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Greece ETF: An Emerging Markets Star

Last Friday, the Global X FTSE Greece 20 ETF (NYSE:GREK) surged over five percent on volume that was nearly six times the daily average. Much of that move can be attributed to the 19.5 percent gain by National Bank of Greece (NYSE:NBG), the largest of GREK's 22 holdings with an allocation of 12.8 percent.Although GREK has a reputation for being sensitive to regional shocks , Friday's action in the $52.3 million ETF was not a one-off affair. GREK has surged 39 percent in the past month, a performance that is roughly three-and-a-half times better than what the iShares MSCI Italy Index Fund (NYSE:EWI) delivered over the same time.Whether it is hot money remains to be seen, but what is clear is that GREK is nearly twice the size by assets today as it was less than three months. As of Friday, the ETF had $52.3 million in assets under management, according to Global X data . On March 1, that number was just over $28 million.That was right after index provider Russell Investments demoted Gree...

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