At a glance
GREK charges 0.56% a year. It has $313.6M in assets; it paid 2.46% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +29.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +38.5% a year. At its worst it fell 49.1% in the 2020 crash (S&P 500: 33.7%) and 30.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 4 months after the lows. Its ten largest positions make up 75.2% of the fund, out of 39 in all.
The short version
Global X MSCI Greece ETF (GREK) tracks the MSCI All Greece Select 25/50 Index, holding Greek stocks for an annual fee (expense ratio) of 0.56%. Banks dominate: National Bank of Greece, Eurobank, Piraeus Bank and Alpha Bank were its largest holdings as of July 31, 2026. That narrow focus cuts both ways: the fund returned 75.12% in 2025 but fell 79.5% from peak to trough between 2014 and 2020.
Price history
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GREK +29.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GREK official prospectus, to Dec 31, 2025 | — | +75.12% | — | +24.58% | +13.54% | — |
| GREK price data to Oct 27, 2026 | +21.3% | +29.5% | +38.5% | +27.0% | +16.8% | +6.2% |
- Over the year to Oct 27, 2026, GREK returned +29.5%.
- Its 5-year annualized return was +27.0% and its 10-year +16.8%.
- In the 2020 COVID crash it fell 49.1% and regained its old high 12.6 months after the low.
- Its worst full calendar year was 2014 (-40.0%); its best was 2025 (+76.1%).
- The deepest fall in its price history was 79.5% (Mar 18, 2014 to Mar 18, 2020), recovered by Jul 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.3% | — |
| 2025 | +76.1% | +75.12% |
| 2024 | +9.5% | +9.75% |
| 2023 | +42.7% | +43.51% |
| 2022 | +3.6% | +2.95% |
| 2021 | +6.2% | +5.67% |
| 2020 | -14.8% | -13.26% |
| 2019 | +50.2% | +49.33% |
| 2018 | -31.2% | -29.90% |
| 2017 | +34.8% | +32.19% |
| 2016 | -0.2% | -1.16% |
| 2015 | -39.7% | — |
| 2014 | -40.0% | — |
| 2013 | +24.9% | — |
| 2012 | +29.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.3% over that stretch · deepest drop along the way 49.1%, back to its old high 12.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.1% over that stretch · deepest drop along the way 30.5%, back to its old high 3.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5500 | |
| 2025 | $2.2800 | +26.7% |
| 2024 | $1.8000 | +85.6% |
| 2023 | $0.9700 | +29.3% |
| 2022 | $0.7500 | +31.6% |
| 2021 | $0.5700 | -13.6% |
| 2020 | $0.6600 | -5.3% |
| 2019 | $0.6970 | +35.3% |
| 2018 | $0.5152 | -22.7% |
| 2017 | $0.6667 | +46.7% |
| 2016 | $0.4545 | +25.0% |
| 2015 | $0.3636 | -7.7% |
| 2014 | $0.3939 | +333.3% |
| 2013 | $0.0909 | -73.0% |
| 2012 | $0.3364 |
What's inside
As of Jul 31, 2026, the fund held 39 securities; the ten largest made up 75.16% of assets.
| Holding | Weight | |
|---|---|---|
| NATIONAL BANK OF GREECE S.A. | 14.82% | |
| Eurobank S.A. | 11.83% | |
| Piraeus Bank SA | 11.47% | |
| ALPHA BANK S.A. | 6.90% | |
| United States of America Bonds and notes | 6.36% | |
| PUBLIC POWER CORPORATION S.A. | 6.05% | |
| GEK TERNA SOCIETE ANONYME | 4.78% | |
| METLEN ENERGY & METALS PLC | 4.56% | |
| MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. | 4.47% | |
| HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 3.94% | |
| JUMBO S.A. | 3.30% | |
| Allwyn AG | 2.91% | |
| Optima bank S.A. | 2.86% | |
| Titan SA | 2.76% | |
| HELLENiQ ENERGY Holdings Societe Anonyme | 2.03% |
By country
Greece 97.97%United States 11.56%By asset type
Stocks 99.94%Bonds and notes 6.36%RA 3.24%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $60.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.39%, +1.00%, +8.77%.
How it works
GREK is an index fund. It tries to match an index, not beat it. MSCI builds the MSCI All Greece Select 25/50 Index to represent the broad Greek stock market. The index includes companies MSCI classifies as Greek. It also includes companies that are headquartered or listed in Greece and do most of their business there. Stocks that trade too thinly are screened out. That is why Metlen Energy & Metals and Titan, which are registered outside Greece, can still appear. MSCI, not the fund, sets each stock's weight.
