September was a mostly negative month for country ETFs. The Global X MSCI Nigeria ETF (NGE) was the top performer, up 3.90%; that was followed by the iShares MSCI South Korea ETF (EWY) and the iShares MSCI Saudi Arabia ETF (KSA), up 3.60% and 2.88%, respectively. The downside was much more dramatic, with the iShares MSCI Indonesia ETF (EIDO) falling 11.93%, the Global X MSCI Argentina ETF (ARGT) declining 9.48% and the iShares MSCI Poland ETF (EPOL) sinking 9.26%. Flows were fairly muted, with the SPDR S&P 500 ETF Trust (SPY) pulling in $1.2 billion, the iShares MSCI Germany ETF (EWG) gaining $146.3 million and the iShares MSCI United Kingdom ETF (EWU) adding $115.2 million during the month. The iShares MSCI Japan ETF (EWJ) bled $231.8 million, while the iShares MSCI Brazil ETF (EWZ) lost $187.5 million and the iShares MSCI Mexico ETF (EWW) shrank by $181.8 million. For a larger view, please click on the image above. Index Data Source: MSCI. Sources: Bloomberg and FactSet. Data from 8/31/2020 to 9/30/2020. 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.