##  [# Countries In Review: September 2020](/sections/etf-report-departments/countries-review-september-2020) 

 

# Countries In Review: September 2020

 

 

Country ETFs had a strong month for September 2020.



 

 

 

 

 [![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)

 Sep 01, 2020

 Edited by: Heather Bell

 

 

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Country ETFs saw mostly positive performance during July. The [Global X MSCI Pakistan ETF (PAK)](/PAK) led the way, with a return of 17.72%; followed by the [iShares MSCI Brazil ETF (EWZ)](/EWZ), up 13.14%; and the [Global X MSCI Argentina ETF (ARGT)](/ARGT), up 11.14%. The [iShares MSCI Turkey ETF (TUR)](/TUR) was the worst performer, falling 7.11%, while the [iShares MSCI Philippines ETF (EPHE)](/EPHE) and the [iShares MSCI Thailand ETF (THD)](/THD) fell 3.68% and 2.8%, respectively. Flows were fairly muted, with the top gainer, the [iShares China Large-Cap ETF (FXI)](/FXI), pulling in $286.8 million; the [iShares MSCI Germany ETF (EWG)](/EWG) gaining $158.8 million; and the [iShares MSCI South Korea ETF (EWY)](/EWY) attracting $84.9 million. The [SPDR S&amp;P 500 ETF Trust (SPY)](/SPY) saw the biggest loss, with an outflow of $872.6 million, while the [iShares MSCI Saudi Arabia ETF (KSA)](/KSA) bled $57.6 million and the [VanEck Vectors Russia ETF (RSX)](/RSX) lost $28.9 million.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2020/09/CountriesSeptemberFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2020/09/CountriesSeptemberFig1b.jpg)

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



![](/sites/default/files/images/Magazines/ETF%20Report/2020/09/CountriesSeptemberFig2.jpg)

*Index Data Source: MSCI.*  
*Sources: Bloomberg and FactSet.*  
*Data from 6/30/2020 to 7/31/2020.*

*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)