Egypt might not be all that it seems when it comes to real life and exchange traded funds (ETFs).

Visitors to the country might see nothing but posh beach resorts and glimmering factories, with the rumble of stable economic growth and much promise. But a closer look reveals what the masses are living, and many families will begin the day by pushing and shoving for one loaf of government-subsidized bread. Today, 44% of Egyptians still register as poor or extremely poor, reports The Economist. Most of the country’s 75 million people are struggling to get by.

As the gap between the haves and the have-nots grows wider and change appears less and less imminent, many Egyptians are opting for civil disobedience. Protests are popping up regularly, taking the form of factory strikes, land disputes and urban riots over food prices. Inflation currently sits at a whopping 23%.

Brutal policing has silenced some activists, and wage increases have calmed some tempers.

Whoever winds up running Egypt after the country’s aging president leaves office has their work cut out. ETFs that could be affected include:

• SPDR S&P Emerging Middle East and Africa (GAF): down 16.4% year-to-date; 5.2% Egypt
• Claymore/BNY Mellon Frontier Markets (FRN): launched on June 13; 17.6% in Egypt
• WisdomTree Middle East Dividend (GULF): launched July 22; 11.7% in Egypt

Tags: Egypt, Emerging Markets, FRN, Frontier Markets, GAF, GULF

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