The Global X FTSE Greece 20 ETF (NYSEArca: GREK) lost almost 2.7% Monday after the Athens Stock Exchange reopened following a five-week hiatus. That performance almost looks good compared to the 16% lost by stocks in Athens and the 30% lost by a widely followed index of Greek banks.

GREK, the lone Greece ETF, has lost nearly a quarter of its value since Greece closed suspended trading and closed its banks on June 29 to limit a run on assets after talks with creditors broke off.

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]

While it might be seen as a step in the right direction that the Athens bourse is open again, it might be a while before traders expect to see it in the green. In fact some traders in Europe said Monday the day’s declines for Athens-listed shares could have been much worse if not for various restrictions put in place to limit big declines.

“Under rules announced last week, stocks exhibiting extreme volatility were halted sooner than normal, while would-be buyers had to raise money from places other than their bank accounts due to capital controls implemented last month,” according to Bloomberg.