List of ETFs Focusing on Russia
As of April 2026, all primary ETFs focusing on Russia remain suspended from trading due to international sanctions and geopolitical risks.
The List of ETFs Focusing on Russia has undergone drastic changes since the 2022 invasion of Ukraine, resulting in the indefinite suspension of all major funds listed on U.S. exchanges. For most investors, the VanEck Russia ETF (RSX) was the primary vehicle for exposure, but it now trades only as an illiquid NAV calculation. Similarly, the iShares MSCI Russia ETF details indicate a nearly total writedown of underlying assets like Gazprom and Sberbank. Because direct access is restricted, many have turned to an Emerging Europe ETF alternative to capture broader regional trends while avoiding sanctioned entities. In 2026, these funds remain in a state of purgatory, with liquidation at significantly discounted Net Asset Values (NAV) being the only eventual exit path for remaining shareholders.
Key Takeaways
All major Russia-focused ETFs remain suspended from secondary market trading on U.S. exchanges. For the latest on the leading fund, see the VanEck Russia ETF (RSX) status.
Underlying holdings such as Lukoil and Gazprom are frozen and considered untradeable by Western financial institutions, leading to 85%+ NAV decay since early 2022.
Remaining shareholders generally face a lengthy liquidation process where distributions primarily consist of return of capital as assets generate no cash flow.
Investors seeking regional exposure are utilizing an Emerging Europe ETF alternative or commodity proxies that exclude sanctioned Russian securities.
Top List of ETFs Focusing on Russia by Market Cap (2026)
The following table outlines the current status and asset levels of Russia-focused ETFs, highlighting the impact of trading suspensions and sanctions.
| Ticker | ETF Name | AUM (April 2026) | Daily NAV | Status | YTD % | Primary Risk |
|---|---|---|---|---|---|---|
| RSX | VanEck Russia ETF | $32.47M | $0.34 | Suspended | +0.91% | Sanctions |
| ERUS | iShares MSCI Russia Capped | ~$14M | $0.03 | Suspended | N/A | Illiquidity |
| RUSL | Direxion Daily Russia Bull 2X | $0.00M | $0.00 | Liquidated | 0.00% | Leverage/Frozen |
| GUR | SPDR S&P Emerging Europe | $110M | $18.42 | Active (Ex-Russia) | +4.20% | Regional Macro |
List of ETFs Focusing on Russia — Complete Company List
ETFs Focusing on Russia
Small-Cap ETFs
Short ETFs
Leveraged ETFS
ETFs Weighted Towards Russia
- SPDR S&P Emerging Europe ETF (GUR) (Weighted towards Russia, Poland and Turkey)
Risks & Considerations
Sanctions and Legal Compliance
Ongoing U.S. and international sanctions prohibit broker-dealers from facilitating trades in Russian securities, effectively trapping existing capital.
Underlying Asset Illiquidity
Even if trading were to resume, the underlying Russian stocks are frozen by the Moscow Exchange for foreign holders, making NAV realization nearly impossible.
Total Capital Loss
Many brokerage firms have already written down Russia ETF positions to zero. There is no guarantee that liquidation will result in any meaningful recovery for shareholders.
Currency and Geo-Risk
Extreme Ruble volatility and the potential for nationalization of assets within Russia create a permanent risk of further asset decay.