The iShares MSCI Turkey Investable Market Index Fund (NYSEArca: TUR) is down about 17.5% from 2012 highs, after outperforming most other countries last year. Some investors see this as a point of entry if they are able to handle the risk.

The Turkish ETF has lost 5.6% year-to-date after gaining about 65.6% last year. Investors have pulled out of Turkish equities and TUR in response to the ongoing protests, the falling lira and the central bank intervention to stabilize the lira.

“In recent days, however, massive strings of protests and civil unrest have put investors on edge about the emerging economy. In a statement on Tuesday, Turkish officials emphasized the negative impacts to the country’s reputation and financial stability that they say these protests have caused,” Daniela Pylpczak wrote for ETF DB. [A Look at the Top ETFs of 2012]

Risk-averse investors are aware of the solid fundamentals that support an investment in the country. In fact, bargain hunters are snapping up shares of TUR as the ETF has gained almost 3% on Wednesday.

During the first quarter of 2013, the Turkish economy gained 3%, up from a previous gain of 1.4%. Foreign investment has solidified both the service and industrial sectors. Over a trailing one-year time period, the ETF is up 30%. [Single Country ETFs for Emerging Markets Slammed by Fed Talk]