The iShares MSCI Turkey (NYSEArca: TUR) is the worst-performing unleveraged ETF for the trailing the month with a loss of more than 20% as investors flee the emerging market amid anti-government protests.

TUR has crashed below its 50-day and 200-day moving averages the past two weeks.

“The once soaring Turkish stock market has fallen about 9% in the past week, interest rates are on the rise and, crucially, after a period of strength, the currency, the lira, has lost 8% in recent months,” The New York Times reports.

TUR does not hedge its foreign-currency exposure so the weaker lira has hurt the ETF.

The protests against Prime Minister Recep Tayyip Erdogan have been going on for a week now. The Turkey ETF is down nearly 15% the past five U.S. trading sessions alone.

Turkish bond yields surged, stocks slumped and the lira depreciated as Erdogan made little effort to calm anti-government protests that have entered their seventh day, Bloomberg News reported Thursday.

Showing Page 1 of 2