While Athens closed its stock exchange, the Greece exchange traded fund plunged through the recent financial debt drama. With the Greek bourse now back in business, the ETF and underlying stocks are more back in line.

The Global X FTSE Greece 20 ETF (NYSEArca: GREK) has plunged 22.0% since Greece closed suspended trading and closed its banks on June 29 to limit a run on assets after talks with creditors broke off.

On Monday, the Athens Stock Exchange restarted trading. The bourse plummeted 22% soon after the open but closed 16.2% lower, with bank shares hitting or nearing the daily trading limit of a 30% decline, reports Derek Gatopoutos for the Associated Press.

Exchange traded funds try to reflect the performance of an underlying market. However, there are times when an ETF may diverge from the net asset value, especially with international markets. While the Greek bourse was closed, U.S.-listed GREK traded at double-digit percentage discounts to its net asset value, reflecting investor’s concern with Greece-related assets on the New York Stock Exchange. [While Athens Exchange is Closed, the Greece ETF Show Goes On]

With the Greek exchange back online, normal arbitrage activity resumed in the Greece ETF. GREK now shows a slight 0.6% discount to its NAV. GREK has also been dragged down by its large 22.0% tilt toward the weakened financial sector.

“If you decided to invest in Greece, this ETF may have been a good option,” Estefania Ponte, research director at BNP Paribas Personal Investors, told Bloomberg. “It reflected the underlying asset well.”

However, the Monday decline in Greece also reflected a surge in panic selling as limits on withdrawals, a crippled economy and an uncertain climate weigh on the market. [Betting on Greece ETF Recovery? Better Be Patient.]