Still, equity-based ETFs such as ERUS and RSX are feeling more pain than emerging markets bond ETFs with sizable allocations to Russia.

The ProShares Short Term USD Emerging Market Bond ETF (BATS: EMSH) allocates 18.5% of its combined weight to Russian and Ukrainian debt. EMSH, which debuted in November 2013, has a modified duration of 2.13 years and is down just 0.3% today. The Vanguard Emerging Markets Government Bond ETF (NasdaqGM: VWOB) has a 12% weight to Russia, the ETF’s largest country weight, but is down just 0.25%. [ETFs With Big Exposure to Russian Bonds]

Downgrades of Russian debt have been widely expected, explaining the modest reactions to the news by EMSH and VWOB.

Market Vectors Russia ETF