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Transparent methodology

RSXValue methodology: holdings, MOEX prices and recovery assumptions

The complete RSXValue calculation method, data hierarchy, proxy rules, scenario formula, limitations and correction standards.

Reviewed 2026-08-01 · RSXValue Research · Independent research, not investment advice

The formula

Potential distribution = [cash + Σ(local value × access × sale × FX) − costs] ÷ estimated fund shares

Every multiplier is explicit. RSXValue does not silently convert legal uncertainty into a single “fair value.”

Data hierarchy

  1. Fund quantities and cash: VanEck disclosures and SEC filings.
  2. Local quotations: delayed MOEX ISS data, with the quote timestamp shown when available.
  3. Currency conversion: current published RUB/USD reference used consistently across the snapshot.
  4. Mappings and ratios: documented local security mappings, depositary-receipt ratios and visibly labelled proxies.
  5. Level 3 estimates: ranges with a disclosed midpoint, used only when no direct market mapping is available.

Coverage does not mean recoverability

Position coverage counts disclosed security lines that have an economic indication. It does not confirm title, custody access, sanctions authorization, transferability, liquidity or a future distribution.

Historical series

Saved RSX ETF snapshots use the current disclosed portfolio quantities with observed local prices. The series is a look-through reconstruction of today's composition, not historical VanEck NAV and not a backtest of what could have been sold.

Update and correction policy

Official sources are monitored daily and RSX ETF snapshots are stored on MOEX trading days. Material source changes are logged. Reported errors are checked against primary evidence; confirmed corrections update the model, methodology notes and source trail.

Source register