China's stocks rose today, driving the benchmark index to the highest level in six weeks, after Premier Wen Jiabao said inflation will be controlled and services industries expanded at the second-fastest pace this year. The Shanghai Composite Index added 0.1 percent. Brazil's Bovespa fell 0.2 percent at 9:22 a.m. New York time.

While developed equity markets and other emerging market stocks have struggled this year, the ETFs tracking some of these countries have managed to attract U.S. investors. The iShares Brazil ETF had the sixth-biggest inflows this year, while falling 4.2 percent.

Japan Wins Money

The single-country ETF that lured the biggest investment this year is the iShares MSCI Japan Index Fund, which drew $2.63 billion in assets as it declined 3.6 percent. FXI has lost about $564.5 million in the past three months, XTF data show.

"We've seen heavy selling the last few weeks," said Eric Lichtenstein, the Jersey City, New Jersey-based managing director of ETF trading at Knight Capital Group. The China ETF's outflows may be due to the "overall negative view of equities," he said.

Concern about the Greek debt crisis and the end of the Federal Reserve's stimulus measures in the U.S. have spurred investors to sell equities globally. The MSCI All-Country World Index of developed and emerging markets has erased 3.2 percent since climbing to a high of 357.72 on May 2. The MSCI Emerging Markets Index has slumped 3.2 percent in the same period.

Guggenheim China Fund

The market capitalization of all 26 exchange-traded funds that track only China is $10.2 billion, according to XTF data. Investors have withdrawn $1.04 billion from the group this year. The Guggenheim China Small Cap ETF saw the second-biggest outflows out of China-focused ETFs, losing $122 million.

Economists predict China's expansion, which has averaged more than 10 percent during the past decade, may slow to 9.5 percent this year, according to the median estimate in a survey by Bloomberg.

Fisher said money managers may be wary of China's economy as economists and investors warn of a property bubble in the region. Standard & Poor's on June 15 cut it outlook on Chinese developers, echoing concerns by bears such as hedge fund manager Jim Chanos. New home prices rose in 67 of 70 of China's cities in May.