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

 

# Countries In Review: October 2019

 

 

In a grim month, only two country ETFs saw positive returns.



 

 

 

 

 [![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)

 Oct 01, 2019

 Edited by: Heather Bell

 

 

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August was a dismal month for country ETFs, with all but two ending up in negative territory. Far and away the worst performer was the [Global X MSCI Argentina ETF (ARGT)](/ARGT), which was down a breathtaking 30.39% for the month; it was trailed distantly by the [iShares MSCI Brazil ETF (EWZ)](/EWZ), down 9.15%; and the [iShares MSCI South Africa ETF (EZA)](/EZA), down 9.01%. The three best performers were the [iShares MSCI Egypt ETF (EGPT)](/EGPT), up 9.56%; the [iShares MSCI Denmark ETF (EDEN)](/EDEN), up 0.35%; and the [iShares MSCI Switzerland ETF (EWL)](/EWL), down 0.05%. Flows were almost as distorted. The [SPDR S&amp;P 500 ETF Trust (SPY)](/SPY) lost a whopping $10.5 billion during the month. Trailing far behind in the No. 2 spot for outflows was the [iShares China Large- Cap ETF (FXI)](/FXI), with a loss of just $565.9 million; and the [iShares MSCI Hong Kong ETF (EWH)](/EWH) claiming the No. 3 spot, with a loss of $415.7 million. The [iShares MSCI France ETF (EWQ)](/EWQ) had the most inflows, gaining just $46.2 million; the [iShares MSCI Switzerland ETF (EWL)](/EWL) gaining $13.5 million; and the [Global X MSCI Pakistan ETF (PAK)](/PAK) gaining just $2.9 million.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2019/10/CountriesOctoberFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2019/10/CountriesOctoberFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2019/10/CountriesOctoberFig2.jpg)

*Index Data Source: MSCI.  
 Sources: Bloomberg and FactSet.  
 Data from 07/31/2019 to 08/31/2019.*

*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.*





 

 

 [ 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) 

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

 [Blackrock](http://www.etf.com/topics/blackrock) 

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

 [Broad-based](http://www.etf.com/topics/broad-based)