Ultime notizie per Global X MSCI Greece ETF (ARCA:GREK)

Global X MSCI Greece ETF

Financial Services

Industrials

Utilities

Consumer Cyclical

Energy

Communication Services

Basic Materials

Real Estate

Consumer Defensive

Other

The Fund invests at least 80 percent of its total assets in the securities of the MSCI All Greece Select 25/50 Index (Underlying Index) and in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) based on the securities in the Underlying Index. The Fund also invests at least 80 percent of its total assets in securities of companies that are economically tied to Greece. The Fund's 80 percent investment policies are non-fundamental and require 60 days prior written notice to shareholders before they can be changed. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of the collateral received).

National Bank of Greece Sa

Alpha Services A

Public Power

Motor Oil (Hellas) Sa

Tsakos Energy Navigation Ltd&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNP#NYSE">TNP</a>) reported fourth-quarter FY23 Voyage revenue of $220.2 million, down from $270.3 million in the prior year quarter but&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/g37961311/ten-ltd-reports-record-profits-for-year-end-and-fourth-quarter-2023-results-and-dividend-of-0-60-p" rel="noreferrer noopener">above the consensus of $186.18 million.&nbsp;</a>
EPS of $0.85 came below $3.17 in the prior year&#8217;s quarter and also missed the consensus of $1.72.
The company said it operated six fewer vessels compared to the same period in 2022, due to vessel sales and before the add-on of the five new vessel acquisitions. The abovementioned factors led to an adjusted EBITDA of $124 million versus $159 million in the prior year quarter. 
Quarterly fleet utilization reached 98.3% vs 97.4% in the prior year, led by increased vessels in time-charter employment.&nbsp;
The average daily Time Charter Equivalent (TCE) rate per vessel in the fleet stood at $35,565 (vs. $39,776 in fourth-quarter FY22), with vessel operating expenses per ship per day coming in at $9,607 (vs. $8,827 in the prior quarter).
Cash reserves remained at $377 million, and debt obligations settled at $1.56 as of December 31, 2023.&nbsp;
Dividend:&nbsp;The company plans to pay semi-annual dividend of $0.60 per common share in June 2024, which is double the amount distributed in 2023 for the same period.
Management expects to distribute a second semi-annual dividend to holders of its common shares in December 2024.
In February 2024, the company inked a newbuilding contract with a major South Korean yard to construct one option one suezmax DP2 Shuttle Tanker, which is expected to be delivered in 2026.&nbsp;
Investors can gain exposure to the stock via&nbsp;AdvisorShares Dorsey Wright ADR ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AADR#NASDAQ">AADR</a>) and&nbsp;Global X MSCI Greece ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GREK#NYSE">GREK</a>).
Price Action:&nbsp;TNP shares are trading lower by 0.39% at $25.51 on the last check Wednesday.

