s struggles have not stopped investors from adding money to it. Year-to-date, GREK has seen inflows of $281.4 million as of June 26, $111.7 million of which has come into the fund in the current quarter. GREK’s year-to-date inflows are the largest among the five single-country ETFs tracking PIIGS nations, slightly ahead of the roughly $268 million investors have added to the iShares MSCI Spain Capped ETF (NYSEArca: EWP). [Rising Bond Yields Pressure PIIGS ETFs]
Global X FTSE Greece 20 ETF
