The ProShares Short Term USD Emerging Market Bond ETF (BATS: EMSH), which has held up well considering its large combined weight to Russia and Ukraine bonds, allocates almost 10% of its weight to Russia. The combination of 30-day SEC yield of 4.6% and a modified duration of just 2.2 years could make EMSH, which debuted in November 2013, an alluring play if emerging markets bonds come back into style.

The Vanguard Emerging Markets Government Bond ETF (NasdaqGM: VWOB), one of the most successful ETFs to debut last year, takes the cake among ETFs with sizable allocation to Russia sovereign debt. VWOB devotes 13.1% of its weight to Russian bonds, 320 basis points more than the ETF allocates to Brazil, its second-largest country weight.

VWOB holds nearly 610 bonds with an average duration of 6.5 years.

Vanguard Emerging Markets Government Bond ETF

Tom Lydon’s clients own shares of EMB.