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Equities

News

Dividends

Small Cap

AADR

GREK

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GOOG

GOOGL

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The U.S. stock market wasn&rsquo;t the only one to rally in 2023, and many U.S.-based investors would have found it beneficial to diversify their portfolios with global stocks and ETFs from <a href="https://www.benzinga.com/money/best-emerging-markets-etfs" rel="noreferrer noopener" target="_blank">roaring emerging market economies.</a>
Venturing thousands of miles south of the American continent and crossing the Atlantic, three stock market indexes emerged as standout performers, surpassing not only the S&amp;P 500 represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which gained 14% so far this year, but also the tech-dominated Nasdaq 100 represented by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which achieved its best half-year performance with a remarkable 34% year-to-date rally.
Benzinga delved into the top-performing Country ETFs for 2023, evaluating their returns and their respective best-performing stocks. It is essential for U.S.-based investors to note that although these ETFs trade in U.S. dollars on U.S. exchanges, they are not currency hedged. Hence, their performance is exposed to local currency&rsquo;s fluctuations relative to the U.S. dollar.
<h2 class="wp-block-heading">Top Performing Country ETFs For 2023</h2>
5) iShares MSCI Poland ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPOL#NYSE">EPOL</a>)
<ul>
<li>Description: The EPOL ETF tracks the performance of Polish companies, providing exposure to the Polish stock market by replicating the MSCI Poland IMI 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in American Depositary Receipts (&ldquo;ADRs&rdquo;) and Global Depositary Receipts (&ldquo;GDRs&rdquo;).</li>
<li>Year-to-date performance (as of June 27): 23%</li>
<li>Quarter-to-date performance: 23%</li>
<li>Local currency performance against USD (year to date): 8%</li>
<li>Best-performing stocks (ytd): Santander Bank Polska S.A. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BKZHF#OTC">BKZHF</a>) (+48.9%), Grupa Pracuj S.A. (+38%).</li>
</ul>
4) iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>)
<ul>
<li>Description: The EWW ETF offers exposure to the Mexican stock market, allowing investors to participate in the performance of Mexican companies by replicating the MSCI Mexico IMI 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs.</li>
<li>Year-to-date performance (as of June 27): 28%</li>
<li>Quarter-to-date performance: 5.7%</li>
<li>Local currency performance versus USD (ytd): 14%</li>
<li>Best-performing stocks (ytd): Alsea, S.A.B. de C.V. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ALSSF#OTC">ALSSF</a>) (+56%), CEMEX, S.A.B. de C.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CX#NYSE">CX</a>) (+50%)</li>
</ul>
Read also:<a href="https://www.benzinga.com/money/best-performing-mutual-funds" rel="noreferrer noopener" target="_blank"> 5 Best Performing Mutual Funds Right Now</a>
3) Global X MSCI Greece ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GREK#NYSE">GREK</a>)
<ul>
<li>Description: The GREK ETF tracks the Greek stock market, providing investors with access to Greek companies by replicating the MSCI All Greece Select 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs.</li>
<li>Year-to-date performance (as of June 27): 35%</li>
<li>Quarter-to-date performance: 18.7%</li>
<li>Local currency performance versus USD (ytd): 3%</li>
<li>Best-performing stocks (ytd): Aegean Airlines (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AEGN#OTC">AEGN</a>) (+96%), Piraeus Financial Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BPIRY#OTC">BPIRY</a>) (+86%)</li>
</ul>
2) Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>)
<ul>
<li>Description: The ARGT ETF allows investors to gain exposure to the Argentine stock market by replicating the MSCI All Argentina 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs.</li>
<li>Year-to-date performance (as of June 27): 35%</li>
<li>Quarter-to-date performance: 17.4%</li>
<li>Local currency performance versus USD (ytd): -30%</li>
<li>Best-performing stocks (ytd): Empresa Distribuidora y Comercializadora Norte Sociedad An&oacute;nima (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDN#NYSE">EDN</a>) (+100%), IRSA Inversiones y Representaciones Sociedad An&oacute;nima (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRS#NYSE">IRS</a>) (+85%)</li>
</ul>
1) Global X MSCI Nigeria ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGE#NYSE">NGE</a>)
<ul>
<li>Description: The NGE ETF focuses on the Nigerian stock market, offering investors access to Nigerian companies by replicating the MSCI All Argentina 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs.</li>
<li>Year-to-date performance (as of June 27): 41%</li>
<li>Quarter-to-date performance: 18.3%</li>
<li>Local currency performance versus USD (ytd): -42%</li>
<li>Best-performing stocks (ytd): Transnational Corporation of Nigeria Plc (+203%), Access Holdings Plc (+102%)</li>
</ul>
<table>
<thead>
<tr>
<th>Country ETF</th>
<th>% Return (year to date)</th>
<th>% Return (quarter to date)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Global X MSCI Nigeria ETF</td>
<td>40.9</td>
<td>18.3</td>
</tr>
<tr>
<td>Global X MSCI Greece ETF</td>
<td>35.3</td>
<td>18.7</td>
</tr>
<tr>
<td>Global X MSCI Argentina ETF</td>
<td>34.6</td>
<td>16.3</td>
</tr>
<tr>
<td>iShares MSCI Mexico ETF</td>
<td>27.8</td>
<td>5.7</td>
</tr>
<tr>
<td>iShares MSCI Poland ETF</td>
<td>23.2</td>
<td>23</td>
</tr>
<tr>
<td>iShares MSCI Ireland ETF ARCA: EIRL)</td>
<td>23.1</td>
<td>2.7</td>
</tr>
<tr>
<td>iShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>)</td>
<td>18.4</td>
<td>2.7</td>
</tr>
<tr>
<td>iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>)</td>
<td>17.9</td>
<td>4.5</td>
</tr>
<tr>
<td>iShares MSCI Taiwan ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWT#NYSE">EWT</a>)</td>
<td>17.7</td>
<td>4.3</td>
</tr>
<tr>
<td>iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>)</td>
<td>17.3</td>
<td>19.9</td>
</tr>
</tbody>
</table>
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/06/33022480/its-a-bear-market-fomo-bubble-in-early-stage-of-collapse-warns-hedge-fund-manager-w">It&rsquo;s A Bear Market FOMO Bubble In Early Stage Of Collapse, Warns Hedge Fund Manager Who Foresaw 2008 Crisis</a>
Photo: Shutterstock

