Turkey-focused ETFs slump after Erdogan's main rival detained

Exchange traded funds focused on Turkey tumble, tracking a selloff in domestic markets

Turkish authorities detain Ekrem Imamoglu, President Tayyip Erdogan's main political rival

Main opposition party calls move "a coup against our next president"

U.S.-listed iShares MSCI Turkey ETF TUR.O drops 10% to $34 in premarket trading, will open at over three-week low if losses hold

Paris listing of Amundi MSCI Turkey UCITS ETF LTUR.PA, TURU.L down nearly 12% to lowest level since November

Turkish lira TRYTOM=D3 drops as much as 14.5% against the dollar, BIST 100 index .XU100 drops nearly 6% and set for worst day since October 2023

As of Tuesday's close, TUR has over $205 million in net assets, as per iShares, ETF traded at a slight discount of 0.67% to its net asset value

Prior to day's selloff, TUR ETF was up over 5% for the year, outperforming the U.S. benchmark index's 4.5% loss