Plenty of single-country exchange traded funds have been crimped by falling oil prices. Among emerging markets funds, Russia ETFs have recently given up the bulk of their 2015 gains as oil prices have continued struggling. Among developed markets funds, Canada ETFs are a prime example of the havoc weak oil prices can cause.

Frontier markets stocks and ETFs have also been punished by sliding oil prices with the Global X Nigeria Index ETF (NYSArca: NGE) being a startling example of that trend. The lone ETF dedicated to Africa’s largest economy has plunged 36% this year. The combination of a weakening energy outlook and the depreciating currencies are dragging on the ETFs that cover the major exporting countries.

NGE has been in a bear market as the slump in the energy market pummeled Africa’s largest oil producer and a depreciating local currency scares away foreign investments. [Oil Drags Nigeria ETF Into Bear Market]

As a member of the Organization of Petroleum Exporting Countries (OPEC) and one of the two largest African oil-producing nations, Nigeria is particularly sensitive to oil price movements. That sensitivity trickles down to NGE even though the ETF’s energy exposure is not heavy. Energy stocks accounted for just 9.5% of NGE’s weight at the end June, making the group the ETF’s fourth-largest sector weight, according to Global X data.