FLEU vs GREK

FLEUAFranklin FTSE Eurozone ETF

GREKCGlobal X MSCI Greece ETF

In short

FLEU The euro bloc, straight up: no UK, no Swiss francs, no hedging overlay. Franklin charges 0.09% a year to track the FTSE Developed Eurozone Index, a fraction of the median fee among index funds in its peer group.

GREK Greece in one ticker. Launched in 2011 with Athens at the center of Europe's debt crisis, GREK is still the only US-listed ETF built to hold Greek stocks directly: roughly 30 names, with banks in the driver's seat.

Stated mandate

FLEU The Fund uses a passive indexing approach and seeks to track, before fees and expenses, the FTSE Developed Eurozone Index.

GREK The fund seeks to track, before fees and expenses, the price and yield performance of the MSCI All Greece Select 25/50 Index.

Why people hold it

• FLEU 0.09% a year against a 0.45% median for index funds in its peer group. Cheap beta is the entire pitch, and Franklin delivers it.
• Roughly 300 stocks across developed eurozone markets, so the exposure reaches past the handful of household-name blue chips that dominate the region.
• A plain mandate with nowhere to hide: passively track the FTSE Developed Eurozone Index before fees. No factor tilts, no active overlay, no discretion.sec.gov
• Sits in the upper half of its index-wrapper peer group on the strength of that fee and a mandate it follows tightly.

• GREK Global X calls it the first and only US-listed ETF that directly targets Greek stocks, so the exposure comes from Athens-listed companies, not a sliver of a broad Europe fund.globalxetfs.com
• The index reaches past the handful of giants: companies classified, headquartered or listed in Greece that do most of their business there, filtered by a minimum trading-liquidity screen.msci.com
• The 25/50 rule stops any one name from swallowing the fund: no single issuer above 25%, and all positions over 5% capped together at under half the index.msci.com
• The 0.56% fee sits right at the median for single-country Europe funds, so a hard-to-reach market costs no novelty premium.

Worth knowing

• FLEU Thinly traded. On smaller orders the bid-ask spread can cost more than a year of the 0.09% fee.
• It launched in 2017 as the Franklin FTSE Europe Hedged ETF and was renamed to the Eurozone strategy in 2023, so the early record reflects a different, hedged mandate.sec.gov
• Euro-currency countries only. The UK, Switzerland and the non-euro Nordics are out, and the euro's move against the dollar rides along unhedged.

• GREK About 30 stocks, concentrated in Greek shares and the financials sector, means one country's politics or one sector's stumble moves the whole fund.sec.gov
• The prospectus flags banking industry and currency risk: interest rates, regulation, credit conditions and the euro's path all show up in results.globalxetfs.com
• Cheaper single-country Europe options exist (DAX at 0.20%), and GREK trades moderately rather than heavily, so order size and timing matter more here.

Full FLEU profile⁠

Full GREK profile⁠