Would the Internet exchange traded funds (ETFs) be affected by four undersea cables that are damaged? Undersea cables are carrying around 95% of the world’s telephone and Internet traffic, and four of them have been mysteriously cut.

Most industry insiders are ruling out foul play, because if someone was tampering with communications to the Middle East, they would have damaged the other cables still operating, reports Heather Timmons for The New York Times.

These cables are owned by private operators and there are no armies or governments protecting them. Communications in the Middle East are hardest hit, with damage extending to India, the U.S. and Europe. The cutting of three cables, named the Sea Me We 4, the Europe-Asia cable, and the Falcon are going to be investigated and pulled up to rule out sabotage.

Flag Telecom owns the Europe-Asia cable and the Falcon. The company’s network is one of the newest in existence, so wear and tear is unlikely at this point.

ETFs that could be affected include the Internet Architecture HOLDRs (IAH), iShares S&P Global Telecommunications (IXP), First Trust Dow Jones Internet Index (FDN) and Internet HOLDRs (HHH). Flag Telecom is not a holding in any of these funds.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.