Earlier this month, Moody’s Investors Service lowered its rating on Russian sovereign debt to one notch to Baa3 from Baa2. That was after Fitch Ratings lowered Russia’s sovereign credit rating to BBB-, the lowest investment grade, with a negative outlook. Fitch previously rated Russian sovereign debt BBB. [Russia ETFs Fall After Fitch Downgrade]

Some investors were prepared for Russia’s move to junk status. RSX has lost $92.2 million in assets this year, but other Russia ETFs have seen inflows. ERUS and the SPDR S&P Russia ETF (NYSEArca: RBL) have added a combined $13.5 million since the start of the year.

RBL and the Market Vectors Russia Small-Cap ETF (NYSEArca: RSXJ) are down 6.1% and 4.5%, respectively, today.

Market Vectors Russia ETF