##  [# Countries In Review: November/December 2021](/sections/etf-report-departments/countries-review-novemberdecember-2021) 

 

# Countries In Review: November/December 2021

 

 

Emerging market country ETFs stood out from the pack in October.



 

 

 

 

 [![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)

 Dec 01, 2021

 Edited by: Heather Bell

 

 

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In October, the [**iShares MSCI Peru ETF (EPU)**](/EPU) led returns among country-specific ETFs, with a gain of 13.87% on the month, despite a credit downgrade by Fitch Ratings. It was followed by the [**iShares MSCI Indonesia ETF (EIDO)**](/EIDO), with a gain of 10.33% and the [**Global X MSCI Nigeria ETF (NGE)**](NGE), up 9.54%. The [**iShares MSCI Brazil ETF (EWZ)**](/EWZ) was the biggest loser, seeing losses of 8.75%. The [**iShares MSCI Chile ETF (ECH)**](/ECH) had the second-worst return profile, with a loss of 5.65%, followed by the [**iShares MSCI Japan ETF (EWJ)**](/EWJ) decreasing by 2.63%. The [**SPDR S&amp;P 500 ETF Trust (SPY)**](/SPY) led inflows for country-specific ETFs, pulling in nearly $4 billion during the month as its underlying index hit a new high. EWJ was in a distant second place, adding $400 million in the month, while the [**iShares MSCI Canada ETF (EWC)**](/EWC) saw $212 million in inflows. Leading the outflows was the [**iShares MSCI United Kingdom ETF (EWU)**](/EWU), which decreased by $433 million, followed by the [**iShares MSCI Taiwan ETF (EWT)**](/EWT), with just shy of $300 million in outflows and the [**iShares MSCI South Korea ETF (EWY)**](/EWY), with a loss of $169 million.

[![Countries](/sites/default/files/images/Magazines/ETF%20Report/2021/11/CountriesNovemberFig1.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2021/11/CountriesNovemberFig1b.jpg)

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



[![Pop-up Image](/sites/default/files/images/Magazines/ETF%20Report/2021/11/CountriesNovemberFig2.jpg)](/sites/default/files/images/Magazines/ETF%20Report/2021/11/CountriesNovemberFig2b.jpg)

(For a larger view, click on the image above)



*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  [Peru](http://www.etf.com/topics/peru) 

 [Indonesia](http://www.etf.com/topics/indonesia) 

 [Nigeria](http://www.etf.com/topics/nigeria) 

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

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