The often controversial iShares MSCI Turkey ETF (NASDAQ: TUR) is modestly higher to start 2018. If previous seasonal trends hold true to form, the lone Turkey exchange traded fund could be in for more near-term upside.

Last year, Turkish voters voted to disband the country’s parliamentary system and install a strong presidential form of government. That scenario, among others, contributed to strained diplomatic relations between the U.S. and Turkey.

The $380.7 million TUR follows the MSCI Turkey Investable Market Index and holds nearly 70 stocks. TUR charges 0.59% per year, or $59 on a $10,000 investment.

TUR “had a rough fourth quarter, shaken up by Turkey’s deteriorating relations with the U.S. and the high-profile trial of Turkish banker Mehmet Hakan Atilla,” reports Schaeffer’s Investment Research. “By late last month, however, the ETF had clawed its way back to within inches of annual-high territory, peaking just north of $46 — a familiar area of resistance — before retreating with the broader stock market. TUR was last seen 1.1% higher on the day, trading at $44.43.”

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