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European stocks and the related exchange traded funds are unlikely to catch their U.S. rivals, but there&#39;s no denying there&#39;s some momentum building for riskier assets across the pond. The S&amp;P Europe 350 Index is higher by 7.13% over the past month, bringing its year-to-date gain to almost 16%.
On Monday, led by strength in Germany, the Eurozone&#39;s largest economy, a broad swath of U.S.-listed Europe ETFs hit 52-week highs and the mix was encouraging as it included single-country funds representing Europe&#39;s large and small economies as well as a slew of diversified ETFs.
&ldquo;German stocks on Monday rose to the highest level in more than 16 months, as the rally in European stocks continued,&rdquo; <a href="https://www.barrons.com/articles/europe-stocks-rally-continues-as-dax-on-track-for-highest-close-in-16-months-51572863247">reports Barron&#39;s</a>. &ldquo;Data released by information and analytics provider <a href="https://www.barrons.com/quote/INFO">IHS Markit</a> showed that the German manufacturing purchasing managers&rsquo; index rose slightly to 42.1 in October, up very slightly from the decade-worst 41.7 in September.&rdquo;
Germany can be a rising tide that lifts a lot of European boats and with that sentiment in mind, let&#39;s explore some Europe ETFs that hit new highs.
<h3 class="western">JPMorgan BetaBuilders Europe ETF (BBEU)</h3>
The JPMorgan BetaBuilders Europe ETF (CBOE: BBEU) added 0.57% on Monday on its way to a new 52-week high. This fund often goes overlooked in the Europe ETF conversation, perhaps owing to the fact that at less than two years old, it&#39;s&nbsp;younger than many rival diversified Europe funds.
That&#39;s not a strike against BBEU. The fund is cost-effective with an expense ratio of just 0.09% per year, or $9 on a $10,000 investment and it&#39;s a sizable fund with <a href="https://am.jpmorgan.com/us/en/asset-management/gim/adv/products/d/jpmorgan-betabuilders-europe-etf-etf-shares-46641q720">$3.88 billion in assets</a> under management.
BBEU holds 545 stocks with about 40 percent hailing from the U.K. and Switzerland and 29.6% being French and German equities. This JPMorgan ETF also lobs off a dividend yield of 3.28%, underscoring the superior income proposition available with European stocks relative to broader domestic benchmarks.
<h3>Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)</h3>
Three interest rate cuts by the Federal Reserve this year haven&#39;t done much to derail the strength of the U.S. dollar. Combine that with the European Central Bank&#39;s efforts to weaken the euro and this year has been almost a perfect storm for currency hedged ETFs.
It&#39;s been so good in fact that, quiet as it has been kept, the Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dbez#NYSE">DBEZ</a>) is slightly outperforming the S&amp;P 500 this year. DBEZ tracks the MSCI EMU IMI U.S. Dollar Hedged Index.
DBEZ holds over 700 stocks and is comparable to rival Eurozone ETF in that it&#39;s dominated by French and German stocks. The Eurozone&#39;s two largest economies combine for about <a href="https://etf.dws.com/en-us/DBEZ-msci-eurozone-hedged-equity-etf/">60% of this Europe ETF&#39;s geographic exposure</a>.
<h3>Global X MSCI Greece ETF (GREK)</h3>
The Global X MSCI Greece ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grek#NYSE">GREK</a>) traded slightly lower, but still managed a new 52-week high and remains one of the best-performing single-country ETFs this year.
Sure, GREK&#39;s up 44.20% year to date and that may imply the good times are set to stall, but the opposite may be true.
&ldquo;Greek equity markets rallied after the market-friendly New Democracy government took over for Alexis Tsipras&rsquo; Syriza party, and over the last month yields on short term Greek bonds turned negative, suggesting that investors are becoming increasingly confident in Greece&rsquo;s prospects,&rdquo; <a href="https://www.globalxetfs.com/finding-bright-spots-in-europe-latam-and-asia/">Global X said in a recent note</a>. &ldquo;Yet, despite the progress made in Greece thus far, further progress is needed for a full recovery. Ample runway is left for Greek markets to return towards pre-crisis levels &ndash; which makes valuations particularly attractive.&rdquo;
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Long Ideas

