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

 

# Countries In Review: July 2019

 

 

Most country ETFs declined during the month of May.



 

 

 

 

 [![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)

 Jul 01, 2019

 Edited by: Heather Bell

 

 

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Most countries ended up in the red during May, with the brightest spots found in the developing markets. The [Global X MSCI Argentina ETF (ARGT)](/ARGT) was up 7.89%, followed by the [Global X MSCI Greece ETF (GREK)](/GREK), up 6.12%, and the [iShares MSCI Brazil ETF (EWZ)](/EWZ), up 1.75%. Meanwhile, at the other end of the spectrum, the worst performers were the [Global X MSCI Colombia ETF (GXG)](/GXG), down 9.19%; the [iShares MSCI Singapore ETF (EWS)](/EWS), down 9.12%; and the [iShares MSCI Saudi Arabia ETF (KSA)](/KSA), down 8.32%. Flows were equally bleak. The [SPDR S&amp;P 500 ETF Trust (SPY)](/SPY) saw a whopping $12.4 billion in outflows, followed by the [iShares MSCI Japan ETF (EWJ)](/EWJ), which lost $1 billion, and the [iShares China Large-Cap ETF (FXI)](/FXI), which lost $487.4 million. The [iShares MSCI India ETF (INDA)](/INDA) gained $215.1 million, while KSA and the [iShares MSCI Australia ETF (EWA)](/EWA) gained $197.9 million and $138.4 million, respectively.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2019/07/CountriesJulyFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2019/07/CountriesJulyFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2019/07/CountriesJulyFig2.jpg)

*Sources: Bloomberg and FactSet. Data from 04/30/2019 to 05/31/2019.*

*Note: This list intends to capture the returns of most liquid ETFs tracking individual countries around the world.*





 

 

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

 [Greece](http://www.etf.com/topics/greece) 

 [Brazil](http://www.etf.com/topics/brazil) 

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

 [Australia](http://www.etf.com/topics/australia)