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