With oil prices dropping and diminished growth in China cutting demand for industrial metals, Russia exchange traded funds have experienced a quick sell-off as options traders continue to protect themselves from any more downside in Russian equities.

Market Vectors Russia ETF (NYSEArca: RSX), iShares MSCI Russia Capped Index Fund ETF (NYSEArca: ERUS) and SPDR S&P Russia ETF (NYSEArca: RBL) lost around 6% over the past week. The Russia ETFs are currently testing their short- and long-term support levels. Nevertheless, the funds are still trading up over 17% year-to-date. [What Putin’s Victory Means for Russian ETFs]

The ratio of puts to sell the Market Vectors RSX ETF compared to calls to buy increased to 2.07-to-1 Thursday, the highest since July 2010, according to Bloomberg. RSX fell to a four-week low as demand for copper, nickel and crude oil, Russia’s largest exports, dropped to a one-week low.

“The fear of what could happen to the commodity prices if China really began to slow down, which would clearly be a downside risk to the Russian markets, is why people are buying puts,” Roland Nash, chief investment strategist at Verno Capital, said in the article.

We could see a “10 to 15 percent retreat in the RTS over the next four weeks, assuming we get more news about the global slowdown,” Nash added.

Market Vectors Russia ETF

For more information on Russia, visit our Russia category.

Max Chen contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.