RSX ETF research brief
RSX ETF estimated value: local portfolio and recovery scenarios
A transparent look-through estimate for the liquidating VanEck Russia ETF (RSX), using disclosed holdings, delayed MOEX prices and explicit recovery assumptions.
Reviewed 2026-09-14 · RSXValue Research · Independent research, not investment adviceWhat might one RSX ETF share represent?
The latest saved gross local portfolio estimate is $11.10 per estimated fund share, compared with VanEck's reported NAV of $0.34. The gross figure is not a tradable price, official NAV or expected distribution.
Data as of: 2026-09-14. Official holdings source date: 2026-09-11. Official sources last checked: .
How the estimate is constructed
RSXValue maps disclosed security quantities to locally traded Moscow Exchange securities, applies documented depositary-receipt ratios and labelled proxies, converts the result from RUB to USD, adds disclosed cash and divides by estimated shares outstanding.
The interactive model on the main RSXValue dashboard then applies separate assumptions for legal access, execution discount, currency conversion and costs.
Why the result may never be distributed
A local market quotation does not prove that the fund can access, transfer or sell the security. Sanctions licenses, Russian countersanctions, custody chains, market liquidity, foreign-exchange conversion and distribution mechanics can each reduce or eliminate recoverable value.