(Bloomberg) -- BlackRock Inc. is shuttering two of its best-performing Mexican equity exchange-traded funds this month, after the country’s investors showed a prolonged lack of interest in the products.

Trading in the iShares MSCI Mexico Momentum TRAC and iShares MSCI Mexico Risk TRAC was suspended on Monday and the funds are being closed at the end of the month, according to statements from the firm.

The risk fund, which tracks less volatile stocks, has returned 10.3% over a one-year period, the most of any other ETFs trading in Mexico, according to data compiled by Bloomberg. Meanwhile, the soon-to-be-closed momentum fund returned 4.8% over the same period. It posted the second highest returns of any other Mexican ETFs over the last three years. 

The latest closures by BlackRock come during a grim period for the Mexican stock market, amid a spate of delistings and a drought of major initial public offerings. Funds domiciled in Mexico have been a victim of the country’s embrace of free global markets. While foreign stocks and ETFs are listed locally and have seen rising demand, the appetite for local companies has fallen.

The funds that are being closed drew in cash for a few years since their 2014 launch. However, both funds shed billions in 2016 and now have roughly $6 million between them after persistent yearly outflows. A representative with BlackRock declined to comment.

BlackRock is the top ETF provider in Mexico, with roughly $4.7 billion in just Mexican equity-focused ETFs. Its largest locally-registered Mexico ETF is the $2.7 billion iShares NAFTRAC ISHRS, which tracks the country’s benchmark stock index. And while local investors lost interest in the risk and momentum products, BlackRock’s fund that weighs stocks on their environmental, social and governance metrics has drawn in $1.5 billion since its 2020 launch.

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