Related: Turkey ETF is Vulnerable, Primed to Retreat

Many political analysts and market observers are concerned the decision will give President Recep Tayyip Erdogan more power and turn into a threat to Turkish democracy. Last year, Turkish stocks and TUR tumbled following a failed coup. Turkish markets plummeted on concerns of the implications of the ensuing political turbulence after a failed coup d’etat attempt from the military branch. The country is still under a state of emergency related to that coup.

“Below this is the $38 region, which is a 50% retracement of the recent rally, and today’s options traders are bracing for a breach of this level over the next two weeks. Amid relatively low absolute volume, TUR puts are crossing at five times what’s typically seen at this point in the day,” according to Schaeffer’s.

Underscoring the volatility that often comes with Turkish stocks, TUR has a three-year standard deviation of 24.5%, well above the same volatility gauge on the MSCI Emerging Markets Index.

For more stories on the lone Turkey ETF, visit our Turkey category.