Specialty ETFs

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BBEU

DBEZ

3 Europe ETFs Hitting New Highs

There are roughly 2,400 exchange traded products listed in the U.S., including both exchange traded funds and exchange traded notes. Underscoring what a wild ride equity markets have been on this year, fewer than 80 of those products are up 30% or more year to date and when leveraged funds are removed from the equation, the universe dwindles even further.
With the S&amp;P 500 up 16.65%, it might be reasonable to expect more niche and nuanced ETFs would be in the 30% club. Alas, the list is small, but still chock full of opportunity.
Here, we&#39;ll examine three ETFs that are up at least 30% this year with the potential to keep adding to those gains into year end and beyond.
<h3>Pacer Benchmark Industrial Real Estate SCTR ETF (INDS)</h3>
YTD Gain: 34.9%
The Pacer Benchmark Industrial Real Estate SCTR ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/inds#NYSE">INDS</a>) has been on an indomitable run that has the fund outperforming the largest real estate ETF by about 1,000 basis points this year.
INDS&#39; underlying index invests &ldquo;invests &ldquo;in industrial REITs that are part of the e-commerce distribution and logistics networks along with self-storage facilities,&rdquo; <a href="https://www.paceretfs.com/products/inds">according to Pacer</a>.
Reminders are regularly popping up that INDS has the goods over traditional real estate ETFs. For example, mall vacancies are rising and Forever 21, as just one example, recently went bankrupt. Translation: e-commerce is disrupting brick-and-mortar and INDS puts investors front and center to the real estate needs of online retailers.
Investors are likely to get another reminder of this when holiday shopping numbers start trickling in, meaning INDS has some tailwinds heading into 2020.
<h3>ALPS Clean Energy ETF (ACES)</h3>
YTD Gain: 35.16%
Several of the ETFs in the 30% are club are clean energy funds and one of the leaders of the pack is the ALPS Clean Energy ETF (CBOE: ACES). One of the more compelling traits with ACES is that it doesn&#39;t confine investors to one corner of the alternative energy space. Rather, the fund offers exposure to seven clean energy themes, a hefty amount compared to rival funds.
Declining production costs and increased adoption of green energy <a href="https://www.benzinga.com/trading-ideas/long-ideas/19/10/14550316/corporate-adoption-of-renewable-energy-bodes-well-for-this-etf">at the corporate level </a>are among the factor boding well for ACES.
The move to clean energy &ldquo;is disruptive to traditional sources of energy, but it also presents a compelling and long-lasting investment opportunity for the companies and industries positioned for the change,&quot; according to ALPS.
<h3>Global X Greece ETF (GREK)</h3>
YTD Gain: 31.45%
Here&#39;s all one needs to know about how far Greece has come: the once financially downtrodden nation that lost its developed market status as a result of a debt crisis on Wednesday issued negative-yielding debt.
While there are still risks in the Greek economy, negative-yielding indicates the country has come a long way from the days in 2012 when it was widely speculated that the country was on the cusp of being booted from the Eurozone.
The risk with the Global X Greece ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grek#NYSE">GREK</a>) is that the country&#39;s equity market is reflecting a highly ebullient tone while not accounting for vulnerabilities that could be realized if the European economy further slows.
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INDS

