For five weeks, GREK had been the lone price discovery mechanism for Greek stocks. 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 tilt toward the weakened financial sector.

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.]

Just 60 companies trade on the Athens Stock Exchange and 11 posted Monday declines of at least 29%, according to Bloomberg. Surprisingly, volume in GREK was below average Monday and the ETF remains more than 3% above its 52-week low set in late June.

Global X FTSE Greece 20 ETF

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