The options market says EWZ is not likely to decline much more over the next few days. Earlier Wednesday, traders sold 4,500 weekly $35 puts on EWZ, clearly a new position because open interest in that contract was just 727 contracts, according to OptionMonster. If EWZ is below $35 at the close Friday, the sellers of those puts will be forced to take shares of the ETF, assuming they did not buy to cover the puts.

Investors have not been patient with EWZ this year. After pouring $633.4 million into the ETF last year, investors have pulled more than $272 million from EWZ since the start of 2015. That is more than seven times the outflows from the iShares Latin American 40 ETF (NYSEArca: ILF).

iShares MSCI Brazil Capped ETF

Tom Lydon’s clients own shares of ILF.