3 ETFs Up At Least 30% This Year

The Global X MSCI Greece ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grek#NYSE">GREK</a>), the only New York-listed exchange traded fund focusing on Greek equities, is up nearly 37% year to date, a performance that easily thumps the returns offered by emerging markets and Eurozone benchmarks.
<h3>What Happened</h3>
The fastest economic growth in more than a decade, the recent issue of sovereign bonds with surprisingly low yields and some ebbing in political volatility are among the factors boosting Greek stocks this year.
&ldquo;At the end of Q2, the markets were up 40.4% making it the best performing emerging market year to date (YTD),&rdquo; said Global X in a <a href="https://www.globalxetfs.com/behind-greeces-2019-market-rally/">recent research note</a>. &ldquo;Growth forecasts project annualized 2019 GDP at 2.4%, versus the 1.3% forecasted for broader Europe.&rdquo;
Improving economic growth is vital to GREK&#39;s fortunes because the fund is highly levered to cyclical sectors. The financial services, energy and consumer discretionary sectors combine for about 60% of the fund&#39;s roster.
<h3>Why It&#39;s Important</h3>
Financial services account for about 22% of GREK&#39;s weight and as such, have been primary drivers of the fund&#39;s stellar 2019 performance.
&ldquo;Greece&rsquo;s strong equity market returns came amid the ongoing push to clean up bad debt from bank balance sheets,&rdquo; said Global X. &ldquo;As a result, financials lead the way as the biggest positive contributor to performance during Q1 and Q2.&rdquo;
Rebounding consumer confidence is playing an important role, too, which is relevant to GREK because the fund devotes almost 19% to the two consumer sectors.
&ldquo;Further powering returns was a recovery in consumer confidence, which started the year off at almost pre-crisis levels, and has risen for four consecutive months through June,&rdquo; said Global X.
<h3>What&#39;s Next</h3>
What&#39;s next could be lower bond yields and higher equity returns. In January, yields on Greek 10-year bonds flirted with 4.5%. As recently as late June, that yield was approaching 2%.
&ldquo;The falling yields experienced the sharpest drop, however, after the ruling Syriza party was defeated in May by the New Democracy party in the European parliamentary elections,&rdquo; according to Global X. &ldquo;The May elections proved portentous for the pro-market New Democracy party, which won the recent July elections and put the party into office at an opportune moment to guide Greece&rsquo;s bull market.&rdquo;
The ETF closed Monday&#39;s session at $9.43.
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Bonds

Inside The Greece ETF's Epic 2019 Rally

The Global X MSCI Greece ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grek#NYSE">GREK</a>), the only Greece exchange traded fund trading in the United States, is up 23 percent this year, underscoring the economic and equity market redemption stories happening in the once downtrodden Mediterranean economy.
<h3>What Happened</h3>
Not only is the $294.32-million GREK trading higher, but the ETF is outpacing the MSCI Emerging Markets Index and the MSCI EMU Index by wide margins. Those are relevant comparisons because Greece is a Eurozone economy and is also classified as an emerging market.
The ASE Index, Greece&#39;s benchmark equity gauge this year is beating 93 other country benchmark tracked by Bloomberg.
<h3>Why It&#39;s Important</h3>
&ldquo;The recent rally in Greek equity market caught many by surprise,&rdquo; said <a href="http://www.eastcapital.com/en-AU/Corporate/">East Capital</a> partner Tim Umberger in a recent note. &ldquo;In a series of negative news around the globe last year, investors were not paying attention to the significant progress that the country has made over the years, including in 2018 and beginning of 2019.&rdquo;
Some of the issues with investors ignoring Greece is attributable to the country&#39;s reputation for volatility. GREK&#39;s underlying index has annualized volatility of just <a href="https://www.globalxfunds.com/content/files/GREK-factsheet.pdf">over 38 percent </a>compared to 10.16 percent on the MSCI ACWI Index. Additionally, once-scorned investors may have needed more convincing that the Greek economy is truly on the mend.
&ldquo;Unjustifiably low valuations provided good entry opportunity in 2019, but it took investors some time to grasp that economic reality is improving,&rdquo; said Umberger. &ldquo;The country is expected to grow at around 2.5% in 2019, significantly higher than the Eurozone as the battered economy is getting out of a 10 year slump.&rdquo;
<h3>What&#39;s Next</h3>
Previously painful austerity measures and other fiscal adjustments put Greece in a position to meet short- and medium-term funding obligations, something fixed income investors are finally acknowledging as yields on Greek 10-year bonds reside around 3.3 percent, down from 4.7 percent six months ago.
&ldquo;Despite the strong year to date performance, Greek assets remain cheap,&rdquo; said Umberger.. &ldquo;One should bear in mind that the equity market is still down a remarkable 85% over 10 years. With further improvement in the economy that will ultimately translate into higher earnings, the rally could have further legs going forward. Elections expected later in the year could serve as additional catalyst as liberal, market friendly opposition leads the polls with a large, double digit margin.&rdquo;
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The Greece ETF Continues To Impress

