Gramatovich also notes that Venezuelan oil reservoirs are among the more technically challenging. California-based Peritus is the sub-advisor for the AdvisorShares Peritus High Yield ETF (NYSEArca: HYLD). The ETF has no exposure to Venezuelan bonds. [Warnings for ETFs With High-Yield Energy Exposure]

An almost 7% weight to Venezuela has sent the Market Vectors Emerging Markets High Yield Bond ETF (NYSEArca: HYEM) down 2.8% since Sept. 8, but the bulk of that ETF’s weight is allocated to far sturdier countries such as China, Mexico and Colombia, all of which have investment-grade ratings and none of which are near default. Those countries combine for 21% of HYEM’s weight. [Portfolio Diversity With EM Bond ETFs]

HYEM has a 30-day SEC yield of 7.61% and an effective duration of 3.97 years. The ETF’s overall country lineup implies a Venezuela-induced retreat might be overdone, but investors should still tread carefully with Venezuelan debt, particularly if oil prices keep falling.

“The Chinese have provided some capital (to Venezuela’s oil industry), but it is not enough,” said Gramatovich. “I don’t know their contractual pricing arrangements, but given their recent reactions, it appears they’re in full panic mode.”

iShares Emerging Markets High Yield Bond ETF