# Country value plus momentum: Rules and Paper Record

> Country value plus momentum: 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 value plus momentum

Each month hold the five country funds that rank best on cheapness and past-year gain combined. Cheapness is ETFIQ's own stand-in: dividend yield and 5-year price decline, not CAPE or earnings.

At the Nov 3, 2026 close Country value plus momentum is risk on and holds EWN 20%, EWS 20%, EWM 20% and 2 more. Hypothetical back-test since 2008: +4.1% a year against ACWI’s +8.1%, deepest fall −60.5%.

Hypothetical. No money is invested.

| Fund | Name | Weight |
| --- | --- | --- |
| EWN | iShares MSCI Netherlands ETF | 20.1% |
| EWS | iShares MSCI Singapore ETF | 20.0% |
| EWM | iShares MSCI Malaysia ETF | 20.0% |
| EWJ | iShares MSCI Japan ETF | 20.0% |
| EWZ | iShares MSCI Brazil ETF | 19.8% |

### The rule

- Each month hold the five country funds that rank best on cheapness and past-year gain combined. Cheapness is ETFIQ's own stand-in: dividend yield and 5-year price decline, not CAPE or earnings.

- 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 value plus momentum, data as of Nov 3, 2026. https://etfiq.com/models/strategies/country-value-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-value-momentum/