The Global X MSCI Greece ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grek#NYSE">GREK</a>), the only U.S.-listed exchange traded fund dedicated to Greek equities, is up 22 percent this year.
That&#39;s good for one of the better showings among emerging markets single-country ETFs and there could be reasons to expect more upside ahead for GREK.
<h3>What Happened</h3>
After years of scuffling under the burdens of slack economic growth and financial assistance from the European Central Bank, among others, Greece&#39;s economy is finally showing signs of life, giving investors reasons to revisit the Mediterranean economy.
&ldquo;In Q1, the markets were up 15.2% and forecasts put 2019 GDP growth at annualized 2.4%, versus Europe at just 1.3%,&rdquo; said Global X <a href="https://www.globalxfunds.com/greece-update-optimism-grows/">in a recent research note</a>. &ldquo;Greece&rsquo;s improving growth prospects could portend the start of a virtuous cycle for Greece, making it a standout against the weak backdrop of a sluggish Europe.&rdquo;
<h3>Why It&#39;s Important</h3>
More sanguine expectations for the Greek economy and equity markets are pivotal to GREK&#39;s fortunes. The fund allocates about 42 percent of its weight to energy and financial services stocks, underscoring its cyclical tilt. GREK also has a three-year standard deviation of <a href="https://www.globalxfunds.com/content/files/GREK-factsheet.pdf">almost 24 percent</a>, or about 1,100 basis points higher than the comparable metric on the MSCI Emerging Markets Index.
&ldquo;Further powering returns was a recovery in consumer confidence to almost pre-crisis levels,&rdquo; said Global X. &ldquo;Private consumption helped drive in strong performance during Q1 within the communication services&nbsp;sector and the casinos &amp; gaming sub-industry. Such improvements follow labor gains with unemployment falling by 3% in 2018 and national account data reflecting improvements in labor productivity.&rdquo;
The strength of Greek consumers is also important to GREK because the ETF has a 17.30 percent weight to consumer discretionary stocks, its third-largest sector allocation.
<h3>What&#39;s Next</h3>
A buoyant economy and improving credit profile could foster more upside for GREK, but this isn&#39;t a risk-free bet, particularly when the country is holding elections in October.
&ldquo;Political risk is notable, but with potential upsides as well,&rdquo; said Global X. &ldquo;Legislative elections are scheduled for October; however, they could be pushed up to May 26 to coincide with local and European elections. The ruling hard-left Syriza party is likely to demand snap elections to minimize the party&rsquo;s losses ahead of European elections and before a slowdown in Europe potentially curbs Greece&rsquo;s progress.&rdquo;
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Reasons To Cheer For The Greece ETF

