VanEck is halting the creation of shares for the VanEck Russia ETF (RSX), the world's largest Russia-focused exchange-traded fund, due to "significant declines" in value and liquidity of Russian securities.

"Although shares of the Fund are expected to continue trading on Cboe BZX Exchange, Inc., there can be no assurance that an active market will be maintained for the Fund's shares."

The bottom line is simple - with the underlying assets practically worthless - as we detailed below Dow Jones Russia GDRs are down a stunning 97% in just a few days...

RSX is now trading as a pure synthetic product, with no underlying anchor to reality. That was pretty obvious last night when the ETF closed with a 150% premium to NAV...

Full Statement from VanEck (emphasis ours):

This Supplement updates certain information contained in the above-dated Summary Prospectus, Prospectus and Statement of Additional Information for VanEck® ETF Trust (the "Trust") regarding VanEck Russia ETF (the "Fund"), a series of the Trust. You may obtain copies of the Fund's Summary Prospectus, Prospectus and Statement of Additional Information free of charge, upon request, by calling toll-free 1.800.826.2333 or by visiting the VanEck website at www.vaneck.com.