# Country momentum rotation: Rules and Paper Record

> Country momentum rotation: the rule, what it holds at the Nov 3, 2026 close, its signal and its paper record. A hypothetical ETF strategy.

Data as of Nov 3, 2026. Rebuilt every trading night.

Data as of Nov 3, 2026. Rebuilt every trading night.

## Country momentum rotation

Each month hold the five of nineteen country funds that gained most over the past year, skipping the latest month.

At the Nov 3, 2026 close Country momentum rotation is risk on and holds EWY 21%, EWS 20%, EWJ 20% and 2 more. Hypothetical back-test since 2008: +3.5% a year against ACWI’s +8.1%, deepest fall −63.4%.

Hypothetical. No money is invested.

| Fund | Name | Weight |
| --- | --- | --- |
| EWY | iShares MSCI South Korea ETF | 20.5% |
| EWS | iShares MSCI Singapore ETF | 20.0% |
| EWJ | iShares MSCI Japan ETF | 20.0% |
| EWZ | iShares MSCI Brazil ETF | 19.8% |
| EWT | iShares MSCI Taiwan ETF | 19.6% |

### The rule

- Each month hold the five of nineteen country funds that gained most over the past year, skipping the latest month.

- A rule reads the close of the last trading day of the month and trades at the next close.

- The universe is 19 funds; the benchmark is iShares MSCI ACWI ETF (ACWI).

- It is checked at each month end.

Source: Asness, C. S., Moskowitz, T. J. and Pedersen, L. H. (2013). Value and Momentum Everywhere. Journal of Finance 68(3), 929-985.

Computed by ETFIQ from Tiingo daily prices. Data sourced by Tiingo .

### Where to next

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ Strategy Lab, Country momentum rotation, data as of Nov 3, 2026. https://etfiq.com/models/strategies/country-momentum/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/models/strategies/country-momentum/