Among the most repudiated single-country emerging markets exchange traded funds last year was the Global X MSCI Greece ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/grek#NYSE">GREK</a>).
The lone U.S.-listed ETF dedicated to Greek stocks plunged 31.2&nbsp;percent last year, or more than the double the loss of the MSCI Emerging Markets Index.
<h3>What Happened</h3>
Still residing more than 36 percent below its 52-week and 13.67 percent below its 200-day moving average, GREK is attempting to rebound this year. The Greece ETF is higher by 6.23 percent year-to-date and some data points suggest traders are revisiting the fund.
&ldquo;Earlier this week we noted call buying in infrequently traded GREK options involving the March 7 strikes more than 10,000 times versus scant open interest in the line,&rdquo; said Paul Weisbruch, head of ETF sales and trading at Dallas-based <a href="http://www.espositosecurities.com/">Esposito Securities</a>, in a recent note.
<h3>Why It&#39;s Important</h3>
The $240.87 million GREK follows the MSCI All Greece Select 25/50 Index. GREK, which is just over seven years, reflects the small size of the Greek equity market with just 34 holdings. Additionally, the fund has sector-level concentration risk as two sectors &ndash; energy and financial services &ndash; combine for over <a href="https://www.globalxfunds.com/content/files/GREK-factsheet.pdf">42 percent of GREK&#39;s weight</a>.
&ldquo;There is a substantial overweight across the first several holdings where more than 38% of the basket is spread across only the top four names,&rdquo; said Weisbruch.
Greece last week&nbsp;<a href="https://www.wsj.com/articles/greece-issues-first-post-bailout-bond-11548778135">sold $2.90 billion</a> in sovereign bonds, the country&#39;s first bond issue following various bailout packages. Those bonds yield 3.6&nbsp;percent. However, the country is also planning an 11 percent boost to its minimum wage, a sign that its days of austerity are officially over.
<h3>What&#39;s Next</h3>
GREK could continue to garner the attention of tactical investors this year if Greece makes good on expectations of steady economic growth. The government there is forecasting GDP growth of 2.5 percent for 2019.
&ldquo;Greece&rsquo;s economy will expand by around 2 percent in 2019, the influential Greek IOBE think tank predicted on Tuesday, slightly below a previous forecast of 2.4 percent,&rdquo; <a href="https://www.reuters.com/article/us-greece-economy-iobe/think-tank-forecasts-greek-2019-economic-growth-of-2-percent-idUSKCN1PN1NU?il=0">according to Reuters</a>.
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Greece ETF Tries To Get Going

The Global X MSCI Greece ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>), the only U.S.-listed exchange-traded fund dedicated to Greek stocks, is up 2.72 percent year-to-date. GREK is easily topping the 2018 performance of the MSCI Emerging Markets Index, a relevant comparison because Greece is classified as a developing economy.
Greece is nearing the end of its bailout program and some market observers speculate that after years assistance from larger, more financially sound European nations, Greece may be able to exit the assistance program without having to enter another.
<h3>
	What Happened</h3>
&quot;After more than eight years, there is a real prospect of Greece not being under an economic adjustment programme once the current bailout expires in August,&rdquo; IHS Markit said&nbsp;<a href="https://ihsmarkit.com/research-analysis/a-greek-clean-bailout-exit-is-likely-but-not-certain.html">in a recent note</a>. &ldquo;Its economy is finally growing, bond yields have declined significantly, and the political situation has remained more stable than many had feared.&rdquo;
Up 34.7 percent over the past 12 months, GREK is one of the best-performing single-country emerging markets ETFs over that period in what has been a long road back for Greek stocks. Over the past three years, GREK is up just 12.2 percent, trailing the MSCI Emerging Markets and MSCI EMU indexes by large margins.
<h3>
	Why It&#39;s Important</h3>
If Greece can break free of Eurozone economic assistance, it would signal not only increased financial health, but perhaps a more sanguine political environment. Put simply, the decision to not seek additional bailout assistance after August lies with Greek policymakers.
&ldquo;Assuming the economy continues to grow, the fourth review goes smoothly, and market conditions remain benign, the decision on whether to seek a clean exit or request a credit line will be a political choice,&rdquo; said Markit. &ldquo;A Greek exit from its bailout would send a strong signal that the country has started to recover following a decade-long crisis, and the government has strong incentives to go down this route.&rdquo;
Increased financial temerity may also foster more investor confidence regarding Greek banks. Financial services stocks account for 31.3 percent of GREK&#39;s weight.
<h3>
	What&#39;s Next </h3>
A clean exit from current bailout program isn&#39;t a foregone conclusion for Greece. An uptick in political volatility or slowing economic growth are among the factors that could lead the country to ask for another line of credit from its creditors.
&ldquo;Greece&#39;s inability to pass necessary reforms/measures and to complete the last bailout review in time, a deterioration of economic conditions in Greece and a non-conciliatory attitude by Greek officials, resembling the 2015 situation under then finance minister Yanis Varoufakis, which would complicate relationships with international creditors and trigger market concern and a spike in Greek bond yields,&rdquo; said Markit.
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