It looks like a race to the bottom as Russian exchange traded funds continue to sink to new record trading lows on Wednesday morning. The VanEck Vectors Russia ETF (BATS:RSX) is down another 13.8% after it closed -23.8% on Tuesday and -30.4% on Monday.
RSX touched 7.02 a share, its lowest price ever. Outside of RSX, the Direxion Daily Russia Bull 2X Shares (NYSEARCA:RUSL) has also touched a record low as the leveraged ETF is -25.3% today, trading at 2.80 a share.
Moreover, the iShares MSCI Russia ETF (NYSEARCA:ERUS) finds itself down another 12.8% today, and the Franklin FTSE Russia ETF (NYSEARCA:FLRU) is -7.8% this morning. Both ERUS and FLRU are sitting at fresh all-time trading lows.
The VanEck Vectors Russia Small-Cap ETF (BATS:RSXJ) is at 18.96 a share today, down 4%, and is the only ETF that hasn't touched a record low.
Russian-based ETFs continue to crumble as military action has amplified, and Ukrainian president Volodymyr Zelenskyy said that the Russian authority intends to "erase our history, erase our country, erase us all."
The invasion of Ukraine by Vladimir Putin and Russia has sent ETFs into a tailspin. Since the start of the invasion on Feb. 24th RSX is -56.5%, RSXJ is -29.5%, RUSL -71.3%, ERUS -59.2%, and FLRU is -38.8%.
With tensions ratcheting up and sanctions being imposed on Russia, it has squeezed Russian stocks and ETFs. Tuesday evening, President Biden said at his first State of the Union address that Vladimir Putin will have to "pay a price" for Russia's invasion into Ukraine and that the U.S. is closing its airspace to Russian planes.