##  [# Countries In Review: June 2019](/sections/etf-report-departments/countries-review-june-2019) 

 

# Countries In Review: June 2019

 

 

Frontier markets ended April in the red.



 

 

 

 

 [![HeatherBell_green_bg](/sites/default/files/styles/author_image_icon/public/2023-03/heather2.png?itok=5J9vBlda)](/contributors/heather-bell) 

[By Heather Bell](/contributors/heather-bell)

 Jun 01, 2019

 Edited by: Heather Bell

 

 

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April was a fairly unremarkable month for country ETFs. The top-performing fund was the[ iShares MSCI South Africa ETF (EZA)](/EZA), which was up 7.42%, followed by the [iShares MSCI Saudi Arabia ETF (KSA)](/KSA), up 7.08%, and the [iShares MSCI Germany ETF (EWG)](/EWG), up 6.84%. The worst performers were led downward by the [Global X MSCI Argentina ETF (ARGT)](/ARGT), which fell 5.64%; the [Global X MSCI Pakistan ETF (PAK)](/PAK), down 5.32%; and the [Global X MSCI Nigeria ETF (NGE)](/NGE), down 4.89%. The [SPDR S&amp;P 500 ETF Trust (SPY)](/SPY) dominated the flows, with a gain of $3.6 billion. The [iShares MSCI Japan (EWJ)](/EWJ) followed distantly, with inflows of $476.7 million, and KSA gained $186.8 million. At the other end of the spectrum, the [iShares MSCI Hong Kong ETF (EWH)](/EWH) saw the most outflows, losing $363.8 million, while the [iShares MSCI Italy ETF (EWI)](/EWI) and the [iShares MSCI Turkey ETF (TUR)](/TUR) lost $90.7 million and $50.4 million, respectively.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2019/06/CountriesJuneFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2019/06/CountriesJuneFig1b.jpg)

*For a larger view, please click on the image above.*



![](/sites/default/files/images/Magazines/ETF%20Report/2019/06/CountriesJuneFig2.jpg)

*Index Data Source: MSCI.  
 ETF Return Data Source: Bloomberg.  
 All return data from 03/29/2019 to 04/30/2019.*

*Note: This list intends to capture the returns of most liquid ETFs tracking individual countries around the world. It does not capture every country in the MSCI All Country World Index. Also, as indicated by the design above, frontier market countries are not included in the MSCI All Country World Index.*





 

 

 [ Heather Bell ](/contributors/heather-bell) 

 

 

  Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a…   [View Bio](/contributors/heather-bell)

 



 

 


 Related Topics  [South Africa](http://www.etf.com/topics/south-africa) 

 [Saudi Arabia](http://www.etf.com/topics/saudi-arabia) 

 [Germany](http://www.etf.com/topics/germany) 

 [Argentina](http://www.etf.com/topics/argentina) 

 [Asia-Pacific](http://www.etf.com/topics/asia-pacific)