Share-split context: A reverse split was recorded on Apr 28, 2020 with coefficient 0.333333. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The Global X MSCI Greece ETF (GREK) is designed to provide investors with exposure to the Greek stock market. It invests in a variety of companies based in Greece, allowing investors to track the performance of that specific region's economy.

What the numbers show

The data shows strong growth over several timeframes. For the current year (YTD), the price return is 23.82%, while the total return is 24.72%. Over the last year, the price return was 24.92%, and the total return was 28.48%.

Looking further back, the growth is more significant. The three-year price return is 156.31%, with a three-year total return of 185.66%. The five-year total return is 245.56%.

Note on Share Splits: This ETF has a history of a reverse split that occurred on April 28, 2020. In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the per-share price. The performance percentages listed above are split-adjusted, meaning they account for this change to show the actual trend.

Income and distribution explanation

GREK provides cash distributions to its investors, though they are irregular and less frequent. In the last 12 months, there were two payouts. The distribution yield is approximately 2.39%.

It is important for beginners to remember that a distribution yield is not the same as a total return. While the yield shows the cash paid out relative to the price, the total return includes both those payments and the change in the share price.

NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, based on price-based evidence, the ETF has an erosion score of 100 and an erosion severity labeled as "good." The data states that no price erosion was detected, and the severe erosion-risk flag is false.

Top Holdings

As of October 8, 2026, the fund holds 34 companies. Because the list is partial, these are the Top Holdings:

• National Bank of Greece SA: 15.22%

• Eurobank SA: 11.96%

• Piraeus Bank SA: 11.41%

• Alpha Bank SA: 7.07%

• Motor Oil (Hellas) Corinth Refineries SA: 4.74%

The portfolio is heavily weighted toward the banking sector.

Pros

• Strong historical price and total returns over one, three, and five-year periods.

• No price erosion detected according to the erosion score.

• Provides a way to invest specifically in the Greek market.

Cons

• Distributions are irregular and infrequent.

• High concentration in a single country and specific sectors (like banking).

Beginner takeaway

GREK is an ETF for those wanting exposure to Greece. While it has shown significant price growth recently, its income is not paid on a steady, frequent schedule. Investors should focus on the total return rather than the distribution yield alone to understand how the fund has performed.