The Global X MSCI Greece ETF (NYSEArca: GREK), the only exchange traded fund dedicated to Greek stocks, is sporting a solid year-to-date gain and data suggest some investors are embracing the Greece fund.

Eurozone and emerging markets stocks are attractively valued relative to the U.S. and those discounts are evident with some of GREK’s holdings. That theme has been prompting investors to revisit the lone ETF trading in the U.S. that is dedicated to Greek stocks. Greece is classified as an emerging market.

“The strongest investor interest for Global X country strategies has been in a fund tracking Greek equities, Global X’s Jay Jacobs said,” reports Bloomberg. “The Global X MSCI Greece ETF (ticker GREK) is the only U.S.-listed fund with exposure to the country, seeing almost $55 million in inflows this year.”

The ETF allocates about 29% of its weight to the financial services sector and another 20.5% to energy stocks. GREK is also heavily exposed to Greek consumer trends with the consumer discretionary sector accounting for almost 19% of the ETF’s weight. Greece’s ability to deal with creditors could prove pivotal to GREK’s fortunes in 2018.

“Fitch believes that general government debt sustainability will improve, underpinned by sustained GDP growth, reduced political risks, a track record of general government primary surpluses and additional fiscal measures legislated to take effect through 2020,” said the ratings agency in a note out earlier this month. “Expectations of a smooth completion of the third review of Greece’s ESM programme reduce risks that the economic recovery will be undermined by a hit to confidence or by the government building up arrears with the private sector.”

Expectations for Eurozone creditors will treat Greek debt are also important to the 2018 case for GREK.

“We expect the Eurogroup to grant further debt relief to Greece this year. The set of debt relief measures will aim to keep gross financing needs below 15% of GDP in the medium term and below 20% of GDP thereafter, as stated in the 15 June 2017 Eurogroup statement. This is set to improve public debt sustainability over the long term and should support market confidence, which will help underpin post-programme market access,” according to Fitch.

For more information on the Greek markets, visit our Greece category.