November was a wonderful month for country ETFs, with all except one exhibiting strong positive performance. The lone holdout was the Global X MSCI Nigeria ETF (NGE), with a decline of 0.24%. The next-to-worst performer was the Global X MSCI Pakistan ETF (PAK), with a gain of 4.46%. It was followed by the iShares MSCI Qatar ETF (QAT), which was up 6.25%. The top performer was the Global X MSCI Greece ETF (GREK), which was up 28.84%; followed by the iShares MSCI Spain ETF (EWP) and the iShares MSCI Poland ETF (EPOL), up 27.42% and 25.72%, respectively. Flows were fairly lopsided, with the SPDR S&P 500 ETF Trust (SPY) pulling in a stunning $13.9 billion; followed distantly by the iShares MSCI Japan ETF (EWJ), which gained $1.1 billion; and the iShares China Large-Cap ETF (FXI), which added $298.9 million. The iShares MSCI Switzerland ETF (EWL) lost $120.6 million, while the iShares MSCI Thailand ETF (THD) saw $50 million in outflows and the iShares MSCI Canada ETF (EWC) lost $48 million.
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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.