The Guggenheim Shipping ETF (NYSEArca: SEA) is not a direct emerging markets play, either. Even when combining Hong Kong and Greece, the result is emerging markets combining for less than a quarter of SEA’s weight.

However, SEA lost 2.8% on almost double the average daily turnover last Friday because of the ETF’s leverage to the global economy. SEA is somewhat correlated to the Baltic Dirty Tanker Index and if emerging economies are slowing, markets are likely to price in lower oil demand. Bad news for SEA, but as is the case with TAN, SEA rallied last year, gaining 37.3%, amid an emerging markets slump. [Shipping ETF Looks to Rally]

Practically any large-cap focused industrial sector ETF can be added to this list, particularly if global growth concerns escalate. Last Friday, three of the Dow’s worst performers were Boeing (NYSE: BA), 3M (NYSE: MMM) and General Electric (NYSE: GE), significant portions of major industrial ETFs. The Industrial Select Sector SPDR (NYSEArca: XLI) and the Vanguard Industrials ETF (NYSEArca: VIS), two of last best sector ETFs, are both off more than 4% to start 2014.

The iShares MSCI Australia ETF (NYSEArca: EWA) is an obvious developed market fund to avoid if emerging markets, particularly China, funds find further downside. Australia’s status as a major commodities producer has hampered its economy and EWA, exposing the country’s and the ETF’s vulnerabilities to its dependence on China as a trading partner. Earlier this month, BlackRock downgraded Australia to underweight from neutral.

iShares MSCI Australia ETF

Tom Lydon’s clients own shares of EEM and GE.