ETF Trends
ETF Trends

Plenty of single-country Europe exchange traded funds are receiving ample attention, but almost overlooked in that scenario is the surging Global X MSCI Greece ETF (NYSEArca: GREK), which is up a staggering 21.5% year-to-date.

Although GREK, the lone ETF trading in the U.S. dedicated to Greek stocks, retreated a bit on Monday, market observers widely expect Greek equities to benefit from the outcome of the French presidential election that saw leftist candidate Emmanuel Macron win.

Macron’s opponent Marie Le Pen spoke overtly about possibly removing France from the European Union if elected. That could have devastating consequences for some of the more financially fragile Eurozone members, such as Greece. Last year, the Eurozone and the International Monetary Fund suspended proposed debt-relief measures for Greece. Greek banks, one of GREK’s largest sector weights, are seen benefiting from a Macron victory.

“Last week, the Greek government agreed to further tax, pension, and labor reforms designed to appease creditors, raise revenue, and improve the country’s business climate. Pending approval from euro-zone finance ministers and the Greek parliament, Greece will get another seven billion euros ($7.6 billion) from its bailout package to meet its July debt repayments,” reports Dimitra DeFotis for Barron’s.

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