In Tuesday's Wall Street Journal Fund Track column, Daisy Maxey looks at how ETFs with holdings in the United Arab Emirates have fared amid the credit woes faced by state-owned conglomerate Dubai World.

On Monday, the WisdomTree Middle East Dividend Fund, with 17.5 percent invested in the U.A.E. as of Friday last week, was down 6.4 percent; PowerShares NENA Frontier Countries Portfolio, which had 22.6 percent invested as of Friday, was down 2.1 percent on Monday.

Meanwhile, the broader-focused SPDR Standard & Poor's Emerging Markets and Africa was down 0.1 percent and the Market Vector Shares ETF was down about 5 percent.

On the mutual fund side of the fence, Maxey notes that T. Rowe Price Africa & Middle East Fund, one of the worst-performers this year among its emerging markets stock fund peers, had more than 5 percent of assets in Dubai and about 25 percent in the U.A.E. as of September 30. 

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