• Chart of the week: Sector breakdown of Middle East ETFs
• Fund Focus: WisdomTree Middle East Dividend (GULF)
• Revisions, asset flows & short interest
• 2011 Book value per share estimates, growth rates, and P/BV multiples for major ETFs
• Market monitor - movers & categories

With the turmoil in the Middle East we thought it would be a good time to examine the six Middle East-focused ETFs in our universe. Despite the region's oil resources, none of the funds offer significant exposure to the Energy sector, because most oil firms are state owned. Instead, funds are dominated by Financials, with the sector exceeding 60% of assets in two cases. Telecom is also a large concern for most of these (chart below).

But when it comes to investment potential the funds appear to have very different outlooks. On the low end is the Market Vectors Africa ETF (AFK)--which although it is dominated by South African equities also has significant exposure to Egypt and Morocco--with an ALTAR Score rating of 9.4%. On the high end is the Market Vectors Egypt fund (EGPT), which has an ALTAR Score of 20.0% suggesting phenomenal potential, but which is also highly speculative.

We think a better, safer alternative for exposure to the region is the WisdomTree Middle East Dividend ETF (GULF). It is the subject of this week's Fund Focus.