Morgan Stanley expects the MSCI Singapore Index will rise 8.78% over the next year, Bloomberg reported. That is the index tracked by the nearly $980 million EWS.

Making the outflows from EWS all the more concerning is investors obvious preference for Hong Kong equities, another developed, AAA-rated Asian market. Since the start of the current quarter, only five U.S.-listed ETFs have added more than the $1.21 billion gained by the iShares MSCI Hong Kong ETF (NYSEArca: EWH). [Hong Kong ETFs Keep Surprising]

Some analysts are optimistic about Singapore’s banks, which could prove to be good news for EWS as the ETF allocates 52.2% of its weight to the financial services sector. That is more than double the weight devoted to industrials, the ETF’s second-largest sector weight. EWS also features a trailing 12-month yield 3.18%, 140 basis points above the S&P 500.

iShares MSCI Singapore ETF

ETF Trends editorial team contributed to this article.