Rousseff served as Petrobras chairwoman from 2003 to 2011.

EWZ has caught a cold and it is spreading to other Latin America ETFs, a similar scenario to what was seen in 2015. The iShares Latin American 40 ETF (NYSEArca: ILF) is lower by 2% after losing 11.1% last year, far worse than the 2.2% lost by the iShares MSCI Emerging Markets ETF (NYSEArca: EEM). [LatAm ETFs Could Disappoint Again in 2015]

“Jorge Kuri, Morgan Stanley’s director of equity research for Latin America, writes that his team’s forecast calls for a 10% decline in returns on a dollar-denominated basis for the region’s equities by year-end 2015,” reports John Kimelman for Barron’s.

Investors poured $631.7 million into EWZ last year, but pulled $46.4 million from ILF.

iShares MSCI Brazil Capped ETF