UPDATE: Greece ETF Market Price Now to Close to NAV (GREK)

Ahead of Sunday's elections in Greece, the Global X FTSE Greece 20 ETF

is on the move again. Following Thursday's 12.5% surge on volume that was approximately quadruple the daily average, GREK soared almost 6% Friday on volume that was more than nine times the daily average. Since the start of this week, GREK, the lone Greece-specific ETF, jumped 24.6%, leading to the ETF trading at intraday levels on Friday that were well above the fund's closing net asset value on Thursday. In updating a previous story, it must be noted that GREK closed at $11.53 on Friday, just 17 cents above its closing indicative value of $11.36. That brings GREK's closing price relative to its net asset value more in line with comparable ETFs tracking other European nations such as the iShares MSCI Italy Index Fund

and the iShares MSCI Spain Index Fund

. The danger of exchange-traded products trading at elevated premiums to their net asset values was highlighted earlier this year during the debacle involving the VelocityShares Daily 2x VIX Short-Term ETN

. TVIX's premium to its net asset value surged after Credit Suisse suspended share issuance in the ETN, a move that opened the door to traders exploiting the difference between the market price and TVIX's NAV. TVIX

. Clearly, GREK is not facing a TVIX-esque event. Ahead of Sunday's elections in Greece, that's a good thing for lone ETF tracking the "G" in the PIIGS acronym because headline risk for Europe ETFs, GREK, included could be significant at the start of next week. For more on Greece and ETFs, click

.