That includes eight financial services among the ETF’s top-10 holdings. Real estate firms Emaar Properties and Al Dar Properties are UAE’s largest and third-largest holdings, respectively, combining for almost 24% of the ETF’s weight, according to iShares data.

The iShares MSCI Qatar Capped ETF (NasdaqGM: QAT)is off 3.8% today. Dating back to early 2013, even before MSCI made the decision to promote Qatar and UAE to the emerging markets index, Qatari equities and Dubai-listed shares had been among the world’s best performers. Inflows to QAT and UAE have shown there is some appetite for these countries’ equities in the single-country ETF wrapper.

However, QAT is off almost 20% in the past month amid allegations of bribery and graft relating to the country winning host nation status for the 2022 World Cup. FIFA has yet to confirm that Qatar will lose the 2022 World Cup. [Qatar Foreign Ownership Limits Ready to Rise]

iShares MSCI UAE Capped ETF