Countries In Review: November/December 2021

In October, the iShares MSCI Peru ETF (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), with a gain of 10.33% and the Global X MSCI Nigeria ETF (NGE), up 9.54%. The iShares MSCI Brazil ETF (EWZ) was the biggest loser, seeing losses of 8.75%. The iShares MSCI Chile ETF (ECH) had the second-worst return profile, with a loss of 5.65%, followed by the iShares MSCI Japan ETF (EWJ) decreasing by 2.63%. The SPDR S&P 500 ETF Trust (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) saw $212 million in inflows. Leading the outflows was the iShares MSCI United Kingdom ETF (EWU), which decreased by $433 million, followed by the iShares MSCI Taiwan ETF (EWT), with just shy of $300 million in outflows and the iShares MSCI South Korea ETF (EWY), with a loss of $169 million.

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.