The adviser, Global X Management Company, generally uses replication, which means owning the index's stocks in roughly the same proportions. When a stock is hard to trade or legal limits get in the way, it may hold a representative sample instead. At least 80% of assets must be in index securities or depositary receipts (certificates traded on other exchanges that stand for the underlying shares). The fund does not move to cash when markets fall. Portfolio turnover was 29%, according to the February 2026 prospectus.
The fund is "non-diversified" and concentrated in banking because its index is. As of July 31, 2026, the top 10 holdings made up 75% of assets. The fund may lend up to one-third of its assets to other investors. That holdings report also listed a US Treasury bill at about 6% of assets.
What it really costs
- GREK charges 0.56% a year.
- Of that, 0.55% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $57 in the first year and $701 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GREK | $57 | $179 | $313 | $701 |
In a retirement portfolio
GREK is a narrow, bank-heavy bet on one small market, and it has had very deep losses, so it fits best as a small slice next to broader holdings.
GREK adds exposure to one European market that a US-focused portfolio probably doesn't hold. The ride has been rough. The fund fell 79.5% from March 2014 to March 2020 and did not get back to its 2014 peak until July 2025. Its worst calendar year was 2014, when it lost 40%. In the 2020 COVID crash it fell 49.1% in about a month, then took 12.6 months to recover. In 2022 it dropped 30.5%. It launched in 2011, so it has no 2008 record. Anyone who may need to sell shares in a bad year could lock in steep losses.
The fund's trailing 12-month yield was 2.46% as of October 27, 2026, paid twice a year. It costs 0.56% a year. In the SEC's standard example, that comes to $57 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want concentrated exposure to Greece, led by National Bank of Greece, Eurobank and Piraeus Bank as of July 31, 2026.
- Investors adding a small slice to an already diversified portfolio, since the fund held only 39 positions as of July 31, 2026.
- Investors wanting some dividend income from a stock fund; the yield over the past year was 2.46% as of October 27, 2026, paid semiannually.
Look elsewhere if
- Retirees who can't afford deep losses: the fund fell 79.5% from March 2014 to March 2020 and took until July 2025 to recover.
- Investors seeking broad diversification: the fund is non-diversified, and its top 10 positions made up 75.16% of assets as of July 31, 2026.
- Investors uneasy about bank and currency risk: the index was concentrated in banking as of December 31, 2025, and a stronger dollar can hurt returns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does GREK invest in?
GREK holds Greek stocks and tracks the MSCI All Greece Select 25/50 Index. As of July 31, 2026, it had 39 positions. The largest were National Bank of Greece (14.8%), Eurobank (11.8%), Piraeus Bank (11.5%), Alpha Bank (6.9%) and Public Power Corporation (6.0%). Other top holdings included GEK Terna, Metlen Energy & Metals, Motor Oil (Hellas) and Hellenic Telecommunications Organization. The top 10 made up about 75% of assets.
What is GREK's expense ratio?
GREK's expense ratio is 0.56% a year, which includes a 0.55% management fee, according to the prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and a sale at the end of each period. On those terms, total costs would be about $57 after one year, $179 after three years, $313 after five years and $701 after ten years.
Does GREK pay dividends?
Yes. GREK pays dividends twice a year. Over the 12 months through October 27, 2026, it paid $1.95 per share, a trailing yield of 2.46%. Because the fund's dividends come from Greek companies, and mostly from banks, payouts can change from one year to the next. Investors who need regular monthly income may find that two payments a year don't match their spending.
How has GREK performed over the long term?
GREK's long-term returns have been strong but very uneven. As of December 31, 2025, its average annual return was 75.12% over one year, 24.58% over five years and 13.54% over ten years, per its prospectus. Individual years ranged from a 29.9% loss in 2018 to a 75.12% gain in 2025. Based on price, it returned 29.5% over the year ending October 27, 2026.
Is GREK a risky ETF?
Yes, GREK is a high-risk fund. It holds one country's stocks, is non-diversified and is concentrated in banking, so trouble at a few Greek banks can hit it hard. Its worst quarter was a 44% loss in early 2020. From its 2014 peak to its 2020 low it lost 79.5%, and it did not recover until July 2025. Currency moves against the US dollar add another layer of risk.