Among Latin America single-country ETFs this quarter, EWZ’s outflows are also the worst. While the iShares MSCI Mexico Capped ETF (NYSEArca: EWW) is lighter by almost $175 million, the iShares MSCI Chile Capped ETF (NYSEArca: ECH), iShares MSCI All Peru Capped ETF (NYSEArca: EPU) and the Global X FTSE Colombia 20 ETF (NYSEArca: GXG) have each added new investments.

Amid a corruption scandal at Petrobras (NYSE: PBR), Brazil’s state-run oil company and one of EWZ’s largest holdings, high interest rates, a rising current account deficit and slack economic growth, investors have grown impatient with EWZ and Brazilian stocks.

On Monday, the Financial Times reported that Petrobras slashed its five-year investment plan by 37% to adjust to the corruption scandal and slumping oil prices.

iShares MSCI Brazil Capped ETF