ETFs Affected by Israel/Turkey Conflict

The Israel/Turkey conflict is a lose-lose situation for all involved and there are a handful of ETFs that could be directly affected. The debate as to who was right in the Israeli attack on a Turkish flotilla is not of my concern, leave that to the experts. What I am concerned about is how the situation will affect stocks and ETFs in the region.The two ETFs with direct exposure to the two countries involved are the iShares MSCI Israel Market Index ETF (NYSE: EIS) and the iShares MSCI Turkey Market Index ETF (NYSE: TUR). Both ETFs began trading in early 2008 within one week of each other. Since they began trading EIS is down about 2% with TUR gaining 5%. During the same timeframe the S&P 500 is down nearly 20%.The question is what does the future hold for EIS and TUR? EIS closed at the worst level since last October, as TUR holds up much better, well above its February low. I like the economic numbers out of Turkey; GDP rose on average by 3.75% over the last 3 quarters of 2009. Politically both countries have their problems, but Israel appears to be in a dicey situation going forward and the risk is not worth the potential reward.Other ETFs with exposure to the region include the Market Vectors Gulf States ETF (NYSE: MES), Wisdom Tree Middle East Dividend ETF (NASDAQ: GULF), Market Vectors Africa ETF (NYSE: AFK), and the SPDR S&P Emerging Middle East & Africa ETF (NYSE: GAF).