Despite the Greek stock market being closed there is an option for hedging the exposure that all the smart money has been building to Greece in the past few days – GREK – the US-trade Greek ETF. In the pre-open, GREK is trading down 17% but the problems lie ahead as more and more realize how illiquid it is and redemptions are forced to be made from ‘cash’ – since there is no way to offload the underlying Greek stocks, unless OTC trades can be arranged with other entities – which could thus expose the entire false-liquidity-facade of the ETF industry.